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What are the most significant problems with the way companies approach innovation?

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Innovation is crucial for any company that wants to stay competitive and relevant in the fast-changing world of technology. However, many companies face significant challenges and pitfalls when they try to innovate, especially in the field of computer hardware. In this article, we will explore some of the most common problems with the way companies approach innovation, and how they can overcome them.

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1 Lack of vision

One of the most fundamental problems with innovation is the lack of a clear and compelling vision for the future. Without a vision, companies may end up pursuing incremental improvements, copying competitors, or chasing short-term profits. A vision should inspire and guide the company's innovation efforts, and align them with its core values and goals. A vision should also be communicated and shared with all stakeholders, including employees, customers, partners, and investors.

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Mark N.

Financial Systems Implementation Specialist/Functional Consultant/Subject Matter Expert (SME) at TCG Consulting
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Believe it or not, but not all corporations are interested in innovation. Some actively block innovation and do not seek new product ideas from their employees. The interesting thing is that it is the rank and file employees who have the best ideas for innovations because they are closest to the work. Thus, the real reason why there are problems with the way the companies approach innovation is a culture that does not accept new innovations, whether for new products or for improved processes. The new ideas that employees have could generate millions of dollars for the companies, but the idea fell on deaf ears. Read two articles in my profile that I wrote about innovation to understand how to develop an innovation infrastructure.

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2 Resistance to change

Another common problem with innovation is the resistance to change that often exists within the company's culture, structure, and processes. Change can be scary and uncomfortable, and many people may prefer to stick to the status quo or the familiar ways of doing things. Resistance to change can manifest in various forms, such as bureaucracy, inertia, silos, politics, fear, or complacency. To overcome this problem, companies need to foster a culture of innovation that encourages and rewards experimentation, learning, collaboration, and risk-taking.

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3 Lack of resources

A third problem with innovation is the lack of adequate resources, such as time, money, talent, or technology. Innovation requires investment and commitment, and sometimes companies may not have enough of them. For example, innovation projects may compete with other priorities, such as operational efficiency, customer satisfaction, or regulatory compliance. Or, companies may not have the right people or skills to execute their innovation ideas. Or, they may not have access to the latest or best technology or tools to support their innovation efforts. To overcome this problem, companies need to allocate and manage their resources wisely, and leverage external sources of innovation, such as partners, suppliers, customers, or academia.

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Sanjay Guha

Material Handler at ARaymond Network
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They may not have time, money, skills, ideas, or technology to perform innovative projects. They may need to get some from their suppliers or partners or ask people around them to perform successful.

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4 Poor execution

A fourth problem with innovation is the poor execution of the innovation process, from idea generation to implementation. Innovation is not just about having great ideas, but also about making them happen. However, many companies struggle with executing their innovation projects, due to factors such as lack of clarity, direction, feedback, or support. Poor execution can lead to wasted time, money, or opportunities, and can also demoralize and frustrate the innovators. To overcome this problem, companies need to adopt a systematic and disciplined approach to innovation, with clear roles, responsibilities, milestones, and metrics.

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5 Lack of impact

A fifth problem with innovation is the lack of impact or value that the innovation delivers to the company and its customers. Innovation is not an end in itself, but a means to an end. The ultimate goal of innovation is to create value for the company and its customers, by solving problems, meeting needs, or creating opportunities. However, many companies fail to measure or demonstrate the impact or value of their innovation efforts, or to align them with the market demand or customer expectations. This can result in innovation that is irrelevant, ineffective, or unsustainable. To overcome this problem, companies need to validate and test their innovation assumptions, and to measure and communicate their innovation outcomes.

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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 most significant problems with the way companies approach innovation?

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6

1 Lack of vision

2 Resistance to change

3 Lack of resources

4 Poor execution

5 Lack of impact

6 Here’s what else to consider

Computer Hardware

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What are the most significant problems with the way companies approach innovation?

1

2

3

4

5

6

1 Lack of vision

2 Resistance to change

3 Lack of resources

4 Poor execution

5 Lack of impact

6 Here’s what else to consider

Computer Hardware

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