IT'S TIME FOR
PRACTICAL
INNOVATION
Practical innovation is not done for the sake of creating something new or “cool,” but to attack the issues—whether your own or your customer’s—with new ideas or solutions that provide meaningful value.
Four important lessons that will help you run a practical innovation function
1.
In our experience building a corporate innovation function over the last five years, we have learned four important lessons on how to achieve practical, methodical innovation that leads to better ROI—and allows you to move quickly. Here are four steps to setting up a practical innovation center at your company and turning innovations into reality.
Communicate more frequently and widely than you ever anticipated: Frequently and consistently communicating innovation processes and, most importantly, how to get ideas into the funnel, is key.
2.
Create a SWAT team of experts to drive each innovation forward: Early collaboration with cross-function experts will help to avoid potential idea killers down the road, after time, capital, and mental energy have already been heavily spent.
3.
Ruthlessly evaluate progress against intent and objectives: Knowing the intent going in helps to better define how much we are willing to invest, what our threshold for failure is, and how to structure intermediary milestones to evaluate progress.
4.
1.
2.
3.
4.
v
click to continue
learn more in our
PRACTICAL INNOVATION
INNOVATION LIFECYCLE
West Monroe’s innovation center manages new ideas through a six-step progression. Use this model to inspire you as you establish or refine your own innovation management process.
Maintain
Ongoing information will be captured to measure ROI as well as need for additional investment. Based on performance in the market and complexity of the offering or asset, the ongoing management plan is also put into effect. The Innovation Center reviews metrics quarterly to determine any action steps needed.
Launch
The innovation is formally released in the market, supported with PR, thought leadership, sales enablement training, and delivery training. The project team confirms plans to transition ongoing management as needed.
Commit
Once funded, resources (both internal and external) are allocated to execute upon the concept. The project team develops thought leadership, identifies success criteria, and starts to consider the support model for ongoing maintenance and enhancements.
Establish
At this stage, teams complete a full business case, workplan, financial analysis and any supporting material such as prototypes, demos, or sample client work. Funding is allocated to execute upon the concept.
Conceptualize
The project team clarifies pain points and potential opportunities of the proposed innovation, and presents the idea to a team of internal experts who can approve “Series A” funding. This committee helps shape the idea and offers early feedback.
Ideate
Ideas are submitted to the company’s Innovation Center for review—will it make your company more competitive or otherwise differentiate it? Approved ideas move forward for continued development.
more innovation insights from west monroe
Watch our
Rapid Analytics Platform Video
Learn how innovation is improving health outcomes
Read about West Monroe's "Shark Tank" on TLNT.com
Hear from our CEO on innovation
Learn about RPA for financial services
Read our practical approach to digital transformation
let's talk practical innovation. contact us.
Focus on a deep understanding of the problem you are solving, less on the solution itself: Be sure you are solving a pervasive issue and not one that is so unique to a small subset of customers or clients that it can’t become profitable.
v
Watch our
Rapid Analytics Platform Video
Learn how innovation is improving health outcomes
Read about West Monroe's "Shark Tank" on TLNT.com
Hear from our CEO on innovation
Learn about RPA for financial services
Read our practical approach to digital transformation
two-part blog series.
