Business Innovation Thoughts

May 19, 2018Download as PPTX, PDF0 likes67 views

rjwalker1966

Some thoughts on structuring a successful Business Innovation Strategy. I include a simple template - too often I encounter businesses being to to "innovate!!" without any clear indication of what this might actually look like.

Business Innovation Thoughts!
Dr. Russell Walker
rwalker@p-innovate.com

• There are compelling (although often anecdotal) reasons to innovate and the
economics of successful innovation is clear although not specific.
• Innovation, like all other business processes, must be managed.
• Technology can always be acquired elsewhere (licensing, acquisition, fee-for-service,
etc!)
• Product/process &/or technological innovation MUST always be combined with
business model innovation
Walkers Principles of Business Innovation! (1)
© Russell Walker 2018

• The lower the technology component of the business the relatively higher the
importance of business model innovation
• The management of research is different from the management of innovation!!!!
innovation!!!!
• Creativity is a necessary (but not sufficient!) requirement for successful innovation –
innovation – and less important than many other components
• The key to success is the innovation management system and the most important part
most important part of this is a clear and concise Business Innovation Strategy
Strategy underpinned by a supportive organisational innovation culture
Walkers Principles of Business Innovation! (2)
© Russell Walker 2018

• Continuous product/process improvement
• Improving product design
• Upgrading business model
• Using new technologies to add value to an existing product or
service
• Exploiting a new technology to create a new product, service or
business
• Amending value proposition to introduce existing product or service
to a new market
Examples of Business Innovation
© Russell Walker 2018

(1) Preface by CEO
• Innovation strategy and innovation process for organisation in the
context of its vision and strategy
(2) Introduction
• Background context, strategy’s significance, what it should govern,
how long valid, update schedule, responsible officer / department
(3) Executive Summary
• Short and punchy! Can be used in internal and outgoing
communications, esp. if strategy details are confidential
Writing a Business Innovation Strategy
© Russell Walker 2018

(4) The Organisation’s Development
• Brief history, vision, strategy and objectives
(5) Current Innovation Processes
• Description of planning, implementation processes, management,
administration, responsibilities
(6) External Changes and Strategic Challenges
• Key trends and changes that are currently, or may, affect the future
of the organisation
© Russell Walker 2018
Writing a BIS (Cont)

(7) Operational Challenges
(8) Resources (Internal and External) and Knowledge (I&E)
Required to meet Strategic Challenges
(9) Focus and Implementation
• Overall direction of innovation in the next 3 – 5 years; description of
the areas of innovation focus; priorities; programs, projects and
activities
(10) Management and Administration
© Russell Walker 2018
Writing a BIS (Cont)

Summary
Template Business Innovation Strategy
• Preface by CEO
• Introduction
• Executive Summary
• The Organisations
Development
• Current Innovation
Processes
• External Changes & Strategic
Challenges
• Operational Challenges
• Resources and Knowledge Required
to meet Strategic Challenges
• Focus and Implementation
• Management and Administration
© Russell Walker 2018

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Business Innovation Thoughts

1. Business Innovation Thoughts! Dr. Russell Walker rwalker@p-innovate.com

2. • There are compelling (although often anecdotal) reasons to innovate and the economics of successful innovation is clear although not specific. • Innovation, like all other business processes, must be managed. • Technology can always be acquired elsewhere (licensing, acquisition, fee-for-service, etc!) • Product/process &/or technological innovation MUST always be combined with business model innovation Walkers Principles of Business Innovation! (1) © Russell Walker 2018

3. • The lower the technology component of the business the relatively higher the importance of business model innovation • The management of research is different from the management of innovation!!!! innovation!!!! • Creativity is a necessary (but not sufficient!) requirement for successful innovation – innovation – and less important than many other components • The key to success is the innovation management system and the most important part most important part of this is a clear and concise Business Innovation Strategy Strategy underpinned by a supportive organisational innovation culture Walkers Principles of Business Innovation! (2) © Russell Walker 2018

4. • Continuous product/process improvement • Improving product design • Upgrading business model • Using new technologies to add value to an existing product or service • Exploiting a new technology to create a new product, service or business • Amending value proposition to introduce existing product or service to a new market Examples of Business Innovation © Russell Walker 2018

5. • Value Proposition • Target Customer (Market) and Target customer Interaction (Marketing Channels) • Distribution (“Making the right quantities of the right products or services available at the right place, at the right time to the right people”) • Brand Management • Resources • Supply Chain Business Model Innovation ~9 Degree’s of Freedom • Partnership(s) • Cost Structure • Revenue Model © Russell Walker 2018

6. (1) Preface by CEO • Innovation strategy and innovation process for organisation in the context of its vision and strategy (2) Introduction • Background context, strategy’s significance, what it should govern, how long valid, update schedule, responsible officer / department (3) Executive Summary • Short and punchy! Can be used in internal and outgoing communications, esp. if strategy details are confidential Writing a Business Innovation Strategy © Russell Walker 2018

7. (4) The Organisation’s Development • Brief history, vision, strategy and objectives (5) Current Innovation Processes • Description of planning, implementation processes, management, administration, responsibilities (6) External Changes and Strategic Challenges • Key trends and changes that are currently, or may, affect the future of the organisation © Russell Walker 2018 Writing a BIS (Cont)

8. (7) Operational Challenges (8) Resources (Internal and External) and Knowledge (I&E) Required to meet Strategic Challenges (9) Focus and Implementation • Overall direction of innovation in the next 3 – 5 years; description of the areas of innovation focus; priorities; programs, projects and activities (10) Management and Administration © Russell Walker 2018 Writing a BIS (Cont)

9. Summary Template Business Innovation Strategy • Preface by CEO • Introduction • Executive Summary • The Organisations Development • Current Innovation Processes • External Changes & Strategic Challenges • Operational Challenges • Resources and Knowledge Required to meet Strategic Challenges • Focus and Implementation • Management and Administration © Russell Walker 2018

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