UNLEASH INNOVATION THROUGH
Boost your teams creativity, Customer Centricity and
Innovation power using Design Thinking
According to R. Foster findings from Yale University, the average lifespan of a S&P 500 company felt from 67 years to 15 years today.
Several predictions are aligned with these findings. Among others are:
– The John M. Olin Schools of Business at Washington University, prediction that by 2025, 40% of the Fortune 500 companies will not exist anymore.
– John Chambers, former Cisco CIO, currently offering capital and advice to start-ups, predicted 2/3 of today’s companies will not long exist in 20’s of the 3rd millennium.
-CNBC took ride on this wave and predicted S&P 500 companies will disappear in 10 years.
The responsible for this mass extinction is the ‘butterfly effect of Digital Disruption’ and the only vaccine is Effective Innovation. How you an prepare you shot.
MArket & Customer destroy "Traditional"
There will always be new ideas we haven’t thought of. And there will always be new entries that will disrupt the market and threaten market leaders’ positioning – the time a company keeps market leadership is becoming smaller and smaller.
Also Customers have more alternatives available to address their always evolving preferences and needs.
Considering the challenges and opportunities of the Digital era, how long your products and services will keep being relevant without a customer centered innovation injection?
New ideas lays on a culture and leadership
Lack of innovation is not a problem of poor creativity or inadequate investments in technology. The ability to monetize and sustain new ideas lays on a culture and leadership that supports Innovation as well as the alignment of the practices that influences creativity and idea generation and reinforces and recognizes efficient innovation.
The attributes that allow innovation to happen can be cultivated and strengthen. However they are not easy to develop in an environment of traditional management practices created to address a world of well-defined problems and not the dilemmas the current ambiguity and complexities of an evolving market.
Our focus is twofold:
1 Boost your teams creativity, customer centricity and Innovation power using Design Thinking – an approach that promotes greater customer intimacy, questions assumptions, reformulate problems and enable the creation of innovative solutions, and
2 Align your organization culture to your innovation goals & strategy, and align your management practices to become catalyzers of value-added innovation.1
How to Drive Innovation
Consider, the scenario where innovation happens- only 1/3 of new ideas become a success (success = effectively monetized). The other 2/3 fails or come too early and will be adequate for a future stage, however will neither be monetized now.
Think now, about the culture and approach many companies have to Failure – Succeed on achieve pre-established goals = recognition/rewards; Not succeed on achieving goals = no recognition/no rewards.
In this type of organization culture, what would encourage people to dedicate time and energy to something that has only around 30% chance to succeed instead of the usual activities people are used to perform and provide already well known solutions to problems?
Innovation is directly linked on how failure is perceived in an organization, and how previous failures were treated. To be able to have an approach ‘Fail & Learn’, instead of ‘Fail & Punishment’, requires a big shift on the ways thinks are done, on management mindset and on the employees’ trust on them.
Many other traditional management practices pose challenges for Innovation to flourish. Think about the need of cross- expertise/ holistic approach to solve complex issues, versus the predominance of information silos and poor collaboration among divisions present in many companies.
Or the necessary effort to develop the customer intimacy – the deep understanding of your customer’ business and their preferences- critical to create relevant solutions to customers, versus the tendency to prioritize and dedicate lots of time focusing on internal, bureaucratic issues .