About the client:
A large financial company introduced innovation into its strategy, allocates budget and sought professional advice. The CEO was involved and nominated a very senior manager (the reports directly to th CEO) to lead the initiative. The business environment was on the verge of large structural changes and enhanced competition from new players. The client environment is very conservative and has been rather static for a long time.
The client culture was very practical, to some degree short term and the approach was that of mentoring. There was a dedicated client team and client responsibility for the project's success.
The project
We used a comprehensive framework for managing innovation:
The innovation agenda affects business models, operations, products and services. We created a comprehensive approach, covering strategy as well as sustaining enablers. The emphasis was developing an innovation strategy, enhancing collaboration within the company and with other partners, making the ideation process focused, Identifying and executing on low hanging fruit and Increase awareness in the organization.
We crafted a phased project, focusing on practical approaches: identifying innovation areas, based on market and innovation trends, as well as industry innovations and company strategy ; identifying in each area 2-3 innovative projects ; project planning ; execution.
Key successf factors:
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An active involvement and leadership of the CEO
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Assignment of the best people in each step
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Emphasizing learning together with practicality.
Results:
1. More than five live initiatives:
- The initiatives are aligned with the company's strategy
- Each initiative is owned and managed by a different division, so that value creation and feasibility are maximized, and the efforts result in implementation.
- Implementation resulted in new products, new innovation process and a substantial change in the relationship between the company and it's suppliers.
2. The organization aquired new skills that are now being leveraged in other parts of the business.
3. Innovation is now part of the company's strategy.
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