After three years of obsession with cost control and outsourcing, there are some mixed indications that business might once again be realizing that you can’t cut your way to greatness, and that companies can only survive by continuous innovation, developing brilliant, creative new technologies that solve important human needs. That innovation will hopefully be directed at solving the root causes of disease, crime, violence, mental illness, waste & pollution, urban decay, bio-degradation, unemployment and inequitable distribution of wealth, rather than the design of yet another sneaker. An annual survey by Boston Consulting Group is the latest indicator. The survey of 236 executives in 30 countries found that 20% rated innovation their #1 priority and 90% listed it in their top five priorities. Technology plays a role, but its role is in enhancing and enabling the innovation process, rather than serving as an engine of innovations per se. Expect to see a lot more discussion of what this ‘innovation process’ is (the charts above and below are three depictions of the process that I have personally found useful), well before you start to see an uptake in actual investment in innovation. And expect to see businesses thinking more broadly about innovation than just new products and services. As customers become both more demanding and more savvy — and recognize incremental improvements and ‘sequel’ products for what they are — not innovations — companies will realize that innovating their internal business processes, their delivery channels, the technologies they use in operations, collaboration and connection, and even innovating the very business model that determines how the business operates and makes decisions, are at least as important as innovating the things the company actually produces. Another recent BCG article from James Andrew & Kermit King entitled Boosting Innovation Productivity looks at some of the frustrating obstacles to innovation — long lead times, high failure rates, preference of risk-averse executives to ‘buy’ rather than ‘build’ innovations — and ascribes these obstacles mainly to lack of discipline in both the process and measurement of innovation itself. BCG’s study of existing innovation processes and track records suggest that:
In what I think is the most useful section of the article, several innovation ‘traps’ are outlined:
Some additional ideas that I suggest in my Innovation Incubator process:
For the accompanying Figures 2 & 3 of Peter Drucker’s innovation process, please see my earlier article. The innovation process at the top of this post is from Credit Suisse First Boston and is explained in more detail in my longer innovation paper. The Innovation Incubator is one of the service offerings of my new enterprise, Meeting of Minds. |
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