The challenge many businesses are now facing is how to innovate quickly enough to respond to the rapidly changing landscape, with innovation budgets and capacity being sorely tested. What can be done to break the logjam of bringing great ideas through to fruition?
In a classic model, there are three key sources of technology innovation, business demand, technology research and grassroots ideas from within the organisation. These ideas will be filtered to create innovation horizons to be explored and tested.
At this point, innovation management will kick in to take these unfiltered ideas on board for assessment and prioritisation. The initial effort will be to understand the potential demand and based in that to prioritise the progress of any given idea. Innovation management will manage the innovation backlog.
Once an idea is prioritised, the next key step is to bring it to reality through proof of technology or proof of concept. If the proof of concept is successful, the next stage will be to prepare the way to operationalise or industrialise the concept, to bring it to reality.
Delving deeper into the Innovation Horizons identifies three key classes of innovation, each of with will create a different approach to innovation management.
- Improving the Core – innovations that address the operation, implementation and application of the existing core technology and processes.
- Adjacent to the Core – innovations that address technologies and processes that are not part of the core.
- Disruptive – innovations that are novel or entirely shake up the existing ways of working and the supporting technologies. By the very nature of the disruption, it could be in any part of the business or how it works.
The challenge many businesses are facing is that the initial steps of innovation are not resource intensive, however the proof of concept stage is likely to require additional resources, often with novel skills that may not be readily available in-house.
It is this crucial stage that can turn a simple idea into an outcome that can transform your business.
To support organisations at this stage Enterprise Blueprints are launching a range of ‘virtual’ services to support you. Specifically, to support you to take your concept through to viable solution we have established Innovation Lab as a Service.
ILaaS is specifically designed to bring together technology specialists from IT strategy through to complex engineering to enable the realisation of your concept.
Key Benefits of Innovation Lab as a Service: –
- Ownership of Innovation Management remains with you
- Independent unbiased validation of technology and hypothesis based on your requirement with no pressure of technology license sale and/or implementation revenue
- Applied pragmatic peer industry knowledge from delivered use cases for your proof of technology or proof of concept request
- Costs will directly relate to the number of service requests
- Increased flexibility to respond to spiky demand
- Increased speed to market through the use of best in class productivity tools and technologies, and not constrained by the more standard industrialised delivery process and governance
Of course, innovation can come in many forms and the ILaaS service catalogue reflects this.
For innovation associated with your existing technology stack, there will be an emphasis on integration and business case validation. Innovation that complements your existing stack the focus will shift more toward adoption. With truly disruptive innovation, breaking new ground for you, there will be a greater focus on market scanning and proposition development.
Innovation Management Service Catalogue
There are a range of services available, dependent on the Horizon being addressed.
Improve the Core
- Proof of Technology
- Proof of Technology Integration
- Business Case Validation
- Adoption Strategy and Transition
Adjacent to the Core
- Proof of Concept -Hypothesis Proving
- Solution Shaping for Adoption
- Business Case Validation
- Adoption Star
- Market Scanning
- Proposition Development
- Proposition Business Case
- Adoption Strategy
Innovation Management Service Offerings
In addition to Innovation Management we have a range of additional services listed here, and the key challenges that they address: –
Innovation Capability Incubation Service
- No innovation capability
- Lack of business growth
- Unsustainable business value proposition for future
- No new product, service or customer propositions
Improving Innovation Effectiveness Service
- Lack of value-added innovation(s)
- High Innovation spend for demonstrable value
- No clear ownership for enterprise innovation
Co-innovation Ideation Discovery Service
- Lack of innovative ideas
- Poor backlog of innovation business product/service or customer proposition
- Unexplored channels for innovation ideation
- No outside-in view for innovative ideas
- High cost for innovation management capability
- Inflexibility to manage spiky demand
- Lack of rapid experimentation
Your Next Steps
If you want to liberate and enhance your innovation pipeline, at a potentially lower cost with increased confidence in the outcome this could be a great fit for you. If you would like to explore Innovation Lab as a Service and how it might benefit you, or you simply would like to share your thoughts on this, then please contact [email protected].
Enterprise Blueprints is an established consultancy, able to demonstrate benefits with flexibility and speed.
We know you need to see value within weeks not months. We are based in the UK and will assign an experienced team to work with you every step of the journey, from start to successful conclusion of any engagement. Our architects have extensive experience in the financial services industry and have the expertise to deliver to challenging timelines. We are biased towards action rather than extended discussion and our approach has consistently helped our clients deliver complex projects successfully.
Our focus on excellence is for your benefit.
Our advice is consistently being sought out thanks to our demonstrable technical and domain expertise. We are always learning on your behalf, we make it our business to have clarity in our communication of the latest technological developments, so that you can quickly establish the need and value for your organisation. Our independence means that we are able to assess clearly from your perspective the best solutions for your business objectives.