One of the most important facts about innovation is that it reduces risk. This is contrary to what is commonly believed but since markets are in constant flux the implementation of innovative ideas is a definite way to reduce risks from competitors and market changes.

Since the late 90s innovation has become a trendy concept but still a very theoretical one. It is not always evident how to materialize new projects because in order to achieve this, organizations must provide resources, time, people, commitment, an innovative culture, strategy, and structure. It’s a highly complex field of management.

Companies can’t necessarily use a traditional implementation methodology or model for innovation. As such, it is imperative to design and implement an Innovative Project Management model (IPM) tailored to each company and industry in order to help achieve an innovative culture and generate tangible results.

The IPM model guarantees a successful implementation of innovation projects. The stages of this process are as follows:

• Sensitization and ideation.
• Filtering and the selection of ideas.
• Structuring winning ideas based on alignment to company strategy, which includes the definition of objectives (general and specific), project stages, and a timeline.
• Implementation:
  // Structuring work teams based on an analysis of the skills required and defining an organizational chart with roles and responsibilities;
  // Definition of strategic partners, operators and suppliers;
  // Definition of work methodology, meeting frequency planning, communication media, etc. (work rules);
  // Definition of KPIs;
  // Financial modeling;
  // Follow-up meetings and “Unlock” sessions to make adjustments and overcome barriers;
  // Prototyping or pilot design plans (as applicable);
  // Definition of deployment and communication plans (definition of go-to-market strategy if it is a product or service, for example);
• Project launch.

Organizations that implement innovative projects create tangible value and reinforce their competitive positioning in the market. Exago’s and Enconcreto’s models are highly complementary and have already been combined so that companies get the most from their people and create a culture of innovation that delivers value and establishes differentiation.

Being able to transform ideas into value is – more than ever – the best definition of innovation where engagement and execution are the abilities that separate those who talk from those who deliver.

Article written by Enconcreto, a Value Added Reseller of Exago for the Colombian Market