Build innovation capabilities for repeatable growth
Your organization has ambitious growth and innovation goals. Do you have the capabilities to achieve them? Innosight works with companies to create effective, robust innovation systems. Our approach develops and aligns the right processes, talent, leadership, and management structures to transform innovation from an unpredictable pursuit to a disciplined process.
Our experience - with multinationals like P&G, Citi and Syngenta, as well as companies in emerging markets like Manila Water and non-profits like Settlement Music School - shows that when organizations put the right systems, people, and structures in place, they can transform how innovation happens and improve their success rate. We work side by side with enterprise and innovation leaders to create solutions to systemic organizational challenges like:
- Which types of growth should we pursue?
- How do we best allocate resources to prioritize the best ideas?
- How to structure our innovation portfolio to yield repeatable growth?
- How can we shape our culture to develop world-class leadership and talent?
Starting Out: A 90-Day Innovation System
For organizations just starting to build an innovation capability, or looking to bring more discipline to ad hoc efforts, a lean and mean approach can generate quick wins and lay the groundwork for broader change. Our "minimum viable innovation system" (MVIS) approach helps organizations put into place the essential building blocks that will allow them to begin creating a reliable, strategically focused innovation function.
The MVIS concept is inspired by the world of lean start-ups, where a "minimum viable product" allows entrepreneurs to design and launch new concepts and gain insights quickly. An MVIS enables companies to ensure that good ideas are identified, prioritized, resourced, developed, rewarded, and celebrated. The payoff is often profound.
At SickKids Hospital, in Toronto, for example, hospital staff are meeting key metrics such as boosting billing compliance and treating more kids per day in more effective ways—as a result of dozens of innovation projects like the award-winning Pain Squad App for cancer patients. We work with companies across a range of industries to create innovation systems in as little as 90 days by:
- Determining the gap between growth goals and current operations
- Creating distinct core and new-growth innovation efforts
- Identifying priority areas to explore that align with what customers need and you can deliver
- Creating a small, dedicated innovation team and embedding with the team on its first set of projects
- Ensuring the right mechanisms and leadership are in place to accelerate good ideas
To exercise these capabilities, Innosight often works with clients to launch a demonstration project. This involves selecting from a portfolio of proposals a concept that can lead to a quick win. Such demonstrations serve as a powerful proof point to the rest of the organization.
To learn more about this accelerated approach to building capabilities, read our Harvard Business Review article, "Build an Innovation Engine in 90 Days," which outlines how four basic building blocks can get your organizational capabilities up and running.
Building a "Growth Factory"
For organizations facing even more systemic challenges—a looming growth gap, rapidly shrinking product life cycles, diminishing innovation returns—building a broader organizational-wide capability can set the stage for long-term renewal and growth.
Our work with Procter & Gamble points to the possibilities. Faced with shrinking product life cycles and tougher global competition, the consumer products leader partnered with Innosight to help implement a "new growth factory." By systematizing innovation and aligning all efforts with its long-term vision of creating "purposeful" products that improve lives, P&G tripled its new product success rate. From 2000 to 2010, revenue doubled, from $40 to $80 billion, and net income quadrupled.
Our Growth Factory framework is based around four components:
- A growth blueprint that details the types of innovation you are pursuing, along with goals and guidelines for getting there.
- Production systems that transform the raw materials of innovation—ideas—into tangible new products and services.
- Governance and controls that enable the management structure to scale innovations to deliver impact and growth.
- Leadership, talent, and culture that feature the right people, in the right roles, doing and saying the right things.
(Download our Harvard Business Review article "How P&G Tripled Its Innovation Success Rate").
Innovation Leadership Development
Innovation is an intensely human activity. And, for many executives, the skills required to successfully innovate run counter to many of the skills they have honed throughout their career. Innosight has extensive experience helping leadership teams cultivate their innovation skills. Through a combination of workshops, group discussions, and hands-on activities, Innosight facilitators teach key concepts and provide practical exercises to allow real-time skill building. Innosight’s action learning offering enables you to take the next step, allowing companies to develop skills and make tangible progress on critical growth initiatives.
Innovation Capabilities Assessment
Understanding how your innovation performance stacks up is the first step to building enterprise-wide capabilities. We work with leadership teams to assess innovation performance, diagnose organizational roadblocks, measure current efforts versus best practices, and develop a roadmap for new growth. Our diagnostic brings clarity to a range of innovation and growth challenges, such as:
- "Strengthen our culture of innovation and build the structures to drive new growth innovation"
- "Get our innovation edge back"
- "Help our portfolio companies respond to disruption"
- "Drive end-to-end transformation to sustain performance in a dramatically changing industry environment"