You're faced with limited resources for innovation. How do you decide which ideas to pursue?
Navigating the innovation landscape with limited resources can be a daunting task. You know that innovation is crucial for staying competitive, but how do you decide which ideas are worth pursuing when every decision counts? The key is to maximize the impact of your investments by carefully selecting projects that align with your strategic objectives and have the potential for significant returns. This involves a systematic approach to evaluate each idea based on its merits and the resources at your disposal.
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Arthur DesterExpert in Critical Thinking with 100,000+ Views on 1200+ LinkedIn Articles
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Yaravi CardozeAward Winner xTransformation Leader | Forward Vision & Tangible Results | Empowering Strong & Inclusive Teams |…
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Kemi Onadiran PMP®, MMP, ACIPM, HRPL, ANITADAgile, C-Suite HR Leader | Project, Change & Adoption Manager | Employee Experience (EX) Champion | I Help…
Begin by thoroughly assessing your company's needs and the market demands. This step is about understanding where your business stands and where it aims to go. Analyze your company's strengths, weaknesses, opportunities, and threats (SWOT analysis) to identify areas that require innovation. Consider the market trends and customer feedback to pinpoint what innovations would have the most significant impact. This will help you create a focused list of ideas that are not just innovative but are also relevant to your business goals.
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Kemi Onadiran PMP®, MMP, ACIPM, HRPL, ANITAD
Agile, C-Suite HR Leader | Project, Change & Adoption Manager | Employee Experience (EX) Champion | I Help Organizations Build Outstanding Workplace Cultures
Define criteria Access strategic alignment Analyse potential impact Estimate feasibility and resources Conduct risk assessment Gather stakeholder input Run pilot projects Review and iterate
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Dr. Ahmed Mohamdy
Doctorate in Digital Maturity | M.Sc. in Cloud Computer Networks | Digital Transformation Catalyst | Digital Excellence Evangelist | LSSBB-ICBB, GRCP, IPMP, ICEP, PMI-PBA, PMI-ACP, TOGAF, PMP, SAP Activate, ITIL
Begin by identifying the specific challenges or opportunities that our organization faces. This involves analyzing market trends, customer feedback, and internal capabilities to pinpoint where innovation can have the greatest impact. I prioritize needs based on strategic goals and gaps in our current offerings or operations. By understanding these needs comprehensively, I can focus our innovation efforts on initiatives that address critical areas and provide significant value to our stakeholders.
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Anointing James-Legend
Operations Manager | CRM | Problem Solving | Communication | Brand Management
When faced with limited resources for innovation, I prioritize ideas based on: Alignment with Strategy: Focus on ideas that align with our core business goals and long-term strategy. Impact Potential: Choose ideas that offer the highest potential for significant impact or return on investment. Feasibility: Consider the practicality and ease of implementation within our current capabilities and resources. Customer Value: Prioritize ideas that address critical customer needs or enhance customer satisfaction. Competitive Advantage: Select innovations that can provide a unique edge over competitors
Once you've identified potential innovation areas, the next step is to screen these ideas. This involves evaluating each idea against a set of criteria such as feasibility, scalability, and alignment with your company's vision. You want to ensure that the ideas you choose to pursue can be realistically developed within your resource constraints and have the potential to grow. This process helps in shortlisting the ideas that are most likely to succeed and provide a good return on investment.
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Yaravi Cardoze
Award Winner xTransformation Leader | Forward Vision & Tangible Results | Empowering Strong & Inclusive Teams | Collaboration Culture #MentoraPMI | Keynote Speaker #Liderança4.0 #AIStrategy #GoDigital
I think one important criteria to consider, is about the overall aspiration, purpose and strategy of the innovation itself. An idea can be very feasible, scalable and might be identified as benefitial... and we also have to consider: Will this idea move our needle in the right direction of what we want to achieve overall? How or in what level the idea´s outcome and potential generated value will improve our current situation towards our goals and aspirations?
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Dr. Ahmed Mohamdy
Doctorate in Digital Maturity | M.Sc. in Cloud Computer Networks | Digital Transformation Catalyst | Digital Excellence Evangelist | LSSBB-ICBB, GRCP, IPMP, ICEP, PMI-PBA, PMI-ACP, TOGAF, PMP, SAP Activate, ITIL
Begin by establishing clear criteria based on strategic alignment, potential impact, feasibility, and resource requirements. Each idea is evaluated against these criteria to filter out those that do not meet our standards. I often use a scoring system to objectively compare ideas, ensuring that the selection process is transparent and data-driven. By focusing on ideas that score highest, I can concentrate our limited resources on initiatives that have the best chance of success and align with our long-term goals.
After narrowing down your list, conduct a detailed cost analysis for each idea. Determine the resources required, including time, money, and personnel, and weigh these against the expected benefits. This analysis will help you understand the financial implications of each idea and prioritize them based on the potential return on investment. Remember that the most expensive or complex idea isn't always the best choice; sometimes, simple, cost-effective innovations can provide significant value.
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Dr. Ahmed Mohamdy
Doctorate in Digital Maturity | M.Sc. in Cloud Computer Networks | Digital Transformation Catalyst | Digital Excellence Evangelist | LSSBB-ICBB, GRCP, IPMP, ICEP, PMI-PBA, PMI-ACP, TOGAF, PMP, SAP Activate, ITIL
start by estimating the costs associated with each idea, including development, implementation, and potential operational expenses. I then compare these costs against the expected benefits and returns of each idea. This helps me identify which innovations offer the best value for the investment. I also consider the scalability of the ideas and their long-term financial impact. By focusing on cost-effective solutions, I can allocate resources more efficiently and prioritize projects that are likely to deliver the most significant benefits within our budget constraints.
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Benedicta Amaechi
Science teacher/SEN certified/Early childhood teacher/digital teacher/Cambridge primary checkpoint tutor/online tutor
Weighing the cost and resources needed for each of your ideas against the benefits of the ideas help to pick the most beneficial one.
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Dr. Ahmed Mohamdy
Doctorate in Digital Maturity | M.Sc. in Cloud Computer Networks | Digital Transformation Catalyst | Digital Excellence Evangelist | LSSBB-ICBB, GRCP, IPMP, ICEP, PMI-PBA, PMI-ACP, TOGAF, PMP, SAP Activate, ITIL
start by identifying potential risks, considering both the likelihood and impact of each. I then weigh these risks against the potential benefits of the idea. This helps prioritize ideas that offer the most significant rewards with manageable risks. I also consider the organization's risk tolerance and align my evaluation with it. Engaging stakeholders for their perspectives and conducting thorough pilot testing can further refine the evaluation. This comprehensive approach ensures informed decision-making and resource optimization.
Gathering input from stakeholders is an essential part of the decision-making process. This includes your team members, customers, and possibly even suppliers or partners. Their insights can provide valuable perspectives on the viability and desirability of your innovation ideas. Engaging with stakeholders not only helps in refining your ideas but also ensures buy-in and support, which can be crucial for successful implementation.
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Dr. Ahmed Mohamdy
Doctorate in Digital Maturity | M.Sc. in Cloud Computer Networks | Digital Transformation Catalyst | Digital Excellence Evangelist | LSSBB-ICBB, GRCP, IPMP, ICEP, PMI-PBA, PMI-ACP, TOGAF, PMP, SAP Activate, ITIL
Engage with key stakeholders, including team members, customers, and partners, to gather diverse perspectives on the proposed ideas. This helps me understand the potential impact and value from different angles. I organize meetings, surveys, and feedback sessions to capture their insights and concerns. By involving stakeholders in the decision-making process, I ensure that the selected ideas have broad support and are aligned with the needs and expectations of those who will be affected by or benefit from the innovations.
Before fully committing to an idea, consider pilot testing or creating a minimum viable product (MVP). This allows you to test your innovation in a real-world setting with minimal resources. The feedback from this testing phase is invaluable; it can either validate your idea or highlight areas that need improvement before a larger rollout. Pilot testing helps in making data-driven decisions and increases the chances of success for your innovation projects.
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Arthur Dester
Expert in Critical Thinking with 100,000+ Views on 1200+ LinkedIn Articles
To innovate with limited resources, prioritize ideas by impact, feasibility, and strategic alignment. Rapidly prototype, gathering diverse, unbiased feedback to refine ideas. Ensure multicultural relevance and emotional connection. Apply circular economy principles and the latest tech. Foster adaptability for outliers. Create a compelling narrative to inspire action. Integrate learning, teaching, and feedback loops. Synergize all insights for a holistic approach.
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Davidson Chaves, MBA.
Supervisor de Produção | EMS
Faço uma conclusão muito positiva com a frase do grande exemplo e professor Mario Sergio Cortella: Faça o teu melhor na condição que você tem, enquanto você não tem condições melhores para fazer melhor ainda! Observe ao seu redor e utilize tudo disponível da melhor forma possível, logo terá investimento e novas oportunidades para fazer melhor ainda...
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