Innovation Plan

One of the most common mistakes companies make when it comes to innovation is not building an strategy that allows them to know what they want and where they want to go with innovation.

An innovation and digitalisation plan will allow you to define and narrow down the objectives for the coming months, choose the technology strategies, identify the skills you will need and, finally, ensure that you have all the resources you need to deliver.

Here are three axes to think about in order to create your own innovation and digitisation plan

DEFINITION OF OBJECTIVES

You have probably prepared a strategic plan (see+ TIP) for your company for the coming months or years, with which you expect to generate results with sustainable growth.

Seek information outside, meet with your customers, suppliers... ask what they lack, what they need, what you can improve. Afterwards, meet one evening with your managers or area managers and reflect together on which lines of the strategic plan you are going to work on innovation and digitalisation projects and how you are going to respond to the needs detected.

Focus on your purpose and what makes you different, generate ideas and opportunities that allow you to improve and innovate your business model, products or processes. Analyse and determine the strengths and weaknesses of innovation in your company, to be aware from the very first moment and to put you achievable objectives.

Medición y Seguimiento:

To be sure that the plan is being adhered to it is to It is advisable to establish a method of measurement and monitoring. In this case OKRs (Objectives and Key Results) are a good tool: on the one hand, the objective to be achieved (the "what") is set out and, on the other, describes the key results that help us to achieve it (the "how").

It is important to have these objectives, at not too distant time periods. For example, decide what goals you are going to achieve in the next trimester and, also, in the coming year. This ensures that you see results on an ongoing basis.

It also defines what will be the forums and organisations where you will follow up on the innovation and digitisation plan. It is advisable to set up different spaces from the existing ones where the issues of exploitation and current results are already discussed. Including, may be involved also, different people. This is because When we talk about innovation, it is important to change the chip, to get out of the day-to-day business and to put the mind on the future.

STRATEGY DEFINITION

Based on the projects you have decided to tackle in the coming months, identify which skills will be necessary to execute them. Both in terms of technical knowledge, UX (user experience) and CX (customer experience) as well as expertise in software development, process design, etc. ....

And once you are clear on the capacities you will need, assess whether you have them or not. Identify from among your collaborators who can carry out these projects or in what way they will participate. And, in case you do not have them, look outside your company for talent. Define how you are going to manage it; will you have new recruits, can you outsource the work?

Ideas are the raw material of innovation. It is essential to have sources of ideas perms!!!

These may include:

• Internal: implement mechanisms to get ideas from your own employees.
• External: participates in open innovation events, in specific challenges with stakeholders, in innovation ecosystems...

To innovate requires a great deal of creativity, especially when it comes to generating ideas. This will give us a "portfolio"We have a rich pool of proposals from which we can then select the ideas most likely to succeed.

Once we select those ideas, the innovation actually becomes a systemic process and, therefore, it is essential to design the innovation pipeline and determine.

DESIGNING THE INNOVATION PIPELINE / FUNNEL:

• The phases of our process: exploration, prioritisation, prototyping, testing, launching.
• The filters through which it will be decided when an idea moves to the next stage.
• The indicators with which the progress and outcome of the process will be measured (OKRs and KPIs).

The further along the idea is in the pipeline, the more important it becomes to identify the sponsors The business areas, as they are the ones who will accompany and defend each project when the testing and launching phase arrives.

In order for the innovation culture permeate your company, work with your management team or area managers to develop a shared sense of the role innovation plays in achieving your growth and competitiveness objectives. Find a common language to describe it and communicates clearly and relentlessly about innovation objectives and processes.

COMPROMISOS ABIERTOS

Establish open commitments and clear messages all along the way to ensure that the whole organisation knows what is being decided, by whom and why, and how those decisions will benefit the organisation in the short and long term.

Open spaces for activities such as open days in the labs, competitions and prizes for innovative ideas... in which all your employees can participate if they want to. They are also ways of identifying innovative talent among your people.

RESOURCES NEEDED

And finally, it identifies the people and teams you will need in each phase of your plan. Define the degree of involvement and availability necessary for each project. As we have said before, it is essential to involve the managers or heads of the company's areas in order to obtain their support.

You will also need a space, an environment to test the prototypes; this space can be physical (laboratory, shop, office...) or IT (software architecture, dataset...) or both.

No doubt you'll need a little budgeta bag to be able to do your testing. It is important that you manage this separately from your operating budget because the criteria for success is totally different; the return on innovation is not always because it produces more sales or efficiency. Sometimes the very learning gathered throughout the process is invaluable to your company.

IN SUMMARY

1. Define your innovation objectives that accompany your strategic plan and respond to the needs of your stakeholders for the next quarter, semester, year.
2. Decide on the people and the forum for monitoring the achievement of the innovation objectives. Agree in advance on the measurement indicators.
3. Identify the skills and capacities needed to tackle the first selected projects. Make sure you have them available or seek them out if not.
4. Identify your sources of ideas and appoint an innovation manager to design and manage the systemic innovation process; funnel, filters, indicators.
5. It promotes the culture of innovation and opens spaces to communicate and share ideas and results.
6. Provide the necessary budget, people, equipment and spaces to validate your innovation projects.

GUIDE TO BUILDING YOUR INNOVATION AND DIGITISATION PLAN

10 QUESTIONS TO HELP YOU DESIGN IT:

DEFINITION OF OBJECTIVES

• WHAT CAN YOU CONTRIBUTE TO YOUR BUSINESS THROUGH INNOVATION? REFLECT FROM A LONG/MEDIUM/SHORT TERM PERSPECTIVE: 

• • Determine the strengths and weaknesses of the company's innovation.
  • Identify opportunities and strategic axes of innovation.

• HOW, WHEN AND WHERE WILL YOU FOLLOW UP ON THE PROJECTS AND OBJECTIVES YOU SET? 

• • OKRs as a measuring and monitoring instrument.
  • Innovation management bodies.

RELATED TIPS:

• HOW TO GENERATE YOUR INNOVATION AND DIGITALISATION PLAN.

• HOW CAN MY COMPANY START ITS DIGITISATION PROCESS (SEE +)?

• E-COMMERCE PROJECTS (SEE +).

• HOW MUCH IT COSTS TO MAKE AN APP (SEE +).

• DIGITAL INNOVATION (SEE +).

• INNOVATION IN ENTREPRENEURSHIP (SEE +).

• INNOVATE TO BE MORE COMPETITIVE (SEE +).

• BLUE OCEAN STRATEGY (SEE +).

• VISION, PURPOSE AND VALUES OF THE ENTREPRENEUR (SEE +).

• INNOVATION STRATEGIES (VER+).

• AMBIDEXTROUS ORGANISATION (SEE+).

STRATEGY DEFINITION

• WHAT SKILLS WILL YOU NEED IN YOUR TEAM OR COMPANY TO IMPLEMENT YOUR INNOVATION AND DIGITISATION PROJECTS? 

• • Depending on the projects to be tackled in the coming months what skills will be required; UX, CX, software and/or process expertise...
  • Exponential and disruptive technologies.

• HOW WILL YOU ASSESS YOUR AVAILABLE CAPACITIES AND HOW WILL YOU COVER THEM IF YOU DON'T HAVE THEM? 

• • Job descriptions and profiles together with HR.
  • Search for internal or external talent, management of new recruits.

• HOW WILL YOU GENERATE IDEAS? WHAT WILL BE YOUR SOURCES OF GENERATING IDEAS? 

• • Internal sources: methods for obtaining ideas from the employees themselves.
  • External sources: open innovation, specific challenges with stakeholders, innovation ecosystems.

• HOW WILL YOU MANAGE YOUR PLANNING OF PROJECTS AND THE PEOPLE/TEAMS YOU WILL DEVOTE TO THEM? 

• • Innovation funnel management, phases of the process; exploration, prioritisation, prototyping, testing, launching.
  • Definition of sponsors for each project, areas and teams involved.

• HOW WILL YOU ENSURE THAT A CULTURE OF INNOVATION AND DIGITALISATION PERMEATES YOUR COMPANY? 

• • Internal communication of the project portfolio and results.
  • Open days in the laboratories.
  • Competitions and prizes for innovative ideas.

RELATED TIPS:

• SUSTAINABLE DEVELOPMENT (VER+).

• DISRUPTION (SEE+).

• AM I READY TO COLLABORATE WITH CORPORATIONS? (SEE+).

• WHY ARE YOU INTERESTED IN COLLABORATING WITH CORPORATIONS (SEE+).

• TYPES OF CORPORATIONS (SEE+).

• WHAT NO ONE HAS TOLD YOU ABOUT WORKING WITH CORPORATIONS (SEE+).

• OPEN INNOVATION (VER+).

• ENTREPRENEURIAL ECOSYSTEM (VER+).

• KPI - KEY PERFORMANCE INDICATOR (VER+).

• VALIDATED LEARNING (VER+).

• VALIDATE YOUR HYPOTHESES (SEE+).

• DEFINE YOUR COMPETITIVE STRATEGY (SEE+).

• COMPETITIVE ADVANTAGE (SEE+).

• INNOVATION HUBS/ INNOVATION HUBS (VER+).

• UNDERTAKE WITH AGILE METHODOLOGIES (VER+).

• PROTOTYPING (SEE+).

• IDEATION WITHIN THE DESIGN THINKING PROCESS (VER+).

• CUSTOMER INTERVIEWS (SEE+).

• EMPATHY MAP (VER+).

• DESIGN THINKING (VER+).

• MOCK-UP (SEE+).

• GOOGLE TOOLS FOR MANAGING ENTREPRENEURIAL IDEAS (SEE+).

• GAMIFICATION (SEE+).

• WHAT THE METAVERSE IS AND WHAT OPPORTUNITIES IT OFFERS (SEE+).

• LEGALTECH (SEE+).

• INFOPRODUCTS: AN OPTION FOR ENTREPRENEURSHIP (SEE+).

• SYSTEMIC INNOVATION PROCESS (VER+).

• EXPONENTIAL TECHNOLOGIES (VER+).

• TYPOLOGIES OF INNOVATION (SEE+).

• CULTURE OF INNOVATION (VER+).

• TECHNOLOGICAL STRATEGIES (VER+).

RESOURCES REQUIRED

• WHAT PEOPLE/TEAM WILL YOU NEED AT EACH STAGE OF YOUR PLAN? 

• • Define the degree of involvement and availability required for each project.
  • Engage company leaders/management to gain their support.

• HOW ARE YOU GOING TO GET THE BUDGET YOU NEED TO TEST AND VALIDATE YOUR PROPOSALS? 

• • Managing the innovation budget outside the business budget. Specific forum.
  • Test bag. KPIs for decision making.

• WHERE WILL YOU DO YOUR TESTING AND VALIDATION BEFORE LAUNCHING YOUR PROPOSALS TO THE MARKET OR TO THE ORGANISATION? 

• • Design of the necessary environment to test the prototypes; it can be physical (laboratory, shop...) or IT (software architecture, dataset...) or both.

RELATED TIPS:

• MOBILE APPS TO CONVERT PAPER TO PDF (SEE+).

• TIC ACCESSIBILITY (VER+).

• SELL ON THE INTERNET (SEE+).

• TIPS TO IMPROVE YOUR INTERNET CONNECTION (SEE+).

• PLATFORMS FOR VIDEOCONFERENCING (VER+).

• CLOUD SOLUTIONS (VER+).

A company's innovation plan is an essential element of a company's innovation strategy.strategy designed to effectively drive and manage the innovation process in the organisation. This plan sets out the objectives, actions and resources needed to foster creativity, identify opportunities for improvement and develop new solutions to boost the company's growth and competitiveness.

Before you start your innovation plan, determine what is the best way to degree of innovation you need in your company (see+ TIP).

THE INNOVATION PLAN USUALLY INCLUDES THESE ELEMENTS:

1. Definition of objectives: Set clear and specific goals that the company wishes to achieve through innovation. These goals should be aligned with the company's vision and strategy.
2. Market and trend analysis: Conduct market research and analysis to identify market needs and trends, as well as opportunities for innovation.
3. Idea generation: Implement methods and activities to encourage the generation of innovative ideas within the company. This may include the involvement of employees, customers, suppliers and other stakeholders.
4. Evaluation and selection of ideas: Evaluate and select the ideas generated to determine their feasibility and potential impact. Clear evaluation criteria should be established and an appropriate selection process should be in place.
5. Project development: Develop selected projects using agile methodologies and project management approaches. This involves allocating resources, setting deadlines and continuously monitoring progress.
6. Implementation and testing: Implement the innovative solutions developed and carry out pilot tests to assess their performance and market acceptance.
7. Measurement and monitoring: Establish key performance indicators (KPIs) to measure the success and impact of innovation initiatives. Regularly monitor results and make adjustments as necessary.
8. Culture of innovation: Foster a culture of innovation throughout the organisation, where idea generation, experimentation and continuous learning are valued and promoted.
9. Collaboration and partnerships: Explore opportunities for collaboration with other companies, academic institutions or research centres to foster joint innovation and access additional knowledge and resources.
10. Internal and external communication: Effectively communicate innovation initiatives both inside and outside the organisation. This includes sharing achievements, promoting employee involvement and generating market interest.

The innovation plan should be flexible and adaptable, allowing for adjustments and changes as the innovation process progresses and as new knowledge and results are obtained. The commitment and support of top management and all levels of the organisation is essential to ensure the success of the innovation plan.

MAKING AN INNOVATION PLAN IS FUNDAMENTAL FOR ENTREPRENEURS FOR SEVERAL REASONS:

1. Encourages creativity and the generation of ideas: The innovation plan provides a structured framework to stimulate creativity and idea generation within the company. It allows entrepreneurs and their team to think strategically and systematically about how to improve and create new products, services or processes.
2. Identifies market opportunities: The innovation plan helps entrepreneurs analyse the market and identify emerging trends, unmet needs or problems that can be addressed through innovation. This allows them to focus their efforts on areas that present real opportunities for growth and differentiation.
3. It boosts competitiveness: Innovation is key to staying competitive in an ever-changing market. An innovation plan allows entrepreneurs to develop new solutions, improve the quality of their products or services, optimise internal processes and adapt to changing customer demands.
4. Set clear and measurable goals: The innovation plan helps to set specific and measurable objectives related to innovation. This allows entrepreneurs to evaluate progress, measure success and make informed decisions based on concrete data.
5. Optimises the use of resources: An innovation plan helps entrepreneurs allocate resources effectively and efficiently. It identifies the necessary investments in research and development, technology, talent and other key areas to drive innovation in the company.
6. It promotes collaboration and learning: The innovation plan encourages collaboration and knowledge sharing among team members, as well as the involvement of external partners, suppliers or customers. It also encourages continuous learning and constant improvement through experimentation and feedback.
7. It generates a competitive advantage (see+ TIP) sustainable: The ability to innovate continuously and effectively can provide entrepreneurs with a sustainable competitive advantage. A well-executed innovation plan allows you to stay ahead of the industry and adapt quickly to market changes. 

In short, an innovation plan helps entrepreneurs focus their efforts, generate disruptive ideas, adapt to the changing business environment and maintain a competitive advantage. It is a key strategic tool to drive a company's long-term growth and success.

Creating a good innovation plan requires a structured and strategic approach.

THE FOLLOWING ARE THE KEY STEPS IN DEVELOPING AN EFFECTIVE INNOVATION PLAN:

1. Define objectives: Clearly identify the objectives you want to achieve with your innovation plan. These objectives should be aligned with your company's overall vision and strategy. They may include developing new products or services, improving internal processes, expanding into new markets or creating strategic alliances, among others.
2. Analysing the environment and trends: Conduct a thorough analysis of the business environment in which you find yourself. Examine emerging trends, market needs and changing customer demands. This will help you identify opportunities for innovation and understand the challenges you face.
3. Establish an innovation team: Form a dedicated innovation team within your company. This team can be made up of people with different skills and perspectives, and its role will be to drive and lead the innovation process. Make sure the team has the resources it needs to carry out its work effectively.
4. Generate ideas: Encourage creative idea generation within your company. Establish methods and processes for capturing and evaluating ideas, whether through brainstorming sessions, surveys, supplier collaborations or employee involvement. Foster an environment conducive to creativity and innovation.
5. Evaluate and select ideas: Evaluates and selects the ideas generated based on predefined criteria. Considers factors such as market potential, technical feasibility, business impact and alignment with strategic objectives. Prioritises ideas that have the greatest potential for success and are aligned with available resources.
6. Design an action plan: Defines the activities, timelines and resources needed to implement the selected ideas. Establish milestones and metrics to measure progress and success. Assign clear responsibilities and ensure that all team members are committed to the execution of the plan.
7. Implement and test: Carries out the implementation of selected ideas, either through pilot projects, proofs of concept or staged launches. Closely monitors progress and makes adjustments as necessary. Gathers data and feedback to evaluate the performance of implemented innovations.
8. Fostering a culture of innovation: Creates an environment that promotes innovation throughout the organisation. Encourages collaboration, open communication and continuous learning. Recognises and rewards innovative ideas and celebrates successes.
9. Evaluating and learning: Conduct periodic evaluations to measure results and learn from innovation experiences. Analyse successes and failures, identify lessons learned and adjust your innovation plan.

LA ARTIFICIAL INTELLIGENCE (SEE+ TIP) CAN BE A USEFUL TOOL TO HELP YOU DEVELOP AN INNOVATION PLAN IN THE FOLLOWING WAY:

1. Idea generation: You can use artificial intelligence to generate creative and novel ideas. Provide information about your company, industry and specific challenges, and the language model can help you generate innovative ideas based on that information.
2. Trend analysis: Artificial intelligence can help you analyse current trends in your industry. You can ask questions about the latest technologies, emerging business practices or changes in customer preferences. You will gain information that can be useful in identifying opportunities for innovation.
3. Evaluation and selection of ideas: After generating a list of ideas, you can use artificial intelligence to evaluate and rank those ideas based on different criteria, such as technical feasibility, market potential or alignment with your business goals. You can ask questions related to the evaluation of ideas and gain valuable insights to make informed decisions.
4. Definition of strategies: Artificial intelligence can help you explore different innovation strategies. You can ask questions about how to implement new technologies, develop strategic partnerships or improve internal processes. You will get recommendations and suggestions that you can consider when designing your innovation strategy.
5. Planning and monitoring: You can use artificial intelligence to get guidance on how to structure and plan your innovation plan. You can ask questions about key steps to take, resources needed, timelines and tracking metrics. You will get information that will help you build a solid and effective plan.

It is important to keep in mind that artificial intelligence can provide insights and guidance, but it is always It is advisable to complement this information with the knowledge and experience of experts in the field of innovation and business strategy.