Challenges
For most companies, innovation is the key to driving growth, value for shareholders, and competitive advantage in today’s global economy. But half of all companies are unhappy with the results of their innovation activities. How can the potential of innovation be realized?
Companies that are not effective innovators face a number of challenges:
- How do we improve the financial returns from our current activities? How can our company build and sustain an innovative culture?
- What does it mean to be an effective innovation leader?
- How should we be measuring innovation?
- How can we modernize our business model?
BCG Competencies
BCG has extensive experience across the full range of topics facing companies that want to become more resourceful or increase the impact of their innovation activities. Our expertise falls into six major areas:
- Alignment of business and new strategies
- Internal and external idea generation, capture, and management, plus portfolio composition
- Innovation process and functional productivity and effectiveness
- Organizational alignment and design, plus leadership behavior
- Measuring innovation
- Business model innovation
These are typical of our projects:
Redesigning and optimizing a new product-development process and organization
Developing a future research-and-development strategy and aligning the organization around it
Identifying and realizing breakthrough innovation through the gathering of relevant information about the customer
Fundamentally increasing an organization’s ability to produce new and original thinking by transforming the culture, leadership, employees, and processes
To create a strategic and sustainable long-term approach to constant renewal, BCG also has a special focus on business model innovation. Whether we are transforming a company’s core business model or designing new business models to capture growth from new segments or markets, BCG incorporates creativity, analytical rigor, deep industry knowledge, and rich insights from the study of transformative models.
We work closely with companies around the world with one goal in mind: to increase the returns on their investments in innovation.
Listen to Innovation topic leader Jim Andrew discuss payback on innovation with Aneesh Chopra, the United States government’s Chief Technology Officer, on Federal News Radio.