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Key Elements of Effective Innovation

Some people are inspired by own selves suddenly and simply, but others need key elements of innovation to be able to create things and help them in developing their company and business and there are effective innovation components and concepts for helping you to innovate. innovation is the process of translating an idea or invention into applicable good or service that creates value or for which customers will pay for it.

Key Elements of Effective Innovation

1- Vision

At first and as begging it is important to have a vision about what you want to create things for, and the elements of a vision are Purpose, choose a specific purpose also Consider your purpose from your customer’s viewpoint. Picture of the future, put in your mind a picture for the future ta have a clear vision, and Values which are the guidelines for daily behavior and decision-making.

2- Manage risk

Innovation and creativity demand taking risks so you have to be able to manage the risks and crisis, For example, a SWIVL’s digital manager, which is a transporting company, could not manage the last risk that the company faced, and assess the risk of not innovating on a par to the risk of innovating.

3- Develop capabilities

It is very important to develop your team skills that will make them more efficient and they will be able to be more creative and help in the success of your company and developing these capabilities must be an ongoing strategic priority for the board and executive team.

4- Allocate resources

Any good innovation demands huge resources to be done yet traditional financial measures are largely inappropriate for assessing truly innovative initiatives, so you need to divide the right resource in the right place.

5- Establish structures

Innovation requires a strong organizational structure to help you to distribute jobs and tasks. However, structures can also include macro-level organizational structures, including function definition, decentralization, the formalization of innovation functions, and the nature of value-creation in external relationships.

6- Communicate

High-level innovation governance must be communicated to everyone in the organization structure so they can readily understand the overall vision and in particular risk tolerance.

7-Value Creation

One of the most important things in innovation is creating value for any business In ethics, value denotes the degree of importance of something or action, with the aim of determining what actions are best to do or what way is best to live or to describe the significance of different actions.

8-Collaboration

It is a wonderful thing to cooperate with your team and bring more minds to the table. Cooperation has never been easy, mostly because conflict and competition within and among groups dominate the landscape, so teach your teamwork how to cooperate.

9-Efficient employees 

An important thing to have an efficient employee that can manage relationships with customers and partners, also employees who have the soft skills of emotional intelligence that can deal effectively with the idiosyncrasies of executives from other corporate cultures.

10-Brain Storm

A great way of innovation is making a brainstorm every period of time to dig deep in your mind for new ideas.