So many companies decide not to invest in innovation and it's probably because many decision makers find this concept too vague to put in practice. And when they hear they're probably going to see significant improvement in five to ten or 20 years, they have more reasons to say 'no'.
However, not investing in innovation is one of the biggest mistakes a company can make nowadays, especially if it feels like their ship is sinking.
Performance management can and is improved also through innovation, says Domenico Ventura, a specialist in innovation who's worked for over 18 years at the British American Tobacco a global leaders for innovation.
What obstacles does performance innovation face in the workplace?
He recently explained, at one of his conferences, that the usual obstacles when it comes to innovation is that people simply don't want to collaborate or try new things.
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Complicated management systems also become obstacles in innovation's way. And it's this that applies to performance management
Ventura also explained that a company can really change if its leaders genuinely wish for the change. And that's why, when he consults on this, he usually performs an evaluation to understand the way the company managers think.
And since it's important to fail fast and move on to another success, when he encounters a company that clearly refuses cooperation, then no time or energy will be wasted on such a case.
Ventura also looks at what innovation the company has already applied and sees where it stands from this point of view. A company ready for change has to understand that the process takes many years and that it needs up to a third of company resources to be successful.
Another problem appears in performance management
whenever the people are reluctant to make a mentality shift. Company culture has a lot of power when it comes to implementing an entire new system can be possible. You buy something new and then expect it to be implemented in company culture, it has to go the other way.
Knowing this and understanding the benefits such a change brings along will help you apply innovation in all areas of your company.