Innovation Management

Synopsis

Stay ahead of the curve and introduce new strategies, structures, culture and capabilities to your team with our Innovation Management presentation. This deck includes techniques and frameworks that can help you nurture game-changing concepts into realistic practices.

Slide highlights

To be innovative, you need to know what is that next big thing that your customer wants. Use this slide to share your insights into the customer's mind. Use Customer Journey Maps and Sales Funnel to gather data and make predictions.

With this slide, cover the results for Doblin's Ten Types of Innovation Model: Profit Model, Network, Structure, Process, Product Performance, Product System, Service, Channel, Brand, and, finally, Customer Engagement.

"You can't improve what you don't measure," so communicate innovation strategy Key Performance Indicators with your team, using this slide. Explain how you will measure and define success to achieve all your innovation goals.

1 questions and answers

What is the GIMI innovation process?

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The GIMI (Global Innovation Management Institute) innovation process is a structured approach to generating, developing, and implementing new ideas or solutions. It typically involves five stages:

1. Idea Generation: This is the initial stage where new ideas are generated. This can be done through brainstorming sessions, market research, customer feedback, etc.

2. Idea Screening: In this stage, the generated ideas are evaluated to determine their feasibility and potential for success.

3. Concept Development: The selected ideas are then developed into a concept. This includes defining the idea, its benefits, and how it will meet the customer's needs.

4. Business Analysis: This involves assessing the potential impact of the idea on the business. This includes financial analysis, market analysis, and risk assessment.

5. Implementation: The final stage involves turning the concept into a reality. This includes developing a prototype, testing it, and finally launching it in the market.

Remember, innovation is not just about creating new products or services, but also about improving existing ones and finding new ways to deliver value to customers.

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Overview

What do Snapchat, Calm and Tesla have in common? They were all named the most innovative companies in the world in 2020. Which proves that innovation doesn't always mean small and agile. Other examples of innovation strategy in action by corporate giants include Intuit, Kimberly-Clark and Whirlpool. Here is how these companies are using innovation strategy, according to "Fast Company:"

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• Intuit hosts multi-day "lean start-ins" that bring "intrapreneurs" together from different departments of the company to educate them about applying rapid experimentation to developing new products,services and business models.
• Kimberly-Clark has one-day "expert acceleration sessions," in which outside "thought leaders" share their wisdom with business teams to bust mental models and build new strategies.
• Whirlpool uses a network of innovation mentors, loaded with innovation tools and guidance to support business teams focused on challenging market "orthodoxies."

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Application

"There's no proven formula for success, particularly when it comes to innovation. While our years of client-service experience provide strong indicators for the existence of a causal relationship between the attributes that survey respondents reported and the innovations of the companies we studied, the statistics described here can only prove correlation," say experts from McKinsey & Company. Based on their extensive knowledge, however, the consultant specialists make the following recommendations for innovation strategy:

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1. Aspire – a far-reaching vision, the experts say, can be a compelling catalyst, given it's realistic enough to stimulate action today.
2. Choose – because no one really can tell exactly where valuable innovations will emerge, and searching all over is not exactly practical, executives should consider creating some boundary conditions for the opportunity spaces they want to explore.
3. Discover – "If you get the sweet spot of what the customer is struggling with, and at the same time get a deeper knowledge of the new technologies coming along and find a mechanism for how these two things can come together, then you are going to get good returns," Alcoa Chairman and Chief Executive, Klaus Kleinfeld, told McKinsey & Co.
4. Evolve – the experts use Amazon as an example of a company that extends itself into new business models by addressing the emerging needs of its customers and suppliers. "[Amazon] has included many of its suppliers in its customer base by offering them an increasingly wide range of services, from hosted computing to warehouse management," they say.
5. Accelerate – companies often get in the way of their own attempts to innovate. Cross-functional collaboration can help ensure end-user involvement throughout the development process, McKinsey specialists say.

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Case Study

Calm

The Calm app was downloaded 60 million times in 2019, per "Fast Company." The Calm app's success is greatly attributed to its innovation strategy. For example, when the company noticed in 2016 that many customers were listening to Calm to fall asleep, it launched "Sleep Stories." "Sleep Stories" is a library of bedtime stories for adults and actors Matthew McConaughey and Stephen Fry and singer Leona Lewis had the pleasure to narrate the tales from Calm.

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This innovation led to enormous success of the app – in 2019, it had over 180 million listens from its 2 million subscribers. And the $70 annual fee did not scare the users away. As a result, Calm expanded into the $4.2 trillion global wellness industry, by adding self-improvement classes, stretching routines and relaxing tunes. "We want to cover all aspects of mental fitness," the Calm app co-founder and co-CEO Michael Acton Smith told "Fast Company."

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