June 5, 2023 Creating a Global Culture of Innovation

To push beyond an industry buzzword, companies must construct an innovative framework—leveraging streamlined practices and collaboration.

In 2023, 62 percent of fast-growing businesses are prepared to invest in initiatives that lead to higher rates of innovation—grasping on to the notion that ideation, creativity and development are increasingly vital to organizational stability and advancement.

To effectively weave innovation into the core DNA of their business model, companies must go beyond simply investing in potential next-generation applications and build a culture that fosters bold thinking and collaboration at every level. Instilling this mentality for thinking outside the box requires a sound plan customized to internal stakeholders. As part of this plan, organizations should be asking themselves what elements are needed to build a collective mindset that values the spirit of creative ideation.

While there is no one-size fits all solution, there are some basic building blocks to consider that not only spearhead innovative initiatives, but also encourage it among individuals and groups.

Develop an innovative framework

Innovations are largely driven by consumer demand; 84 percent of executives say their success is dependent on their ability to innovate. When your business relies on its ability to sell, whether B2B or B2C, products must be developed to suit the customer’s needs.

With the right tools and support internally, employees can push the envelope of innovation to meet the needs of businesses and/or consumers—and this is all about creating a framework and internal hub for filtering innovation and ideas—which are often born in unlikely places in your company.

Assuming innovation only exists in one place may slow you down; when leadership is aware of and in-tune with concepts in their infancy, they’ll be able to provide the needed support and collaboration strategies to help grow these concepts. Innovative frameworks reap benefits far and wide—from positive culture to added profitability.

Shift the perspective on failure

Employees who are afraid to fall short may never try to succeed with a new idea. Just as successful projects lead to growth, so does a company-wide mentality that every idea is welcomed and has the potential to become something greater. Create a space that welcomes mistakes with the understanding that takeaways from those instances will pave the way for open communication and ideation that sees no perceived limits.

The establishment of an innovation framework that empowers trial-and-error creates a safe space for exploration. The added value of this environment is it allows for that gained knowledge to be applied to future advancements.

Find a long-term perspective for solutions

When it comes to innovation, it’s crucial to look at manufacturing and technology solutions through a longstanding lens while simultaneously focusing on the current needs of your customers and stakeholders through incremental innovation.

In the long-term, companies don’t survive by being stagnant, they survive by taking trends into account, observing supply chain shifts, and focusing on what’s next. Depending on the industry you’re in depends how far ahead you must plan. It could be two years or 50 years, but when that shift by leadership to focus on the future happens is when a company can pivot from being a follower to a leader in innovation. Looking at what present-day solutions could be replaced in the future gives your company stability.

Embrace diversity as a differentiator

Different people bring to the table different backgrounds, strengths, and skillsets that companies must freely embrace. A variety of minds that think creatively can serve as a platform for professional development while offering a space for concepts to be built up and built better. 

Place a comprehensive focus on the idea-share of varying perspectives and remember not all innovative concepts should come from leadership. Consider forming an innovation council or forum to leverage the various minds and talent that make up the organization—bringing people with different backgrounds, years of experience and expertise together serves as a catalyst for innovation.

Streamline data storage to allow for greater investment

To be efficient in the R&D process chain, enhancements to how companies store and leverage data is crucial. Far too often, repetition in the R&D process happens within companies. This wastes resources and slows the development process. No matter your company’s size, establishing an R&D data strategy that clearly outlines how the data is generated from all sources, used, stored, and shared ensures your company has a full picture of its R&D efforts over the years and that is crucial to saving time and money in R&D.

Implementing AI technology to unlock the value of your company’s data and knowledge allows your employees to be far more efficient when narrowing down solutions for new products and materials. The result is your company moving forward in your industry at a much faster pace while simultaneously saving money on costly repetitive testing or modeling.

Regardless of how you choose to prioritize innovation, you’ve already made the first step by looking for ways to improve. This focused and driven mindset will not only set your team up for success, but also position your company to withstand the test of time and continue to deliver groundbreaking ideas that benefit the world at-large.

About the Authors:

Sarah O’Hare serves as Global Head of HR and Regional Representative, North America for Freudenberg, a global technology company in the business of innovation with 11 business groups serving more than 40 industries.

Vishwanath Hegadekatte, PhD, is the Senior Manager of Future Technologies at Freudenberg North America. With an extensive background developing research and development strategies and implementation methods, Dr. Hegadekatte has played a crucial role in the growth of research staff among many roles throughout his career—in North America, Europe and Asia.

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