“How P&G Tripled It’s Innovation Success Rate (Harvard Business Review).PDF”. July 11, No CommentsRobert B. Tucker. Strategic Innovation Management. Innovation at Procter and Gamble. How P&G Tripled Its Innovation Success Rate. In recent years, innovation. Laying the Foundation. Teach senior management and project team members; Form a group of new-growth-business guides; Develop.
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Creating a “Growth Factory” … How P&G tripled its innovation success rate, and how you could too.
The problem with innovation, too often, is that it is the most important thing for the business it moves us forwards, it makes us better, it creates our futurebut also the least important it is often without a function, a role for everyone but responsibility of nobody, and a nice to have compared to quarterly results. Of innovation matters, and is much more important than quarterly results. Scott wrote the full story in How to Create a Growth Factory.
But if you think how many companies today are trying to sustain their existing businesses, whilst also creating the future, it becomes invaluable.
A is about reinventing today, optimising and innovating the legacy business if you like without throwing away all its good stuff like sustaining revenueswhilst B is about creating the future business, the more disruptive ideas and business models that are more risky but could be great. C is how you leverage your relevant assets to support both. Indeed, that statement has arguably been true since the renaissance. But something feels different today. Businesses built painstakingly over decades get ripped apart almost overnight.
Every business leader needs to think about the impact of ever-accelerating change. Broad trends such as the rise of robots and drones, the injovation of computers into everyday life, everything-as-a-service, and big data analytics promise to bring disruptive change to every nook and cranny of the global economy. Many leaders describe increasing uncertainty as an existential challenge.
Indeed, it causes a leader to question his or her very identity. They need to develop new skills to make decisions using judgment and intuition, replacing an optimization mindset with an exploration one.
While the pattern rzte market sucess being felled by disruptive upstarts feels like an essential factor of capitalism, it carries a heavy transaction tax, destroying know-how formulated over decades and ripping local communities apart. Leaders that learn how to bend the forces of disruption in their favor can own the future, rather than be disrupted by it.
Responding to the challenge requires executing what we call dual transformation. Think about how Adobe shifted its core business from selling packaged software to providing on-demand access over the Internet, or Hilti went from selling tools to providing tool management solutions. We call it dual transformation because these two transformations need to be pursued in parallel. This is not unrelated diversification.
Dual transformation is the greatest challenge a leadership team will ever face. Successfully managed, it reconfigures the essence of a company. Some of the old remains, just as it does when a caterpillar becomes a butterfly or ice turns into steam. But, as in those metaphors, the form or substance of an organization fundamentally changes. Mastering dual transformation requires: Dual transformation is also the greatest opportunity a leadership team will face.
Disruptive change creates a window of opportunity to create massive new markets. It is the moment where the market also-ran can become the market leader. It is the moment when business legacies are created.
How P&G Tripled Its Innovation Success Rate | CustomWritings
To start the journey of becoming the next version of yourself, ask three deceptively simple questions. Who are we today? Who will we arte tomorrow? How do we start making the change? Remember that the biggest risk is not the action you take, it is trying fruitlessly to cling to the status quo as the world succezs around you.
Leaders that catch disruptive changes early and respond appropriately will have the ability to thrive in the years to come. Your email address will not be published.
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