
Innovation Management
Meaning ● Innovation Management for SMBs is the strategic orchestration of change to achieve growth and competitive advantage in dynamic markets.
Meaning ● Unstructured Exploration, in the realm of SMB Growth, involves the adaptive discovery of business opportunities and process improvements. It’s the business equivalent of ad-hoc investigation using available resources like data and staff expertise. The main goal is to find new approaches that weren’t initially obvious during formal planning.
● Within the scope of Automation, it describes identifying tasks ripe for streamlined workflows, potentially cutting operational costs. It’s often sparked by a sudden business need or inefficiency. A key aspect lies in the flexible assessment of whether existing or novel automated solutions can boost productivity. Think of it as the SMB equivalent of “trial and error” but with defined business objectives. It also requires adaptability in automation strategies.
● As to Implementation, Unstructured Exploration deals with real-world application, usually following the validation of concept from earlier exploration phases. SMBs need to carefully implement these newly discovered business insights to see if they have positive outcomes to key performance indicators. This phase also calls for strong communication throughout the organization and iterative feedback, enhancing its value as an adaptive tactic.