Strategic Innovation: Riding the Wave of Disruption

ORC paper 1

Strategic Innovation: Riding the Wave of Disruption

To thrive in today’s disruptive economy, organizations must fiercely protect market share and seek new avenues for growth. New start-ups and technologies, launched every day, can significantly disrupt well-established industries, challenge conventional thinking, and change consumer behaviour. Global marketplace leaders also have another competitor to add to the roster —rising local firms in emerging markets. Rethinking innovation is more important than ever and is imperative for growth.

In a recent paper by ORC International, it summarized four important tenets to follow, in order to find success in a climate of disruption:

#1 Balance Your Risk and ROI – Incremental innovations can address agility, while big innovations can explore new markets. Creating a balanced innovation portfolio is key. It requires a blend of safety and risk, of quick action at times and a long-term view at others. Defining goals and desired outcomes at the beginning of the planning process is essential for measurement.

#2 Go Beyond Products – Do not solely think of products when it comes to innovation. Innovation extends far beyond that. Using frameworks like the Innovation Radar to take a 360-degree view to determine where to focus your innovation resources from a broader perspective.

 

#3 Innovation is More Than Ideation – Innovation must follow a new agile norm to support a competitive advantage. A number of our CPG clients are in the process of introducing abbreviated innovation life cycles. These allow organizations to assess risk and return at each step of the innovation process, ensuring that the best ideas are executed effectively and efficiently.

 

#4 Be Active and Create Alignment – A deliberate information exchange among everyone involved in the innovation process enables more action and alignment, allowing organizations to focus on innovation goals. This focus must be reflected in the organization’s processes and incentives across vertical alignments and functional teams.

 

To learn more, read the full paper here.

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