Strategy and innovation are intrinsically linked, however many companies often treat these as separate functions within their organization which can lead to a misalignment. Innovation has been defined in many ways and by different types of innovation. Innovation is commonly defined as something new or different in terms of a product, process or service which provides new, sustainable value to the business and its key stakeholders.
A quick look into our process
Understanding whether a company has the correct culture and environment for innovation to occur is a very important factor to understand when embarking on the innovation journey. There are a wide variety of tools and approaches for assessing and developing strategy and innovation within a company and these can be tailored to the type of business and case.
Strategic review & Innovation status
A review of the existing or planned strategy is a good starting point to gain an understanding of the current business and innovation status. Often companies are so focused on their daily business that they can lose focus on the changing market or trends occurring around them. Understanding global mega trends which effect the business environment is an important aspect of strategy and innovation needs evaluation.
Scenario planning, Ideation and Innovation strategy development
Playing out different scenarios of a future business environment is an effective way of preparing a business for a variety of possible changes or shocks. Scenario planning helps to stress test a company’s strategy and also acts as an effective tool to ideate potential new innovations both incremental or disruptive which could help to transform a business and ensure a sustainable future.
Strategy and Innovation formulation
Once a most suitable business scenario has been chosen the process of formulating the key strategic objectives, actions and indicators are created. Additionally the innovation strategy, methods, road map and key measures are developed to support the overall strategic objectives of the business. A variety of well tested tools are available to facilitate the process.
Lignutech’s approach to the service
Lignutech can help its clients with a variety of different approaches to strategy and innovation reviews and development. Some clients may have a clear view of the strategic path they want to follow while others maybe more open and ready to move into new areas further away from their existing strategy and business. The service and approach can be tailored to the specific needs of the client. It is very important to have structured approach with regular review meetings and engagement with the key stakeholders in the company. Engagement with other external experts who can provide new and additional insights is encouraged during the projects. Utilization of approved methods and tools such as brainstorming, scenario planning, strategy canvas, market forces and SWOT analysis are regularly used to assist in the process to ensure effective results. Communication via online meeting platforms and document sharing tools are used during the projects.
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