Identifying the right opportunities to drive customer engagement is crucial to sustain a high organic growth rate. Countless dollars traditionally go into process-oriented approaches to innovation, which usually carry a high risk of failure and often do not guarantee returns.

Check out the following #6 best practices to develop, improve and maintain high innovation success rates:

#1: Setting up dedicated and cross functional innovation team

#2: Creating Innovation Portals

#3: Building Innovation Networks and Global R&D Presence

#4: Digitizing the NPD Value Chain

#5: Assessment of effectiveness of Innovation Programs

#6: Development of organizational culture to support innovation