What is innovation?
Innovation is the process of developing an idea from an abstract concept to a commercialised result.
Issue
Everything starts with a problem to be solved, or an opportunity to be exploited. Usually, a person has some personal investment in resolving the issue, and this drives them to the next step…
Idea
An idea is a solution to an issue. It usually involves some kind of action or process to change the current state of the world and to resolve the issue or exploit the opportunity. An idea is always intangible, even if written on a napkin.
Invention
Invention is about executing the idea. Whether this is creation of a widget, building a prototype, or designing some art, an invention’s primary purpose is to take the intangible idea and to prove that it works in the physical world.
Innovation
Innovation is the business step of the process. Even if an invention works and serves its function, it is worth nothing if it cannot be commercialised. We need to understand how to produce, market & sell, manage, and improve the invention.
Innovation Management is a set of tools to manage every stage of innovation
Stage 1: developing an innovation strategy
Without clear direction, innovation is simply a buzzword in your organisation. Leaders need to understand the role of innovation, what it means in the context of their own company, and understand how to leverage their own innovation to outpace the competition in the market. We assist with:
- Forecasting & Futurism
- Business model innovation
- Innovation Accounting
- Open innovation, clusters, and innovation networks
Stage 2: Building an innovation culture
If strategy provides direction, culture provides drive. Your teams’ unique values and behaviours are often the difference between successful implementation and commercial flops. Ensuring that they have proper support allows them to operate as high-performing teams and maximise the returns that they bring to the organisation. We offer support with:
*Innovation culture development
*Capability and Skills-building
*Innovation structures and Business process optimisation
*Digital transformation implementation
Stage 3: Managing your innovation funnel
Innovation is the complete process of developing ideas from a napkin sketch to a commercialised result. To reap the full benefits, you need a system that is transparent, universally accessible, and robust enough to handle the game-changing ideas that your teams will develop. We assist with:
*Innovation frameworks
*Idea generation tools & workshops
*Idea management platforms
*Project portfolio management
*Project execution methodologies and ways of work
What is the value of innovation management?
“I have a deep belief that innovation management should not be viewed as a luxury, but as a strategic means of placing your business in the best possible position to navigate times of crisis” – Sivan Leshem
If you cannot keep up with the demands of your customers, you will become obsolete. Since your customers have liquid expectations, and are influenced by you, your competitors, and business outside your industry, you need to be prepared for major shifts in their needs. Innovative organisations are well-prepared for disruption, whether through new entrants or new products. Their willingness and ability to change allows them to continuously adapt to the changing markets, and often to lead the industry when it comes to meeting demands and dominating market share. If you stand still, or simply move slower than everyone else, you will be left behind. It has become necessary to move quickly simply to keep up.
Innovation is about finding new ways to look at problems, developing robust solutions, and implementing those to create value. Those ideas can target any part of your business, from new product development to continuous improvement of existing systems, to a radical shift in your organisation’s business model.
Tangible Benefits
Typical, business-case benefits with easily quantifiable and comparable values. The types of things that align with your KPIs.
Improved ROI on innovation
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Reduced project turnaround times
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New business capabilities
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Faster new product development
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Reduced costs
Intangible Benefits
Benefits that improve the internal workings of the company and how people work together to achieve success.
Increased employee engagement
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Improved inclusivity and diversity
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Improved productivity and process efficiency
Strategic Benefits
Benefits that keep the company in a strong position amongst the various markets and competitors.