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Which Innovation strategy should my company pursue?
The document discusses various strategies for innovation in the context of customer preferences and competitive advantage, highlighting the distinction between known and unknown customer preferences. It outlines three representative innovation strategies: optimizing existing systems, partnering or hiring for innovation, and exploring or investing in open innovation. Additionally, it mentions the management consulting market size as $71.2 billion and raises questions about the state of innovation over the past 12-24 months.
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Which Innovation strategy should my company pursue?
- 2. © James Janega,Slalom
- 3. Customer Preference/Competitive Advantage Unknown CustomerPreference/Competitive Advantage Known Supports/Automates ExistingProcesses Disrupts/ChangesExisting Processes Optimize Existing Systems Partner, “Hire” Innovation Explore, Invest, Open Innovation © James Janega, Slalom
- 4. Supports/Automates ExistingProcesses Disrupts/ChangesExisting Processes Representative Innovation Strategy: Optimize Existing Systems RepresentativeInnovation Strategy: Partner, “Hire” Innovation Representative Innovation Strategy: Explore, Invest, Open Innovation © James Janega, Slalom Customer Preference/Competitive Advantage Unknown Customer Preference/Competitive Advantage Known
- 5. Supports/Automates ExistingProcesses Disrupts/ChangesExisting Processes Representative Innovation Strategy: Optimize Existing Systems RepresentativeInnovation Strategy: Partner, “Hire” Innovation Representative Innovation Strategy: Explore, Invest, Open Innovation © James Janega, Slalom Customer Preference/Competitive Advantage Unknown Customer Preference/Competitive Advantage Known
- 6. Supports/Automates ExistingProcesses Disrupts/ChangesExisting Processes Management Consulting (2016) $71.2 Billion © JamesJanega, Slalom Where did the market play over the past 12-24 months? What does this suggest about the state of innovation? Customer Preference/Competitive Advantage Unknown Customer Preference/Competitive Advantage Known