Innovation is interrelated and interdependent

Innovation is not just about product development, it's also about innovating the way a firm thinks, works, manages and performs. To successfully bring a new product to life, new methods, processes and ways of thinking must be created. Firms with flexible thinking and nimble processes find it easier to innovate while highly entrenched methods and processes can hinder innovation. A new product often requires a rethinking of market insights, business models and channels. Innovation is interrelated and interdependent with other processes and strategies, and cannot live in isolation. Organizations must be willing to rethink their existing management styles, business models and org structures to succeed in innovation.