Innovation

Many organizations have ways of innovating their products, services, and processes. Other organizations even have specialized Research and Development groups. However, few organizations have a systematic approach to innovation that encourages and develops innovation across the organization in every area.

In a recent survey by Bain and Company, executives affirmed their concern that there is an increase in the commoditization of goods and services all over the world. More than 75% of executives believe that a growing percentage of the goods and services they offer “behave like commodities,” while 56% say they should “focus more on revenue growth and less on cost reduction.” The respondents cited innovation as the key solution—86% of respondents believe that “innovation is more important than cost reduction for long-term success.”

One of the keys to successful innovation is utilizing the right metrics and then tying those metrics to employee incentives. In another survey by Bain, executives said the most valuable innovation metrics are: time to market, new product sales, and return on investment in innovation.

SilverQuest can help you develop a customized strategy for innovation in your organization.

Benefits

Approach

Our approach to Innovation Strategy is as follows:

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