State the elements of Innovation Process.

When we think of business process management, we often think of designing and managing workflow, case management, and transaction-oriented processes. Yet, there' s another kind of business process that should come to top of mind in these days of extreme competition: the innovation process. One of the key components within an innovation program is a process around how it should function. By thinking through and designing an innovation process, we must be able to test the process theoretically via "what if" scenarios. By conducting an iterative approach to process design, we can identify bottlenecks, breakdowns, system requirements, opportunities for automation and standardization, as well as resources required to handle expected volumes. Such innovation processes also force us to think of ways that innovation opportunities would, and should, come to core innovation teams. There is not one single widely accepted process for innovation. Various companies have evolved their innovation processes over time. Some have many detailed steps. Others are high-level guidelines. But regardless of the chosen process, it must be repeatable and disciplined. There are many innovation processes out there, but all encompass the following steps: 1. Understand and scope opportunities to identify your most critical assumptions, usually around what problem you are trying to solve. 2. Capture ideas to develop the minimum product and service concepts to deliver value (desired, sought, identified, anticipated outcome) that will allow you to learn about those assumptions and deliver the needed outcomes. 3. Evaluate and select by testing ideas in the ecosystem of partners, suppliers, and customers to find out if what you believe is shared. 4. Develop and experiment as quickly and efficiently as possible until you discover the right answers to delivering the outcomes. 5. Implement quickly and then scale iteratively, openly, and collaboratively to the right product and market fit. 6. Champion innovative products and services in order to minimize the time the ecosystem has to climb the learning curve to understand the benefit. This isn't about sales; it includes the internal organization, suppliers, partners, and customers the entire ecosystem. read less