Three Elements that are Conducive for Innovation

Strategy Formulation A key step in enterprise agility is outlining a 1 company’s innovation strategy: what it seeks to accomplish through innovation, and how. This strategy requires executives who are aligned, engaged, and committed to innovation. They must communicate consistent messages X X X across the enterprise about the goals, why they matter, and how every employee in every function and group can contribute. Top managers must then encourage the next level of leaders to successively spread, contextualize, and reinforce those same messages in their business units and functional areas. Strong governance is another element of the innovation foundation. This allows the right distribution of responsibility and accountability, and ensures transparency in decision-making. We recommend establishing a balanced scorecard that is consistent with the enterprise’s innovation strategy. By measuring the effectiveness of ongoing activities against a list of strategic goals, a company can focus on efforts that will deliver a continuous pipeline of innovations.