Corporations need a capability for strategy innovation to continue to grow their businesses and keep their strategies vital in today’s dynamic markets. The strategic planning processes in most companies are not set up to explore and create innovative business opportunities. Therefore, a separate process for strategy innovation is critical for identifying non-incremental business opportunities that will lead to new topline growth. The Power of Strategy Innovation provides corporations with a process for identifying innovative business opportunities on their strategic frontiers. The implementation of this team-based, five-phase process will create a portfolio of new business opportunities that will enhance the strategic planning process and drive future growth.
The book is written in a practical, easy-to-understand style that will appeal to all levels of corporate managers. Senior executives will appreciate the strategic orientation of the use of strategy innovation and how they can implement it to their organizations. The detailed implementation plan, including the liberal use of "process tips" and examples from 3M, Kodak, H-P, Moen, and others, will give guidance and direction to team members who embark on a strategy innovation initiative.
Book Reviews
“The subject of this book is very relevant to today's business world where the acquisition strategy of corporate growth is showing its limitations and where organic growth through Innovation is a preferred and more sustainable strategy. I found the "Power of Strategy Innovation" to be a very valuable contribution to understanding how Innovation can transform a corporation to a new growth curve as well as articulating clearly a process whereby this transformation can take place.”
- Dr. William Coyne - former Senior VP of Technology, 3M Corporation
“This book is an exciting read of discovery. Johnston & Bate take applied creativity to the edge!”
- Stan Gryskiewicz - Vice President, Global Initiatives and Senior Fellow, Creativity & Innovation – Center for Creative Leadership
“Johnston and Bate have developed a proven and repeatable process, based on a decade of real-world experience, which enables organizations to systematically challenge and explore these boundaries to develop a portfolio of new value-creating business opportunities.”
- Robert LaPerle - GM and Vice President, Kodak.com
“From the rise of Brainstorming at BBD&O and the use of metaphors as idea triggers by Synectics, Inc., Bob Johnston and Doug Bate tell an insider's history of executives and their advisors striving to nourish creativity in management and its strategic planners.† They back up their compelling argument for Strategy Innovation as a next stage with 11 chapters of implementation guides drawn from their years of intense experience with many leading companies.”
- T George Harris – former editor of Harvard Business Review and Psychology Today
“This wonderful and meaningful book helps readers understand the multidimensional world of innovation from a strategic standpoint. Awesome!”
- Ken Cox – futurist, NASA
“From the crossroads of business strategy and applied creativity, Johnston and Bate have opened up a fresh and valuable trail to anyone responsible for successfully driving an organization forward.”
- John Osborn – President, Creative Education Foundation
Introduction
As valuable background information, the authors present a short,
fifty-year history of the migration of imagination and creativity in corporations,
from early brainstorming sessions in advertising to strategy innovation in
the boardroom.
Chapter 1 Strategy Meets
Inovation
The first chapter introduces the concept of “strategy innovation,”
provides some examples of how it has been effective in a variety of companies,
and explains how it can be an important factor for any company looking to
survive and thrive in the dynamic marketplace of the future.
Chapter 2 Strategy Innovation
is Managing the Future
Strategy innovation is positioned as a way for senior management
to manage the longer-term business strategy as well as the short-term. Future
business strategies will emerge from the identification of a portfolio of
new, innovative business opportunities for the future.
Chapter 3 Strategy Innovation
is Not Strategic Planning
Typical corporate strategic planning processes are based on analytical,
projective tools that are not capable of producing strategy innovation. Therefore,
a new process based on creativity, discovery, and a future-focus is described
as necessary to create innovative business opportunities that feed into the
strategic planning process.
Chapter 4 The Discovery
Process
A five-phase technique for identifying a portfolio of new business
opportunities, called the Discovery Process, is presented. It describes the
flexibility of the process for a wide range of different companies and the
tangible outputs to be expected – new insights related to customers,
the emerging marketplace, and business models; a portfolio of innovative business
opportunities on the strategic frontier; and a strategic roadmap for outlining
the company's proprietary future.
Chapter 5 The Discovery
Process – The Moen Story
An engaging, real-world story about the successful implementation
of the Discovery Process is presented in this chapter.
Chapter 6 The Discovery
Process – Staging Phase
The initial planning and set-up of the Discovery Process is crucial
for its ultimate success. Detailed advice is provided on the key roles to
be played, the ideal characteristics of a Discovery team, the environment
in which they will work, and key preparation steps leading to the Staging
Meeting.
Chapter 7 The Discovery
Process – Aligning Phase
The important concept of strategic frontiers is introduced
in this chapter, as it plays a vital role in focusing the exploration efforts
of the Discovery team. Maintaining alignment between the goals of the Discovery
team and senior management is critical for the creation of relevant new business
opportunities in the Discovery Process.
Chapter 8 The Discovery
Process – Exploring Phase
The reader is guided through the planning of the exploring phase
of the Discovery Process. Advice is given on escaping the effects of “corporate
gravity,” the importance of stretch, and the pursuit of visionary business
opportunities. Three exploration “vectors” are proposed for the
identification of new insights – customer value, market dynamics, and
business model innovation. Examples of unique activities to consider in exploring
each of these vectors is provided.
Chapter 9 The Discovery
Process – Creating Phase
With their new insights discovered on the strategic frontier, the
Discovery team will learn how to turn those insights into descriptions of
new business opportunities. Establish the right environment for creativity
and then implement both divergent and convergent phases of a creative process.
Chapter 10 The Discovery
Process – Mapping Phase
The creation of a strategic roadmap is the focus of this chapter.
The roadmap is built around the most compelling business opportunities and
identifies the critical action items, trends, discontinuities, and milestones
that will play a role in the implementation of these opportunities.
Chapter 11 Maximizing the
Discovery Process
Included in this chapter is more advanced knowledge on how to design
and implement a successful Discovery Process, using additional real-world
examples from previous strategy innovation initiatives.
Chapter 12 Formalizing
a Strategy Innovation System
There are some key elements that must be considered if a corporation
wants to make strategy innovation an on-going capability of their business.
Formalizing an internal system for strategy innovation requires attention
to management mandate, corporate infrastructure, innovation process, and corporate
culture.
Epilogue
In this final section, the authors predict that strategy innovation
will become a requirement for those companies who are, or aspire to be, market
leaders in the future. Regardless of size, scope, or industry, these companies
will be driven by the innovative, new business opportunities that they find
through the on-going exploration of their strategic frontiers.
The Power of Strategy Innovation was published in October, 2003 by AMACOM Books, the publishing division of the American Management Association.
