How Does Your Company Match Up to the GE Innovation Barometer?

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The GE Global Innovation Barometer conducts annual surveys to put a finger on the pulse of innovation around the world. The survey was conducted earlier this year with over 3,200 high level business executives from over 26 countries participating. The executives surveyed are those chiefly responsible for their company’s innovation development.   This year’s survey touched on 5 key points. It comes as no surprise that many of these points reiterate Robert’s Rules of Innovation®, the imperative on how to Create and Sustain Innovation.

Disruption Ready: Two-thirds polled believe that they must disrupt their internal processes in order to search for the “new kind of talents, technologies and partners”, they need for innovation success. What does this come down to?  Sometimes, you have to shake things up to create innovation.  Robert’s Rule of NO RISK NO INNOVATION reminds organizations to embrace the possibility of failure, and encourage well-reasoned risk taking. See Failure as a learning experience!

Champions of organizational Innovation must have, and encourage, a tolerance for failure and enthusiasm for risk taking. Risk requires investment (people, time, capital), and willingness to invest without ROI assurance.

Collaboration – In 2013 only 38% of executives felt that collaboration with other parties would be successful.  Many executives feared the backlash of collaboration concerning the protection of intellectual property.  However in 2014, 77% of innovation executives felt that the risk was worth taking.

OBSERVE AND MEASURE; Make sure objectives and reward systems are aligned to get the collaboration that is needed.

IDEA MANAGEMENT is about ideation, also known as the idea management process. Much of the focus of this imperative is how to break down silo’s and pack the front end of innovation with a ample ideas waiting in the hopper. Diverse internal teams fuel ideation, but companies should also consider breaking down the walls around their organization to co-create and collaborate with outside parties.

Big Data – 69% of executives that use “big data” feel that it adds value to the innovation process.  What gets measured gets done” in Robert’s Rules of Innovation OBSERVE AND MEASURE.

When creating innovation, it is vital to set metric goals and track these metrics. Observation and measurement – in terms of the performance of the program implementation needs to be built-in as a recurring element. Look for Leading and Lagging indicators, not just lagging!

Future Talent – The importance of talent is a priority among executives, up 6 points to 79% over last year.  INSPIRE AND INITIATE, one of Robert’s Rules of Innovation enforces the idea that management champions of innovation can create inspiring work environments.  Employers that inspire and initiate can retain current talent and will be attractive to future talent.  REWARD, Innovation is all about ROI but make sure employees get recognized and rewarded…

External Framework – This follows Robert’s Rules of Innovation – TRAINING AND COACHING. Innovation executives are often the facilitator of change, and the leaders responsible for the development of corporate innovation culture. These innovation leaders are accountable to assemble teams that will lead them to optimal ROI’s.

In addition to alleviating the amount of government red tape that hinders innovation, the barometer shows that executives also desire current and future business needs top be factored into current college curricula.

 

The GE Global Innovation Barometer measures many of the imperatives to Robert’s Rules of Innovation.  Without taking risks, successful innovation cannot be created or sustained.  Innovation leaders must inspire and initiate as a model for current employees to follow and so that future talent can be recruited.  Innovation must be observed and measured to track failures and successes.  Once a successful innovation process is in place, training and coaching becomes a critical factor of sustainable innovation.

You can learn more about the 10 imperatives of Robert’s Rules of Innovation here. Robert Brands is the founder of InnovationCoach.com and the author of “Robert’s Rules of Innovation”: A 10-Step Program for Corporate Survival, with Martin Kleinman, published by Wiley.