One of the most important parts of a good company strategy is to get the right levels of innovation within the organisation. This can be a challenge for many businesses though, with the need for innovative products and cutting-edge practices often difficult to promote within corporate plans.
What's more, companies are looking inwards to try and get more out of their operations, with a vast majority finding innovative ideas internally. A recent study by the Australian Bureau of Statistics (ABS) illustrates this point – the most common source of innovation is from within a firm's own structure.
Among large businesses, this becomes even more prevalent, with almost 89 per cent of respondents who have more than 200 employees looking for new sources of innovation internally.
While these statistics highlight the importance of internal business strategies, there are still a number of different ways that firms struggle to promote innovation. The responsibility for creating new products is often siloed within a research and development department, while creative thinking is reserved for senior staff.
These organisational challenges pose a real threat for companies looking to get more out of their corporate strategy and to promote greater innovation. One solution is to use internal business strategy software to break down the silos that exist between departments and between senior executives and managers.
By giving individual staff the possibility to contribute their own expertise directly to company strategy, it is possible to achieve greater awareness and input from staff members.
At the same time, companies need to think about ways to improve communications within their business, so that good ideas and practices do not get stuck in a single department or team. Maintaining these lines of communication across the board, it will be possible to create a more innovative workplace.
Keeping your business ahead of the competition doesn't have to be difficult and, with the right resources, innovation can become a central pillar of your business practices.