Sep 2017 - IDC Perspective - Doc # CA43013417
Aligning the Global Innovation Center with Corporate Strategy
This IDC Perspective discusses how aligning innovation efforts with corporate strategy is critical.
According to Mark Schrutt, strategic advisor, Public Sector and Innovation research at IDC Canada, "For most companies, innovation centers start small, with just a handful of people with entrepreneurial, technical, and design thinking backgrounds. These innovation centers typically start with a limited budget that sees a site located within the head office or sometimes within the IT department. Innovation starts small by focusing on a few projects to pick off low-hanging fruit around cost savings or process efficiencies. Innovation centers begin to grow with little wins, hitting singles versus moonshot home runs and, most importantly, delivering value. These centers start punching above their weight and have a quantifiable impact as they work with business units, rotate core staff through the center, and begin expanding their horizon from productivity improvements to creating new products and ways of changing the business.
Schrutt adds, "Driving new revenue is a fundamental goal of the innovation center. In the long term, changing the culture to one where innovation is integrated into strategy, like a start-up, is the promised land of innovation. Once innovation is cemented into culture, the innovation center will need to reinvent itself. Having accomplished their goal, innovation centers will need to refocus on a completely new purpose or be spun off as a separate division."