People typically associate innovation with the introduction of a sexy new product or service. While this kind of innovation gets the headlines, innovative ideas applied to everyday problems can have just as much business impact.
Consider a recent Wall Street Journal article describing how top fashion companies like Gucci and Burberry are working hard to better manage their supply chain. One critical problem: replacing dud collections before retailers grow antsy. Burberry has spent more than $100 million to improve its ability to ensure that the right products get to the right stores at the right time.
These challenges of course require a fair amount of blocking and tackling, but there's also ample room for fresh, innovative thinking. And think of the top- and bottom-line impact of finding better, cheaper, and faster ways to get products into stores more quickly.
Innovation should matter to you if your job doesn't involve strategy or product development. ...
Read the rest on Scott's Harvard Management blog, Innovation Insights.