A recent study by Harvard Business Review has endorsed what we at Oracle have known for a long time, that Innovation is as much a science as it is an art and data is at the heart of successful Innovation. This data (ideas) tend to be similar to a sales/marketing pipeline.
The number and the quality of ideas are directly proportional to the business success of an organisation. However, managing these ideas and enriching them to develop into real innovations (business, product, process, service) is what separates the leaders from the laggards.
Today's' C-suite executives must not only focus on the idea generation but also the effective management of those ideas. A formal innovation management platform would help organisations achieve the most effective use of the four variables listed in the article - Scale, Frequency, Engagement & Diversity.
But what we learned from our analysis of all this data is that innovation is, indeed, a science. And surprisingly, the variables that make for a successful innovation program are independent of whether the company is seeking disruptive or incremental innovations. It doesn’t matter whether they’re asking for process or product innovation, what industry the company is in, or even, for the most part, whether the company is large or small. The key variable that we identified across all the companies in our analysis is the ideation rate, which we define as the number of ideas approved by management divided by the total number of active users in the system. Higher ideation rates are correlated with growth and net income