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1、Accelerate corporate innovation ROIPhoto by Rachael Rinchiuso Kearney,ChicagoSolution design Is exploring evolutions of business models that can better meet the organizations customer promise than conventional approaches undertaken to complement and amplify new products or solutions that might not t

2、hrive under the current business model?Is the solution set that is curated a balance of time horizon for impact,risk,and revenue upside?Execution Has the organization pivoted to approach innovation with the mindset of whats possible with the available set of resources in a short timebox(sprint minds

3、et)?Does the organization apply“meta-iterative”innovation orchestration processes to delivery teams?Enablement Is the organization clear on the accountabilities and responsibilities for innovation,in both the corporate center and lines of businesses?Does it invest in building internal capability thr

4、oughout the company with a“learn and do”approach?Against a backdrop of continued global economic and security pressures,theres never been a more pressing time to make sure every dollar spent is spent prudently.This framework can spur thoughtful changes that loosen the gears and significantly improve

5、 the value generated from corporate innovation investmentsat a time when it matters most.Kearneys innovation optimization playbookOver the past 10 years,innovation has become a buzzword.The use of the word has doubled during the earnings calls of S&P 500 firms and,according to the World Economic For

6、um,the top global corporate R&D spenders increased their investments in innovation by 10 percent in 2020.Yet,despite this frenetic activity,only 20 percent of CEOs believe their innovation investments generate value,according to research conducted by the London School of Economics.So why does corpor

7、ate innovation fall short of its promise?Our view is that most organizations are engaging in innovation theater.The actors(business leaders),the scripts(for example,agile processes),the financing(capital budgets)are in place.However,the real-world benefits,such as competitive advantage and top-and b

8、ottom-line growth,are still unpredictable and elusive.To boost corporate innovation outcomes,we have synthesized our learnings into the Kearney Innovation Optimization Wheel.This provides a framework for assessing problem areas and suggestions for improving existing innovation approaches.In this rep

9、ort,well explore five innovation levers that help identify gaps and opportunities including growth spaces,commitment to scale,solution design,execution,and enablement.Growth spaces Does the organization take a systematic,fact-based approach to identifying value leakage and potential opportunity area

10、s through customer research?Is alignment across the executive team on the ambition for the innovation linked to purpose early and annually?Commitment to scale Is a long-term innovation investment pool with funding tied to concepts that can solve business problems over the short to medium term in pla

11、ce or does every idea need to compete with traditional investment proposals?Regardless of who has development responsibility for an idea,is the innovation concept built with ultimate business ownership front of mind?1Accelerate corporate innovation ROIBeyond innovation theaterInnovation can mean man

12、y things to many people.Corporations may be innovating an idea,a method,a design,or a product.At Kearney Ignite,we believe innovation applies to all these things,but its also something more.Innovation should ideally:Make the world a better place for customers,community,and society Lead to competitiv

13、e advantage and sizable revenue growth in the short to medium term Be customer inspiredInnovation can also be viewed via a lens of its proximity to an organizations core business.We see three types of innovation in this context:1.Corporate extensions,which improve the status quo2.Corporate venturing

14、,which builds capabilities that may provide value in the long term3.Corporate innovation,which builds solutions that link to purpose and strategyCompanies are typically adept at corporate extensionsthese are undertaken largely within the core business and prioritized as part of the strategic plannin

15、g process.And when it comes to corporate venturing,organizations typically establish a clear operating model for their investments.For example,most either set up a discrete team and/or partner with venture capital firms.In these cases,the funding and personnel operate independently from the core bus

16、iness.The third type of innovationcorporate innovationis the most difficult.In these endeavors,the solutions need to be new and creative and draw on the assets and capabilities of the organization.The solutions should enable the company to meet its purpose and better serve its customers.Unlike corpo

17、rate venturing,investments in corporate innovation must provide returns within two or three years.Otherwise,theres no financial justification for redirecting the funds away from the core business.In our work with companies around the world,its clear that spurring corporate innovation is hard.This ri

18、ngs true for organizations across all industries and regions.Here are some common challenges that company innovation efforts face:1.Viewing innovation as an end in itself.Innovation for the sake of innovation rarely works.Instead,organizations need to see innovation as a way to turbocharge the compa

19、nys unique purpose and customer promise by building on existing strengths and assets.2.Focusing on ideas that are too disruptive,or not disruptive enough.Rather than taking a balanced portfolio approach,innovation is either focused on disruption too far from the core to have meaningful impact,or onl

20、y on accelerating change to the existing business model.3.Running innovation like a business transformation program.Companies often set up an innovation program with loosely defined goals,outcomes,stage-gating of funding,and business transition pathways,resulting in concepts being funded for too lon

21、g(funding waste)or too short a time(idea waste).4.Taking too long to launch:lead times for the concept launch are often a year or more and contain negligible customer feedback loops.This is often because innovation is considered the outcome of a program rather than an iterative series of go-to-marke

22、t sprints.5.Insufficient in-house innovation skills:employees responsible for innovation tend to sit in the organizational center without P&L responsibility,but are accountable for growth,and may have neither the right skills nor incentives.Innovation ideation and execution skills are often brought

23、in from outside,rather than being fostered from within,and therefore sit with individuals,as opposed to being an industrialized organizational capability set.We find that organizations whose corporate innovation activities include two or three of the above approaches are less likely to get near-term

24、 value from their corporate innovation investments.Instead,the company is likely to be engaging in what we call innovation theaterthe actors(business leaders),the scripts(for example,agile processes),the financing(capital budgets)are all in place,yet the real-world benefits(competitive advantage and

25、 top-line growth)are missed.2Accelerate corporate innovation ROIThe Kearney Innovation Optimization WheelWe developed the Kearney Innovation Optimization Wheel to help companies move past innovation theater.We want organizations to build their real innovation muscle and reap the financial rewards of

26、 creating a long-term competitive advantage.The Kearney Innovation Optimization Wheel outlines five levers that companies can draw on to boost value from innovation investments(see figure):1.Growth spacesIdentifying where to focus innovation investment and why that focus makes sense is crucial.In th

27、e framework,these growth spaces include two key components:Value diagnosticsFrom our work,we observe that organizations struggle to find ideas that promote sustained business value in the short to medium term.To recognize potential pockets of new value,organizations would benefit from a more diagnos

28、tic approach to obtaining customer insights via a combination of quantitative and qualitative research.By using quantitative methods such as marketing funnel analysis,customer choice modelling,and GaborGranger pricing models,organizations can identify areas of value leakage.Whats more,they can also

29、evaluate the revenue upside from solving these leakages in terms of new and retained customers,and customer willingness to pay a premium.Companies can use qualitative research techniques to both understand customer preferences and pain points(for example,via ethnography observations and discovery in

30、terviews)and co-create solutions through a customer-lab approach.Source:Kearney IgniteTake a diagnostic approach to identify value leakage and potential opportunity areas through customer researchIdentify evolutions of business models that can meet your customer promise better than conventional appr

31、oachesEnsure executive alignment on the ambition of the innovation,linked to purposeBuild the innovation concept with business ownership front of mindSet a long-term innovation investment pool with funding tied to concepts that can solve business problems over the short to medium termBuild internal

32、capability throughout the organization with a“learn and do”approachBuild a solution set that balances time horizon for impact,riskiness,and revenue upsideBe clear on the accountabilities and responsibilities for innovation across the businessApproach innovation with the mindset of whats possible wit

33、h available resources in a short timebox(sprint)Apply“meta-iterative”innovation orchestration processes to delivery teamsFigureIgnites Innovation Wheel enables a diagnostic and provides improvement suggestionsKearneyInnovationOptimizationWheelEnablement Growth spacesExecutionSolution designScale com

34、mitmentValue diagnosticAmbitionalignmentInvestmentcontrolsBusiness ownershipBusinessmodelsGoldilocks portfolioRole claritySkillsResource boxingOrchestration3Accelerate corporate innovation ROIAmbition alignmentWe have formulated a view,based on our quantitative research,that innovation focused on en

35、vironmental,social,and governance(ESG)purpose can promote significant revenue growth.Our research,conducted across five industries in the US,UK,and Australia,shows that consumers are prepared to pay between 30 and 80 percent more for leading ESG performance.Theyre also between 15 and 35 percent more

36、 willing to purchase leading ESG products and services.More recent research that weve conducted in partnership with specific companies shows that a material level of pricing premiums holds even in an inflationary environment.Once executive teams have identified a set of value-generating ESG opportun

37、ities,they need to prioritize which to pursue.To do this,companies should consider how their purpose can be advanced through the potential ESG pursuit:a companys unique contribution to the economy and society is the best basis for bringing about competitive advantage.Toyota provides a prime example

38、of how to connect ESG purpose and value.The company has a legacy of innovation:its principle of continuous improvement and lean manufacturing redefined business practices around the world.Today,Toyotas vision is to lead future mobility,enriching lives everywhere with the safest and most responsible

39、ways of moving people.This vision guides Toyotas innovation focus.Recent concepts include e-Palette,an electric,automated driving vehicle developed for mobility as a service,and T-HR3,a responsive robot that expands peoples mobility in their own homes with a human-like touch.2.Commitment to scaleRev

40、amping corporate innovation also requires a renewed commitment to scaling innovation efforts.That includes implementing:Investment controlsRather than funding innovation through an innovation program,we recommend that organizations establish an innovation investment pool.The pool then provides fundi

41、ng for concepts that solve business problems and goals over the short to medium term.It is not a mechanism to build a portfolio of private-equity style,revenue-generating ventures that have limited relevance to the core business or the organizations main customer groups.Its also not a pot of money f

42、or investments designed to produce top-line growth over the long term.For a continuous innovation delivery pipeline,organizations should ensure that the pool is sufficient in size and remains a preserved set of funds(and not traded off against capital expenditures earmarked for fixing and improving

43、the core business).Access to funds within the pool should occur through a formal stage-gating process,with funding released in line with the achievement of explicit business outcomes.Chipotles$50 million venture fund provides a good example of an investment pool in action.The fund does not have a st

44、rict financial return on capital objective.Instead,its focused on solving customer and employee pain points.To support this approach,the company structured a stage-gate framework that encourages employees to try new things and then rework solutions if they fail.Innovations start with a problem state

45、ment.For example,Chippy,a robotic tortilla chip maker,was the result of Chipotle asking the question:How do we remove some of the dreariness of a worker standing at the fryer?By automating repetitive kitchen tasks,staff can spend more time serving guests.4Accelerate corporate innovation ROIBusiness

46、ownershipTo gain competitive advantage,innovation should propel a companys unique purpose.Organizations can achieve this by solving for the value leakage from existing businesses,given changing trends and customer behaviors.In addition,identifying the business owner for the innovation ensures that t

47、he company uses core assets such as its people,channels,go-to-market,and operational processes required for success.Strategies to encourage business sponsorship include:Obtaining executive alignment on the innovation portfolio Determining the business sponsor for each concept before its developed If

48、 the innovation is being incubated away from the business,handing the concepts over to the core business for scale and development once it has met its required milestones and is not metric-dilutive.3.Solution design An innovation program should consider business models designed to meet evolving cust

49、omer expectations and behaviors,delivering results as soon as possible.Consider:New business modelsNew technologies and consumer behaviors are redefining customer experiences and expectations.Some of these trends include:Gamification.Behavioral economics are uncovering new ways of influencing consum

50、er activity.Death of the middle.Consumers are gravitating toward the necessary and the premium,with less interest in the middle ground.The sharing economy.Individuals can extract value from their assets as transaction costs and friction collapses.The creator economy.Content is aging increasingly fas

51、ter,encouraging rapid content creation that is highly personalized.Changing attitudes toward ownership.Value is shifting toward access over ownership and service over product.As organizations pursue an innovation agenda,evaluating their traditional business model with these trends in mind is vital.W

52、e see four business model archetypes emerging:Consumer-centric ecosystems.Commerce,content,and communities are converging to encourage deep,personalized customer experiences.Subscription-based businesses.Curated service bundle and asset leasing model transform customers from periodic consumers to on

53、going users.Value exchange platforms.Shared ownership of personal assets(for example,homes,investment property).Tokenization.Technologies such as NFTs gamify behavioral loyalty for value creation between a company and its customers.Some companies are already innovating their business models to meeta

54、nd leadthese trends.Lets look again at Chipotle,which has focused on deepening engagement with its customers by providing personalized experiences beyond lunch and dinner.To do so,the company has taken the trends of digitization,personalization,and gamification to create a consumer-centric ecosystem

55、 with a loyalty program at its core.The programs objectives are to personalize experiences and influence behaviors to build more frequency of interactions and higher spend value.For example,the program includes a gamification element that enables customers to earn achievement badges by participating

56、 in personalized offers.The program also links members to the companys purpose by enabling points to be put toward charitable causes.In another example,Airbus has taken the trend of access versus ownership to data via its Skywise business.Skywise is an open data platform that enables airlines and su

57、ppliers to share part of their data,in real time,with Airbus.Airbus uses the data to support airlines and suppliers with time-critical operational issues and inform the design of new aircraft.Airlines also benefit by receiving anonymized benchmark metrics that help it identify opportunities across i

58、ts own processes and components.5Accelerate corporate innovation ROIGoldilocks portfolioTo optimize value generation from innovation,companies require a portfolio of growth opportunities.This solution set should cover three dimensionstime to impact(1236 months),risk(low,medium,high),and revenue upsi

59、de.The“Goldilocks”opportunity set balances these time,risk,and revenue dimensions.A helpful way to determine the Goldilocks opportunity set is to consider a portfolio of ideas that:Unlock consumer value capture from the existing business model with existing capabilities Supercharge how consumer need

60、s are met by developing new capabilities within the existing business model Disrupt the way in which customer value is created through new business modelsRapidly changing consumer behaviors and technology trends mean that focusing on one type of opportunity will be insufficient.To maximize the value

61、 of a portfolio,companies should balance all three.4.ExecutionCreating defined time periods for innovation and orchestrating the process yields faster results.To improve innovation execution,explore:Resource boxingTo develop a continuous innovation delivery pipeline and enable returns in the short t

62、o medium term,companies should consider innovation thats possible in a short period(say,a six-week sprint).This applies both to concepts that are designed and built by the organization and those obtained via partnerships.Sprints,originating from agile methodologies,allow teams to develop solutions t

63、o business problems more quickly than a traditional program approach.It also enables companies to launch a minimum viable proposition(MVP)into the market with limited funding waste compared to building the“Rolls-Royce”solution.Companies can then iterate the MVP based on real-time customer feedback.C

64、apital Ones innovation labthe Labhas the mantra“We think big,start small,and learn fast.”To learn fast,the Lab ideates concepts within a defined period and moves quickly from early-stage exploration to the development pipeline.A rapid test-and-learn approach enables Capital One to test consumer idea

65、s in a small number of locations or with a small group of customers to predict impact.While the process is fast,its not footloosethe company relies on a governance framework of checks and approvals to give projects a high probability of success.Central orchestrationAs organizations transition to the

66、 more agile innovation approach outlined above,there will be bumps along the road.Even with the best efforts to outline and communicate the innovation approach at the outset,organizations will still encounter unexpected pitfalls.Thats part of the process.However,careful,central orchestration can hel

67、p facilitate and guide this new way of workingobserving,understanding,reviewing,and tailoring processes to the behaviors occurring in practice.A central orchestration team will need to continuously iterate an approach thats more agile than the organization currently undertakesin effect,undertaking i

68、teration on iterationor“meta-iteration”as we like to call it.Creating defined time periods for innovation and orchestrating the process yields faster results.6Accelerate corporate innovation ROI5.EnablementFinally,clarity around roles and skills can help.For more effective innovation,pay attention t

69、o:Role clarityThere are broadly two organizational models that lead to successful innovation:1.The innovation team is its own business (with a P&L).2.The innovation team is a capability house accessed by each of the businesses(center of excellence).The appropriateness of the model for each organizat

70、ion will depend on the extent of change being undertaken in the core business(high level of change favors the first model)and the size and focus of the innovation agenda(focus on“supercharge”and“disrupt”favors the second model).Each model can be successful in pushing through innovative outcomes as l

71、ong as the boundaries of accountabilities and responsibilities and performance metrics and incentive structures align with the model.For example,under the first model,its imperative the innovation team hold the P&L and understand the financial performance of the innovation portfolio.SkillsTo build s

72、ustained competitive advantage and financial value through a delivery innovation pipeline,organizations need to build innovation muscle.This means viewing an innovation mindset,skills,and capabilities as a required core competency for many of its staff.To achieve this,we recommend companies build th

73、eir internal capability over time by“learn and do”approaches that upskill their existing workforce through hands-on involvement in bringing innovative concepts to market.External hires and partnerships may be required at the outset to bring in new capabilities,but the explicit requirement has to be

74、skill transfer to the business.Capital One offers a good example of how this works.The company believes that for it to succeed by taking intelligent risks,it needs to build resilient teams who continue to want to try new things,even in the face of failure.The companys people strategy is threefold:Re

75、cruit diverse teamsbuild innovation teams with people of complementary skills(strategists,experience designers,researchers,engineers,and product managers).Develop and empower technology talentthe companys massive investment in engineering talent over many years is evidenced by its digital diaspora.F

76、oster an inclusive company culture that fuels ingenuityhire and promote those who are passionate about solving customer problems.Small changes reap large rewardsOrganizations have turned to innovation as a response to plateauing revenue growth and changing expectations by a variety of stakeholder gr

77、oups and ESG priorities.Relatively cheap financing has made these efforts possible.Today,against a backdrop of global economic uncertainty,theres real pressure to continue innovating and,importantly,extract value from these investments.Now is the time for companies to review their approach to innova

78、tion with clear eyes.They need to be bold in their ambition,constant in their execution,and objective in their evaluation.The Kearney Innovation Optimization Wheel provides a framework to do just this,inspiring and supporting companies to review whats working and where they can improve.Companies can

79、 begin by reflecting on the innovation challenges they see playing outfor example,a lack of executive alignment on the purpose and ambition for the innovation,innovation funding mechanisms acting as a handbrake,or insufficient in-house skills.Once the challenges are identified,what optimization idea

80、s most resonate?And then,for the identified solution areas,what practical steps can the organization take to inject a more effective approach?The result of this action-oriented introspection is a series of thoughtful changes that will turbocharge the corporate innovation foundations your company alr

81、eady has in place.7Accelerate corporate innovation ROINigel AndradePartner,Sydney Viv RonnebeckDirector,Sydney Peter MunroPartner,Sydney Authors8Accelerate corporate innovation ROIFor more information,permission to reprint or translate this work,and all other correspondence,please email .A.T.Kearney

82、 Korea LLC is a separate and independent legal entity operating under the Kearney name in Korea.A.T.Kearney operates in India as A.T.Kearney Limited(Branch Office),a branch office of A.T.Kearney Limited,a company organized under the laws of England and Wales.2023,A.T.Kearney,Inc.All rights reserved.Kearney is a leading global management consulting firm.For nearly 100 years,we have been the trusted advisor to C-suites,government bodies,and nonprofit organizations.Our people make us who we are.Driven to be the difference between a big idea and making it happen,we help our clients break