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Almost every other day, startups emerge and disrupt established companies because of their innovative ideas and business models. \u00a0This disruption is, primarily, due to the reluctance of big companies to implement a series of strategic and organizational practices required to organize and inspire creativity.<\/p>\n
Large firms are, generally, better at implementation rather than innovation<\/a> due to their long-established ways of doing business and other cultural elements.\u00a0 Their success is owing to optimization of existing business instead of due to ingenuity.\u00a0 However, several large corporations are successfully innovating, by adopting certain unique attributes and approaches.<\/p>\n To uncover those attributes and approaches, McKinsey & Company conducted a multi-year study\u2014encompassing detailed interviews, workshops, and surveys\u2014of over 2,500 executives in over 300 companies.\u00a0 The study revealed 8 critical attributes that were present at each large enterprise found successful in innovation (product, process, or business model related).\u00a0 These critical attributes\u2014also referred to as the 8 Pillars of Innovation<\/u><\/a>–help the organizations set the foundation required for Innovation Management<\/a> to flourish and become leading innovators:<\/p>\n In the corporate world, the CEO\u2019s inspiring words are far from adequate to encourage innovation. \u00a0It is the individuals\u2019 aspirations that drive them to innovate.\u00a0 A realistic, long-term vision and strategic plan<\/a> that triggers action is a facilitator to aspire.\u00a0 High level aspirations (vision) should be defined, made a part of the strategic plans, and linked with estimates of value (financial targets) that innovation should generate.\u00a0 These financial targets should be apportioned to all business stakeholders through performance targets.<\/p>\n New ideas are priceless.\u00a0 Many organizations, however, get into trouble not from the scarcity of innovative insights but from irrational decisions in ascertaining the right ideas to nurture and scale.<\/p>\n Identifying and scoping these potential opportunities involves insightful visioning of the future and meticulous strategic analyses. \u00a0Companies should choose promising opportunities to explore concomitantly, carefully plan and execute the most viable options, and drop the ones deemed impractical.<\/p>\n The insights discovery attribute is the essence of innovation. \u00a0It is one of the chief concerns for the organizations to know how they can develop new ideas and insights.\u00a0 Analytical assessment of 3 crucial elements\u2013a valuable problem to solve, the technology that enables a solution, and the business model that generates money from it\u2014is of great help in generating valuable insights and ideas.<\/p>\n Organizations need to consistently evolve their businesses before they are overthrown by technology driven startups.\u00a0 However, they are often reluctant to pursue Business Model Innovation (BMI)<\/a> due to the various complexities involved\u2014such as optimizing the value chain, expanding profit centers, or changing delivery models.\u00a0 Leading companies fight this trend by improving their market intelligence, establish separate budgets for new businesses, relentlessly assess their value chain, and deliberate on improved delivery mechanisms.\u00a0 They are always eager to test new offerings and operating models against environmental threats and competitors\u2019 responses.<\/p>\n Organizations often inhibit innovation from flourishing in their culture, unintentionally.\u00a0 Several factors discourage innovation, such as, restricted governance processes, stifling bureaucracies, slow approval process, and lack of teamwork.<\/p>\n To accelerate innovation, it is important for organizations to investigate the validity of a promising idea by running it through end users early on during the development phase to gather valuable customer feedback.\u00a0 They also need to work on deploying empowered cross-functional project teams, curbing bureaucracies, outlining well-defined decision making processes.<\/p>\n Robust scaling capabilities are critical to profitability. \u00a0Organizations need to carefully deliberate on the extent and volume (i.e., market, regional or global) of an idea.\u00a0 This helps in ensuring allocation of appropriate skills and resources, organizing manufacturing and logistics facilities, and arranging suppliers for timely roll-out of the new offering at the desired magnitude.<\/p>\n Innovators achieve significant return on their innovation investment by leveraging the skills and talents of external collaborators.\u00a0 Partnerships with external partners enables them to accelerate the pace of innovation, find novel value creation methods for customers and partners, gain new insights, share costs, and discover faster routes to market.<\/p>\n Interested in learning more about the Pillars of Innovation<\/a>?\u00a0 You can learn more and download an editable PowerPoint on the 8 Pillars of Innovation<\/strong> here<\/u><\/a> on the Flevy documents marketplace<\/a>.<\/p>\n You can download in-depth presentations on this and hundreds of similar business frameworks from the FlevyPro Library<\/a>. FlevyPro<\/a> is trusted and utilized by 1000s of management consultants and corporate executives. Here’s what some have to say:<\/p>\n “My FlevyPro subscription provides me with the most popular frameworks and decks in demand in today\u2019s market. They not only augment my existing consulting and coaching offerings and delivery, but also keep me abreast of the latest trends, inspire new products and service offerings for my practice, and educate me in a fraction of the time and money of other solutions. I strongly recommend FlevyPro to any consultant serious about success.”<\/p>\n \u2013 Bill Branson, Founder at Strategic Business Architects<\/p>\n<\/blockquote>\n “As a niche strategic consulting firm, Flevy and FlevyPro frameworks and documents are an on-going reference to help us structure our findings and recommendations to our clients as well as improve their clarity, strength, and visual power. For us, it is an invaluable resource to increase our impact and value.”<\/p>\n \u2013 David Coloma, Consulting Area Manager at Cynertia Consulting<\/p>\n<\/blockquote>\n “As a small business owner, the resource material available from FlevyPro has proven to be invaluable. The ability to search for material on demand based our project events and client requirements was great for me and proved very beneficial to my clients. Importantly, being able to easily edit and tailor the material for specific purposes helped us to make presentations, knowledge sharing, and toolkit development, which formed part of the overall program collateral. While FlevyPro contains resource material that any consultancy, project or delivery firm must have, it is an essential part of a small firm or independent consultant’s toolbox.”<\/p>\n \u2013 Michael Duff, Managing Director at Change Strategy (UK)<\/p>\n<\/blockquote>\n “FlevyPro has been a brilliant resource for me, as an independent growth consultant, to access a vast knowledge bank of presentations to support my work with clients. In terms of RoI, the value I received from the very first presentation I downloaded paid for my subscription many times over! The quality of the decks available allows me to punch way above my weight \u2013 it’s like having the resources of a Big 4 consultancy at your fingertips at a microscopic fraction of the overhead.”<\/p>\n \u2013 Roderick Cameron, Founding Partner at SGFE Ltd<\/p>\n<\/blockquote>\n “Several times a month, I browse FlevyPro for presentations relevant to the job challenge I have (I am a consultant). When the subject requires it, I explore further and buy from the Flevy Marketplace. On all occasions, I read them, analyze them. I take the most relevant and applicable ideas for my work; and, of course, all this translates to my and my clients’ benefits.”<\/p>\n \u2013 Omar Hern\u00e1n Montes Parra, CEO at Quantum SFE<\/p>\n<\/blockquote>\n","protected":false},"excerpt":{"rendered":" Almost every other day, startups emerge and disrupt established companies because of their innovative ideas and business models. \u00a0This disruption is, primarily, due to the reluctance of big companies to implement a series of strategic and organizational practices required to organize and inspire creativity. Large firms are, generally, better at implementation rather than innovation due… An Effective Methodology to Avoid Disruption: The 8 Pillars of Innovation<\/span><\/a><\/p>\n","protected":false},"author":110,"featured_media":4143,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"neve_meta_sidebar":"","neve_meta_container":"","neve_meta_enable_content_width":"","neve_meta_content_width":0,"neve_meta_title_alignment":"","neve_meta_author_avatar":"","neve_post_elements_order":"","neve_meta_disable_header":"","neve_meta_disable_footer":"","neve_meta_disable_title":"","footnotes":""},"categories":[81],"tags":[3,1041,2],"class_list":["post-4140","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-strategy","tag-business-model-innovation","tag-creativity","tag-innovation"],"_links":{"self":[{"href":"https:\/\/flevy.com\/blog\/wp-json\/wp\/v2\/posts\/4140","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/flevy.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/flevy.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/flevy.com\/blog\/wp-json\/wp\/v2\/users\/110"}],"replies":[{"embeddable":true,"href":"https:\/\/flevy.com\/blog\/wp-json\/wp\/v2\/comments?post=4140"}],"version-history":[{"count":12,"href":"https:\/\/flevy.com\/blog\/wp-json\/wp\/v2\/posts\/4140\/revisions"}],"predecessor-version":[{"id":7931,"href":"https:\/\/flevy.com\/blog\/wp-json\/wp\/v2\/posts\/4140\/revisions\/7931"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/flevy.com\/blog\/wp-json\/wp\/v2\/media\/4143"}],"wp:attachment":[{"href":"https:\/\/flevy.com\/blog\/wp-json\/wp\/v2\/media?parent=4140"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/flevy.com\/blog\/wp-json\/wp\/v2\/categories?post=4140"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/flevy.com\/blog\/wp-json\/wp\/v2\/tags?post=4140"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}The 8 Pillars of Innovation<\/h2>\n
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<\/a><\/p>\nAspire<\/strong><\/h3>\n
Choose<\/strong><\/h3>\n
Discover<\/strong><\/h3>\n
Evolve<\/strong><\/h3>\n
Accelerate<\/strong><\/h3>\n
Scale<\/strong><\/h3>\n
Extend<\/strong><\/h3>\n
Do You Find Value in This Framework?<\/h2>\n