VR Headsets

Creating a culture of innovation

Richard Baker, Partner
VR Headsets
Innovation is vital to the survival and success of any business, particularly manufacturers. With a constant demand for better, faster, stronger (and cheaper), as well as global competition, this is a significant challenge for all.

For many manufacturers, innovation is the lifeblood of their businesses. Innovation is happening on a constant basis, problem solving for customers and bringing new products to market.

How can a culture of innovation be encouraged?

  • Allow designers and engineers ‘free time’ to explore ideas and try new things.
  • Capture ideas and suggestions – appoint an innovation team to review and assess their viability – technically, commercially and financially.
  • Establish a cash fund for the innovation team to explore and advance new ideas.
  • Allocate people to each project and agree deliverables and milestones.
  • Take some calculated risks – as well as focussing on ‘easy wins’.
  • Reward ideas and innovative behaviours.
  • Share knowledge and ideas – Empower people to innovate.
  • Collaborate with like-minded businesses.
  • Seek external help in problem solving and removing specific barriers, for example catapult organisations, trade bodies and the Manufacturing Technology Centre.
  • Challenge long standing ideas and methods.
  • Be courageous – don’t be afraid to fail.
  • Be positive – don’t look for reasons not to do it, but reasons to do it!
  • Be persistent.

The world is changing fast and innovation is more important than ever. Businesses should review their processes and approach to innovation at the earliest opportunity.

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This article is featured in our winter newsletter, other topics in this issue cover Brexit, Authorised Economics Operator, Making Tax Digital, Artificial Intelligence and many more articles you will find helpful to your business.

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Richard Baker
Richard Baker
Partner, Audit
Thames Valley