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Transform Your Business into a Serial Innovator

  • Posted on July 18th, 2020
  • in Strategy
  • By Benjamin Marler

While the markets remain turbulent and susceptible to change, innovators require an intricate system to recognize their emerging product, service and business model opportunities. According to Boston Consulting Group, the innovation success of these companies depends on a few key traits: 
 
They “Walk the Talk” 

By making innovation a priority and investing into the ambition and willingness to pursue opportunities beyond that of the company’s core values. Only approximately 45% of companies commit or invest to innovate.
 
They embrace the benefits of scale 
 
Larger companies may now have an edge in developing successful products, services and business models. In fact, more than 40% of large companies are above their industry median for the percentage of revenue from new products and services.   
 
They collaborate their innovation systems for success
 
In order to drive a cycle of perpetual success, a well-tuned system is required. Innovation is a system, and maximizing impact requires excellence and alignment across all ten critical platforms.
 
Does your company have a competent innovation system? Assess your relative strength by asking yourself these 10 questions about your company. 
  1. Innovation Ambition. Do we have a shared innovation purpose?
  2. Innovation Domains. Is our innovation strategy driven by customer insights that enable us to transition smoothly to shifting opportunities?
  3. Innovation Governance. Do we ensure that people and budgets are aligned with our shared innovation priorities?
  4. Performance Management. Do our metrics and incentives reward predictable, incremental progress and successful step-change innovation?
  5. Organization and Ecosystem. Are our roles clear for all the diverse elements for our broader innovation ecosystem?
  6. Talent & Culture. Do we have true business builders, and do we ensure our best talent is allocated to our most ambitious innovation challenges?
  7. Idea-to-Market Fit. What is the last novel idea our company developed that truly solved problem?
  8. Project Management. Is our unfair advantage clear in relation to our competition?
  9. Funnel Management. Is our funnel of valuable projects shaped like a funnel or a cylinder? Have we learnt from prior mistakes?
  10. Portfolio Management. Is our portfolio strategically managed? Have we reassessed and redistributed our priorities and portfolio through the COVID-19 lens?
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Benjamin Marler
Benjamin Marler

Benjamin is a results-driven financial industry professional with 15 years of experience in banking, wealth management, trading, corporate governance and trust services. He has provided innovative and strategic business solutions through the implementation of operational framework, risk management, technical expertise, business development and effective team management.

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