Some companies particularly excel at innovation. Those doing well in this regard today are typically companies that have well-thought out research labs. They can scale up at speed. Some are even disrupting product categories. To do this, the first step is to focus on customer needs based on targeted segments. For this advanced business analytics must be made use of to understand consumer needs. Such analytics is to be performed making use of multiple data points. The process of design thinking needs to be calibrated within the process. Repeated pilot projects need to be launched, with the express understanding that some of them may fail. For all such new ventures, one must know how to think and then act like venture funders. Wrongly, a lot of companies focus on being the first to market. Instead, those that manage to scale up the first, tend to succeed. Before starting off such ventures, the leaders must make sure that the company culture is conducive to such transformative efforts. Quantifiable metrics need to be identified to gauge the aspirations. The resources available need to be reallocated depending on this new disruptive system being adopted. The markets to target, must also be clearly laid out.

Source:https://www.mckinsey.com/business-functions/marketing-and-sales/our-insights/from-lab-to-leader

Uploaded Date:14 November 2018