Innovation Fuels Speed to Market
Blog Post › Innovation that Creates New Value
In an article published by Reuters, “Investors support deals spree, happy to see U.S. companies buy growth,” the news agency notes, “After years of responding to shareholder calls for stock buybacks and dividends, major American companies are hearing a different demand from investors: buy growth.” Simply put, the path to unlocking the growth potential that investors are clamoring for begins with strategy innovation.
In the piece, the news service notes, “Companies have to prove to the investors they are growing their business as opposed to making accounting changes that make them look better.” From the ground up, strategy innovation — a multivariate process that includes staging, aligning, exploring, creating, mapping, and executing a structure for future success — is a critical and necessary step in elevating performance.
Recently, for an Insigniam client in the pharmaceuticals industry, strategy innovation on the macro level was instrumental in bringing a product to market faster than anticipated — which was not only a win for those in need of the product, but also for shareholders focused on growth and viability.
Strategy Innovation Begins
Before any new drug can come to market, a report must first be provided to the Food and Drug Administration, which typically takes approximately 18 months. Insigniam’s client wanted to find out if it could be done faster.
The first hurdle: many of those within the pharmaceutical company didn’t think the goal was achievable. In order to accomplish the intended result, a dramatic alignment was needed at the employee level, one that would dictate the success of a faster go-to-market strategy.
Overcoming Crippling Assumptions
“It can’t be done” thinking is common in corporations and it makes improving speed to market difficult for many companies. However, by making employees stakeholders in the project’s success, through exploring, creating, and mapping goals and points of accountability at the macro level, a strategic and tactical framework for success can be instituted — and ultimately — achieved.
In our example, Insigniam examined the quality of the pharmaceutical’s company’s reporting process in an attempt to identify and remedy bottlenecks the company was not aware of.
Our client found, by analyzing and then innovating its outdated reporting process — devising one in which employees felt empowered and an innovative pathway for executing the report was presented — that several sections of the report were no longer even required by the FDA. This very discovery would not have been made had the client not rejected their assumptions and opened themselves to a new way of accomplishing a seemingly impossible goal.
The report, which exceeded the FDA’s rigorous standards and was a critical first step in bringing the drug to market and satisfying shareholder growth, was filed in just 4 1/2 months.