Combining Creativity and Strategic Innovation to Establish Great Business…
Combining Creativity and Strategic Innovation to Establish Great Business Opportunities. – PART 01
(Define) (Strategy) (Innovation)
"If an organization is to meet the challenges of a changing world, it must be prepared to change everything about itself except its basic beliefs. The only sacred cow in an organization should be the basic philosophy of doing business."
—THOMAS J. WATSON
To shift a corporation's business strategy in order to create new value for both the customer and the corporation.
A process of applying innovative thinking to the entire business model of a company, not just to its products or inventions.
The process of finding a way to “change the rules of the game” so that your company's products, competencies, and assets provide you with a competitive advantage in the marketplace.
While strategy innovation may be critical for success in dynamic markets, it can also be a source of competitive advantage in more stable markets.
Established companies with an instinct for corporate renewal use strategy innovation to remain vital and relevant over time.
It can provide new growth prospects for companies in any marketplace and should be a core competence of every company hoping to survive in the dynamic business world of the twenty-first century.
Innovation —The process for implementing creative ideas.
"I cannot manage the past. There are other people in my government who manage the present. It is my unique responsibility as the leader to shine a spotlight on the future, and marshall the support of my countrymen to create that future."
– MARGARET THATCHER
(Who & Focusing on the company's future)
"There are always two parties—the party of the Past and the party of the Future; the Establishment and the Movement."
– RALPH WALDO EMERSON
When companies experience the “dreaded delta” the gap between their projected revenue and the revenue required to maintain their businesses, they will need a capability for strategic innovation.
All companies must balance the needs of today's business with the needs of tomorrow's business. Strategy innovation can be a powerful means of managing your business toward the future.
The identification of new business opportunities in the future can drive new corporate strategies.
These companies will be diligent, proactively committed to their success and will constantly explore for profitable futures.
In this technology-driven markets, businesses continue to become more competitive. Management control systems and cost cutting skills are no longer enough to stay ahead of competition anymore. Future business leaders will need to have strategy innovation as a corporate competence to expand and create markets, driving revenue growth.
Strategy innovation will be driven by the company's desire to offer their customers greater value, keeping them one step ahead of current and future competition.
These leading companies of the future will focus on, and be influenced by, their customer's current and emerging needs.
Successful strategy innovation begins with a commitment to make your company more vital, more proactive, and more prosperous in the future than it is today.
(Innovation) (Creative) (Market-centric) (Discovery driven)
"Strategic positionings are often not obvious, and finding them requires creativity and insight."
– MICHAEL PORTER
Strategic planning is typically a highly analytical, quantitative process that focuses on corporate issues of today and today's business model, extending out into the short-term future.
An effective strategy innovation: Companies must create a new process that is creative, market-centric, discovery driven, and focused on the future.
(Why) (Pro's & Con's)
The Discovery Process
Objectives of the initiative
Focus and scope of the initiative
Exploring new insights related to customer value, market dynamics, and business model innovations
"Our quest for discovery fuels our creativity in all fields, not just science. If we reached the end of the line, the human spirit would shrivel and die. But I don't think we will ever stand still: we shall increase in complexity, if not in depth, and shall always be the center of an expanding horizon of possibilities."
Possible outcomes from this process include: New insights gained from exploring-customers, market dynamics and business model innovations
There is very little risk involved with much to be gained through a strategic innovation initiative. The company can gain the benefit from learning more about their customers, the emerging marketplace, and new business model options.