Innovation will be more important than ever as we move toward the next normal given changing consumer needs and occasions. Companies can rethink their innovation agendas to more efficiently address those needs and drive growth. However, many executives see barriers to boosting innovation performance, including the complexity of multifunctional organizational dynamics and the difficulty of predicting consumer preferences and behaviors. In addition, these innovations seem to be changing faster than ever. Disruption due to the pandemic lends even greater urgency to ensuring that innovation strategies adapt well to changes in consumer needs and retail environments. Here’s a look at our multi-part assessment that helps you to understand where you are now and where do you want to go.
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What and how we assess CPG Firms Innovation?
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How the scores are calculated by our assessment?
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The above exercise is pretty quick. It can be completed by any stakeholder in about 15-30 minutes and results in a visual way to represent where one’s Innovation Program technology sits in comparison to industry benchmarks. Additionally, it can be completed by multiple individuals within an organization to calibrate a mutual understanding between their collective Innovation Program departments and/or other internal stakeholders. Maturity (scale of 1 to 10) is explained below.
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- Just realized – Process not in place, however, there is a realization of the need.
- Initial (chaotic, ad hoc, individual heroics) – the starting point for use of a new or undocumented repeat process.
- Repeatable – the process is at least documented sufficiently such that repeating the same steps may be attempted.
- Defined – the process is defined/confirmed as a standard business process.
- Capable – the process is quantitatively managed in accordance with agreed-upon metrics.
- Efficient – process management includes deliberate process optimization/improvement.
- Innovator – Started challenging status-quo and incremental innovation started at the edges.
- Disruptor – The tangible impact of the innovation has been proven, started institutionalizing sustainability.
- Market leader – You are nailing it.
- World-class – The true north of all.
And the final Report is:
** Blue bar represents Innovation Minds benchmark baselined from 25+ companies we worked with, and the black line represents where you may stand.