Cycle: Phases an idea goes through to become an innovation

CASE STUDY:

NEW WEALTH COMES ONLY FROM INNOVATION

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Creativity – the generation of new ideas – is the starting point for innovation and is applied throughout the innovation process. Innovation, however, is more then creativity. It is the implementation of an idea that generates wealth and value.

The partners of an established and respected accounting firm in the Chicago had a number of great ideas to win new clients, deliver new services, improve operating efficiencies and retain key employees. They, however, faced many challenges in converting those ideas into growth, profitability and shareholder value.

As one partner said:

“Innovation is something we will get around to when we have a chance. But finding that time is difficult, if not impossible, because of the demands of today’s business.”

Like most businesses, this firm was built to achieve efficiency and accuracy. Processes, policies and structures promoted uniformity and quality – doing the same thing in the same way every time.

“While quality, efficiency and customer service remain critical practices; it is only through innovation that an organization generates new wealth.” Andrew Papageorge

We engaged the whole firm in learning the GoInnovate! Cycle to develop a strategic plan for the firm. Staff teams then made those strategies a reality by applying the Cycle.

They also adopted the GoInnovate! Value Set and the managing partner reorganized existing functions, introduced new technologies and improved communication in support of innovation.

Since implementing the GoInnovate! System, our client has continually achieved record growth, increased partner earnings, improved operating efficiencies and retained a higher percentage of key employees.

“The GoInnovate! System demystifies innovation by breaking it down into understandable, logical components. It encourages our people to think outside normal boundaries and guides them through a practical step-by-step process for innovation. Not only did our innovations run smoother, we learned skills that allowed us to service our current clients better.” Managing Partner

Do you want to transform more of your ideas into innovations? We will work side by side with you on a current innovation initiative while you learn the GoInnovate! System.