Here's how you can utilize a 360-degree feedback system in a Business Innovation context.

Innovation thrives on diverse perspectives. Implement a 360-degree feedback system by involving stakeholders like peers, supervisors, and clients. Define clear objectives tied to innovation goals. Use tailored criteria such as creativity and collaboration. Ensure anonymity for honest feedback. Provide structured, constructive feedback for actionable insights. Encourage dialogue and track progress to foster a culture of continuous improvement in innovation and overall business performance.

In the realm of luxury goods, leveraging a 360-degree feedback system for business innovation involves a nuanced approach. As a Supervisor at MCM Worldwide, I advocate integrating diverse perspectives—from frontline client advisors to stakeholders in design and marketing. By cultivating an environment where feedback flows freely, we not only enhance service and sales strategies but also foster a culture of continuous improvement and creativity. This holistic feedback loop ensures our initiatives resonate authentically with our discerning clientele, driving sustained growth and setting new standards in luxury retail.

Objectives in business innovation should be defined like ambitions and strategic guardrails, and captures in a company’s innovation thesis. The process is slightly different from the traditional objectives setting which usually implies hard numbers and clear results. Innovation deals with uncertainty, therefore objective should be set in a way that gives clarity with respect to the vision but does not limit in terms of outcomes.

360-degree feedback is made easier with experience administration tools like SurveySparrow. Considering technologies like these, your work becomes simpler than before. These are a few useful techniques for implementing feedback in 360 degrees. Make it discreet to ensure your staff are inclined to tell what is true. Ensure that the management is engaged and dedicated to taking action on the findings. Specific directions will be offered to ensure that remarks remain positive. Make sure to pick up shortly after the findings come in. Develop an approach for getting back on your inquiry to avoid this being a one-time activity.

Para implementar um sistema de feedback 360 graus na nossa área de inovação industrial, é importante começarmos definindo objetivos claros e critérios de avaliação alinhados com nossa estratégia de inovação. Utilizar ferramentas digitais para coletar feedback anônimo de todos os níveis, garantindo uma visão abrangente. Realizar sessões para discutir os resultados e identificar áreas de melhoria também é fundamental. Incentivamos a troca constante de ideias e criamos planos de ação baseados no feedback, fortalecendo a colaboração e a adaptação rápida às mudanças tecnológicas e de mercado. Essa abordagem nos ajuda a crescer continuamente e a manter nossa competitividade.

I look to include partners, suppliers, regulators and local politicians in feedback sources. So stakeholders who see us from the outside and our competitors can tell us how they feel.

I’m keen to go as deep as possible with 2nd, 3rd, 4th level whys. Why do you like this, why don’t your use that anymore, what would make you change? Etc

I like to consider strategy, tactics and culture. So my action plans will often include programmes to address - Innovation places - Inspiration activities - Provide experiential education and belief - Action plans - People who can lead by sector, technology or community - Symbolic projects designed to change culture by engaging groups that aren’t on board - How we reward and recognise - How we build expectations into hiring and performance reviews

To effectively monitor progress after implementing changes from 360-degree feedback, combine quantitative metrics with insights from customer feedback. This approach ensures that improvements are measurable and aligned with customer needs. Listening to the voice of the customer is crucial as it helps identify areas for innovation and keeps the business attuned to market demands, fostering ongoing improvement and maintaining competitive advantage.

I can share a success story of a company that based its business model change and sales success on listening to the market. A Colombian company that used to sell one hyperbaric chamber per year started selling one per month after understanding market trends and shifting their target segment. They moved from selling to divers to targeting the medical and aesthetic market. Through research and understanding the purchase motivators and obstacles, and by using the customer journey map as a key tool, they were able to enhance their value proposition and effectively reach the new market.