Innovation had screeched to a halt at a decades-old auto-parts retailer. The consumer had changed. Competitors were catching up. The business model that had protected the company for so long was now slowing it down.
That’s how a corporate immune system works. It protects the company, even at the risk of complacency. Outdated business models block innovation.
It’s not enough to hire an innovator and award a title. Innovation that achieves Breakthrough Results requires a commitment by the C-suite to support it through resources and a receptive infrastructure.
To inject innovation back into the corporate DNA, these four key elements must be in place, say management consultants Robert E. Johnston, Jr., and J. Douglas Bate:
- A management mandate that shows executive support
- Corporate infrastructure that provides needed resources
- An innovation process with structure and accountability
- Corporate culture that encourages enterprise-wide innovation
Enterprise transformation results
When that auto-parts retailer with stalled growth partnered with Insigniam to undergo an enterprise transformation, the result was 120+ projects to foster innovation at every level. New services and a new mindset evolved the business model. Earnings per share increased significantly. Even the management team was empowered, through a 40-headed CEO model, for faster decisions.
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