Your organization’s structure offers the potential be nimble in meeting changing market needs. But does your latest strategic plan and business model address recent changes in your external environment? In other words, is your business strategy aligned with the current market? Or, are you exhausting resources on innovations for a bygone market opportunity?
Reboot your innovation strategy with a broader perspective.
Construct a map of your external environment with objective, facilitated input from inside and outside your company. Elements might include technology, regulations, consumer preferences, supply chain, competition, etc.
Examine the map for market opportunities, risks, and uncertainties. Look at today AND various scenarios for the future.
Discuss how you will address and manage these opportunities and risks based on your organization’s strengths.
Update your business and innovation strategy to reflect this new perspective.
Align your tactical innovation efforts with your market-driven strategy.
Of course, number 6 is severely understated - execution drives results. But first, start with a broader perspective to ensure you are executing towards real, worthwhile goals.