Executives today are more focused on strategic management decision-making due to the hypercompetitive global environment as well as public and private sector evaluation and opinion. Public organizations are attempting to function as private profit-wise, while public companies have the Wall Street analysts continuously evaluating their every strategic move. It is important for management consultants to build a climate of openness for individuals to exchange ideas.
According to one survey, about 45 percent of all working people in America telecommute at least part-time. Most important reasons why this is so being the fact that this kind of work allows one to adjust their work hours to their day-job and in this way become a stream of side-revenue. Therefore, it is more than clear that remote workers, freelancers in particular, are becoming a significant portion of the workforce you cannot afford to neglect.
In view of creating more competitive regions and industry sectors, innovation capabilities of SMEs play a central role. SMEs are strong economic drivers in many countries, and their ability to innovate will determine the health of national and regional economies in the future. A key support for SMEs in their innovation efforts are public innovation support programmes.
Over the past couple of years, the services and solutions offered by innovation vendors have quietly shifted in new and interesting ways, with direct implications for corporate innovation leaders. Given that it is the middle of a long hot summer, I thought that it might be timely to outline some of the changes that I see taking place, and their impact on innovation leaders going forward.
The traditional consulting business model is based on two principle ideas: (1) hiring people (top talent if possible) and (2) charging clients a fee per hour or day for gaining access to this talent, its expertise and/or manpower. Depending on the type of consulting or the brand, the pendulum swings more towards focusing on providing, and buying on the customer side, the more sophisticated expertise or the simpler manpower.
Owners and managers of small and medium sized companies (SMEs) are reluctant to hire consultants and even more so when it comes to innovation management consulting. And they often have good reasons to do so. They don’t see an appropriate value for the money and time they invest on innovation management consulting - especially since the quality and range of such services varies dramatically.
Companies become increasingly restrictive in their consulting spending, especially during times of economic crisis, where the return on the investments on consulting services is questioned and carefully considered. Consulting in the area of innovation management is even more under pressure as it is usually much lower on the CEOs’ agenda than e.g. restructuring or general cost-cutting. Therefore, innovation management consultants face the challenge to develop their client base, be effective by providing the right recommendations and be efficient by developing these recommendations in as short a period of time as possible. Mastering such a challenge seems like searching for Columbus’ Egg in innovation management consulting.
Universities and higher level research institutes need a better way of getting innovations into the market and that means taking risks earlier in negotiations. IP management systems designed for early disclosure could be the answer, argues Maxine Horn.
Companies that invest in developing strong innovation teams in their core product areas can extend that skill to other parts of the organization – Doug Collins looks at the skills your innovators are now developing and how they can be repurposed and extended.
Commonly the best way to initiate change is to enable leaders to pave the way forward. Mike Myatt is considered to be among the world's top CEO coaches and today he tells IM more about his experiences working with real leaders who embrace change and innovation.
How can organizations derive the greatest value from consulting engagements or other outside partnerships? Here are three strategies that can make a difference whenever external resources are used, such as hiring a consultant or partnering with another firm.
It is coming our way, and we had better be prepared and ready. What (probably rightly) began in the legal industry is hitting management consultancy: an outcry against paying by the hour and paying premium rates for consultants just out of business school. Let me be straight out: I am worried but excited! Worried because I foresee a market shift that will erode and potentially eradicate the business model of management consultancy as we know it today. Exited because we (the readers), through InnovationManagement, have the chance to innovate the business model!
It never ceases to amaze me. I’m meeting with the executive committee of a major global company. I’ve just asked if innovation is one of their top strategic priorities. Their unanimous answer is “yes”. I then ask about their individual responsibilities. “Which one of you is the CFO?” “Who is head of HR?” “Where’s the CIO?” One by one their hands go up. Yet when I ask to see their global director of innovation, nobody raises a hand. Everyone just looks at me with a blank expression. So, sure, this company understands the innovation imperative. But nobody in its leadership team is directly responsible – or accountable – for making innovation happen across the organization. And they don’t even seem to be aware of the paradox.
With everyone and her aunt now involved in innovation and a never ending stream of articles, blog posts and books being published on the topic, we need to be sure we are clear on the basics of innovation, particularly corporate or organizational innovation.
Boomerang innovation is never intended. It just happens. It's a tremendous waste of money and highly demotivating for all concerned. Read on to learn what boomerang innovation is, and how to avoid it.