“It is very difficult for innovation initiatives to survive the clash with the core business. Innovation readiness depends on two key factors: motivation and competence. Assessing just these two factors can yield critical insights for your situation.”
Exploring this concept a bit further, our sustainability consulting scans the HBR post Why That New Innovation Effort May Not Be Worth It . This article offers keen insight into the challenges in balancing innovative business sustainability strategies with day-to-day operational needs. Focusing on the characteristics of successful implementation, the article first asks the basic question: How hungry are you for innovation?
While the immediate response to this question may seem obvious, many leading organizations are now taking a much harder look at their day-to-day business needs. Given base operations are the backbone of a business, these companies realize there must be a limit to creative resource allocation and a balance between growth and efficiency.
“Many companies suffer from disproportionately high breakthrough project failure rates because they find it hard to balance execution discipline with flexibility to respond to changing technical and market realities. When executing on breakthrough projects, use detailed maturity checklists to establish flexible yet guard-railed execution paths.” -CEB Views
Our sustainability consulting experiences have revealed that an open innovation approach is often the most critical component to success. It fosters an environment for creative ideas and inspired actions from both internal and external stakeholders. For this reason, Taiga Company promotes social media engagement strategies as an avenue to align creativity and efficiency across the value chain.