Client needs and expectations change with increasing speed, and this leads to greater diversity of resources and approaches to innovation.
It is not only a matter of innovating with new products or services, but rather of doing so in a holistic manner that reaches all business areas, at every point of contact making up the experience of customers and employees (internal customers), or even with other stakeholders surrounding the organization.
According to this article by Deloitte, co-creation with employees and other organization stakeholders is an increasingly popular way to speed up innovation, but it also impacts on different aspects of the customer and employee journey, by improving engagement and allowing a prior validation of how successful new products and services might be.
In this respect, it is a wonderful ally for open innovation processes, limiting the possible restrictions that may arise in organizations if their innovation strategy lacks diversity, or relies solely on the Research, Development & Innovation department.
What are, then, the most important benefits of innovating with your employees, but also with other stakeholders?
- In what is known as closed innovation, limited to a small group of people or departments, and subject to less diversity and capacity to find new ideas, decision-making is slowed down, as well as arrival to market (reduced innovation speed). By contrast, open innovation speeds up innovation by adding more profiles and expertise.
- Access limited to talent: organizations cannot always find qualified internal talent to innovate and face strategic challenges. Collaboration with a network of partners (universities, startups, consumer groups…) enables access to niches of talent and expertise adapted to the diverse innovation challenges at hand and accelerates corporate innovation.
- Time-to-market, more speed and accuracy: within an open and co-creative model, it takes less time for new products or services to reach the market, since their development is quicker. There is also a greater ability to pick up market trends, minimize risks and costs, and contrast possible success before launching the product or service.
- Lastly, when participation is opened up to consumers, innovation plays an important role in attracting them and creating customer loyalty, using a distinctive consumer experience to reach previously unexplored target groups in the market.
Having said this, how should you articulate a hybrid innovation strategy successfully, over and above employees? Our innovation management software and methodology create a channel where you can bring together all your internal talent and other collaborators to generate, evaluate and quickly detect new ideas that drive your corporate innovation.