What Is The VP Innovation?

Knowing the VP innovation position will make us understand why they are important. Also, it will help us to understand the innovation in our company. 

So let us start now to get to know this field in this section.

The VP Innovation

If the VP of innovation is a key position, what does that mean? The VP of Innovation has the main responsibility for driving the creation. Also, implementation of new ideas and product creation.

This may be very similar to the VP of Development. But there are also important differences. 

The VP of Development is responsible for creating and implementing new ideas and products. But may also be responsible for generating revenue with existing products and services. This makes it a broader role than VP of innovation” (CIO, 2015).

Key Skills:

At first, we need to know that “What is innovation?” as one of our tasks as an executive employees in this field. It is to support the leader in the company to innovate.

To do this we need to know how we can bring innovation to our product or service. As we know that innovation is the value proposition. Which is below the customer’s expectation or desire.

So if we have a new idea or a new product which will give a great value. It applies to our customers then it will give us a great chance to create something new.

We always need to think about our market. So if we have good market research then we can have a good value proposition for our customers.

In addition, creating a team that consists of marketing, R&D, and finance people. It is very important as they will play major roles in creating a good product or service.

In which you can satisfy your customers. In addition, it will be better if you have a technical team which you can trust.

In addition, you should know how these 3 different fields work together to make a better product or service for your customers.

For Example:

Marketing people can do some research about their customer trends. They can give information about their customer’s needs or desires. As well as being able to communicate with their customers by sending emails, social media, etc.

Moreover, they can give us some information about competitors.

The finance people are also very important as they can help us to judge our revenue. Also, budget by using some financial tools.

Such as the Net Present Value (NPV) and Internal Rate of Return (IRR).

By using these tools, we can know how much we should invest in the future. Also, we will know which project is more profitable than others. This way we will have more money for creating better products or services.

In Conclusion,

Therefore, if you want to be innovative in your own company. Then you need to have good marketing, finance, marketing research groups. Who can help you with your decision-making process in this field?