When To Think “Innovation”

Ask yourself this question: If we could remove virtually all waste from our existing products and processes, would that be sufficient to enable the long-term survival of our organization? In a rapidly changing economic and technological environment, the answer to that question for almost every business is “No; we need reliable pathways for creating radically new value propositions.” That kind of bold change does require a shift in mindset – you’re reaching into uncharted territory with radical new goals versus starting from the status-quo baseline.

Strategic innovation is a process for creating new value propositions aimed directly at top-line growth. Typically people think that means “new products”, and it can. But innovation can also be applied to all areas of your business model: new value propositions can be generated around services, processes, distribution channels, partner networks, market space, and more.

In our experience working with Global 1000 companies for more than 35 years, we have found that most organizations set specific targets for growth, but fall short on detailed, substantive strategies to achieve them.

Platforms for growth can range across several types of opportunities, aimed at different levels of innovation, from:

• Capturing all the potential of current value propositions in order to sustain and extend the performance of your present business, to
• Building new value propositions that can generate earnings in the context of existing business models, to
• Sowing the seeds of new businesses by implementing game-changing ideas that require new business models.

When it’s time for your organization to “think innovation”, our Strategic Innovation System can help you ensure that your improvement and growth efforts are working in tandem and your innovation strategy fits your business strategy.