Innovation thesis should be a strategic lever for change. In fact, it should be the center of every organization—engineering firms are no exception.
Engineering firms who see and act upon the opportunities and possibilities for change through innovation in this volatile and uncertain environment will not only survive but will also successfully flourish amid fluctuating economic conditions.
Although, finding the right idea demands awful lot of brainstorming and ideation workshops, the tedious process is guaranteed to be rewarded with increased organizational competitiveness, faster business growth and increased business value to continuously flow and flourish in this age of disruption.
But how do you even end-up with “the idea”? Taking on innovation takes a lot of time in planning and demands to burn more resources to ensure high success rate. Random acts of innovation are not options to consider as they will surely not produce good returns. Sometimes, what is thought to be a good investment, if not founded on research can lead to the downfall of the entire organization.
Thus, the need for a clear innovation thesis. In order to lead innovation successfully, every company needs clarity as to where the world is going and how they plan to use innovation to respond. This innovation thesis must revolve around the overall organization strategy. And in order for an engineering firm to develop its own innovation thesis, two things are needed to be considered.
Portfolio Analysis
The road to innovation is rather bumpy, and in order for the firm to reach its destination successfully, it needs to become aware first of its current position in the industry. Review your products and services portfolio and decide which need to retire and what opportunities can be grabbed in the future. Determine key considerations for decline in customer/client satisfaction while identifying bottlenecks and pain points.
Business Environment
After looking internally at your organization, it’s time to look at the world around and observe how they react to present conditions. What key trends are emerging that are likely to impact the organization in the future? Are there visible threats that needs to be addressed? Take note of the customer landscape and identify whether change in preferences are present. When it comes to technology, what are specific trends that may impact the business in the future?
Innovation Thesis as a Working Experiment
At the end of the day, no matter what preparations are made, an innovation thesis will never provide a hundred percent success rate. It is viewed as an hypothesis, a working experiment that needs to be constantly developed in order for it to evolve and meet the demands of its target customers. Needless to say, engineering leaders need to regularly review its progress and refine the thesis. Pivots are necessary so that the investment don’t ultimately die.
And with our innovation thesis in place, we can now start soliciting ideas from our teams. Nourish that innovative idea and propel your firm’s way to success.
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