Over the last 10 years, we’ve noticed that “innovation” remains a very fuzzy concept within the corporate world. It has a mythical status – a buzzword without clear process definitions. In fact, each department had its own definition for “innovation”: engineers, marketers, production managers, business managers.
Today, we are seeing the early indication that the most advanced companies have begun to pull these threads together into a dedicated, cross-functional Innovation Department which exists at the corporate level and generally reports to senior executives ranging from senior business-unit managers to C-level executives. Innovation departments are coordinating and leveraging intellectual capital between all services involved with R&D, Marketing and Business Development.
The innovation department needs to define its roles, interface, process, a common language, and KPI. Read this whitepaper to learn how the best innovative companies succeed.