Organizations in the private, public, and nonprofit sectors have a variety of stakeholders—customers, clients, program participants, funders, employees, citizens, and so forth. Managers in these sectors are under increasing pressure to deliver more value to their stakeholders.
Businesses need to provide more value to customers in order to remain competitive. Elected officials have to do more with less in order to remain in office. And nonprofits must provide their program participants with more value in order to obtain funding.
Value equals benefits minus costs, so providing more value means providing more benefits, lower costs, or both. There are functional, economic, social, and emotional benefits. Costs include money, time, effort, and risk.
Innovation is the royal road to devising ways to provide more value. Collaborative innovation is an even better path because, as the old saying goes, “Two heads are better than one” and as a newer saying puts it, “Nobody is as smart as everybody.”
Perhaps it’s time you get serious about putting collaborative innovation to work for you. We’d love to help.