Thank you for your friendship, support & business in 2009! May God bless you and your loved ones with a healthy and prosperous 2010! May your paths be clear and filled with unexpected delights and may you navigate each turn with thankfulness and joy!
Kathy Mast 12/31/09
Continuing our look into "Preparing Your Business for the Economic Recovery," let's review a few more recommendations from my research and presentation on innovation. I've found that many companies task project teams across the enterprise with being more innovative. However, most companies do not have a primary innovation team. Yet the benefits of a dedicated innovation team are numerous.
Do you have a dedicated innovation team in place right now? Have you recently assessed how well your company is performing as an innovator? If not, call me for an assessment and templates to begin the process.
To prepare your organization for innovation enhancements, take the following steps:
Create a program to learn about and stay informed on the latest tools, research and measurements for innovation.
Identify "brightest and best" employees to participate on an innovation team.
Begin to create an environment that supports innovation.
Remember, "Competitive advantage is not about differentiation or cost leadership, it is about producing and then protecting a greater economic contribution than rivals. It is about having a strong offense and defense that are both creative (think innovative - my addition) and aggressive."*
Call or email me to prepare for economic recovery through innovation. Let's get started today!
* Walker, Gordon, Modern Competitive Strategy, McGraw-Hill Irwin
I was privileged to be a guest speaker recently on the topic of innovation as part of an overall theme of "Preparing Your Business for the Economic Recovery." Thank you to Mickey Moore, a consultant and leader in value driven planning and the "Doodlebug" methodology, plus the teams from the Institute of Independent Business," and "the La Cima Business Alliance," for putting together a great event. The luncheon meeting was well attended by DFW business leaders, and it was evident that the topic is at the forefront of everyone's mind.
Key takeaways from the panelists and participants include:
1) Social technology is becoming more pervasive - indeed it was a "hot" topic at the event. You don't have to invest in all of them, but determine the best technologies to use to support your business strategy.
2) Make STRATEGIC investments now to be prepared as the economy improves - the costs to "catch up" with the market and technology will increase exponentially if you lapse in skills and leadership.
3) Focus on human capital investments to increase revenue and maximize cost savings - the right people are the key to your business success.
4) "Follow the money" for signs of recovery and timely and targeted investments.
5) Innovation is essential to differentiate your products and maximize ROI for investments - determine now which investments to enhance and protect as key business strategies and others to commoditize.
As I think about our discussion from that day and observe positive signs of change, I recommend we continue to explore the topic. Send me examples of innovations and investments that are making a difference in your business and career. Watch for my next post for additional insights from the presentation and recent research. It's great to be back again after a break from blogging!
BusinessWeek's 2008 list of best books on innovation includes "The Game Changer - How You Can Drive Revenue and Profit Growth with Innovation," by A.G. Lafley and Ram Charan. While I haven't yet read the book (it's next on my list), I watched a video interview of A.G. Lafley on the topic of innovation at Proctor and Gamble where he is Chairman of the Board and Chief Executive Officer. The interview was conducted by Scott Anthony, published by Harvard Business School Press and it is available on the Internet at: http://discussionleader.hbsp.com/anthony/2008/05/reflections_on_front_end_of_in.html
I was especially impressed with his overview of how innovation practices at P&G have changed over the years. In the past, innovation reviews spanned days and each innovation came with a briefing book that was about two inches thick. In 2007, quick, visual and high quality presentations became the format. The books were replaced by posters. He likened the new sessions to a science fair. The presentations include a poster, working prototypes, if they exist, and 3 - 5 pages of documentation. Innovations can be reviewed in 2 - 4 hours. At P&G, posters, prototypes and involving consumers early in the process are best practices and a formula for success.
Another key point that Mr. Lafley stresses is to continually question whether the innovation strategy is in line with the business strategy. The business strategy must come first! In my next post, we'll look at some important reminders for setting business strategy for 2009! Check back in a couple of days! For an advance copy, send me an email request for strategic planning best practices or a recap of A. G. Lafley's suggested innovation process. Please indicate if you would like one, or both, and send your request to kathy@kathymastconsulting.com.
Let's make strategy and innovation our priorities for 2009!
A couple of months ago I had the opportunity to speak at a CEO Netweaver's meeting in Dallas. It seems that CEO Netweaver's is one of the best business networking organizations in the metroplex. The goal of the CEO and service provider organization is servant leadership or "to help each other and their communities without expecting anything in return." If you are looking for a premier networking organization, I highly recommend CEO Netweavers.
As I speak regularly to C-level executives in various organizations and companies, I have to say that the attendees at this meeting truly distinguished themselves when it came to our topic of "Creating an Environment of Innovation." They participated through discussions, insights, suggested books to read and superb questions. They also asked for links to research on innovation that I offered at the end of the session. How impressive!
In thinking about research on organizational executives who drive innovation, 36% are CEOs according to Boston Consulting Group's 2007 Senior Executive Innovation Survey. The survey and my experience show there is a significant gap in driving innovation between CEOs and other C-level executives. The responsiveness that I got from the CEO Netweavers group supports this research. It confirmed that there is a great opportunity to work together to create coaching and workshops for companies to share in the knowledge and vision of their CEOs. A few recommendations are as follows:
As I reflect on 2008, I think the identification of the gap in knowledge and execution for innovation between the CEO, the other C-level executives and the organization as a whole is significant. Addressing this disparity immediately and executing on the new shared vision and innovation goals can make all the difference in organizational performance this year. Call me! Let's start 2009 with the resolve to maximize innovation for breakthrough results in the New Year! Watch for more insights on how to succeed in 2009.
In speaking to a group of I/T executives this week, I suggested a few tips on improving their governance process. I suggested that they find ways to make it "fun." One of the audience members said something to the effect of "if you have any suggestions on how to do that, we'd like to hear them." That, of course, brought ripples of laughter.
New research from IBM provides a very good definition of "An Agile CFO." It is the best definition I've found recently for the role of the CFO in innovation. It is taken from The Institute for Business Success, The Agile CFO, IBM Business Services. The research says that the CFO is ideally positioned to lead innovation because CFOs possess:
I've been speaking frequently on the topic of innovation since the beginning of the year, and I continue to be excited and thrilled with the opportunities. The responses that I'm getting from the engagements and in reviewing leading industry and academic research indicate that innovation is still THE most important and urgent business topic today. If innovation is not the #1 priority for a chief executive, it remains in the top 3 priorities making it critical to most everyone's business plan. Whether my audience is composed of executives from large firms or a group that contains people in non-management roles, the top questions I receive are "how can I contribute to innovation," and "how do we create a more innovative environment?"
Continue reading "Roles & Responsibilities for Innovation" »
In my last post, I suggested that you watch for "not to miss" upcoming posts. My absence from posting was longer than anticipated, but I want to update you with insights and incredible research from Michael Cox, senior vice president and chief economist for the Dallas Federal Reserve. He was the guest speaker for the Association for Corporate Growth (ACG) in Dallas in November. He gave a one- and- a-half hour riveting presentation on globalization based on his Dallas Fed research and knowledge and his personal experiences traveling globally. No one left the room early and, at times, the silence and attentiveness of the large crowd was palpable.
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