Kotter and Heskett studied US companies in 22 different industries over a period of eleven years. They found that companies that managed their innovation cultures well saw revenue increases of 682% as opposed to 166% for those that didn’t. The reasons – deduced from PWC’s research – why managing and implementing a culture of innovation pays off is due to:
Increased competition and rising customers’ expectations are placing bargaining power in the hands of customers. Regulators demand rigorous processes while customers are evaluating the offering more carefully, putting pressures on margins. Customers want new products that are better and this challenge can only be met by implementing a culture of innovation in the organization.
Most companies still use the same old methods for new products development. Industries have evolved and failing to create and implement a culture of innovation is phasing out those that resist the urge to come up with radically new ways of managing the business environment.
Internal company culture, ways of doing business and strategies remain the same while the market conditions have changed. It is, therefore, incumbent for forward thinking organizations to create and implement a culture of innovation that will respond to the opportunities and threats that are there.
Superior performance is the result when the systems, leadership style and organizational structure are optimized to perform better. A culture of innovation can be implemented when visionary leaders have the drive to out-perform in the areas important to them. Yet most- close to 70%- of such efforts fail due to the ingrained organizational culture that inhibits innovation.
The solution is to work with someone who has done it before and who is aware of the constraining forces that need to be mitigated. With more than 15 years of experience from biotech and pharma, and more than 20 years experience with innovation, consulting companies such as Novo Nordisk, AbbVie, Novozymes, Pfizer, and Roche, Finn is a perfect fit for your leadership team, when it comes to providing solid consultancy regarding innovation management, strategy and leadership advice.
Finn’s steps to see through the implementation of a culture of innovation include:
Finn works with leadership and project groups in a highly systematic, yet innovative manner, to provide optimal guidance on your innovation challenges. With your leadership team, you will experience accelerated learning about your innovation leadership practice as well as your ability to lead and inspire innovation as a group. By the end of such a project, your will:
Description of Innovation Culture Project in Danish:
If you have any questions please do not hesitate to call us at 26 12 99 95.