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 Innovation can stimulate global recovery

Companies run the risk of being left behind by more innovative competitors if they remain stagnant in a rapidly changing world. Organisations that are committed to pushing the boundaries of science and engineering research by identifying and developing innovative technology will reap the benefits.

Alban Savage, Head of New Product Industrialisation at Cochlear says innovation will not stand still and a fluid approach is essential.

The marcus evans Innovate 2011: Profitable Product Development will take place in Sydney on 22 - 23 February.

The innovation culture at Cochlear, the world leader in bionic ear implants, has been “absolutely essential” to its success, he says. “Without it the company would never be in the position that it is in today. We are continually developing and moving the product forward as the needs in the market grows. It’s not something that stands still and for Cochlear to maintain its dominant position it needs to stay ahead of the game from an innovation perspective.”

Savage adds that innovation leadership is huge but it must be leadership of the right type. “A lot of leadership is about the inter-relationships between people in the organisation and establishing networks both inside the organisation and outside. It’s important to have as much knowledge as possible in the innovation process rather than relying on one small process and one small team.”

He advises companies who are struggling to advance an innovation culture to make it a day to day activity. “Too often companies have an innovation structure where leaders only look at it once or twice a year. It needs to be looked at on an ongoing basis. Don’t use it as a company initiative, don’t get bogged down in it – drive it from the top and make sure there is communication between the leadership and the skill base in the organisation.”

The global financial crisis has made innovation an even more important aspect for businesses. “Everyone’s looking more carefully at where they are putting their money but I think that applies in any time. You have to look at the reasons for innovation - it’s about growth and reaping your innovation through business strategy and requirements. That holds true in any economic climate,” he adds

The marcus evans Innovate 2011: Profitable Product Development will take place in Sydney on 22 - 23 February.

 

 

 







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