Innovation involves incorporating new ideas that generate changes to help solve the needs of a company and increase its competitiveness. In the construction industry, the application of innovation its not simple, despite the importance of this particular sector. Every development project is different, hence real estate companies have to adapt their processes and resources to suit each project’s needs.
In addition, multiple factors come into play, such as the place where the project is located, the team and other external factors that cannot be controlled such as the climate, which make each project unique.
Typically innovation is undertaken on a one-off basis, and it does not necessarily benefit the company as expected unless it is possible to incorporate it into the organization's standard management processes.
Innovation has to be a process that can be managed, measured and controlled systematically focused on long-term gains. Consequently, the standardization of innovation becomes critical. The key lies in considering innovation as a management process. Each part of the organization can control and improve different aspects of innovation and integrate them into the rest of the company's processes.
Innovation in the real estate development industry can be standardized as long as it is treated as a process. This process consists of the following stages: