Almost all companies are trying to implement innovation or R&D processes either internally or externally. The aim of innovation processes in corporate companies is essentially maximizing profit. To increase profit, corporates must focus on improving the products (or services) and creating better customer experiences. No matter how amazing your product is, the effect of your improvement in products and services will be limited if you don't offer high-quality customer journeys.
Another significant point here is that innovation and invention are different concepts. The invention is not regarded as innovation unless it is provided for the end customer's use. Innovation is a commercial term where invention corresponds to a more scientific and engineering concept. If it is innovation, you must earn money from that either by delivering new products or improving provided services and internal processes.
Measuring the overall effect of innovation and R&D processes is highly significant for optimization. To maximize the impact of innovation, you need to monitor how creation is created from canvas to practice in your company. In most corporates, the effect of innovation is measured by ROI (return on investment). It is simply looking at how much money you put into the project and how much you earn thanks to it. However, innovation is beyond financial terms. If you want to optimize the impact of innovation, you should consider other innovative metrics besides financial measurements. How many feasible ideas are created in the team, how many are turned into projects, how many projects can be implemented, and can these metrics be good examples?
Collaborating with startups is one of the most popular paths to corporate innovation. When it comes to partnering with startups, you should look at how many successful PoCs your innovation team can deliver in collaboration with other departments. As Hackquarters, our service comes here to your rescue. One of the most vital points we focus on is enabling successful PoC partnerships between corporates and startups in the programs we deliver. For more information, you can check out our programs, and you can follow us on social media to hear more from us about our success stories.
May 11, 2022
April 23, 2022
April 22, 2022