In today's world, innovation is critical for a business to survive and grow. Innovation helps leaders to conceive previously unimagined strategic initiatives. It helps organizations to prioritize, focus and push the envelope to achieve greater results. Without innovation, we would not have many of the current drug therapies that help manage disease. We wouldn't have faster, more convenient ways to communicate with each other. We wouldn't even have new flavors of ice cream.

Yesterday, Promotional Consultant Today shared innovation analyst Beth Henderson's analogy between innovating and making soup. We outlined the key ingredients to help you cook up innovation in your company, including vision and strategy (the recipe); processes and procedures (the onion and garlic); leadership and governance (the executive chef); and people and culture (the stock).

Today, we'll reveal the remaining details for a winning recipe for your business.

Resources and Organizational Structure: The Noodles

The ideal approach is to have a dedicated innovation manager/team, or at least identify someone who will be accountable for an innovation program as part of their role. This person or team is entwined in all innovation initiatives across every area of the business, much like the noodles in the soup. The core of this function is to foster a culture of change by giving colleagues the tools, skills and authority to innovate. This is important for big organizations where divisions are prone to operate in silos. In Henderson's company, an Innovation Forum and Seed Fund was established where representatives from each division meet each month to share the innovation activity in their area and agree on which ideas will receive seed funding for trials.

Innovation Ecosystem: The Seasoning

Looking outside the four walls of your organization to find out what other businesses are doing is the final step—the seasoning—to make your innovation soup burst with flavor. Ideas can include start-ups, emerging trends, new technology and university research. For example, partnering with a start-up may allow you to move quicker in bringing new solutions to market.

Seek Constant Feedback: Check-in With Your Diners

An annual survey of key stakeholders and leaders across the company is an effective way to get a pulse check on the success of your innovation efforts. Evaluate where you are now, and then reassess once you've implemented an innovation program to measure cultural shift and results.

Innovation requires a balance of ingredients from both inside and outside your organization. Identify your innovation team members and start cooking up new ideas and initiatives today.

Source: Beth Henderson is a Melbourne-based innovation analyst for Spotless Group, an integrated facilities services company.