Please click on to view the presentation on Building an Innovation Engine. And then read on… a full White Paper is available for download.
We believe the path to enduring commercial success is by building and continually refining your Growth Engine. We will make that case and then show you how to this and hope you find it interesting and thought-provoking.
In this article we highlight the issues about building a capability to innovate and renew the company, by working on the 5 keys of high innovation performance,
- Innovation Strategy that aligns business and corporate strategies.
- Leadership & Structures that creates a climate of performance.
- Applying Innovation Management Tools & Techniques.
- Fruitful collaborative partnerships through Open Innovation.
- Supportive Innovation Culture incentivising the right behaviours.
We offer a new and fresh perspective on how to build an Engine of Growth to provide real, actionable material that business leaders can use to boost their innovation performance.
Let’s Be Clear About Innovation
Very simply, innovation is about the Making of the New. It is a vital business process behind the growth of companies and economies.
Innovation occurs at three scales; through incremental improvements, radical departures within existing markets or by game-changing disruption. Successful innovators move beyond “R&D” to harness the entire organizations creativity.
If we told you that 50% of all growth comes from innovation activities, do you feel good or nervous about what you are doing to deliver new offerings to your customers?
The prize is long-term growth of your company by repeatedly delivering new and valuable products, processes or services to the market.
Should You Care?
It’s a hot topic with the world facing continued economic uncertainty. Companies may struggle to compete and renew their offerings.
- The Boston Consulting Group’s Innovation 2012 survey identified innovation to be a Top 3 strategic priority.
- IBM’s Global CEO report study sees leaders fearful of falling behind in the innovation arms-race.
- Innosight’s Leadership, Transformation and Growth Report found many innovation leaders dissatisfied with the innovation performance of their organizations.
- The UK Government’s 2012 Innovation Survey revealed only 31% of firms actively innovating. So, there’s much more to do…
Benefits of Innovation
Choosing to install, overhaul or invest in your innovation system has big rewards for your firm’s prospects. Success means better return per Pound/Dollar/Euro of investment and improved ability to radically innovate.
Studies have shown that the best innovators enjoy a 3-year Total Shareholder Return above peers of 6.3% and higher operating margins compared with the average. Critically, this is achieved by focused and determined efforts across the entire organization, not just “R&D”.
Key Elements of High Performance
So, innovation must not be left to blind luck and it is much more that having only good ideas. Too often companies are let down by poor leadership, strategy, weak processes and culture.
The best performance is delivered by connecting the parts of your innovation engine. Systemic innovation brings together the core elements to produce more-than-the-sum-of-the-parts performance.
Do you want to improve? We call the journey towards great innovation performance Building a Growth Engine. It comes from making a choice to improve and working diligently on areas of improvement.
But, how can you build a Growth Engine?
We have learned from companies who have journeyed from struggle to success and become effective, in sustaining growth over the long term.
Fundamentally, it’s about making a positive choice and working to make the necessary changes stick. Take these specific actions to enjoy high innovation performance…
- Identify the current state of the innovation system and intervene to improve,
- Embark of a process of opening the innovation system and collaborating through fruitful partnerships.
- Install an innovation infrastructure to make decisions and facilitate improvement.
- Train innovation staff in appropriate tools and techniques.
- Sensitively manage the hard and soft changes in a determined way, backed up by top level commitment.
INNOVATE OR FOLD – THE CHOICE IS YOURS
- Do you want your company to thrive over the long term or do you want to drive your firm to a better place? It is a choice and it’s not for everyone.
- Organizations must attend to today’s business and tomorrows future.
CHOOSE THE INNOVATION PERFORMANCE YOU WANT
- We are free to choose the level of Innovation performance we want – the lessons from good-to-great teach us that characteristic leadership abilities can create the environment for creative discipline. The best firms choose sector leadership.
BUILD AND REFINE YOUR INNOVATION ENGINE
- A series of interlocking building blocks are essential components of the innovation system. Get these right, and working together and the rewards will come, because you have already got the fundamental inputs correct.
Please click on to view the presentation on Building an Innovation Engine.
About The Growth Engine
I hope you found this report valuable – the Growth Engine Framework for high performance innovation can change the game for those that engage in it.
The Growth Engine works with high-value manufacturing businesses to build enduring innovation capability through coaching, consultancy and training;
My clients run businesses that operate within or serve the process industries and we are accredited coaches in the Growth Accelerator service and Manufacturing Advisory Service.
- High Performance Innovation – Building an innovation system that delivers.
- Growth Engine FrameworkTM – Identify and implement strategies for financial growth.
- New Product & Process Development – Manufacturing processes that transform competitive advantage.
- Project Selection – Ensure the right projects are created, selected and managed.
- Project Management – Innovation project management for successful delivery.
- Technology Risk Assessment & Audit – Manage project technical risks and outcomes.
Founder, Rob Munro “There’s so much talk about innovation. Many organizations fail to enjoy the benefits of their investments in innovation. We help them realise that potential.”
Please visit www.systemgrowthconsulting.com
And then contact us for a no risk discussion to discuss building a capable innovation business.