This Week in Consulting
Wednesday, April 22nd 2020
Does your management really get innovation?
THIS WEEK’S MUST READ
“As we navigate the swift and profound impact of COVID-19 on our lives and businesses, and absorb a daily stream of tough news, we know that while it may get worse before it gets better, we’ll eventually come through it. A big part of coming through it will be adapting to the new economic realities left in the virus’ wake. “
A pre-corona pan around the globe saw the world economy struggling but if innovation is fundamental to your growth strategy it now will bump into recessionary realities.
This Week’s Must Read is an is an insight piece from Fahrenheit 212 about how a recession can change consumer response to the innovations in your pipeline.
Read on to Find out More: “Innovating for a Recession“ | Mark Payne, Fahrenheit 212.
THIS WEEK’S VIDEO:
Innovation is seeing the light at the end of the tunnel and not walking away even though we’ve fallen a few times.
THOUGHT LEADERSHIP
- This is the change we need for the future of innovation: “The Fourth Industrial Revolution is changing various social structures. In Japan, the results of these social changes are commonly referred to as Society 5.0. We have progressed from a hunting and gathering society (Society 1.0) to an agricultural society (Society 2.0), an industrial society (Society 3.0) and an information society (Society 4.0), and now a new, human-centered society is dawning. New systems are set to bring together the cyber world and the physical world in sophisticated ways, driving economic development while solving social issues.” In a world where artificial intelligence has an impact on our social activities, how to use big data while still protecting people’s privacy? | World Economic Forum
- Lessons from Tesla’s Approach to Innovation: “Few companies have attracted as much scorn and adoration as Tesla. When Tesla launches a product like the Cybertruck, the reception tends to be divisive: critics see it as further evidence that founder Elon Musk is out of touch and doomed to fail, while supporters buy in — within a month Tesla received 200,000 preorders for the new vehicle. Compare that to the Ford-150, the world’s best-selling car in 2018, which sold just over 1 million vehicles that year.” The authors have studied how innovators commercialize new technologies and, in particular, how Tesla is tackling innovation. | Nathan Furr and Jeff Dyer, HBR
- How Leaders Delude Themselves About Disruption: “Ever since the 1997 publication of The Innovator’s Dilemma, researchers, management experts, and businesspeople have discussed, dissected, and debated Clayton Christensen’s Theory of Disruptive Innovation. By now, the arc of disruption is wellMIT Sloan Management Review Logo established: We know how disrupters enter the market, and we know how incumbents typically bungle their responses to such seemingly insignificant competition.” This article explains illusions about disruptions and suggests ways to help leaders avoid self-sabotage. | Scott D. Anthony and Michael Putz, Innosight
- Inside the Green Box: A System Dynamics Model of Innovation at a Large Firm– “There are many ways to examine a complex system such as innovation within a firm. One is to use surveys and in-depth interviews. Another is direct observation. The gold standard would be an experiment: change one thing in a running system and see what happens–but in practice this is impossible. Another method is to build a functional model of the system and see what insights it can reveal.” The article offers an in-depth study of how innovation within a company really works and how it can be described with the system dynamics model.| Inovo.
TRENDS
On the same theme,here is a selection of conferences that you might find useful
Big Data & AI Toronto: With two full days of conference programming, skill-based workshops and product demos, Big Data Toronto is engineered to provide you a comprehensive overview of the latest use cases, the industry’s advancements, and new applications.
The Lead Summit 2020: 1,800+ attendees from the fashion & retail innovation community converge to learn from & connect with the brands, retailers, digital natives, & tech start-ups that are defining tomorrow’s industry.
CONSULTING INDUSTRY NEWS
- The Great Reset for Revenue Management in Travel: “The COVID-19 crisis quickly brought the travel and tourism industry to a virtual standstill, as steep drops in demand forced unprecedented capacity adjustments by airlines, cruise lines, hotels, railways, car rental companies, and tour operators.” | Alberto Guerrini, Tom McCaleb , Gabriele Ferri , John Elder and Carlo Pacifico, BCG
- Deloitte and EY join rivals in cutting pay during pandemic: “Global accounting and consulting firms Deloitte and EY said on Wednesday they were cutting pay for partners at their UK businesses by a fifth to protect jobs during the coronavirus crisis, mirroring moves at rivals PwC and BDO.” | Huw Jones, Thomson Reuters
- How COVID-19 is Impacting the Rental Market: “TurboTenant, an all-in-one, free property management tool, releases its latest industry report – “How COVID-19 is Impacting the Rental Market.” This report highlights key rental market indicators from March 2020 in cities throughout the U.S. who have and are currently following social distancing and stay-at-home orders.” |PRNewswire
- Transport for London selects Baringa for strategic work: “Baringa Partners has announced that it has been appointed as the Strategic Energy Advisor to Transport for London. The news will see Baringa help the transport organisation develop a new strategy for the phased procurement of renewable energy to be used in its systems.” | Consultancy.uk
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About Consulting Quest
Consulting Quest is a global, performance-driven consulting platform founded in 2014 by former members of top 10 consulting firms with the objective of reinventing consultancy performance. With a worldwide presence and a range of proprietary performance measurement tools, we help companies navigate the consulting maze. We work with Consulting Clients to increase their performance through consulting and Consulting Providers to help them acquire new clients and to improve their performance.
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Hélène Laffitte is the CEO of Consulting Quest, a Global Performance-Driven Consulting Platform and author of “Smart Consulting Sourcing”, a step by step guide to getting the best ROI from your consulting. With a blend of experience in Procurement and Consulting, Hélène is passionate about helping Companies create more value through Consulting.
