Innovation or finding new ways to do things is becoming a business necessity for survival in the today’s highly competitive business environment. Companies have to simply reinvent themselves in order to survive, stay ahead of the game and avoid falling back and failing miserably. Those companies who fail to re-invent themselves fast enough will eventually cease to exist and become part of history.
Some may confuse Innovation with Invention which is discovering a completely new product or technology or with Improvement which is about doing the same thing more effectively. Although most organisations appreciate the crucial value of innovation, they face difficulties in selecting appropriate innovation strategies and fail during execution. Even though their management believe innovation is extremely important to their growth strategies and continuity, they are however very critical of their performance.
The Ideanco Approach
Ideanco can bring creativity and the unlimited potential of to guide our clients in transforming innovation into tangible performance improvement. We help clients through detailed research and review of their processes, business models and organizational structures. We introduce new ideas that can be transformed into new revenue streams and close priority gaps – opportunities or performance gaps in order to align activities. We also help clients:
- Grow market share and profit through products and service innovation
- Set up an Innovation culture within their organization to create and foster leadership of the innovation processes.
- Create new ideas and business models through innovation, which is a must in order to maintain market share and grow beyond the traditional means of globalization or reaching out to new markets, which have been exploited by all other competitors.
Innovation continues to be a frustrating pursuit for many companies due to failure of their execution and performance sustainability that is necessary to ensure business continuity and brighter future. We are often faced with questions such as:
- Why companies till the present date face enormous challenges?
- Is it because of their culture? Or the lack of an innovative strategy?
Solutions to these Challenges
Innovation has been a major part of our core business activities along with our corporate strategy development activities. Accordingly we will work with clients to reinvent their core business which is proving a must in order to sustain a competitive advantage over the competition and circumvent the constant disruption to business models and product / solution portfolio. We will address and review the client’s business in terms Critical Tasks, Human capital and Organisation structure and Culture. We will identify performance gaps, underlying causes and recommend appropriate remedial action plans.
Ideanco has realized that most companies who fail to innovate are those companies who fail to explore and exploit different ways for doing business and pursue new opportunities at the same time. These are the companies that couldn’t setup an actual innovative culture driven organisation led by innovative and entrepreneurial spirit. Even if the appropriate strategy is there, yet the lack of innovative culture which challenges existing business norms may be the reason for failure.
We provide a set of capabilities and processes to help clients innovate and transform their ideas into profitable products and services. We leverage creativity, imagination, information and initiative to derive greater value from available resources, and we cover all necessary processes required to convert new ideas into useful products. As innovations can be evolutionary or revolutionary, we specialize in disruptive, revolutionary innovations and help our clients attain the maximum benefits from the implementation of these changes. This stems from our entrepreneurial mindset and expertise developed by our outstanding, talented people.
Benefits to Clients:
- Innovative companies are more adaptable and cope well with changes and disruptions hence can survive in a fiercely competitive business environment.
- Innovation results ultimately in better efficiency, productivity, competitiveness, and therefore market share.
- Innovative Culture leads to increased productivity through the introduction of new processes for performing business activities distinct from those of competitors hence providing product/service differentiation and competitive advantage.
- Innovative people develop new ways to enhance customer value and satisfaction through solutions that meet customers’ changing needs. This will help build their brands and customer affinity with their products and services.
Our goal is to help companies achieve sustainable and superior business performance through innovation in products, services, processes, strategies and business models. For this purpose we leverage our expertise in:
Creative Thinking: We offer our vast expertise in creative thinking and innovation to help companies harness the power of Innovation. We design processes and workflow to translate the outcome of innovative thinking into revolutionary new products, services and business models to drive revenue growth and earning.
Research Skills: We are able to proactively identify, assess and report pertinent and dynamic information and business opportunities for the benefit of our clients utilizing the vast information available with us and our home grown research skills. We have been successful to predict difficult to trace opportunities such as just out of the lab R&D technologies, promising start-up companies, and new emerging markets and territories.
Innovation Skills: we focus on the implementation of practical and custom tailored business development strategies in order to create the growth opportunities for diversification, cost reduction whether in resources or effort. We systematically develop procedures that our clients can adopt to achieve their goals
Innovation Mindset Training: Whilst working with our clients on any of the following forms of business activities such as Partnering, Joint Ventures, Technology Transfer, M&A, Investments, R&D and/or Marketing, we train their staff on innovation, creative thinking methodologies and strategy development techniques. This will not only motivate our clients and business partners’ staff but also ensure that the mentality of innovation will take shape and prosper in these organizations.