In today's business climate, innovation isn't an option. It's a requirement. Competitive companies know that while cutting costs might keep them in business today, increasing revenue means staying in business tomorrow. How do you increase revenue?

Through innovation

Global Center of Innovative Brand’s evaluation methodology enables brands to articulate their contribution to innovation and future world. This methodology brings products, managers role, market, competitor and financial data into a single framework that an innovation can be assessed and the impact of the innovation is quantified.

Since Global Center of Innovative Brands launched, this look at the world’s most innovative brands has been one of the most important commitments to the promotion of innovation as key value creators for business and society.

There are several criteria for inclusion in our competition. The product must be truly launched in a vast region and needs to have successfully transcended geographic and cultural boundaries, and be establishing a presence in the major markets of the future. This requires that:

● The turn-over of company should be at least 1m$ now, or in last three years
● The product must have a presence in at least three major countries, as well as broad geographic coverage in emerging markets
● The product should be registered in international Patent Classification
● Product should aesthetically attractive, Elegant and Well packaged and designed
● The idea of product must be original from company and its staff
● The product should cause increasing customer satisfaction

 

These requirements—that a product be innovative, visible, and relatively transparent in financial results—lead to the exclusion of some well-known brands that might otherwise be expected to appear in the ranking.

We believe that a innovative product, regardless of the market in which it operates, drives improved its industry. It does this through its ability to influence customer choice and engender loyalty; to attract, retain, and motivate talent; and to lower the cost of financing. Our approach explicitly takes these factors into consideration.

There are three key components in all of our assessments: Creativity of the product and its features, the role the product/service plays in the industry and the innovation system of the organization.

1. Innovation and Creativity

This measures product innovation. Product innovation is the creation and subsequent introduction of a good or service that is either new or improved on previous goods or services.

The new ideas for driving product innovation are must generated in the company. also design, shape and appearance of the product is so important. The company should consider how the product looks, feels, sounds, tastes or smells.

We build a set of factors to evaluate the level of innovation in product and services quantitatively.

2. Role in the market

Only the economic implementation of an idea can be called innovation. The innovation process therefore comprises three stages: the generation of an idea, its acceptance (decision) and realization (implementation). Creative thinking is required particularly during the first stage of this process. Innovative product should be beneficial for organization and society, it should improve the people life.

We believe the innovative product or services must growth of existing or emerging new industries.

3. Innovation system

Innovation management is the discipline of managing processes in innovation filed. It can be used to develop both product and organizational innovation. Innovation management includes a set of tools that allow managers and engineers to cooperate with a common understanding of goals and processes. The focus of innovation management is to allow the organization to respond to an external or internal opportunity, and use its creative efforts to introduce new ideas, processes or products.

Nevertheless certain creativity techniques can develop and train the existing creative potential. In addition, a number of factors have a positive or negative effect on creative thinking: on the one hand organizational settings such as working conditions or corporate culture and on the other hand individual factors like motivation, qualification and willingness to accept risks.

The following table provides a list of factors which influence creativity.

Individual Factors	Organizational factors
Personality	Hierarchy
Age	Autonomy
Qualification	Management Style
Motivation	Information, communication
Stress	Working environment
Willingness to take risks	Uniformity of procedures

 

We believe that management system can improve the innovation and creativity in people, products and services.

For more information and access to our documents and standards please get in touch with us.