In a constantly evolving business world, innovation has become the driving force behind growth and competitiveness for companies.
But what exactly defines this concept, and how can an organization cultivate a high-performing culture of innovation?
According to the Organisation for Economic Co-operation and Development (OECD), innovation is defined as the ability to take ideas, concepts, and business opportunities and translate them into marketable products or services that generate benefits not only for the company and its customers but also for the planet and society as a whole. This definition highlights the importance of creating value while meeting the needs of one's industry.
Benoît Poulin, General Manager of the Product Development Institute (IDP), emphasizes that there are various types and intensities of innovation, ranging from incremental steps to disruptive innovation that radically transforms the company or the market it serves. "To foster innovation, we also need people who will bring these ideas to life. When we talk about generating benefits, it means being able to turn ideas into reality through a combination of different profiles," he adds.
Decisions made by top management, whether to stimulate creativity or allow the company to explore new avenues by challenging the status quo, help shape a culture of innovation that delivers results. "In my opinion, to have a high-performing culture of innovation, you need to structure, organize, commit, hire resources dedicated to innovation management, establish structures, methods, and hold decision-making meetings by top management to evaluate projects," explains Benoît Poulin.
The benefits the company reaps will depend on its ambitions whether it is growth, environmental sustainability, or competitiveness. Innovation is a crucial lever to achieve these goals, enabling a company to adapt to changing market needs and generate value for all its stakeholders.
Beyond the company's sustainability and profitability, sustainable innovation considers the environmental and social impact of its products and processes to have positive outcomes for the planet and society.
In our province, several innovative companies rival some multinationals, starting with Patagonia, which is committed to the planet by donating 1% of its sales to environmental preservation and encouraging other companies to do the same. BRP, Premier Tech, EXFO, and CGI are also among the leaders in innovation.
Furthermore, the IDP can help companies establish a culture of innovation and integrate best practices in management, product development, and eco-design. This non-profit organization supports companies in both their structure and strategy, promoting a multifunctional approach that involves all members of the organization.
"Innovation is not just about new technology, robotics, or artificial intelligence. An innovative company is one that generates value for the company, the customer, the planet, or society," concludes Benoît Poulin.