You're navigating between innovation and strategic plans. How do you strike the perfect balance?

Your Innovation Strategy should align with your business strategy and your corporate strategy. Your innovation strategy involves: 1) establishing your innovation priorities and innovation portfolio; 2) choosing how you will organize for innovation (e.g. corporate innovation vehicles, your innovation system, etc.); and 3) choosing the appropriate innovation capabilities. Your innovation priorities should support the problem or opportunities you seek to address, your firm's strategic objectives, and how you will create and capture value.

It's interesting to note a couple of strange things in this whole article. Focusing on two: (1) I quote from the original text: "Imagine a seesaw with innovation and strategy at opposite ends" to be “balanced” Interesting! So innovation and strategy are opponents . Hmmm… (2) Fascinating to see a whole article about strategy and innovation and it (almost completely) avoids talking about the people in the very mechanistic system outlined in the largest of the article. Success of strategies and innovative changes in organizations are about fears, dreams, panic, hopes, inspiration, courage, loyalty of decisive individuals and teams. This is the dynamic that needs to be understood. Less the processes, KPI's, or complex innovation funnels … 😉

There is no such thing as "the perfect balance between Strategy and Innovation". Strategy is a set of activities in which an organization excels to create a sustainable difference / competitive advantage in the marketplace. In today's marketplace, regardless of the industry an organization is in, and regardless of its corporate structure or operating nature (NFP, FP, corporate, charity, etc...), if your Strategy does not involve some sort of a process to translate new and creative ideas to products/services that create value (innovation) -> you're org is, technically, not in the game. Therefore, I would argue that innovation should be a non-negotiable competency for almost any org to survive, mind you being part of its strategy to compete

Not sure if I agree with the way the question is worded here. Strategy is a comprehensive plan to achieve goals/vision/long term objectives. Its about setting direction and would provide the roadmap of where the org wants to go. Innovation is new, creative ideas/product/services/processes. Within Strategy, one could be innovative in the approach we use to execute that vision. It could be innovative in the tools we use, the processes we create in new and competitive ways.

I am a fan of always on strategy aligned and agile operational model. A better vs approach in rapidly evolving business environment.

Striking a balance between innovation and strategic planning as an individual involves a few key practices: Define your long-term objectives while allowing flexibility for new ideas. This helps maintain focus while being open to innovation. Embrace Lifelong Learning: Stay curious and continuously seek knowledge in your field. This can inspire innovative thinking and keep your strategic plans relevant. Prioritize Time Management: Allocate time for both strategic tasks and creative exploration. Use techniques like time blocking to ensure you dedicate time to innovate. Seek Feedback: Regularly engage with peers to gain insights on your plans and ideas. This collaborative approach can enhance both your strategic thinking and innovative efforts.

With my background in market and customer research, I am firm believer in defining clear market/customer/user needs which are used to drive innovation. Defining a clear need can be used to both inspire and clearly direct engineering and innovation focused employees. In a way it provides focus and a challenge for the solution creators, while providing gard rails for innovation activities ensuring solutions are inline with business strategy and objectives.

Putting the hat on as a first principle thinker and consider what innovation may mean and potentially create value towards high level organisation strategy. Be prepared to challenge and to be challenged towards status quo and existing plan.

Imagine innovation as the secret sauce that propels your business engine. It's not just about splashing out new ideas for the heck of it; it's about crafting value that hits the bullseye of market needs. Think of it like this: innovation is your vehicle's fuel. Without it, you're stuck in neutral. But don't forget, you also need the steering wheel and brakes – the strategic guidance and control – to navigate the road ahead. Foster a culture where fresh ideas are not only welcomed but rigorously test-driven to ensure they meet customer demands and turbocharge growth. Ready to take your innovation game to the next level?

Fostering "Innovation" culture can be challenging, especially if there is no system, budget or incentive to manage the participants. Often times innovation is derived from executive ideation; however, some of the best ideas sit within all layers of the organization. To unlock all the ideas and carry them forward you need to have a clear owner, process to formulate business case and gain funding approval, and ability to adapt outcomes (learnings) into the strategic roadmap. Your system needs to overcome several barriers including fear of failure, lack of recognition, lack of incentive for the extra time spent, and difficulty managing both primary role and time needed to build out the idea. Effective culture and process can make a difference.

Innovation is the fuel for your vehicle, but it’s the insights from your customers and the collective genius of your team that provide the steering and the brakes. Together, these elements drive purposeful, impactful progress. By prioritizing customer needs and fostering a collaborative environment, you don’t just move forward—you soar.

Innovation shouldn’t be seen as separate from the strategy but integrated into it. This means constantly reevaluating how innovation efforts are contributing to or detracting from strategic goals. The tilt can then be adjusted to ensure that innovation is enhancing the strategic direction rather than being an isolated effort.

I agree that a strategic plan provides direction, but I believe innovation should actively serve and support achieving the goals within that plan. Rather than just fitting into the framework, innovation should directly answer the question, 'How will this help us achieve our objectives (customer specific or organizational specific)?' This approach ensures that innovation is purposeful and aligned with strategic goals. In his book Clayton Christensen emphasize the importance of linking innovation with strategic direction to drive sustainable growth. We also understand from Gary P. Pisano in his HBR article that innovation must be tied to strategic priorities to be impactful and avoid wasted efforts.

It's challenging and interesting to find the sweet spot when balancing Innovation & Strategy. To stay ahead in a rapidly changing world, it's crucial to balance innovation with strategic planning. It cannot be either / or. We must endeavor to -- - Align new ideas with long-term goals - Prioritize high-impact initiatives - Embrace experimentation and learning Strategy and Innovation are like two tyres of a bicycle. We need to keep pedaling to find the balance and move ahead. This way, we can drive growth, fuel progress, and stay ahead of the curve. #innovation #strategy #leadership

Strategic frameworks are structured approaches that guide decision-making and help organizations achieve their long-term goals. These frameworks provide a clear roadmap by defining objectives, assessing resources, and identifying key areas of focus, such as market positioning, competitive advantage, and growth opportunities. Popular models like SWOT analysis, the Balanced Scorecard, and Porter’s Five Forces offer tools to analyze both internal and external factors influencing success. By aligning actions with these frameworks, businesses can make informed decisions, manage risks, and ensure that innovation and execution are consistently aligned with their overarching strategy.

Missing from this discussion is any mention of Change Management. If you are working inside a larger organization, innovation will be dead on arrival if you do not have a plan for organizational change management. I avoid using the obvious acronym here, because it always invokes various trademarked approaches. The approach doesn't matter, what matters is the intent. Also, you cannot create a strategic framework for an unknown or yet to be known innovation. The innovation itself will drive the needs for a strategic framework, not the other way around. Unless your innovations are so obvious that you can plan for them concretely (in which case they are NOT innovations - think about it!)

A strategic framework is a structured approach that guides an organization's decision-making and long-term goals. It includes defining the company’s vision, mission, core values, and objectives, ensuring that every action aligns with the broader purpose. This framework typically encompasses key elements like market analysis, competitive positioning, resource allocation, and performance measurement. By providing clarity and direction, a strategic framework helps businesses prioritize initiatives, adapt to changes, and achieve sustainable growth.

From my experience in strategic roles ,the formula to execute succesful business plans lies in developing fundamental structural framework including below key elements . A) Data analysis- including all data sets involving market dynamics ,competition landscape, SWOT, 3×3 market attractiveness and strength matrix ,funnel analysis B) Developing cohorts C) Conducting brainstorming sessions with stakeholders to decode gathered data sets E) Identifying key strategic objectives with clear WHY, WHEN and HOW F)Alignments with all functional stakeholders G)Developing Bowlers charts ,A3 Matrix with clear measurable objectives, ownership,timelines H) Regular cadence I) Milestone measurements & Reporting J) Revisiting planned actions if needed

Companies overcomplicate the marrying of strategy and innovation. Innovate and create strategic plans for Customer Success while maintaining balance in 3 steps: 1. Customer-Centric Innovation: Constantly gather feedback and data to understand customer needs and proactively adjust your solutions. Use AI, automation, and personalized services to stay ahead. 2. Agile Strategy Development: Regularly reassess and refine your goals, aligning them with evolving customer goals to ensure adaptability and relevance. 3. Resource Alignment: Balance resources by ensuring teams have the right tools, training, and time to focus on high-impact activities. Be aware and open to continuous agility, alignment checks, and a pulse of customer satisfaction.

To strike the balance between innovation and strategic plans, I ensure that innovation operates within a clear strategic framework. Setting defined objectives, timelines, and success metrics keeps innovation focused, aligning creative efforts with broader goals and driving meaningful progress.

Toda estrategia debe tener unos plazos y unas metas claras. Por supuesto que los plazos pueden cambiar, pero siempre con los objetivos claros y específicos que nos ayuden a mejorar nuestros resultados. Por supuesto es básico controlar estos plazos ya que si se van alargando, lo único que se consigue es desmotivar al equipo

To further enhance the balance between innovation and strategic plans, consider adding: Flexibility in Execution: While it's important to have a strategic framework, allowing for flexibility within that structure can encourage creativity. Flexibility lets your team explore innovative ideas without feeling too constrained by rigid plans. Iterative Approach: Adopt an iterative mindset where innovation is tested in smaller, manageable stages. Cultural Alignment: Foster a company culture that values both innovation and strategic discipline. Encourage open discussions on how creative ideas can align with the company's mission and strategic objectives.

Innovation is a very fascinating world. Innovation opens up the multi-dimension thinking process and gives us a joy of bringing count less ideas. But most important part is to align the innovative idea with associated risk. If as a manager you proceed with that idea and do not do the correct research or business case validation then the risk of loosing time and money will put a team in a deep risk. So right balance between innovation and correct strategy formations is required. It will keep everyone motivated and align with momentum to finish up the plan.

Risk Management must be thoughtful and integrated, however, while it is typically siloed in most organizations. It's critical to remember that incurring risk in pursuit of objectives is often worthy, but risks must be assessed properly. Many times, I have seen companies approach new products and markets with little understand of the correlation of the newly incurred with other risk in the enterprise. Are they inversely correlated with other existing risks in the portfolio? You may be able to be more aggressive with little impact. Conversely, is there positive correlation? Even worse, are the risk additive and non-linear at the same time? If so, you can have a cascade of problems, like the infamous "Black Swan." More attention needed!

Everybody has an appetite for risk and organisation should know where to draw the line innovation is good but not at the cost of sustaining the business and its needs innovation comes with the high price as there is no definitive timeline to the route come it is a natural process which keeps happening at the same time strategy should be clear that how much time and effort and commercial can I invest for the purpose of innovation it also refers to what the business stands for

Indeed it is challenging to maintain the balance between risk & continue innovating strategies with new ideas & solutions.Though it is case dependent but a detailed holistic strategic framework prepared ahead of time which includes all elements of predicting risks , making contingency plans can definitely help navigating thru such critical speed breakers. Having a risk appetite is certainly good to experiment new things but the risk has to be calculated one, weighing all pros and cons . When hit with such crucial decision making times, leader should always take data driven well informed decisions & not get swayed by emotional bends.Predictive analysis, evaluation of all dynamic factors impacting strategy, risk assessment helps to balance.

La gestión de riesgo es fundamental para el éxito de cualquier empresa. “Tirarse a la piscina” sin saber si tiene agua es como jugar a la lotería, la gran diferencia es que estamos jugando con nuestro equipo, por lo que sería un modo egoísta de gestionar nuestra empresa, Tampoco es bueno la parálisis por el análisis. Lo difícil es encontrar el punto intermedio, donde se asuman riesgos, pero siempre tengamos un plan b, por si no hay agua suficiente en la piscina.

Managing risk is not balancing strategy with innovation. The strategy is achieving/delivering X innovation, and the implementation should balance risk with approach and performance.

I fully agree with this, in my experience I have found that organisations who overlook risk management often find themselves having to put out fires all the time. Adopting a strategic approach to innovation mitigates the uncertainties that come with innovation. Thinking about the potential risks upfront eliminates all the costs associated with uncertainty, in my view risk management should be a culture in businesses of all sizes as this could ensure the longevity of your business venture if you're a startup and for larger businesses risk allows for better business management which results in growth.

Balancing innovation with strategy is crucial, especially in fast-growing sectors like technology and AI. A robust strategic framework not only helps in identifying and mitigating risks but also fosters a culture of continuous learning and adaptation. By integrating risk management into the innovation process, organizations can create a dynamic environment where creativity thrives without jeopardizing overall objectives. This approach not only safeguards resources but also enhances decision-making, enabling leaders to pivot swiftly as new opportunities and challenges arise. Ultimately, the goal is to cultivate an ecosystem where innovation can flourish while remaining aligned with strategic goals.

This requires a thoughtful approach. Begin by fostering a culture that encourages creativity while aligning innovations with long-term goals. Assess risks associated with new ideas by conducting thorough analyses and considering potential impacts. Implement a structured framework for evaluating and prioritizing innovations based on their strategic value and risk profile. Encourage collaboration across teams to integrate diverse perspectives and identify potential pitfalls early. Continuously monitor and adapt strategies as projects evolve, ensuring that innovation drives growth without compromising stability.

A lot of this is like a spell. With the right incantation, the right series of words, and the right questions, you'll unlock unlimited possibilities. This might sound crazy, but it's true. It's about understanding how to ask the right questions to get the right response.

Activate the right people on your team for key tasks, then let them do what they have the technical knowledge and skills to do best. Allow yourself and your team room for recalibration - because where there's innovation there's creative thinking, and where there's creative thought there are never-been-done-before things.

The ESG Challenge: Companies are challenged to divide their finite resources -time, money, and personnel- between immediate operational needs and long-term growth, all while adhering to ESG standards that are reshaping how companies are expected to operate. Businesses shall now focus on profitability and on their impact on environment, society, and governance practices. When allocating resources cut your purchasing department, reorient the expenses to maintenance of infrastructure, equipment, and other assets. It is not a cost center, it is an investment in the company’s future viability. In your budget, consider your ESG ratios as a new filter to guide your steps for sustainable value creation.

Resources are finite, so make every dollar, hour, and person count. Prioritize projects that align with your core strategy and have the highest impact potential. Don’t be afraid to cut what isn’t working. Lean teams, agile processes, and a focus on ROI can make a huge difference in keeping innovation moving forward.

Acredito ser útil e fundamental a realização de um inventário das etapas e dos recursos estimados para a execução até o objetivo final. Isso proporciona uma visão sobre os possíveis espaços descobertos e o que será minimamente necessário, ao menos para as primeiras fases ou fases essenciais. Há que se considerar, em uma abordagem ágil, a revisão sistemática da evolução, para considerar possíveis adaptações, ajustes de rota e validações, principalmente, se essa inovação segue relevante para seus usuários.

In my experience the three most important resources in innovation are: TMS. Time - the value of (right) time becomes more and more important for when to launch something innovative - internal or on the market. The next is Money. Expectations from innovations can sometimes be very high - but you have to be prepared to respect the budget and also know when to stop if the feedback from market is more negative then positive. Experience have shown that the end of a (not successful as expected) project can bring valuable lessons to make the next one better and more successful. Don't allow your ego to drive innovative products or solutions. Remember the story of Concorde and Air France. Business first, ego and emotions second.

Striking the right balance between innovation and strategic execution is essential for sustainable growth, especially in fast-evolving sectors like technology and government. Effective resource allocation requires a clear understanding of both short-term operational needs and long-term strategic goals. By employing frameworks such as the Balanced Scorecard, organizations can align their resource distribution with strategic priorities, ensuring that investments in innovation complement rather than compete with core initiatives. Additionally, fostering a culture of continuous learning can help teams adapt to shifting priorities, enabling them to pivot resources as needed without losing sight of overarching objectives.

Resources should be allocated dynamically, with the flexibility to shift emphasis as required. This allows for a more agile response to market conditions, ensuring that the organization can pivot quickly when new opportunities or risks emerge.

Resource Management: Let the fighting begin! Project management is all about organizing systems and processes in a sequential fashion in order to efficiently complete the task at hand. Implicit in that mindset are identifying key resources that are necessary to knock out the work. The challenge is, resources are finite and competent people are always in demand. There can be some intense competition for solid resources – overallocation of their time is an ongoing concern.

Striking the perfect balance between innovation and strategic plans requires a nuanced approach that ensures both elements complement each other rather than compete. Here’s how you can achieve this balance: 1. Align Innovation with Strategic Goals: Integrate Innovation into the Strategy: Ensure that innovation efforts are directly aligned with your company's strategic goals. 2. Create a Flexible Strategic Plan, Allow for Adaptability Iterative Planning 3. Empower a Culture of Innovation & Experimentation. 4. Measure and Monitor KPIs for Both Innovation and Strategy Balance Short-term and Long-term Goals 5. Leadership and Vision: Lead by Example: As a leader, you must champion both strategic discipline and a willingness to innovate.

Finally, both Sun Tzu and Jobs believed that agility and adaptability are the keys to long-term success. As Sun Tzu said, “Victory comes from finding opportunities in problems.” Jobs lived by the mantra that failure is just a stepping stone to success. Like a great general who adjusts based on the battlefield, balance is achieved by learning from innovation attempts, iterating, and refining your strategy. Stay adaptable, keep learning, and let every misstep inform your next strategic move. Continuous improvement, rooted in learning, is the essence of long-term success.

Being open to being wrong is key. Continuous learning leads to impactful and profitable innovation. Doing after action reviews with your team and customers allows you to discover new possibilities for deliverables. Remaining relevant requires learning from things that didn’t work and utilizing people’s strengths and abilities to contribute to create a desired outcome in which innovation is baked into the operations strategy of your organization. Every behavioral type on your team can build a lasting business if utilized for their strengths. Not everyone loves change. Some people on your team will be great at creating the processes the new creation will need to be successful while others will love to execute those processes.

As painful as post-mortems are, I am big fan of them. You have to learn from your failures and successes. What worked, what did not.

Pour en finir avec « l'innovation washing », Maximilien Brabec montre la nécessité de désapprendre pour innover. Tout le monde convient des vertus de la destruction créatrice chère à Joseph Schumpeter et pourtant cette étape préalable est trop souvent mise de côté. Pour innover, il faut être prêt à apprendre, désapprendre et réapprendre

Absolutely true, any experimentation warrants to learn from it. Just the way we learn for self improvement similarly any strategy also requires regular evaluation & learning to ensure its succesful implementation. The reason regular cadence is advised in strategic framework is primarily for the reason to do regular checks & balances for meeting laid strategic objectives. It is a continuous process and a leader should drive the practice &encourage team to evaluate, accept and make amends as many times as required to ensure objectives are met. Not every plan would be succesful in first hit, but what is important is to not lose focus but to be flexible to identify areas of improvement ,accept and then act swiftly with required learnings.

In my experience, a crucial building block in the "continuous learning-process" is the exchange of relevant feedback. Four cornerstones regarding framing your feedback are listed below. If your delivery sounds like an attack, you will not be heard. 1. Behavior: “When you spiral away from the agenda…” 2. Emotion: “I feel stressed…” 3. Consequence: “because we might all miss the deadline for this project.” 4. Alternative: “We love hearing your creative ideas, can we keep that discussion going during the coffee break?” Remember that feedback is a gift - you want that person to be the best version of himself, in order to optimize the output of your team. 👍🏼

Be Realistic: Rome was not built in a day and your project will not be either. Setting realistic goals not only for the project but especially for the approving committee, is paramount to managing expectations. The project cannot be built for free nor can it be completed in an afternoon. Realistic goals and time tables need to be continually communicated and are crucial to the overall perception of the project. It is vital to manage the expectations all along the way.