Imaginatik’s Innovation Top 10 for the Downturn

How can you take ‘innovation’ – the process of doing new things that deliver value – and make use of it during a downturn. If your organization is defocusing on innovation, all is not lost. Here are Imaginatik’s Innovation Top 10 for the Downturn.

  1. Use innovation and idea management tools and processes for cost reduction.
  2. Take a proportion of realized cost savings and put them into innovation and doing new things that can immediately add value, or create new opportunities for the medium term.
  3. Develop and populate an Innovation & Opportunity Inventory to capture and store opportunities for growth and improvement, so that you can fast track deployment when the business situation get better (and not reinvent the wheel).
  4. Start – and scale-up – working with partners for co-creation, leveraging other people’s resources and insights, to help de-risk and accelerate new innovations.
  5. Treat the reduction in money or resources as a beneficial ‘constraint’, work around the constraints, and become good at Constraint-driven Innovation.
  6. Tap into enterprise crowdsourcing – harnessing the brainpower of hundreds and thousands using software and special engagement methods – to get scale, more input, more diverse input faster, cheaper and with better quality than many more old-fashioned methods.
  7. Look for innovation opportunities outside the usual areas. If you always keep innovating around product, like the competition, will open up scope for quick wins in other business activities.
  8. Become less demanding with bosses: ask for less budget and people and manage down expectations.
  9. Use the time during the downturn as opportunity to think about and question core business assumptions (customer needs, etc) – thinking is cheap.
  10. Develop a big vision for the future, hide it, keep working toward it… you might get chop otherwise.

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