Innovation is key to survival in fast-changing times.
Without it, your business is doomed.
It is about coming up with new solutions to respond to existing needs or new expectations – which allows the innovator to gain a competitive advantage, change the market situation and challenge existing products or services.
Innovation is not synonymous with invention. While invention tends to describe a scientific approach used to develop a technically new product, innovation focuses on a new market approach (which can be used for an existing product).
New inventions don’t necessarily result in innovation: some technical novelties don’t fulfil market expectations or are simply not ready (such as Leonardo de Vinci’s flying machines).
Innovation is not an end goal; it is a 4 four-step ongoing process to deliver value.
Research existing market trends and learn from the experience of best-in-class companies in your sector to nurture your innovation process.
Lay the groundwork to position your company among your peers. Define and align your ambitions at various levels of governance (Board and ExCo) for shared understanding of the purpose of innovation.
Imagine creative or innovative strategies which solve concrete problems and respond to or even anticipate market demand.
Develop a mindset which allows your executive team to explore beyond the limits of what’s possible.
Design Thinking requires a two-step process
1. Business modelling
Not all innovation options will lead to a business model that meets the company’s economic requirements.
Design a business model to evaluate the viability of your innovation scenarios and mitigate potential risks. Test market acceptance, explore technical solutions and new business processes.
2. Business planning
Complete traditional business planning, including a multi-year projection with roll-out schedule to meet expected objectives.
Successful implementation of innovation is based on 3 pillars
Deployment occurs in short cycles (based on specific methodologies) to allow for agile corrective actions.
Using KPIs to measure progress and ensure that innovation is meeting defined expectations allows for corrections to be made without delay.
Innovation is an end-to-end journey through a set of carefully designed phases to deliver clear and tangible business results.
Each stage involves thought-provoking discussions to encourage fresh ideas and ways of thinking, uniting teams around a shared focus and vision for the project.
Our seasoned business experts support your team along the way, maintaining an objective and open-minded perspective to coach, challenge, and guide your team.
Innovation is bespoke to every organization, so we tailor our approach to your needs, concerns, and expectations.
Tomorrow Now is your trusted partner for every stage of the innovation journey.