What are the best practices for driving results from innovation projects?

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Innovation is essential for any organization that wants to stay ahead of the competition, solve problems, and create value for customers. However, innovation is not easy. It requires a lot of creativity, experimentation, collaboration, and risk-taking. How can you drive results from your innovation projects and ensure that they deliver the desired outcomes? Here are some best practices that can help you succeed.

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Ernestine Eusebio

Director of Digital Marketing | Driving Innovative Marketing Strategies and Engaging Content
Dayana Z.

Sen. Manager & Ambassador at Exely - Hospitality Tech l Mentor @ FutureLab

1 Align with strategy

Before you start any innovation project, you need to make sure that it aligns with your organization's vision, mission, and goals. You also need to identify the specific problem or opportunity that you want to address, the target market or customer segment that you want to serve, and the value proposition that you want to offer. This will help you define the scope, objectives, and success criteria of your project, and avoid wasting time and resources on irrelevant or unrealistic ideas.

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Ernestine Eusebio

Director of Digital Marketing | Driving Innovative Marketing Strategies and Engaging Content
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For any innovation project, ensuring it aligns with the broader business strategy is important. This means understanding the company's long-term goals and how the project contributes to these. I always communicate with stakeholders to define clear objectives and ensure the project supports the overall vision and mission of the organization.

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Dayana Z.

Sen. Manager & Ambassador at Exely - Hospitality Tech l Mentor @ FutureLab
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The most impactful best practice for driving results from innovation projects is to prioritize customer-centricity at every stage of the process. Its important to understand customer needs, pain points and refine the project based on the feedbacks. By doing so, we can ensure that the project will have a successful result because its resonate with the market needs.

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2 Build a diverse team

Innovation thrives on diversity. You need to assemble a team that brings different perspectives, skills, experiences, and backgrounds to the table. This will help you generate more ideas, challenge assumptions, and find novel solutions. You also need to foster a culture of trust, openness, and feedback within your team, and encourage everyone to share their opinions, insights, and suggestions. You can use various tools and methods, such as brainstorming, prototyping, or design thinking, to facilitate your team's creative process.

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3 Experiment and learn

Innovation is a learning process. You need to test your ideas and assumptions as early and as often as possible, and collect data and feedback from your customers, stakeholders, and users. You also need to be flexible and adaptable, and ready to pivot, iterate, or abandon your ideas based on the evidence and results. You can use various frameworks and techniques, such as lean startup, agile, or scrum, to organize your experimentation and learning cycles.

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Ernestine Eusebio

Director of Digital Marketing | Driving Innovative Marketing Strategies and Engaging Content
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Innovation is inherently about trying new things, which means not every attempt will be successful. I adopt a mindset of experimentation, where failure is viewed as a learning opportunity. This involves setting up pilot programs, testing hypotheses, gathering feedback, and being willing to pivot based on what is learned.

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4 Communicate and collaborate

Innovation is a team sport. You need to communicate and collaborate with other people and departments in your organization, as well as with external partners and experts. You need to share your vision, goals, and progress, and seek support, input, and resources. You also need to listen to and learn from others, and leverage their knowledge, skills, and networks. You can use various channels and platforms, such as presentations, reports, blogs, or social media, to communicate and collaborate effectively.

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Ernestine Eusebio

Director of Digital Marketing | Driving Innovative Marketing Strategies and Engaging Content
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Effective communication and collaboration are vital in innovation projects. This includes maintaining open lines of communication across all levels of the team and with stakeholders. Collaboration tools and regular meetings help keep everyone on the same page and foster a culture of open innovation where ideas can be shared freely.

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5 Measure and evaluate

Innovation is a results-oriented activity. You need to measure and evaluate the impact and value of your innovation projects, and compare them with your predefined success criteria. You also need to report and celebrate your achievements, and recognize and reward your team's efforts. You also need to reflect and learn from your failures, and identify and address the gaps and challenges that you faced. You can use various metrics and tools, such as key performance indicators, surveys, or dashboards, to measure and evaluate your results.

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Ernestine Eusebio

Director of Digital Marketing | Driving Innovative Marketing Strategies and Engaging Content
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It's important to have clear metrics and evaluation processes in place. This means setting up KPIs specific to the innovation project and regularly monitoring progress against these. Evaluating both the outcomes and the process helps in understanding the impact of the innovation and in making data-driven decisions for future projects.

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6 Here’s what else to consider

This is a space to share examples, stories, or insights that don’t fit into any of the previous sections. What else would you like to add?

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What are the best practices for driving results from innovation projects?

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1 Align with strategy

2 Build a diverse team

3 Experiment and learn

4 Communicate and collaborate

5 Measure and evaluate

6 Here’s what else to consider

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