Innovation is too often used in business. Executives talk about the importance of staying ahead of the competition, but the reality is that innovations are not readymade to be picked off a shelf. Instead, they take time, human effort, and resources to move from inspiration to ideation. Even the most dedicated companies need help to keep their innovation initiatives on track. That's where The Berkeley Innovation Group (BIG) comes in.
We understand that innovation is like a gym membership; executives each aspire to achieve results, but other day-to-day priorities block our best intentions. Companies are “inspired by” the potential of innovation but fail to take action, and initiatives quickly lose momentum. Even dedicated internal champions like the Chief Innovation Officer often succumb to the pressure to conform to the status quo.
So, what is the secret to balancing innovation with day-to-day priorities?
A fast fashion company launched a digital product to halve return rates by helping customers find the right size before purchasing the physical product. However, a competitor launched a digital product with newer technologies and better capabilities from concept to launch. The client was so focused on developing a holistic product covering every possible use case that they lost track of the user and were beaten to market by a more nimble competitor.
We were called in and immediately refocused on the customer, limited the product’s features, and ensured their future efforts were not wasted. But looking back, what would we have done differently?
- Our continuous work with users helps our clients frame the opportunity to ensure their innovation team addresses the greatest user need with the most significant profit potential.
- By focusing on the user, we help clients design only the critical path features to test a user’s interest. Most innovations fail because budgets are spent pursuing “nice to have” features.
- Finally, Board-level support for the direction of your innovation initiatives is vital. Today, our clients want generative-AI solutions for their businesses. However, without a clear understanding of the business outcomes of the technology, the initiative will fail.
Just as you hire cyber security firms, insurance companies, and lawyers to protect your business, we are your protection against disruption. We help you stay ahead of the technology curve by understanding your users' needs.
Innovation is essential. The Berkeley Innovation Group is here to help you stay ahead of the curve and maintain your competitive edge. Let us be your innovation partner; together, we can create a brighter future for your business.