Creativity on Demand
Innovation results from creativity. I don't think there is any process that can replicate creativity and provide it on demand. Group-based efforts at forcing creativity to appear on demand often seem to result in nothing more than some variation of Loudest Common Denominator, where the the most aggressive or loudest people's ideas are the ones that get pushed through, regardless of merit.
The real innovation, the revolutionary stuff, not the evolutionary incremental improvements, seem to come down to one person with an exceptional idea and the work ethic to make it happen. To ask "how do we innovate like that?", when it really means "how do we create a repeatable process that I can put in my spreadsheets, so I can tell stakeholders that we will increase our bottom line this year through XX percent innovative improvements?" belies a fundamental misunderstanding of how true innovation occurs.
What is a better way? Beats me! I do know however that when you get that person working for you, the one that does come up with the truly innovative ideas, it is wise to go to great lengths to keep that person! Of course, that requires management that would be capable of recognizing that person for they are, which is almost as rare as the actual innovator. In the words of a great innovator (The Oracle from The Matrix movies hehe) "'tis a pickle"!