RamCharan, author of some of the popular management books like Execution, Know-how, What the CEO wants you to know, etc., is one of the most influential corporate consultants. Along with A.G. Lafley, chairman and CEO of Procter & Gamble, lay out a process for systematic innovation -- the very thing that has turned P&G into an innovation powerhouse, in their new book titled The Game-Changer: How you Can Drive Revenue and Profit Growth.
In an interview to the fastcompany, RamCharan talks about his thoughts on innovation. Here are the three key points :
1. Innovation is a social process: The conversion of an idea (invention) into a product (innovation) often involves more than one person/department and therefore it is a social process and has to be treated that way.
2. Work simultaneously, not linearly: Since many departments are involved, it is important that they sit together right from the beginning to see the complete picture, identify hurdles and solve the problems together. RamCharan believes breakthroughs can happen only by working simultaneously.
3. Kill the ideas: Companies will have bucketfull of ideas and no company would have infinite resources to fund them all. RamCharan emphasizes the need to kill a few ideas, so that the ones that are prioritized would get all the resources and attention to succeed. He emphasizes the need to review a portfolio of ideas and not a single idea in isolation.
While you are here, you may want to watch a video clipping of RamCharan's lecture on Execution.
Thank you very much,
RamP!
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