Innovation is critical for the long-term success and viability of any business. However, most companies either rely on a few “genius” breakthroughs or adopt a trial & error approach, trying out a plethora of ideas.
While this slow, scatter-shot approach may be sufficient under normal circumstances, it will no longer work under the current COVID 19 crisis. Customers and employees have lost confidence in their physical safety while social distancing threatens to reduce capacity and the viability of many businesses.
Every company has to innovate to survive (and perhaps even thrive) under this new normal. We need a laser-sharp guided process for innovating new products and services quickly.
The Theory of Constraints (TOC) approach can help companies to de-bottleneck the sluggish innovation process, not only to bring out new offerings quickly but also weed out ideas that may not work.