MANAGING in the

NEW WORLD

Innovation is one aspect businesses are struggling hardest to achieve. While progress in engineering, supply chain, quality and operations is fairly commonplace across industry, few companies can tap successful innovation. Industry trends however suggest there may be some principles, following which, organizations have reaped benefits of innovation. The entire firm must have a precise and common definition of innovation. Leaders must take up the initiative by becoming responsible and effective. The entire management process needs to be geared towards being innovation seeking. Metrics help innovations through accountability on inputs, results, processes, leadership, environment, balance, return on investment and competence. Most importantly, employees must feel the need for innovating themselves.

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