Can innovation ever be planned, managed and measured?

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According to John Egan, head of Innovation and Foresight at Lafferty Group and author of “Innovation in Banking”, any conversation about such a topic requires consensus, understanding and acceptance of the subject matter prior to engagement. Our failure to clearly establish what we mean when we say ‘innovation’, Egan argues, is inhibiting our ability to do just that.

He explains: “Innovation has become one of the most indefinite words in today’s lexicon, rendering the actual concept almost redundant and the practice of it nearly impossible. The definition of ‘innovation’ lacks consensus and if we can’t define it, we can’t refine it.”

In “Innovation in Banking” Egan addresses the etymology, history and economic impact of innovation and establishes a commercially useful definition of innovation in its various forms.

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