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Balancing Innovation and Cost Efficiencies

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Incorporating innovation into an organization's DNA is the surest way to achieve on-going competitive advantages, but often appears cost prohibitive. As a result, innovation takes a back seat.

"That simply doesn't have to be the case," says Eric Abrahamson, Hughie E. Mills Professor of Business and faculty director of Reinventing Innovation: Transforming Innovation into a Sustainable Capability, "There exist varied principles and techniques to innovate at a reasonable cost, while simultaneously enhancing the efficiency of ongoing operations."

These principles and techniques include:

  1. Use micro-innovation frequently and macro-innovation sparingly
  2. Innovate by stopping
  3. Don’t create something new
  4. Never reinvent the wheel

Abrahamson adds, "Customizing one of these innovative processes to your organization will allow it to thrive organically while balancing innovation and cost efficiency."

Eric Abrahamson is the faculty director of the Reinventing Innovation.

   

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