Innovation Strategy

Innovation Strategy and Implementation

Innovation strategy

Back in 1952, a trip to New York would cost as much as up to five months’ savings; now we see examples of no-frill airlines giving away their tickets for free. What led to this extremely successful business model was an innovation management strategy that looked at every cost centre and re-imagined the processes, culture and approaches needed to reduce costs.

When it came to implementation, British Airways owned Go Fly, didn’t quite take off like Ryan Air and Easy Jet.  One possible reason was that managing successful innovation requires tools, techniques and understanding to avoid the trap of incremental innovation. This is where Finn Kollerup comes in, with the tools and experience to make sure that your innovation strategy is fit for purpose and actually works in you unique circumstances.

Innovation Strategy is Lacking in most Companies

When it comes to innovation strategy, a recent survey of 55 companies confirms that, overall, companies feel they don’t do a very good job. The chart below shows the average of all respondents on each of the seven innovation strategy dimensions measured. It also shows the best-in-class result (i.e. the scoring of the one respondent who rated their company highest in that particular dimension). In this chart, the ‘zero-point’ represents an answer of ‘neither agree or disagree’ to the questions posed.

image-strategy-survey

How to successfully manage an innovation strategy

A successful innovation strategy starts with a question: “how does my innovation translate into a true customer benefit.” A successful innovation strategy should boost your output of breakthrough products, services and business model. Obtaining buy-in from top management is one area where most innovation management strategies fail. Another factor is that organizations often struggle to create conducive culture for managing innovation.

A methodology can become a strategy, a strategy can become the corporate value, and new values can become the culture. Thus, once the innovation strategy begins to be implemented, based on its success and widespread institutionalization, it can become a corporate way of doing things differently. Once the value is accepted and practiced by everyone, all employees simply do things differently. Thus, the innovation strategy can become part of the corporate culture.

Praveen Gupta and Brett E. Trusko,
Section 1, Chapter 1, Strategy for Innovation
“Global Innovation Science Handbook”, McGraw-Hill 2014

With over 20+ years’ experience of managing innovation spanning various industries, Finn Kollerup is well poised to get you to your goals. Our proven methodology will diagnose barriers to innovation in your organization. It will help you adapt examples of best practice to manage innovation in your own organization. For the long run you would have developed a specific action plan to help you manage innovation in your organization. You would have a good understanding of when and how to apply tools in order to boost your innovation management performance.

How will managing innovation benefit your organization?

In order to outperform competition and excite customers in a crowded market, managing innovation should be a strategic objective. At Finn Kollerup we make sure that you:

  • Know what have been the innovation strategies of other organizations that resulted in breakthrough products and processes.
  • Analyse your own market and develop an innovation strategy that works for you.
  • Work on how to manage innovation in product, process, marketing methods; new methods in business practice, work place organization or external relations.
  • Develop and monitor an innovation management strategy that will help build breakthrough processes, products and services.

Contact us

Please do not hesitate to call us at 26 12 99 95 if you have any questions regarding our services.