Today, companies must reimagine the very core of their business, which requires a more disruptive approach. What’s more, the high cost of technology and data-based acquisitions means that companies must do it organically or by collaborating across their ecosystems.
Getting that done requires a broad range of capabilities: strategists, customer researchers, product and development specialists, technologists, customer/user experience developers, data scientists and engineers, compliance, finance, legal, marketing, sales, customer service – the list goes on.
Convening and mobilizing these different disciplines and talent is a key challenge. EY teams have used wavespace for just this purpose, combining design thinking, leadership alignment and proven methodologies to keep teams on track and take great creative leaps forward. We are working with industries as diverse as telecommunications, healthcare and consumer products to co-create new products and services, establish strong governance, and maintain the team’s energy and momentum.
Three common barriers to scaling innovation
In my experience, three of the most common stumbling blocks to scaling disruptive innovation are:
- Originating: If innovation projects are defined too narrowly or fail to meet the company’s remit, people will struggle to see the connection and why they should make the effort. For innovation to work, you need energized people ready to tackle the status quo. Projects that fall outside the organization’s purpose dilute the focus. Ensure innovation projects are aligned to the company’s purpose and vision.