how to manage, execute and 2 cases to be inspired – WAU
The need for changes and improvements in companies is enormous and, therefore, carrying out the management and execution of innovation projects in your business is an extremely important task. With the right practices, you can take ideas that really change and impact your target audience on paper.
The digital transformation has changed the way companies need to behave in order to succeed. In addition to opening the door to more business and a significant increase in competition, the consumer has become more demanding in relation to what is delivered. Thus, it is increasingly necessary to think and execute innovation projects.
After all, it is not enough to offer exactly the same service and / or product to the consumer or to use the same internal processes in your company, the need for improvements is continuous and much of that goes through the work of innovation within organizations. Applying these projects, however, is not as simple a task as idealizing them.
If you are looking for creative ways to innovate in your company, you are in the right place. In this text, we will cover the following topics:
Read on to check out our tips!
What is an innovation project?
In practice, an innovation project is about execute creative ideas and turn them into products, services, processes or tools that allow you to achieve the same goal in a more efficient or productive way, for example. In other words, to create different strategies from the usual ones and more used to accomplish the same task.
Based on creativity, the objective is to solve problems that your company has or even to anticipate issues that are not yet considered as important. It means being ahead of your main competitors and always being able to offer a more satisfactory final result to the consumer or even optimize the company’s own processes.
Therefore, innovation projects represent the search for a different path from the one followed for improve the results obtained in a process. Whether to optimize Digital Marketing strategies, or to offer a service to the final consumer that breaks the barriers of a historically more restricted market segment.
The main difference between an innovative project and other “normal” ones is precisely the need for disruptive thinking, that is, the breaking of standards and paradigms that a certain sector was used to in favor of more efficient activities. In addition, another point that differs is the high risk of investing in projects with this purpose and, therefore, greater care with the planning of these proposals.
In the era of globalization and digital transformation, companies need to search for more projects and ideas that run away from common sense to offer a final product and / or service more and more suited to consumer behavior and demand. This task, however, is not simple to put into practice and requires a lot of planning.
What to do to implement and execute an innovative project?
Do you think it’s time for your company to take a leap? We detail the main points to be considered for you to successfully implement and execute an innovation project.
Following these steps, the tendency is that you will, in fact, be able to explore good ideas in the best possible way.
An idea may look very promising on paper, but it can only begin to be put into practice when some questions begin to be answered. What is the technical and financial feasibility of this project? What are the needs of the target audience that will be met? What is your company’s ability to meet demand?
All of these responses are obtained during the production of the project scope, that is, the first structure more palpable than what will be proposed. The objective at this stage is to gather all the necessary initial information to know if the idea should be put into practice, restructured or even discarded.
With data on the feasibility of the project in hand and the initial scope approved, it is time to start planning to execute the proposal. List step by step what will be done, at what time and what the purpose of each stage is is the challenge. In addition, it is time to plan to mitigate the risks of failure in execution as much as possible.
During planning, therefore, it is necessary to establish more technical and practical details of how the work will be carried out. What will be needed at each stage? What needs to be achieved to continue the process? All of these questions need to be resolved during planning.
Then, it’s time to get your hands dirty and start project development, which means performing each of the stages stipulated in the planning. At this point, all professionals need to be aware of their responsibilities and obligations to ensure that everything that was put on paper is done correctly.
Testing and deployment
With the project developed internally and all the adjustments made to ensure that the planning was, in fact, followed to the letter, you can now start the first tests, whether they are done with the final consumer or within the organization itself. The idea is to gradually increase the scope of the project until it is actually implemented.
After all, it is still possible to make changes and adaptations to the project while it is in the testing phase. An e-commerce application, for example, can have a beta version exclusively for certain consumers and, little by little, making changes according to the feedback of the users who use it. With everything approved, it is time to execute the project in its full composition and start waiting for the results.
Maintenance and monitoring
After all the previous steps have been completed, those who think that the innovation management work is over are mistaken. After all, you need to keep an eye on what is working and the points that need to be improved, for example. Therefore, monitor and maintain the project it is also a vital step in the success of the idea.
What practices to adopt to optimize the management of these projects?
Although studies indicate that 70% of the projects end up not achieving their initially established goals, it is possible to use tools and concepts to mitigate internal and external risks that can compromise the process of implementing your ideas. Therefore, we have listed some practices that can optimize project management.
Use of agile methodologies
One way to make the execution and management of innovative projects faster and more efficient is by using agile methodologies. Based on four pillars – communication, practicality, alignment of expectations and flexibility -, the objective of this concept is propose shorter paths to perform the tasks and reach the expected result at the end.
Less technical than the previous item, decentralized leadership has as main objective bring the decision maker closer to the problem. That is, make sure that whoever is going to define which strategy or path to follow has knowledge and a basis for a decision. In addition, it contributes to employee engagement and motivation.
Exchange of ideas
Adding this concept to your company’s organizational culture can also be a differentiator for more efficient management of your innovation projects. Conversation, brainstorming and exchange of ideas are great actions for encourage other professionals to participate in the decision-making process and contribute to the execution of the project.
Innovative projects: 2 successful cases for you to be inspired
Now that you know how to execute innovation projects and what practices can optimize this task, how about checking out some successful cases on this topic? We separated two examples of companies that managed to modify, in a disruptive and efficient way, habits and customs that were common sense. Check out!
Amazon is perhaps the company that best executes and manages its innovative projects and, no wonder, it is a market giant. Ideas for its main products – such as Alexa and Amazon Go – were extracted from employee suggestions. To filter and make better use of ideas, there is an exclusive center for this.
The long-term vision ended up benefiting the company. The business that started as an e-commerce, today is part of the so-called Big Four (alongside Apple, Facebook and Google) of technology and also invests in Artificial Intelligence and cloud computing, for example. When we talk about a disruptive company, Amazon is the best example.
Although not as well known as Amazon, Ansys is another example of an innovative and disruptive company. Created in 1970 to develop engineering analysis and simulation programs, the company has not limited its area of operation and today has a net worth of almost 3 billion dollars.
Before more restricted, now the company produces software for several applications, from fluid dynamics to digital and electronic projects. To give you an idea, Volkswagen used the company’s multiphysics simulation to produce some electric car models.
The need to execute innovation projects only confirms the importance of keeping up to date with market trends and needs. Thus, it is possible that your company will be able to stand out and find strategies that really offer an improvement for a market segment or even society in a broader way.
How about, then, getting even more into this subject so relevant to your professional development and the growth of your company? Check out the first edition of Websites Are Us’s digital magazine and find out how the digital transformation movement and technology are driving business strategies!