IIL Consulting: Strategic Innovation
According to William Polard “Without change there is no innovation, creativity, or incentive for improvement. Those who initiate change will have a better opportunity to manage the change that is inevitable.”
The pace of change is ever increasing. Gone are the days of strategic certainly. To meet this challenge, organizations must develop operating models that stretch its leadership mindset towards continuous innovation.
A strategic innovation mindset encompasses new product development and scaling products and services. This often requires a strategy refresh followed by rebalancing your portfolio to align with the updated strategy. The rebalanced portfolio should be analyzed to ensure the right number and mix of innovation initiatives are integrated. A roadmap that prioritizes the scaling and innovation process and helps guide the implementation.
IIL’s consultants use a combination of education and advisement to tailor the process to your organization. We start by conducting a robust assessment of your current strategy using multiple research instruments. Then we work with your executives and a core team to develop and articulate your innovation aspirations. These innovation aspirations are then prioritized into a backlog of innovation initiatives. The prioritized backlog feeds the development of an implementation roadmap.
IIL continues to support your core team with guidance throughout the implementation lifecycle as necessary. This includes a periodic evaluation of how effective the strategic shift has been and recommendations to apply the learnings from the evaluation to support continuous innovation.
Implementing a strategic innovation initiative in your organization helps develop a culture of creativity, idea generation and innovation at all levels. As your organization develops enhanced organizational agility you will see a competitive advantage in the marketplace. Building a culture of innovation and change readiness allows you to adapt to shifting market conditions more rapidly and effectively giving your organization a distinct competitive advantage.