How to choose the right partner for your innovation efforts
For sustainable innovation, continuous incremental improvements in operational efficiency are not enough. Efficiency improvements are not enough to solve growth problems. innovation aims to increase competitive advantage, drive greater differentiation and improve operational efficiency, create great customer experiences, streamline innovation project management, and enhance customer experience.
Many companies face significant organizational and cultural challenges when it comes to driving sustainable innovation. Many companies rely on outside assistance to solve their problems. We identified nine of the most important providers of innovation consulting services in a recent Forrester Wave(tm).. Before you seek out outside help, here are some key points to remember:
- Prioritizing innovation transformation challenges. Traditional businesses face key challenges in their innovation efforts. These issues need to be addressed.
- Determining the purpose of innovation transformation. Innovation consulting is designed to enhance a company’s competitive edge and differentiate it from its competitors. This is usually achieved by improving operational efficiency, project management and customer experiences, and thus increasing the client’s innovation capabilities. This means enhancing the quality and speed in innovation, speeding up innovation implementation and maximizing the impact and success of the innovation process. These efforts can be channeled to a clear goal.
- The group-strategy level of innovation transformation. Consulting firms that specialize in innovation support businesses in the development and implementation of innovative programs and systems. They offer strategic guidance on innovation such as industry-specific trends and assessments of innovation capabilities. Innovation must also support the transformation of process value chains away from linear transactions to continuous interactions between clients, employees and partners. This is a strategic undertaking.
- Asking for the best practices of other companies going through an innovation transformation. Innovation consulting firms offer insights based on the experiences of other firms operating in similar or different sectors. Education is an important deliverable. It educates business leaders and tech professionals about innovation strategies, methodologies, tools and ecosystems. It is important to learn from others.
- Be specific in defining the criteria. Forrester has gathered feedback from hundreds of clients to determine that the most important factors for customers when choosing an innovation consulting provider are the presence of a dedicated innovation practice, a cohesive global offering, the ability to support innovation execution and transformation, experience driving innovation culture transformation, portfolio quality of asset-based consultancy, the sophistication of innovation management tools, the quality of the partner ecosystem, innovation design capabilities, and convincing customer reference cases.