Innovation does not have to be invention

When people think of innovation, they almost always think of it as producing something "new". Sometimes this can be misleading though, as often the best value can be realised by tweaking or just changing how a process is done. If we focus too much on finding that "eureka" moment, then the sponsors of innovation will grow tired of the big budget failures.

Dr. Anita Sands, SVP of Innovation and Process Design at RBC, gave one of the most popular keynotes at this year's Digital Marketing Conference. Some of the points from her speech:

• Innovation connects what is possible to what is valuable to our clients and our shareholders.
• Don’t mistake innovation for invention; innovation doesn’t have to be something new.
• New ways of applying old stuff, or kind of new stuff.
• APPLIED innovation. Ideas are not the problem. Implementation and measurement are the challenge.

In the video below, from the conference, she gives us two great points:

• ..there is a better way to do what you are doing
• ..there is a better way to look at something you already know

I think that these very simple principles are a great starting point for anyone involved in innovation or a project which requires some "out of the box" thinking. It is also important to remember that innovation must provide value, there is no point in investing in innovation for innovations sake.