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Gary Zimmerman – CMO, Principal Consulting Analyst
The COVID-19 pandemic has upended nearly every aspect of life, from personal (how people live and work) to professional (how companies interact with customers, how customers select/purchase products, how supply chains deliver them). Customers are redefining the relationships they have with their brands. Channels may have radically shifted to new needs or work around new constraints. These shifts are creating disruptive opportunities and new risks. Long standing assumptions that supported years of predictable growth may no longer be valid. Innovation, customer experience, and pervasive digital engagement are key elements of this next normal.
Delivering the next normal will require a significant shift in innovation capabilities and their governance for most companies, many of which are used to a less orderly approach. By figuring out how to govern innovation as an integrated system within overall portfolio goals, the enterprise can harness its energy and make it a reliable driver of growth.
Innovation governance is a holistic approach to guiding and sustaining innovation and is a vital part of business management. Innovation governance is about achieving this consistent approach supporting continuous learning, discovery, and improvement.
This report provides a framework for addressing the overarching aspects of innovation governance including:
- Building an innovation vision and strategy,
- Sourcing / developing core innovation capabilities
- Driving appropriate execution
- Promoting innovation broadly
We provide examples and recommendations in each of the areas.