Innovation is no miracle. It's not the output of a few bright minds (maybe it will happen once with some luck).
We help organizations overcome the challenge of serendipity associated with innovation and build systematic capabilities to innovate using globally proven innovation framework, AI-based analytics, and robust implementation framework
This is based on the methods and tools of Innovation360 Group. This is being used under license from Innovation360 Group as a licensed practitioner and IMBB Innovation Management Black Belt™️
Source: Innovation360 Group
Every organization today has some innovation effort going; some innovation projects, ideation programs and even some sort of innovation labs. Unfortunately, it is not sufficient to innovate once, organisations need to build capabilities to innovate over and over again. Our innovation assessment service assists the organisation in understanding their innovation capabilities.
The innovation assessment is done using the Innovation360 framework, based on Magnus Penker’s work. We examine 3 key elements of an organisations innovation capabilities; Why, What and How of innovation
Do we innovate for profit or market share or both?
Do we innovate incrementally or radically?
Do we depend on market trends
Do we focus on understanding and fulfilling customer needs
Is the innovation driven by superior technological understanding?
TYPE OF INNOVATION
Traditional focus of innovation has always been product. However, innovation can be of many types and organisations need to carefully select the type of innovation.
How can you innovate the way you make money (business model, networks)?
How can you innovate your core and enabling processes?
How can you innovate the offerings (product performance, product systems and services)?
How can you innovate your delivery of product and services?
HOW TO INNOVATE
Innovation is not an art, it’s a science and can be approached in a systematic fashion. We examine how the organisation approaches innovation.
What style of leadership suits your innovation strategy?
What innovation capabilities and tools does your organisation need and have?
How is the innovation process managed?
We use the InnoSurvey®, an analytical platform developed by Innovation360 Group, Sweden, to acrry out innovation assessment. The tool provides a systematic assessment of the organisations capabilities and provides a roadmap for developing sustainable capabilities.
The InnoSurvey® uses the world’s largest database on innovation; 1000 companies in 62 countries, and provides insights into how the best companies in the world approach the challenge of staying relevant in 3 horizons; short term of 1 to 2 years, medium term of 3 to 5 years and long term of greater than 5 years.
The assessment is based on a research based 92 question survey, that takes feedback from management, employees and external stakeholders (board, suppliers & customers) regarding the organisations ability to innovate new solutions, products, process, business model etc. Alignments between strategy, leadership, culture, capabilities and competencies are explored and highlighted
The assessment also provides an innovation footprint based on 66 capabilities giving a clear view of your strengths and weaknesses as well as providing global benchmarks.
In addition, the analytics capabilities of the platform help answer important questions;
Does the organisation have innovation strategy aligned with strategic focus in different horizons?
Is the leadership style aligned to enable the strategy?
How are capabilities aligned with focus areas in different horizons?
If you want to get an innovation assessment done at your organization leave your email id in the form below and we will get back to you.
Are we creating or competing in our market?
Too many organisations are focussed on their current market. They constantly strive to benchmark themselves with other players, be the leader and seek to enhance market share. They do this by finer segmentation of the market, creating superior products and offering higher service levels.
The challenge with this approach is that markets become ultra competitive, margins drop and generally costs increase. Organisations also discover that competitors copy or improve your strategy and they forced to repeat this cycle again.
True market creation on the other hand focusses on redefining the market boundaries, tapping hitherto unserved customers and creating value innovation.
Our innovation strategy development work focuses on developing growth and profitability using a 3 horizon approach to innovation
Our approach to innovation strategy development is based on three principles
Market creators think very differently from those who are focussed on competing in their existing markets.
They challenge the factors that are the basis of the existing benchmarks and offerings of the industry.
Their perspective goes beyond the environment and current conditions of their industry.
This enables them to see opportunities that are way beyond existing value - cost curve
Market creating tools with proper guidance enables organisations to build competencies and to execute new value - cost frontiers. They answer key questions of how to challenge assumptions of the industry.
How do you identify non customers and new demand?
How can you create offerings that stand apart and make competition irrelevant?
How can you increase value while also reducing cost?
Strategy developed by an external consultant or just the CEO, never has organisation wide acceptance.
How can you capture people’s hearts and minds and align them to the new strategy?
This not done by demanding change but by engaging, first hand discovery and fair process in the journey.
We help the organization develop strategy through a facilitation process.
To discuss strategy development at your organization leave your email id below and we will get in touch with you
Ideation & Innovation Management
Ideas in - Value Out
The innovation management and ideation management consulting solutions are based on methods and tools developed by Innovation360 Group. These are being used as a Licensed Practioner and IMBB Innovation Management Black Belt™️
How do you enable an organization to innovate continuously?
The key is establishing a well oiled innovation machinery that engages all employees, generates innovation ideas and delivers innovation projects aligned with strategy
This calls for effective governance system that drives ideation and innovation, establish robust processes to convert ideas to value and manage change.
Governance for Innovation
Source: Innovation360 Group
Innovation governance is important to ensure that all innovation efforts are aligned with strategic direction
Two key pillars of governance are Innovation Board and Task Force.
The Innovation Board is responsible for ensuring strategic alignment, allocation of resources and managing the innovation portfolio.
The task force is responsible for running idea campaigns, hackathons, clustering ideas, forming hypothesis and running experiments.
Together, the board and task force are required to effectively manage the innovation / ideation management system.
Process for Innovation
Innovation process consists of 4 phases of ideation, selection, development and commercialization. The traditional stage gate process for project management unfortunately doesn't work for innovation; innovation is about managing uncertainty and is iterative process.
Hence innovation process requires a unique "Yes - And" process and a hypothesis based approach to succeed. You need to combine this with very agile development and commercialization process, built around a solid portfolio management approach.
Further, innovation management requires organizations to go beyond itself for ideas. Organizations need to involve customers, suppliers, universities and even competitors to generate ideas. These are done through open innovation, idea campaigns and hackathons.
Source: Innovation360 Group
Functional silos is one of the top blockers of innovation; you can’t achieve innovation through the efforts of few people and hierarchy.
The innovation org structure is one area which is unique to each organization. 3 different models are in vogue and their appropriateness seems to be dependent on the organizations business, culture and environment.
Some organizations have chosen centralized innovation structure, setting up incubators, innovation labs etc. Others have taken a business unit approach and created a decentralized model. And furthermore, other organizations have chosen a hybrid model.
Clearly, organizations need to evaluate the innovation structure that is appropriate for their needs rather than copy model of someone else.
We help organizations develop ideation / innovation management systems that are aligned to their goals using a methodology that has been used by multiple organizations.
Source: Innovation360 Group
To discuss development of ideation/innovation management system at your organization leave your email id below and we will get in touch with you