An efficient AND effective innovation strategy adapts to a company’s business objectives, strategic priorities, and team. It doesn’t start with getting everyone together in a room for a creative thinking workshop and expecting innovative ideas to happen spontaneously. Analysis, outreach, and design thinking combine to make in-person innovation productive and ROI-driven - after completing the pre-work.
Before holding innovation strategy workshops, we take advantage of best practices, stakeholder input, & upfront analysis to surface high-impact innovation opportunities.
5 Ways to Boost Your Innovation Strategy's Efficiency
Here’s an example from a Brainzooming engagement to help a client’s finance team lead an innovation strategy initiative. The objective was to reduce the company’s working capital levels on an ongoing basis. We employed five techniques in advance of an in-person innovation workshop to focus the work and boost success.
#1. Identifying innovation across industries
Brainzooming identified relevant best practices and innovative strategies across industries. This work provided an external checklist of innovation opportunities to shape further analysis and to design the online surveys.
#2. Aggressive data mining and analysis to create focus
Brainzooming conducted internal analysis to highlight 80-20 opportunities. This helps focus innovation efforts. As is typical, this step uncovered powerful improvement-related insights hidden within summarized data.
#3. Online input and collaboration for greater access
We employed an online survey to reach stakeholders who are highly relevant to the innovation initiative’s success but might otherwise have been overlooked. Viewing the financially-driven working capital initiative as business innovation pointed to the need for sales, customer service, and other areas to participate actively.
#4. Engaging atypical stakeholders and experts for input
Rather than assuming that the department responsible for the innovation strategy has all the answers, we actively included other groups. We sought to reach out to sales, customer service, and other departments focused on customer and business relationships with significant accounts payable levels.
#5. Workshop design capitalizes on findings
The in-person innovation workshop design and implementation benefits from all the activities up to that point. The early input shapes the strategic priorities, innovation exercises, and additional deliverables to foster successful implementation.
Want to maximize innovation AND efficiency?
Is your management team looking for collaboration and innovation, but concerned about how it will impact the focus on efficient daily operations? Contact us, and let’s talk about how to deploy an efficient innovation strategy initiative in your organization to maximize your results and impact. – Mike Brown