Today, the economic situation in the world is forcing many companies to adapt to new realities and change the way they work. Many companies continue to operate in difficult conditions, and in addition to revising their strategies and business plans, they face a serious problem: it is now difficult to predict what will happen next. That is why it is extremely difficult to plan further actions and steps to develop the company.
The innovation manager is most often responsible for the development of the company – it is he who determines the ways of introducing innovations in companies. All innovative activity and interaction with startups rest on this specialist. In this article, we will consider what steps an innovation manager can take in a difficult economic situation in the world.
An innovation manager does not have a clearly defined list of functions and responsibilities. Each company independently determines the requirements – someone delegates to this specialist the functions of scouting and supporting innovative projects, someone – the functions of business development in a broad sense.
What to do when a business has come to a standstill, and innovative projects have been frozen for an indefinite period?
The first thing to do in a difficult time for the company is to analyze the usual core activities and determine why the projects were “frozen”.
- Here it is important to evaluate performance metrics based on the results of a specific period of time (this can be either six months or a year or two years). It is important to answer the following questions: have the indicators changed this year?
Focusing on these indicators will allow discussion with the management about the possibility of adapting the program and the developing of similar practices in other business departments.
- It is also important to discuss with the management the format of the innovation program – how does this format fit the current tasks of the project?
Perhaps now there are or have appeared narrower targets in response to crisis situations – then new search formats need to be introduced.
- In addition, it is important to assess the positioning of the department within the company – does it really reflect real competencies?
For clarity, you can write an informal letter and notify departments about how you can support colleagues and business.
In times of crisis in business, it is always important to update tasks. Everyone who works in a large company, one way or another, knows what colleagues in other departments are doing. But can you accurately describe the strategy, metrics, and plans? Unlikely. Therefore, you should never forget that you can clarify the current tasks, problems, and goals of the business and help colleagues achieve them.
Often, many issues can be solved with the help of collective decisions. Therefore, the innovation team can close the missing competencies in the development of the company.
Very often, company management does not have feedback from employees. It is important to receive this feedback on interaction with projects – through communication with your employees, and customers, and through the collection of quantitative and qualitative feedback, you can improve the impact of the company and find new directions in the innovation program. For example, big betting companies such as Bet20 often ask clients’ opinions on different topics. It helps to improve the company’s work and reach more customers.