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Data, Leadership, Innovation & Strategy Pt.3

August 22, 2019

Data, Leadership, Innovation & Strategy Pt.3

ISB Global Data Leadership, Innovation & Strategy 7

Innovation Checklist

Don’t just optimise, although it’s a good start, innovate!

  • Facilitate motivated and organised individuals and teams to achieve rapid and repeatable innovation cycles
  • Explore business, market and technologies that can transform into winning value propositions
  • Enhance your innovation programs by involving and integrating external networks and actors
  • Devote resources, time and effort to a balanced set of activities with a measured income
  • Innovation is a complex process, develop practices and patterns to help support and stimulate
  • Pursue innovation relentlessly through aligned targets in the program
  • Advance new models that can turn into a stronghold platform for continued innovations
  • Deliver momentum and motivation to initiate innovation and process rapidly to beat competition
  • Graduate innovation proportionately according to risk, market size, scope and predicted value proposition

Pursue

  • Deliver innovation at the right price for focused growth objectives, obsess on aspirations and value
  • Create responsibility and accountability and quantify innovation targets directed on growth
  • Include the quantified targets in business plans to secure innovation investments
  • Allocate targets to teams and SBUs, reporting results in defined cycles
  • Support feedback loops on targets and ensure everyone and everything is transparent

Embrace

  • Focus and support the innovation ideas that facilitate best growth and scale
  • Invest sufficiently setting goals and boundaries to manage risk rather than eliminating it
  • Fund innovations with prospective pipeline budget, capture and work with promising ideas, stop ideas that do not meet strict growth and scale objectives
  • Dedicate time to ensure the correct assessment of process development, composition, value, timings, duration and value
  • Strategic initiatives should be adjustable and balanced short-term ideas, with risk parameters, gauging potential for success and resource dependent

Determine

  • Genius and creativity in teams will always be in short supply, nurture, invigorate, promote and reward
  • Methodically and systematically analyse the three innovation areas value able problems to solve, technology to enable that solution, the business model that generates the revenue
  • Organisations that collect data to support synthesis and amalgamation of these areas stand the greatest chance of success
  • External partner and stakeholder involvement will support insight and provide greater chance of success
  • This process is iterative, and prototyping, developing, testing, validation and refining will ensure greater success

Advance

  • Focusing on business model innovations that modify economics of value chains, profit streams and delivery models are a increasingly strong area to innovate in
  • Balance between new products and service but do not leave core models until under threat and hope that it is not too late
  • Promote monitoring, access and analysis to market intelligence data sources to identify opportunities that are external to the core structure
  • Evaluate the value chain constantly to provide focus on models that could deliver new customers
  • Advocate pilot projects and experiments to reinvent thinking and perception, stress test value propositions and prospective innovation initiatives against competitor countermoves

Initiative

  • Fast track to go to market stage by developing the innovative ability to elude traditional decision making process
  • Accelerate to market should not bypass the cross functional collaboration required and the meticulous learning cycles in place that enable innovation
  • Innovation process should allow for streamlining through company protocols to create, deliver and maintain competitive advantage without exposure to unnecessary risk
  • Maintain the initial focus on the innovation and test early on focus groups to ensure the value proposition does not become diffused
  • Specification, budget, time to market, dedication, ethos and responsibility from leadership and team is of paramount importance and should always be measured and tracked
  • Marketing should champion the interest of users, providing a feedback loop into the leadership team to ensure the result is what was envisioned, quick feedback results in quick change and quick redelivery as necessary

Escalate

  • Understand the magnitude and reach of the idea to ensure the correct resource and risk are apportioned to the project
  • Resource and capability must be mobilised to ensure innovation program can be delivered at volume and quality. Facilities, suppliers, and distributors throughout the value chain must be prepared to execute and roll out
  • Market penetration and rapid scaling is vital to success is as important as the innovation program and the technology it utilises to solve the problem

Expand

  • Innovation requires collaboration from external stakeholders. Talent and knowledge transcend company and geographical boundaries. Extending investment into ecosystems to harness and capture valuable input is a must
  • Share costs with different and faster solutions to go to market. High performing innovation teams invest heavily in systematic partnerships and people, striving to become the choice of partnership. To excel in this way ensures the best ideas will be in your realm
  • Companies that practice the use of external networks ensure that the ecosystem is optimised for their innovation process benefit. Funneling activities and specifics to further the innovation process and approach of go to market

Activate

  • Develop an aspirational culture that forges connection between innovation, strategy and performance
  • Setting financial targets for innovation focuses teams and individuals
  • The Innovation process is generated by iterative projects and developing responsibilities using the appropriate incentives and rewards
  • Organisational changes may be necessary to promote collaboration, learning and experimentation, sharing information and ideas freely, reviewing and optimising the structure of project teams, ensuring that even if unsuccessful innovation efforts are recognized and rewarded. Value failure above all else
  • If in a larger company the set-up time can take a long time to establish, so focus on small dexterous groups which are not constrained by normal working environments and cultures building new ways of working that can be assimilated into the larger organisation.

Thanks to McKinsey Insights for a constant source of inspiration.

Visit Strategy Beyond the Hockey Stick – https://www.mckinsey.com/business-functions/strategy-and-corporate-finance/our-insights/strategy-beyond-the-hockey-stick

Download ISB Global – Data Leadership Innovation Strategy 2019