Innovation is not enough. You can have a billion-dollar idea, but to be successful you must develop a product and deliver it to customers. The Harvard Business Review estimated that companies typically only achieve 60 percent of the potential value of their strategies due to failures in planning and execution.
Innovation labs are becoming a popular way to drive innovation. Learn how you can implement a successful innovation lab at your company from Kyle Nel, founder and executive director of Lowe’s Innovation Lab. Nel gives advice on how to:
- Use stories to sell ideas and keep the team focused.
- Set up actionable metrics that give new ideas a chance while enabling good decisions.
- Keep business leaders invested by delivering tangible demonstrations of progress.
You’ll learn more about innovation best practices from Hayagreeva “Huggy” Rao, professor of Organization Behavior and Human Resources at the Stanford Business School, and author of “Scaling up Excellence.” Rao shares three methods to scale up innovation:
- Conduct a “pre-mortem” on ideas.
- Reduce cognitive load.
- “Fix broken windows” by identifying and changing the things that aren’t working well.
Also, see a demonstration on how Dynamics 365 pulls together familiar Office 365 tools to help employees work more efficiently.
Watch the Modern Workplace episode to learn more.