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Our understanding of Innovation |
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Innovation is exploiting knowledge to create valuable new products, services, processes or strategies. Read more about innovation in Nuvistix Perspectives, a regular series of bulletins covering subjects relating to innovation and creativity, and keeping a watch on the biological and chemical sciences. |
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The Nuvistix portfolio of services addresses the drivers, outcomes and key success factors of successful innovation. |
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Drivers include ... |
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- New technologies & global competition
- Speed of information transfer
- Knowledgeable & demanding customers
- Stakeholder influences
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Outcomes are ... |
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- Economic: greater value, lower costs, productivity, growth
- Social: employment, health, prosperity
- Environmental: environmental impact
- ... and knowledge itself: fuelling continuous innovation
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Key success factors involve ... |
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- Managing knowledge
- Managing uncertainty
- Co-ordinating R&D and marketing
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"With the pace of innovation hotting up, any company that fails to replace 10% of its turnover annually, will be likely out of business within five years."
[The Economist, 2003] |
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Features of innovative firms
[CBI Innovation Survey, 2002]:- Future-watch
- Creative culture
- Manage & exploit knowledge
- Market focused
- Partner
- Champion innovation
- Strong R&D & marketing
- Measure & learn
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