Technology Innovation Scoring Goals
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Technology Innovation: Scoring Goals
Summary
European organizations have often led the way in leveraging advanced data systems, outpacing their North American and Asian counterparts. The challenge lies in how companies, especially in the engineering-construction sector, can organize and plan to maximize innovation and benefits. Based on our work with global companies, key best practices have emerged.
Article Body
Many European organizations have consistently been at the forefront of utilizing advanced data systems, setting a benchmark for North American and Asian companies. The key challenge in the engineering-construction industry is optimizing innovation and garnering maximum benefits. From our engagement with global companies, several best practices stand out:
- Define and Measure Work Effectiveness: Companies that excel are those that establish clear metrics for work effectiveness. These metrics, whether industry-standard (such as those from IPA or CII) or internal benchmarks, are crucial for analyzing and driving innovation. The focus is on measuring the value brought by change.
- Funding and Analysis for Innovation: Innovative ideas are initially given some funding but must undergo thorough financial and organizational analysis for additional funding. This process involves senior management, emphasizing its importance. Securing financial and management buy-in is crucial at this stage.
- Project Success Criteria: Success isn't just about delivering a functional facility within budget. It's also about consistently enhancing methods and tools. Top companies discourage a "not on my project" mindset, fostering an environment open to consistent improvement.
- Incremental Innovation: Innovation occurs in manageable steps, typically over six-month periods. These phases have clear objectives and criteria for success, creating urgency and continuous deliverables. Large projects are broken down into phases, promoting constant progression.
- Support and Accountability: Innovators are given organizational support and freedom to meet objectives. Achievements are celebrated, and any shortfalls are quickly addressed, with projects re-evaluated if necessary. Expectations and success criteria are well-defined, enabling innovators to focus on results.
- Effective Communication: Communication is crucial at all stages of the innovation process. It's essential to engage four key groups: senior management, the project team, those implementing the changes, and the wider company. Keeping everyone informed as innovations progress is vital.
In conclusion, the success of a company's innovation efforts often hinges on a well-structured plan that is integral to the organization’s infrastructure. With the right strategy, innovation goals can significantly increase.
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