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Innovation needs to be seen as a core component of an organisation’s growth strategy. As such it needs to be managed like any other process within the organisation, with targets, funding, resource and accountability.
To continuously harvest significant opportunities, a separate process is required to shield innovations from “Corporate Antibodies” seeking their demise too early and for all the wrong reasons.
The approach developed by Deloitte and rolled out internally, now serves as a global best practice for clients seeking a pragmatic approach to delivering on the promises of innovation.
| 1. Leadership / Cultural Change |
- Create a leadership passion to flame the creativity of people.
- Develop a mandate, clearly describe targets, investments, processes etc.
- Embed the innovation DNA and align performance and reward systems.
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| 2. Ideation / innovationzone |
- Encourage idea generation from within the organisation (internal).
- Facilitate the collection of all ideas into an online repository.
- Mature ideas and involve entrepreneurs.
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| 3. Market Intelligence |
- Identify ideas from the marketplace (external).
- Mine competitor strategies and activities.
- Provide market research information (including merger and acquisition targeting).
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| 4. Project Development |
- Develop ideas with potential into business cases.
- Commercialise new products and business opportunities.
- Facilitate merger and acquisition / joint venture / alliances to gain critical mass.
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| 5 & 6. Funding, Implementation & Exit |
- Prepare subscription prospectus for approved business cases.
- Ensure accountable leadership is in place.
- Measure Return on Investment of portfolio and consider timing of exit.
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| 7. Share Profit Improvements |
- Identify tested cost savings or operational improvements.
- Distribute tested ideas for implementation.
- Monitor implementations and measure savings.
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Disruptive Innovation
Growth
Idea Management
Innovation Process
Product Innovation
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