How to Innovate: Steps to an effective Innovation Process

How to Innovate: Steps to an effective Innovation Process

How to Innovate: Steps to an effective Innovation Process

Innovation is the basic requirement for any business in today’s competitive world to gain a competitive edge.

The process of innovation involves discover, create, and develop ideas then refining them into useful forms, and finally use them to earn profits, increase efficiency or reduce costs.  

Here are four-step guide of developing your innovation:

 

1. Understand the Problem

Understanding the problem and need is key to find the right solution. Keeping this thing in mind, the first step in any innovation process is to understand the problem you’re trying to solve or the need that you are trying to address.

To understand the problem, you have to put yourself in the shoes of your customer and then relate with them. You can do so by observing or surveying your customers.

After having an insight of the problem, you can go for finding the most probable answers which can solve the problem.

 

2. Ideate

The second step in the innovation process involves coming up with as many ideas as possible to solve the current problem. If you have a team, it would be better to discuss the problem and ask ideas from them. It would add up to more possible ideas.

At the end of the ideation process, refine your ideas. Keep ideas which are relevant to the problem and remove some that have no relevance, and then finally select the best most promising idea to pursue further.

 

3. Prototype

The third step in the innovation process includes prototyping. It is where you give your best idea a shot and turn it into a sample product that can explain and demonstrate it to users.

The basic aim of the prototype is to get as close as possible to the real product or service that you want to build, without spending a huge amount of resources or time doing it.

 

4. Evaluate and Refine

The fourth step is evaluation of your prototype. Take your prototype to your users, and ask for their feedback.

You need to carefully observe and prepare a documentation of how your users are interacting with the prototype, what is their feedback, what else would they like to see in such a product, etc.