3 to 4 business days
Average time required to implement the innovation pathway.
8 opportunities
Number of identified process improvement opportunities.
4 weeks
Time savings as a result of process efficiencies.
It is commonly known that innovation is the key to success in an increasingly competitive market and during a difficult economic time. Many companies are ready to innovate.
They have even done extensive research into client needs; some may even have a dedicated innovation team in place which evaluates and manages the ideas that the company wants to implement. Unfortunately, they don’t have the processes in place to effectively bring these to life and they come up against a number of challenges.
The Organization Team wanted to map what steps needed to be taken in their organization in order to effectively test the viability of particular ideas. They often worked with startups in order to verify concepts, and they wanted to maintain a fast pace of innovation. However, they found that they frequently got quite far down the line with a given startup partner, only to later find that the relationship wasn’t right for them for a number of reasons. This led to time and resources being needlessly wasted.
The second challenge was implementation. The internal innovation team would often come up with an idea that needed to be tested, and this was passed on to other teams across the business for their input, but it wasn’t taken further. The same challenges are present in a number of organizations, across different sectors. Here’s where Huge Thing is able to offer support.
The Huge Thing team has worked with businesses facing such challenges to map current innovation pathways and create a modification which would speed things up.
The process usually begins with mapping out a general process steps alongside the internal innovation team or project owner. Later this map is further honed with input from other stakeholders and teams across the business.
As a result, a matrix is formed which shows the steps that need to be taken for a given hypothesis to be tested, who the process owners are and what needs to happen next. We also define the documents and the criteria that should be verified at different stages of the process, and outline the ‘deal breaker’ questions that need to be answered before a new startup is onboarded to support with implementation.
There are some common traps that businesses can fall into, such as not checking who the shareholders of a given startup are (e.g. whether they are their direct competitors), or whether a startup has the right financing in place. An important part of the process is identifying process blockers and creating improvement proposals.
The next important stage was implementation. We mapped out the steps that needed to be taken to bring the highest priority innovation plans to life.
We also defined some strict KPIs, which would enable the company to track how it was performing against its targets.
This map not only helps to accelerate activities but is also a good tool for teaching the organization how to work with innovations and can support with onboarding new employees to the process.
We’ve had highly positive feedback from many internal teams at the companies in which we’ve implemented innovation pathways. We were particularly praised for the fact that we drastically improved the ‘time to value’ when it came to innovation, and that we helped to remove the common blockers that stood in the way of the effective testing and implementation of new ideas.
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