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!
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