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.

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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.

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:"

Questions and answers

How have corporate giants like Intuit, Kimberly-Clark, and Whirlpool used innovation strategy according to Fast Company?

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The content does not provide specific details on how Intuit, Kimberly-Clark, and Whirlpool have used innovation strategy according to Fast Company. However, it's known that these companies are recognized for their innovative approaches. Intuit, for instance, is known for its customer-driven innovation where they observe customers, identify their needs, and develop solutions. Kimberly-Clark often focuses on product innovation and has a history of introducing new products to the market. Whirlpool, on the other hand, has an Innovation Group that focuses on creating and implementing new ideas. For detailed strategies, refer to Fast Company's articles.

How can companies like Snapchat, Calm, and Tesla implement innovation management in their operations?

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Companies like Snapchat, Calm, and Tesla can implement innovation management in their operations by fostering a culture of innovation, investing in research and development, and embracing risk-taking. They can also encourage their employees to think creatively and out of the box, and provide them with the necessary resources and support to turn their innovative ideas into reality. Furthermore, these companies can adopt agile methodologies and lean startup principles to quickly test, iterate, and scale their innovative ideas. Lastly, they can collaborate with external partners, such as startups, universities, and research institutions, to gain fresh insights and accelerate their innovation efforts.

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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."

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:

Questions and answers

What are the practical applications of the Innovation Management framework in the tech industry?

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The Innovation Management framework can be practically applied in the tech industry in several ways. Firstly, it can be used to create a vision for the company's future innovations, which can act as a catalyst for action. Secondly, it can help in choosing the areas of opportunity to explore for innovation, based on practicality and potential value. Thirdly, it can aid in discovering new technologies and understanding customer needs, which can lead to valuable innovations. Lastly, it can guide the evolution of the company's business model to address emerging customer and supplier needs, similar to how Amazon has done.

How can companies implement the Innovation Management framework in their operations?

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Companies can implement the Innovation Management framework in their operations by following a few key steps. First, they need to establish a clear vision that is compelling yet realistic enough to stimulate action. This vision should be far-reaching and aspirational. Second, they need to set boundaries for the opportunity spaces they want to explore. This involves making strategic choices about where to focus their innovation efforts. Third, they need to continuously learn and discover. This involves understanding customer needs and staying abreast of emerging technologies. Finally, they need to evolve and adapt their business models to meet the changing needs of their customers and suppliers. This could involve extending their operations into new areas or offering a wider range of services.

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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.

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.

Questions and answers

What challenges might the Calm app have faced while expanding into the global wellness industry and how did it overcome them?

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The Calm app might have faced several challenges while expanding into the global wellness industry. These could include competition from other wellness apps, convincing users to pay the annual fee, and ensuring the quality and effectiveness of their new offerings like self-improvement classes, stretching routines, and relaxing tunes. To overcome these challenges, Calm likely focused on differentiating itself from competitors, providing value for the annual fee, and ensuring high-quality offerings. It's also possible that they leveraged their existing user base and reputation to gain traction in the new market.

What role did the co-founder and co-CEO Michael Acton Smith play in the success of the Calm app?

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Michael Acton Smith, as the co-founder and co-CEO of the Calm app, played a pivotal role in its success. His vision and leadership guided the company's innovative approach to mental fitness. He led the expansion of the app into various aspects of the global wellness industry, including self-improvement classes, stretching routines, and relaxing tunes. His commitment to covering all aspects of mental fitness contributed significantly to the app's popularity and success.

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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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