Business firms who understands how crucial is the concept of Idea Development in the running of a successful business spends a lot on Research and Development Department for the purpose of advanced ,cost effective and innovative Idea Development. Those who doesn’t give much importance to what role does it play ends up having few high value ideas. The percentage of companies went up to as high as 78%. This is one of the reason why many business firms are not able to do well on the business front despite all their efforts. But never the less even these firms, though not starting with a specialized effective idea development process in mind , does start off their business with some designing outlook before approaching a business. The origin of an idea can reach you from various sources. It may come while eating in a restaurant or from a conference of existing business. But this is the foundational stone of any business .No business can afford to ignore this foundational stage.
Apart from this, there are Other reasons as well which includes faulty or bad implementation and thus success rate does not turns out as overwhelming as the initial idea is.
In business , Idea Development is an accumulation of conscious creation of a trail to begin with , developing on it and then transforming those abstract ideas into a practical , fleasible reality which are most importantly aligned with the goals and objectives of the business firms.
Then why these Ideas doesn’t get realized to its full potential??
There are various faults lines associated while working with technologically advanced innovative idea and aligning them along with the strategies of business organization.
1. Operational silos:
Research have found out that various departments in an organization work in silos. It creates isolation among the different departments. Idea development process completely fails in such business culture where there is no collaboration with what they are doing and how other part of organization operates.
2. Faulty idea generation process:
The idea development processes have still not developed. They follow the suggestion box approach to collect diverse set of suggestions and ideas for improvement. The pitfalls of implementation of ill conceived ideas may prove to be highly damaging. When the company doesn’t have consistently standard procedure of idea development then it is bound to be problematic and confusing.
3. Geographical silos:
Business doesn’t work in isolation. It has to communicate with the outer world. Business needs to know the changing requirements, technological development, cost effective measures and new methods of operation. Business firms have to move beyond its geographical space of operation to sustain itself as a competitive player in the league.
4. Lack of Specialized knowledge:
Business firms can no longer depend on close door ad hoc and informal discussions. Organization requires a dedicated and devoted department run by specialists for Idea development process.
Read:- 26 Highly Most Profitable Business Idea For Women
5. Sync between idea principles and firm’s objectives:
Voluminous amount of idea development takes place but the principles of ideas are not in line with the strategic principles of the organization. This lead to discord between principles of idea and planning, working and strategizing of an organization.
6. Only generation, no implementation:
Research has recorded numerous instances where the idea development process does takes place but they merely exist on parchment. They are not translated into actions.
Idea Development is not a stand-alone solution for the successful business. Also, idea does not work in isolation. Principles of idea have to have back linkages for it to work. It is the organization’s goals, objectives which direct the principles of idea.
Business starts off by providing itself an area of interest to work on, that is, selection of the product based on the customer’s demands and needs. After this background research, company formulates its goals and targets. When the objectives are established then these objectives gives its way to the idea development process.
Workability and success rate of any Idea development process and therefore concepts and final implementation requires practicality of ideation, dedicated efforts towards its execution to bring out results.
6 Effective Idea Development techniques
Idea campaign: Main purpose of idea campaign is idea development focused on particular interest area, hurdles, cost effectiveness, new tech developments and business firm’s objectives.
1. Combination, Coordination and collaboration:
These 3Cs are required both within the organization and beyond the organization. Then the organization will be focused to achieve firm’s objectives successfully while implementing on idea principle lines.
2. Specialized knowledge:
Rather than water cooler talks, a standard procedure of idea development process should be followed. Also, suggestion from the interested parties should be welcomed. This will widen the pool of ideas and helps in improvised Idea development which thereby affect the quality of the product, increase scalability and hence profitability.
3. Research and Development:
Firms should focus Research and Development department. This will help in various discoveries and innovations. This will prove beneficial if firms wants to sustain their market place in the long run.
4. Smooth implementation:
There should be well coordinated efforts from all the departments for the smooth execution of idea into output. If you do not follow a designed and well thought out process then you will find yourself revisiting the same problem again and again. This will create hindrance in your progress. You will waste a lot of time, efforts and monetary loss. This might lead you to make hastily and I’ll- conceived decisions which may end you up in troublesome business.
5. Public recognition:
Public recognition will give a boost to the trailblazer employee who developed the idea. This acknowledgement of merit can be done at company’s public event by giving accolades or some monetary rewards like increment in income or mobile phone, etc. This appreciation and reward will incentivize him to work harder in future and also to other aspiring employee.
Generation of idea is a cumbersome process. This poses tremendous challenges throughout its journey. Developing on these highly innovative idea into actual practical and workable concepts. This goes through various stages of planning, organizing, staffing, directing and controlling keeping it’s predetermined goals in mind and after this, it’s ready for the market.