How Leading Firms Transform Their Futures
Innovation has the power to fuel growth, increase top-line revenue and offer customers something new. Robert Tucker, a successful innovation consultant and author, has developed a system that is designed to help organizations achieve higher levels of growth by approaching innovation in a fundamentally new way. Driving Growth Through Innovation offers a synthesis of options based on what leading companies are doing to encourage growth and earning rates through innovation. Taking the best ideas from their experiences, Tucker guides companies through the process of designing a custom innovation strategy that will work to satisfy the organization's needs.
Tucker's system for growth through innovation involves uniting the disparate attempts to innovate within a company into a single strategy that will mobilize the quest for growth.
Using companies that have embedded innovation processes in place as role models, Tucker explains how they have been able to bring new ideas to life for "greater speed, quicker payback, and more consistent revenue momentum." These companies include Citigroup, EDS, Medtronic, Colgate-Palmolive, Royal Dutch/Shell, and others. What sets these companies apart, according to Tucker, is their inclusion of everybody from everywhere in the company in the innovation process. By developing methods that allow these companies to seek out unmet customer needs, prototype ideas quickly and assess feasibility intelligently, Tucker writes that their "idea management" systems have allowed them to launch high-potential ideas into the marketplace faster and better than ever before.
Five Essential Principles
After researching these "Innovation Vanguard" companies, Tucker has distilled five essential principles that organizations must embrace to create a successful innovation process. They are:
- Innovation must be approached as a discipline. Teach people how to think through their ideas and how to know which ones are in alignment with the goals of the business. Show people how to champion and sell their ideas, how to find resources, and how to overcome obstacles and build coalitions of support.
- Innovation must be approached comprehensively. It must not be confined to one department or an elite group of star performers. Innovation must encompass new products, services, processes, strategies, business models, distribution channels and markets.
- Innovation must include an organized, systematic and continual search for new opportunities. Innovation-disciplined companies promote a deeper understanding of social, demographic and technological changes in a continual, systematic search for tomorrow's opportunities.
- Innovation must involve everyone in the organization. Organizations that invest in building an innovation capability and have "idea management systems" to capture ideas from everyone can awaken, manage and translate this dormant creative potential into a new tool to drive growth.
- Innovation must be customer-centered. Learn to listen to customers and potential customers by inviting the voice of the customer to permeate the design and implementation of new concepts. Creating value for the customer is the only route to success.
To help companies put these principles to use, Tucker provides a blueprint for an idea management system organizations can use to create an innovation culture that facilitates systematic, all-enterprise involvement in the innovation process. He also presents new ways organizations can visualize the future, produce powerful products, create growth strategies, and sell new ideas. The last chapter of Driving Growth Through Innovationfocuses on helping companies implement all of the ideas presented throughout.
Why Soundview Likes This Book
Tucker generates excitement about innovation by drawing on successful examples of great ideas turning into profitable ventures and then describing practical strategies that can help others do the same. The company profiles he chooses are inspiring as well as informative, and provide a firm foundation for the innovation revolution he promotes. By focusing on the importance of creating a policy that inspires innovation among all employees, and encouraging organizations to adopt systematic programs to turn great ideas into actionable initiatives, Tucker gives organizations the information they need to profit and grow from innovation.