- ✔How to create an innovation roadmap aligned with my company strategy?
- ✔How to co-create strategy with my employees?
- ✔How to accelerate innovation?
- ✔How to structure innovation?
- ✔How to create a balanced innovation/opportunity portfolio?
The reason why companies fail to build a capacity to innovate and sustain its performance is mostly the lack of an innovation roadmap, rather than the failure to execute it. This problem is rooted in the absence of a well-articulated innovation strategy that is aligned with the business strategy. The innovation strategy drives the innovation roadmap which defines how specific innovation programs will be operationalized to achieve the strategic innovation objectives.
There is no one innovation program that fits all purposes. An explicit innovation strategy will help you to design the right innovation programs for the job and create an innovation roadmap to operationalize them. Moreover, an innovation strategy will promote alignment around objectives and priorities, and help allocate resources to govern the innovation system.
What’s the challenge?
- Integrating and aligning conflicting innovation priorities between different parts of the organization (Sales, Marketing, Finance, Manufacturing and R&D).
- Creating a balanced portfolio of incremental innovation programs (to address short-term market needs), adjacent innovation programs (to leverage the brand through product enhancements or unlocking new customer segments) and radical innovation programs (to disrupt existing markets with new technology and business models).
Why you need EY CogniStreamer
- EY CogniStreamer’s scanning and benchmarking tools will help you to explore company specific forces such as the rate of technological disruption, competitive pressure, customer satisfaction and other industry specific factors that have an impact on your strategic choices.
- EY CogniStreamer’s strategy consultants will help your company to create an innovation strategy, addressing key questions around innovation focus (incremental, adjacent, radical/disruptive and architectural innovation), value creation focus (operational excellence, product performance, customer centricity), value capture tactics (agility, lock-in, patents, secrecy, …)
- Define strategic KPI’s and objectives, develop an innovation roadmap allocating resources to different innovation programs, and implement innovation dashboard and reporting systems to monitor innovation output.