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BCG Most Innovative Companies - Coggle Diagram
BCG Most Innovative Companies
Digital Innovation
Digital innovation requires changes in strategy, operations and organization
Types of Digital Innovation
Big Data Analytics
Benefits
Identifying new areas for exploration
Providing input for idea generation
Revealing market trends
Informing innovation investment decisions
Setting portfolio priorities
Speed of Adopting New Tech.
Mobile Products and Capabilities
Digital Design
Successful Digital Transformation Require
Investing in Speed
Shorten cycles
Moving faster
Cut the time to market
Scale
Value
Allocated resources
Digital Change Obstacles
Strategy
How do we apply technologies that will extend the business spectrum
The need to shorten R&D cycles which impacts strategy
Operations and Processes
How to exploit new technologies, new tools, platforms and processes
Organization
Most pursued Types of innovations
New Products
Technology Platform
Big Data Analytics
Speed of Adopting New Tech.
Mobile and Products Capabilities
Digital Design
Operations Process
Customer Channel
Extension of Existing Products
New Services
Extension of Existing Services
Business Model
Marketing
Supporting Capabilities
Innovation Readiness Gap
Highlights of the report
(BCG, 2021)
25% of the executives reported that innovation is their firms number one priority (BCG's most innovative companies survey 2021)
The readiness gap could be reduced by
Changes in strategy
Operating model design
Organizational capabilities
Investment in Innovation significantly increased in 2020 compared to previous years
Commitment and investment alone are not enough for success in innovation, ROI of innovations is required
Innovation 2 impact (i2i) framework helps companies assess the readiness of their innovation programs to operate at a high consistent level
Committed innovators are those heavily invested and prioritizing innovation in their corporate
strategy
)
Companies in the top 50 tend to have more significant gender and ethnic diversity in their leadership
(Use for Team structure)
Innovation readiness important factors
(Capabilities)
Clear Ambition
corporate strategy aligned goals
Established value creation targets
Measured resources
Why do we innovate and what is our goal?
Innovation Domain
Deciding where to be active is essential
Focus on limited yet promising initiatives
Where do we play?
Performance Management
Linking ambition to measurable KPIs
What outcome to reward and celebrate?
Project Management
Do we have agile teams working with end-to-end responsibility?
Effective innovation require cross-functional small team with a clear view of the firm strategic advantage
Talent and Culture
Is innovation a magnet for our best talent
An open and challenging mindset and corporate culture
Innovation is becoming a priority for companies, especially after the
pandemic
(BCG, 2021)
COVID-19 was an opportunity to clarify companies innovation ambition
Elements CEOs and are trying to include in their business DNA
Driving Business Model Innovation
How good is the value creation logic?
Is the business model still good for the 2020s?
Business model innovations are changes in the company's operating model and the value proposition
Elevating Customer Insight
Do we truly understand our customers?
Data to insight to action
Demand-centric growth (DCG) a market segmentation approach
Getting Innovation
Flywheel
Spinning
Do we embrace the capabilities to innovate quickly and repeatedly?
New data about customers (Knowledge)
New insights
Test new concepts
Where and how new value can be created (Innovate)
To get innovation rolling, firms must first overcome obstacles such as
Sluggish decision-making
challenging existing paradigms
Digitally transforming the Core
How digitizing si going to help us?
Change occurs iteratively
Creating impact from corporate venturing
Define a clear mandate
Determine a budget
Establishment of a link to the strategic competitive advantage
Firms that successfully link between Sales teams and R&D excel in three types of innovations
Disruptive product innovation
Digital service innovation
Business model inoovation
How to link them successfully
Build a one-team mentality (Cross-functional teams)
Thinking simultaneously about product and customer
Ship it, use it, rotate it!
Align incentives with matching metrics
Establish clear lines of communication, mandates and accountability
Shift the status Quo and celebrate success