What is Innovation?
At Imaginatik, we live and breathe innovation. We talk about innovation with clients, and we think about it late at night. We even have dreams about innovation.
Yet “innovation” is a difficult concept to pin down. Every so often, we stop to ask: what is innovation, really?
For us, it’s simple: Innovation is a change, or something new, that produces business results. This basic definition holds true across 16 years spent helping clients innovate.
The basic elements of change and results appear in many different ways. At Pfizer, for example, we helped them collaborate globally to develop $100 million in new product pipeline. This typically of big change – in this case, entirely new products – we think of as “breakthrough” innovation. And the results can be very big, the $100 million number is quite typical.
“Change” can take many other forms. At Wal-Mart, one particular idea led to ~$40 million in cost savings. The idea was a simple, straightforward change – turning off the lights in vending machines when not needed. Yet this type of “incremental” innovation, when multiplied across thousands of stores – can have a very large impact.
We work with clients to find the mix of incremental and breakthrough change to create the most meaningful impact across the organization. Through our advisory, software, and program management work, we build a flexible program model for each client that ultimately takes seed as a persistent culture of innovation.