News & Events

ATL Events Discusses Innovation and Strategy

Innovation and strategy are business buzzwords that enjoy popularity in articles, conferences, and blogs. The team members at ATL Events often see confusion about these concepts as we work with our clients. Here is how they are related but also different. Strategy is about allocating resources to achieve goals. Innovation addresses harnessing creativity to introduce new ideas. To put it generally, innovation is the idea and strategy is how it becomes a reality. There is no uniform method to apply either innovation or strategy. There will be different needs for each industry as some are not as dynamic as others. Law practices, for example, change little, while smartphones and other technology often require new approaches every day. While some markets evolve on incremental innovation others require large-scale changes or risk reduced growth. In all industries, innovation and strategy both require execution and teamwork to lead to successful results For that reason, these two concepts must balance out. Do not allow an influx of new ideas unless you are willing to make plans to test and implement them. Do not get so caught up in how to do something that you become devoted to the process and shut out alternative approaches. Also avoid getting hung up on doing it all on your own—you hire good talent for a reason and if those individuals can contribute, make them work as a team to find the best ideas and make them work. Trust your own judgment of the industry. Even a small new idea can mean big impacts that revolutionize your business model. As you find the balance between innovation and strategy and how to make them work best for you, the new heights your organization achieves will be amazing.