Innovation Strategy

Innovation strategy development is the first step in driving consistent, sustainable innovation. It moves well beyond “I have an idea,” to provide the required structure, discipline, and creativity.

Our innovation and new product consultants draw on best practices, customer insight, and internal assessment to establish strategic guideposts for innovation.

Innovation Strategy Issues

What can be learned from a diagnostic audit of prior company innovation efforts?
What are the current and emerging drivers of current and related category demand?
What are the strategic, financial and operational screens that must be met?
What is the initial set of growth levers and opportunity areas (e.g., equity extension, new products, technology leverage, etc.) to consider?

Approach and anticipated benefits

An internal audit is performed to inform initial innovation strategy development. The audit is comprised of stakeholder interviews, review of existing strategies and plans, and competitive analysis
Strategic direction setting results in the financial growth gap, new product screening criteria and the initial set of strategic growth opportunity areas to be further refined in subsequent project steps

Why create an innovation strategy?

An innovation strategy is crucial for organizations as it serves multiple essential purposes.

It offers a competitive edge by setting them apart from competitors through unique products, services, or processes.
It aids in adaptation to a rapidly changing business environment, enabling companies to respond to evolving market conditions and technological advances effectively.
It unlocks growth opportunities by tapping into new markets, and customer segments, or expanding product/service offerings.
Innovation enhances cost efficiency by introducing improvements and automation. It also plays a role in talent attraction and retention, as innovative companies tend to attract top-notch employees.
It ensures customer satisfaction by delivering solutions that better meet their needs and expectations.

Ultimately, an innovation strategy safeguards an organization’s long-term viability, aligns with its overall strategy, mitigates risks, and promotes data-driven decision-making.