Strategies and tactics for enhancing MEA's Innovation Capabilities
The strategy aims to enhance MEA's innovation capabilities to better address customer needs and industry trends. It includes three main approaches. First, developing a data analysis framework involves hiring an expert, acquiring software, and training personnel to utilize customer data for identifying trends and informing decision-making, thus creating targeted innovations.
Secondly, enhancing innovation management includes revising financial targets, benchmarking against industry standards, and creating internal competitions with rewards. Implementing ISO 56002 guidelines and regular performance tracking will help fine-tune innovations and align them with market expectations.
Lastly, restructuring to support innovation requires reviewing and updating the organizational structure, creating cross-functional teams, and establishing a dedicated innovation department. This approach will help streamline communication, foster collaboration, and set clear objectives, ultimately creating a culture that embraces and thrives on innovation.
The strategies
⛳️ Strategy 1: Develop a Data Analysis Framework
- Hire a data analysis expert to lead the project
- Purchase or develop a robust data analysis software
- Train existing personnel on data analysis techniques
- Collect and analyse current customer data
- Identify key trends and future customer needs based on data
- Integrate data analysis into the decision-making process
- Set KPIs for data analysis effectiveness
- Collaborate with tech firms to enhance data capabilities
- Utilise data to develop targeted innovations
- Regularly review and update the data analysis process
⛳️ Strategy 2: Enhance Innovation Management and Financial Targeting
- Revise financial success targets to be more challenging
- Benchmark against industry standards for innovation success
- Create internal competitions for innovative ideas with financial rewards
- Track and measure innovation performance regularly
- Utilise ISO 56002 as a guideline for innovation management
- Implement a feedback system from customers to improve innovations
- Collaborate with financial experts to set realistic yet challenging targets
- Encourage executives to participate in innovation development
- Celebrate and publicise successful innovations internally and externally
- Regularly assess and update financial targets based on performance and market trends
⛳️ Strategy 3: Restructure to Support Innovation
- Conduct a thorough review of the current organisational structure
- Identify key areas that hinder innovation
- Develop a proposal for a new structure that supports innovation from upstream to downstream
- Gain executive approval for the new structure
- Implement the new structure in phases to ensure smooth transition
- Hire or reassign personnel to fit the new structure
- Create cross-functional teams to foster collaboration
- Establish a dedicated innovation department
- Set clear roles, responsibilities, and objectives for each unit
- Regularly review and adjust the structure based on feedback and performance
Bringing accountability to your strategy
It's one thing to have a plan, it's another to stick to it. We hope that the examples above will help you get started with your own strategy, but we also know that it's easy to get lost in the day-to-day effort.
That's why we built Tability: to help you track your progress, keep your team aligned, and make sure you're always moving in the right direction.
Give it a try and see how it can help you bring accountability to your strategy.
