Strategy and Innovation
The primary responsibility of strategy is to create and capture value using purpose as a guide and innovation as a vehicle to win.
Every business requires strategy to create a new reality as per the vision. Strategy is a well-formulated framework of choices which cannot be thought of, as you go. It requires a structured approach to design on before you start working towards your vision.
Strategy: A framework of choices
The purpose of a business is to create value for its customers. This value is something that the customer really cares about.
The job of strategy is to ensure that the business makes the right choices to deliver this desired value to its customers.
A strategy is not a plan or a mechanism or a goal. It is a consciously taken set of choices with clarity of consequences and risks in order to deliver the value to become as your envisioned.
Innovation: A vehicle to win
Innovation supports strategy to deliver the value through the choices laid out in the strategy. We are not talking about the innovation to survive which is product innovation alone. We are talking about the business innovation where an approach is designed to improve the interaction of the business with all its stakeholders to deliver enhance value in every interaction.
When you combine strategy and innovation, you are able to leverage expansive and emerging newer opportunities that other’s cannot see.
The practice of strategy and innovation requires to be formalised alongside with the owner’s functions in the form of a structured Office of Strategy Management (OSM). When owners take this as their core competitive differentiator, they embark on implementing the OSM outcomes in the form of portfolio of business projects.
Over the years, our clients have successfully implemented OSM delivering a larger market share, stronger brand position and helping them move their customers from customer loyalty to customer love.