Innovation is more than just coming up with creative concepts – it requires value and approval in the wider society. Companies pour immense amounts of money into honing their capacity for innovation but are often let down by the results. This isn’t all too surprising, seeing as over 90% of all new products and innovations fail to capture the hearts and minds of people, even if they show great potential.
In this issue of This Week in Consulting, we explore what some of the barriers are to innovation and how to foster a culture conducive to driving successful innovation; how portfolio management can ensure that every project you undertake is the right thing at the right time; what factors discourage people from adopting a new product or trying an innovative new method despite its advantages.
On the other hand, perceived risk governs the adoption of Innovations. Yet nine out of ten organizations take any proactive steps to address these specific fears, assuming as if the promised value of their innovation will be enough to overcome the fear-based resistance that prevents adoption. We take a look at how perceived risks can be addressed to increase the chances of mainstream market acceptance for new products and innovations.
We explore what role regulatory agencies can play to catalyze innovation in areas such as climate sustainability and AI ethics. We also examine, why companies need breakthrough innovations to thrive in a time of unprecedented disruption. Furthermore, we take a look at the steps that organizations can take to leverage Enterprise Data and Automation to drive disruptive innovation.
Enjoy the read, and feel free to share your feedback. As always, we are all ears to hear your feedback.
Chairman Consulting Quest
This week’s must read
In this edition of This Week in Consulting, we delve into the current state of the innovation space and its profound impact on our rapidly evolving world amidst technological disruptions.
The article emphasizes the significance of strengthening innovation capabilities for improved organizational performance. It suggests understanding barriers to innovation, fostering a supportive culture, encouraging collaboration, embracing experimentation, and developing talent as key strategies to drive successful innovation.
This week’s media
Amidst evolving customer expectations and rapidly advancing technologies, companies worldwide are revamping their systems and reevaluating their operational approaches. To remain competitive, organizations must adopt new tools and technologies. The key lies in cultivating a disruptive innovation mindset that empowers them to transform the market and outshine their rivals. However, putting this into practice is no simple feat. So, how can you effectively harness the potential of data and automation to disrupt and innovate? This video reveals actionable steps for leveraging enterprise data and automation to drive disruptive innovation.
This article showcases that adopting breakthrough innovations is challenging due to perceived risks. Innovators can reduce risk by aligning innovations with existing methods, demonstrating expertise, building industry cooperation, and creating a sense of safety in numbers. Addressing perceived risks increases the chances of mainstream market acceptance for new products and innovations.
Deloitte’s article points out that regulatory agencies play a critical role in fostering innovation by adapting to technological changes and encouraging growth. Tools like sandboxes and accelerators ensure consumer safety while supporting new technologies. Streamlining regulations, setting standards, and providing incentives further drive innovation. Soft laws and experimentation help regulators navigate evolving markets effectively.
Organizations often face resource constraints and lack of focus on innovation. Implementing portfolio management enables prioritization and selection of high-value projects aligned with company strategy. Successful companies like Honda, FujiFilm, and 3M exemplify the benefits of balancing projects and diversifying categories.
This report by Accenture emphasizes that companies must adopt strategies for breakthrough innovation amidst rapid technological change. Cloud, AI, and the metaverse form a strong digital core, enabling continuous reinvention and competitive advantage. These emerging mega trends bend the innovation curve, creating new business opportunities through category-defining products, faster time to value, and reduced development costs.
This week’s consulting news selection
Alvarez & Marsal has appointed Robin Roy as Managing Director in Saudi Arabia, focusing on governance, risk, and compliance expertise. Roy brings 35 years of experience to A&M’s Disputes & Investigations practice.|
VISIONAMOS TECNOLOGA S.A. has granted a fintech contract to Colombian firm YULCOM Technologies to deliver financial technology services, including updating the VIRTUALCOOP financial core platform.|
Sheldon Ng has joined CRA’s Life Sciences Practice as a vice president, bringing nearly 20 years of experience in strategic planning for life sciences clients. He will be based in San Francisco.|
Kantar Public has acquired PPMI, a policy research and consultancy company. The merger strengthens its offerings in public policy advisory, evaluation, data analytics, and communications work for global clients.|
Laurent is the Chairman and Co-founder of Consulting Quest. Focused on greater value creation, and being thoroughly familiar with Consulting, Laurent has sourced and sold millions of dollars worth of Consulting over the course of his career. Prior to joining Consulting Quest, Laurent was Executive Vice President Oil and Gas at Solvay and Senior Partner Transformation at Oliver Wyman.