Last Updated on April 17, 2024 by Jawad Ali
Do you already have a vision for a product or technology to capitalize on a market opportunity?
If the answer is yes, you must be already searching for the most efficient and cost-effective way of moving the project forward to bring the ideal product version to market as quickly as possible.
As a result, you may be evaluating the innovation consulting services of reputed firms to support your innovation journey.
However, did you know in a 2020 global study comprising 1200 organizations, 54% of executives revealed that they struggle to bring alignment between innovation strategy and business strategy?
So, the selection process might be overwhelming. But, if you carefully analyze your goals, fully understand what these consulting firms deliver, and check whether the deliverables align with your business needs, you can make the best decision for your organization!
Here is what you need to know to choose the right innovation partner for support and get those new ideas to flow to the market.
What Do Innovation Consulting Firms Do?
Innovation consulting services are a type of business consulting services that focus on restructuring processes and co-creating value solutions to resolve business challenges.
The process involves problem-solving methodologies, holistic review approaches, and immersive research to understand the business, its variables, and the market dynamics in which the company thrives.
Different consulting firms will fill a wide range of roles depending on their approach toward innovation. These include:
- Building internal capacity
- Generating new ideas
- Unlocking new opportunities
- Developing novel products
- Redesigning current products for evolving markets
- Rethinking growth strategies
- Clarifying existing positioning and value propositions
- Producing and testing prototypes
When to Hire an Innovation Consulting Firm?
Every leader who once realized the need to intensify efforts in building methods to generate new value in his company has faced the question: when is the right time to hire help?
Even though there is no exact answer, asking some questions to yourself can help you better understand the inclination of top leadership to invest in innovation consulting services:
- Is the organization capable of taking risks to improve current business processes?
- How do employees feel about embracing innovative solutions that are different from the usual ones?
- Is the management willing to resolve recurring problems in new ways?
- Are there any initiatives for new process improvement ideas? What percentage of these ideas have converted into a practical solution?
If your answer is yes to most of the above questions, it is time for your organization to count on innovation experts to turn ideas into solutions!
4 Steps to Choose the Right Innovation Consulting Services Firm for Your Enterprise
To provide a clear picture of how you can help your organization embark on an innovation journey, we have outlined the four crucial steps to help you make an informed and educated decision:
Understand The Different Types of Innovation
Knowing the various types of innovation and their outcomes is crucial to understanding which approach will best fit your company’s organizational structure- and how the hierarchy is impacted depending on your choice.
Check for Success Stories
Large enterprises with successful innovation use cases and impactful results can provide a first-hand impression of the capabilities of a consulting firm.
However, innovation consulting services are strategic, and project data may not always be available for comparison.
Therefore, it is also essential to communicate clearly with innovation consultants to understand the service dynamics to gauge good results for your organization.
Define Goals and Understand Project Execution
There is no single path to innovation. For every organization, the starting point and goals are different. So before you choose the right innovation consulting services, it is essential to clarify your gaps and needs.
Deep dive into your objectives and understand the project execution steps that will be required to get there- not just in the short term, but in the long term as well.
Attention to Company Culture
If any consultancy aims to change employee mindset overnight or does not mention the word ‘culture’ in any conversation, rule out that option from your list.
An innovation consulting firm can offer immediate results and quickly scale innovation projects only when employees change how they work to build differentiated solutions.
However, it turns out that consolidating an innovation culture in which employees will take care of the end-to-end innovation process takes time. Such transformations demand a change in habits, consistency, and confidence and depend on organizational rigidity.
Accelerate Your Goals with The Right Innovation Partner
Choosing an innovation consulting services firm can seem like a complex task (and it is!).
But, by understanding the innovation maturity level of your organization and overcoming the structural barriers to this investment, it is possible to incorporate a sustainable and efficient innovation process.
ANSR’s Open Innovation offerings identify emerging tech solutions from thriving partner ecosystems to enhance business processes, adopt best practices,
and improve efficiency through automation for corporations. Tap into ANSR’s innovation consulting services to set up Global Innovation Centers and team with corporate accelerators and global startup companies to innovate faster!
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