What is your vision? Where do you see your organisation in 5 years? Will you still exist in 10 years? That’s an honest question not many companies dare to truly ask themselves.
Including a concrete innovation ambition into your organisation strategy is very valuable. This ambition should determine the innovation focus and align your efforts. A good innovation ambition doesn’t just focus on how to innovate the core of the organisation, but it also emphasises the long term perspective of your organisation. Which trends and customer insights should we act on, and equally important…which should we ignore?
Making innovation an explicit part of your organisation’s strategy showcases the importance of it to your whole organisation and signals that innovation is something that needs to be managed differently from the day to day business. “The companies we’ve found to have the strongest innovation track records can articulate a clear innovation ambition; have struck the right balance of core, adjacent, and transformational initiatives across the enterprise; and have put in place the tools and capabilities to manage those various initiatives as parts of an integrated whole.” (Nagji & Tuff, Harvard Business Review)