More efficiency or more innovation?

More efficiency or more innovation?

Businesses need a balance between efficiency and innovation to thrive over time. However, most companies focus on short-term financial results, which tilt the balance towards efficiency. While efficiency is essential, innovation is also necessary for growth, and companies that don't invest enough in innovation may become indistinguishable from their competitors. The challenge is to establish the appropriate balance between efficiency and innovation and carry out that strategy. Jeffrey Phillips' book, Relentless Innovation, provides examples from companies that manage to do both well simultaneously, such as P&G, Apple, 3M, Google, and Gore.

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More Innovation Resources:

A Cascade of Better Choices for Greater Innovation Outcomes

To achieve consistent innovation, organizations need a well-articulated and well-communicated strategy that can be delivered in an organizing framework. The Executive Innovation Work Mat aims to engage top management and cascade the innovation strategy throughout the organization.

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You're Crowdsourcing Innovation Wrong

Crowdsourcing may not be the solution for innovation in businesses, as it gathers opinions in aggregate but fails to bring diversity of feedback, and superusers often have too much control over opinion.

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5 Tips Leaders Must Do to Motivate Employees to Innovate

Motivating employees to innovate is challenging, but leaders can create a culture of innovation by encouraging creativity, creating a well-thought-out innovation strategy, being willing to experiment, encouraging open communication, and prioritizing employee well-being.

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