Foster Innovation. Initiate Change.
Innovation can be difficult for corporations —especially disruptive innovation. However, it can also be the very thing that keeps a company competitive, leads to development of new products or even new markets, and catapults a company from obscurity to incredible success. Padgett Performance Group helps corporations innovate so that they may get products to market sooner, avoid pitfalls, and foresee potential opportunities.
Innovation means different things to different organizations. Here are the three most common types we see:
Sustaining Innovation involves evolutionary, incremental change, such as product tweaks and process improvements, to sustain market share.
Breakthrough Innovation usually involves a new or improved technology and allows companies to increase market share.
Disruptive innovation reinvents categories, markets and products and changes industries -- it creates products that don’t exist.
All types of innovation can help companies grow; and the first two categories described above can be implemented into daily company processes, with predictable outcomes.
Doing so requires a culture of collaboration, and the selection of a team that can function at a high level of trust, and frame challenges in a new way. Padgett Performance Group can work with your accompany to achieve these goals — just ask us how.
Disruptive Innovation is different. It does not fit into the normal business process. In fact, to be disruptive, a team must dismiss preconceptions and assumptions about how things are done today and focus on inventing new pathways. Attitudes must change from identifying reasons why things can’t be done, to finding ways they can. Teams move through uncharted territory — a landscape of unique opportunities, new markets, competition and challenges. They must maintain an open mind, resisting the temptation to jump to conclusions or lapse to what worked in the past. We can help companies achieve disruptive innovation as well.
Click How can Corporations be More Innovative? to learn more.
The very word “Disruptive Innovation” can be frightening. After all, who wants to disrupt a system that seems to be working well? Paradoxically, the larger and more successful a company is, the less likely they are to support disruptive innovation. However, with great risk, may come great rewards.
Charles Leadbeater, a researcher at a London think-tank, made this point in a recent talk:
Do you go to your board and say, "Look, I've got a fantastic idea for an embryonic product in a marginal market, with consumers we've never dealt with before, and I'm not sure it's going to have a big payoff, but it could be really, really big in the future?" No, what you do, is you go in and you say, "I've got a fantastic idea for an incremental innovation to an existing product we sell through existing channels to existing users, and I can guarantee you get this much return out of it over the next three years."
The very things that contribute to the success of corporations jinx innovation:
It is easy to see why corporations would have difficulty understanding or supporting, let alone, nurturing innovation. Padgett Performance Group can help members of your team understand the value of disruptive innovation, and learn how to create an environment that supports it. Contact us to learn more.
Padgett’s expertise in culture and collaboration gives companies a clear advantage for innovation. We are adept at building teams where members can do their best work. Our proprietary methods for evaluating and prioritizing concepts produce qualified designs.
Padgett Performance also works with IP2BIZ, a company that specializes in getting new ideas to market with a sustainable business model. Their work, combined with Padgett’s focus on people and culture, gives companies an edge in market disruption. IP2BIZ partners with large businesses, discovering promising intellectual property on their behalf. They also help companies evaluate their early-stage innovation ideas. They have worked with Fortune 500 companies for over ten years.
Companies who partner with IP2Biz reap many benefits and advantages. These include ensuring anonymity, obtaining an independent and objective assessment of risks and opportunities, leveraging expertise in the discovery of new technologies, increasing velocity, saving money, and avoiding interference with internal operations and priorities. This results in faster development — potentially years before your competitors.
Find out how we can provide the experience and outside help to foster innovation at your organization. Contact us.
Change is Inevitable. How You Handle it is Up to You.
Change is not only inevitable; it is the most significant external factor in business today. A study at Yale School of Management found that the average lifespan of a Standard & Poors (S&P) company dropped from 67 years in the 1920s to 15 years today. Estimates conclude that 75% of the S&P 500 firms will be replaced by new firms in the next ten years.
Padgett Performance Group helps companies respond to change in positive ways, so that they can do more than survive — they can thrive.
We recognize that adapting to changes in business today is a full-time job. We also recognize that people are the critical element. That’s why we work closely with top management to drive a tightly managed process that includes discipline and focus. Our goal is to make certain that change initiatives start on the right track and are monitored to guarantee they remain focused on objectives. We also leave an organization with the tools for continuing to manage change. Click below to learn more — or contact us today to discuss how Padgett Performance can help your organization manage change.
Organizations that have demonstrated the ability to adapt have become some of the strongest, most prosperous brands in history
“An organization’s ability to learn, and translate that learning into action rapidly, is the ultimate competitive advantage” —Jack Welch
- Gain the Support of Top Management
The critical first step in any change initiative is to secure the support of top management and unite the management team around the objectives. If they do not embrace change, it will not succeed.
- Focus on Time and Culture
Problems multiply exponentially given too much time. That’s what makes a tightly managed process, focused on the value drivers, so important in producing rapid financial results. It’s also critical to focus on organizational culture and individual performance, getting people to work and play well together successfully. Communicate early and often to reduce uncertainty and ambiguity. (The alternative is confusion, alienation and resistance.) Then, be sure to monitor and fine-tune the process as the organization moves toward improved productivity, profitability and satisfaction.Padgett Performance Group helps engage the workforce by bringing teams together to design the change plan for each functional area. Teams are composed of the best and brightest role models. They are given a short time to create a short list of high-value initiatives. We facilitate the teams to ensure that they remain focused and collaborate with teams from other areas. For example, sales goals must consider the effect on production, and vice-versa.
- See Change as a Process, Not an Event.
For today’s companies, there is no finish line for change. Keeping up with markets and keeping ahead of competition is never-ending. Our objective at Padgett Performance Group is to provide your company with the tools and training to manage your own destiny. The term of our engagement is limited. It is not our purpose to engage in open-ended or permanent engagements. However, the results we provide will last indefinitely. Our goal is for your business to become self-sufficient in implementing your own change management plan.
To better manage change at your organization. Contact us.