You're looking to improve your team's innovation management. What are the best consulting services for you?

Innovation can help to outperform competitors in a challenging market and/or help to adopt an organization to changing circumstances. Innovation management consulting can assist in developing strategies, implementation and optimalization of the innovation of your business / organization. Innovation can be a crucial ns the development of the organization and it be resilient for changing (market) conditions and there are (financial) risks involved. Innovation consultancy has the expertise and knowledge to provide guidance to optimize the outcomes of innovation and mitigate risks.

Innovation management consulting is a strategic ally for organizations aiming to excel in innovation. Consultants offer expertise in crafting innovation visions, goals, and roadmaps. They aid in identifying, prioritizing, and overcoming innovation challenges. From idea development to portfolio management, consultants play a pivotal role. They cultivate innovation culture, ensuring a mindset conducive to creative solutions. Through evaluation and enhancement, consultants contribute to sustained innovation impact, making them invaluable partners in the dynamic landscape of organizational innovation.

Innovation management consulting is about strategically guiding organizations to do something different that creates value. It involves a blend of creativity and structured planning. These consultants don't just brainstorm ideas; they apply systematic processes to increase the odds of successful innovation. They help organizations identify, develop, and implement innovative solutions that drive growth and competitiveness. The goal is to not only generate new ideas but to turn these ideas into valuable business outcomes, ensuring that innovation efforts are aligned with the company's overall strategy.

Our world is changing faster than ever, driven by the effects that exponential technologies (AI, blockchain, robotics, 3D printing, etc.) have on your external business environment. This means that the lifetime of business models is shortening, forcing businesses into various forms of innovation in order to remain relevant in the future's world. Innovation management consulting can assist businesses with crafting the right innovation strategy and de-risking innovation activities in order to maximise return on investment. This will enable businesses to lead and craft the industry towards their core services, rather than being disrupted by the next start-up unicorn.

Engaging with innovation management consulting is crucial for injecting fresh perspectives and expertise into your innovation efforts. Think of them as an external sparring partner who brings specialized skills and cross-industry best practices. They offer insights gleaned from a diverse range of sectors, applying lessons that your internal team might not have considered. While these competencies may seem underrated, they're immensely valuable in today’s rapidly evolving business landscape. Consultants can identify untapped opportunities, streamline the innovation process, and reduce the inherent risks of venturing into new territories, making them an essential asset for any forward-thinking organization.

For C-level executives of large companies, innovation often means risk... And they are right, looking at the success rate of corporate innovation hubs, start-ups, or corporate venturing, there is a high failure rate. Innovation management consulting is all about de-risking innovation activities to maximise return on investment while staying on the forefront of the industry. To reach this objective external consultants can bring you: - Methodology: An agile & lean approach focused on de-risking and solving the most critical customer problems. - Speed: A dedicated team with protected time & investment, not hindered by internal politics. - Honesty: The truth when it comes to decisions based on collected validation data.

Innovation consultancy is still a fairly new domain within consultancy. Still, finding the right agency for you can be a challenge, as innovation agencies have different ways of working, use different methodologies and have different mindsets. The traditional big 4 is worthless when it comes to innovation consultancy. Big 4 innovation consultancies (EY Etventure, BCG Ventures, The Garage by Deloitte, etc.) focus on 'advice' rather than innovation. They focus more on building nice slides than on building and de-risking your new innovative product. So who would you be looking for? Look for innovation teams with ex founders, people that know what it takes to ideate, validate, build, and scale a product. They build you products, not slides.

Choosing the right innovation management consulting service requires careful consideration. Tailor your choice to align with specific factors: 1- Innovation goals. 2- Team dynamics. 3- Industry nuances. 4- Budget. 5- Preferred working style. Realistically define needs, research options, seek references, and request detailed proposals. Tools like innovation assessments, collaboration platforms, and project management software can aid in the selection process. Collaborate closely with consultants, ensuring a shared vision and effective delivery of services for optimal innovation outcomes.

The core of any innovation consultancy project should be validation. Validation is the process of deconstructing the idea into the key hypotheses that could either make or break the idea and subsequently testing those hypotheses at the target segment. It is about finding out the desirability, feasibility, and viability of your product. Innovation consultants collect and analyse validation data that support the decision making of accepting or declining hypotheses. Often, this process is paired with customer learnings. These are learnings about for instance a customers' preference, requirements, or willingness to pay. Speed and diligence is what sets good good innovation consultants apart from the bad ones in the validation process.

There's a wide spectrum of innovation management consulting firms. You have traditional powerhouses with dedicated practices, such as McKinsey, Bain, and BCG, offering deep industry knowledge and global networks. Then, there are specialized boutiques that focus exclusively on innovation strategy, providing tailored solutions. Lastly, next-gen firms like StratOffice, which I run, bring a unique blend of cutting-edge methodologies and digital tools. We focus on integrating the latest technological advancements with creative strategies to foster innovation in a way that’s both transformative and sustainable for businesses looking to stay ahead in their respective industries.

Select persons with know how of the company context and culture yet an innovative and collaborative mindset to work with the management firm during the period. Also pick people that are perceived as credible by the organisation do that when the consulting phase is over, These staff understand the context and value proposition of the plan being implemented and act as change ambassadors and lead innovation

Ensuring teams have sufficient time to learn and work on innovation is crucial. Consulting services are more than a monetary investment for a company. I've worked with numerous organizations that financially backed new projects with executive support, yet they struggled to allocate the necessary time for employees. Often, high performers are chosen to lead these efforts but are also expected to manage their existing workloads. This not only hinders the innovation process but also risks employee burnout.

Using an MVP or prototype as a conversation starter with our audience to shape a successful product, is likely better than any consultant's advice. Like Bill Gates' mantra: 'Ten years of trying will eventually make you look like an overnight success.'