Innovation is more than creating an innovative product. Innovation drives growth and profitability for a business that develops a valuable product or service that outperforms current trends. McKinsey and Company found that companies that harness innovation see incredible gains that separate them from others—with evidence that mastering innovation can generate economic profit that is 2.4 times higher than that of other players.
Innovation drives improvement in what we offer patients and is integral to our evolution in orthodontics over the past century. Today’s digital products and services are accelerating that change. In addition, they further the opportunities orthodontic practices can leverage for more significant growth and improved patient care. Therefore, we need to balance innovation with efficiency from current services in orthodontics. We innovate to match an unmet patient need, find an elegant solution, and drive value and growth with that innovative product or service.
However, innovation is not all about discovering the latest gizmo or the newest app. Orthodontic practices can explore new ideas and solutions to current problems in many different ways. Many aspects of orthodontic practice can benefit from innovation, from financial processes and clinical systems to new patient workflows. Four ingredients are critical to driving innovation within a business: vision, collaboration, learning, and execution.
Vision
Vision is the ability to spot opportunities and inspire others to follow them. Without a clear vision, most ideas don’t get off the ground. We must discover that new opportunity and create value-generating ideas while driving the narrative to persuade the stakeholders.
Collaboration
Collaboration relates to cultivating effective teamwork and change management. Challenge dogmas and current thinking to drive improvement together. Then, orchestrate the team’s response with an effective feedback loop.
Learning
Learning or acquiring new ideas is critical to innovation. The learn-it-all vs. the know-it-all orthodontic team realizes that a learning culture feeds constant improvement. For example, we have found that online asynchronous learning and small group workshops are great ways to disseminate information and inspire a learning culture.
Execution
Execution will facilitate quick decision-making even when uncertainty arises. We need to have a bias for action. Once a strategy is developed, ideas only take you so far. Taking action leads to tangible results and drives the results from innovation.
