Kathy Mast Consulting

Best Books on Innovation

BusinessWeek's 2008 list of best books on innovation includes "The Game Changer - How You Can Drive Revenue and Profit Growth with Innovation," by A.G. Lafley and Ram Charan. While I haven't yet read the book (it's next on my list), I watched a video interview of A.G. Lafley on the topic of innovation at Proctor and Gamble where he is Chairman of the Board and Chief Executive Officer. The interview was conducted by Scott Anthony, published by Harvard Business School Press and it is available on the Internet at: http://discussionleader.hbsp.com/anthony/2008/05/reflections_on_front_end_of_in.html

I was especially impressed with his overview of how innovation practices at P&G have changed over the years. In the past, innovation reviews spanned days and each innovation came with a briefing book that was about two inches thick. In 2007, quick, visual and high quality presentations became the format. The books were replaced by posters. He likened the new sessions to a science fair. The presentations include a poster, working prototypes, if they exist, and 3 - 5 pages of documentation. Innovations can be reviewed in 2 - 4 hours. At P&G, posters, prototypes and involving consumers early in the process are best practices and a formula for success.  

Another key point that Mr. Lafley stresses is to continually question whether the innovation strategy is in line with the business strategy. The business strategy must come first! In my next post, we'll look at some important reminders for setting business strategy for 2009! Check back in a couple of days! For an advance copy, send me an email request for strategic planning best practices or a recap of A. G. Lafley's suggested innovation process. Please indicate if you would like one, or both, and send your request to kathy@kathymastconsulting.com.

Let's make strategy and innovation our priorities for 2009!

A Vision for Innovation

A couple of months ago I had the opportunity to speak at a CEO Netweaver's meeting in Dallas. It seems that CEO Netweaver's is one of the best business networking organizations in the metroplex. The goal of the CEO and service provider organization is servant leadership or "to help each other and their communities without expecting anything in return." If you are looking for a premier networking organization, I highly recommend CEO Netweavers.

As I speak regularly to C-level executives in various organizations and companies, I have to say that the attendees at this meeting truly distinguished themselves when it came to our topic of "Creating an Environment of Innovation." They participated through discussions, insights, suggested books to read and superb questions. They also asked for links to research on innovation that I offered at the end of the session. How impressive!

In thinking about research on organizational executives who drive innovation, 36% are CEOs according to Boston Consulting Group's 2007 Senior Executive Innovation Survey. The survey and my experience show there is a significant gap in driving innovation between CEOs and other C-level executives. The responsiveness that I got from the CEO Netweavers group supports this research. It confirmed that there is a great opportunity to work together to create coaching and workshops for companies to share in the knowledge and vision of their CEOs. A few recommendations are as follows:

• Collaborate with innovation leaders to create workshops and training to broaden the vision, understanding and commitment to innovation. Make sure it is customized for your organization
• Begin idea generation programs and track their effectiveness
• Create special teams dedicated to achieving faster innovation for products and services - there are some great models to follow.

As I reflect on 2008, I think the identification of the gap in knowledge and execution for innovation between the CEO, the other C-level executives and the organization as a whole is significant. Addressing this disparity immediately and executing on the new shared vision and innovation goals can make all the difference in organizational performance this year.

Call me! Let's start 2009 with the resolve to maximize innovation for breakthrough results in the New Year! Watch for more insights on how to succeed in 2009.

 

A New Season

Ah - the end of summer. It is delightful to linger and languish in the last few days before fall rushes in with all its activities. It has been nice to take a break from some routine work, putting it on the "back burner" while we've vacationed and read books on the beach about how to improve our businesses. So now is a great time to think about what we've gleaned over the summer and want to accomplish in the last four months of the year.

I definitely want to connect more with you, my readers and clients. It's time for me to get back to posting on my blog, finishing up preparations for new speaking presentations and wrapping up a couple of consulting engagements before year end. What's on your list?

Along with researching and preparing to write on new topics, I've received specific requests over the summer to write about current challenges and issues in the workplace. I'm always pleased to know more about content of interest to you, and I'll address a few of those topics in upcoming blogs. I'm also updating content for the Merger & Acquisition market and how best to achieve a greater ROI in today's global business environment. Watch for new posts on that topic.

A new Web site launch for balancing women's business issues with everyday life comes from www.w2wlink.com. I'm beginning my second series as the writer/leader of a network circle on w2wlink titled "Mastering the Art of Innovation." Plan to join the network circle, whether you are female or male, and participate in discussions on best practices for innovation, contribute successful examples from your business and read about the latest products, services and processes for innovation.

My goal in both of these blogs is to hear from, and dialog with, you! A dynamic and interesting interchange of practical, usable ideas will help us keep our businesses at the forefront of the global marketplace and build a sustainable competitive advantage.

"Fun" with Governance

In speaking to a group of I/T executives this week, I suggested a few tips on improving their governance process. I suggested that they find ways to make it "fun." One of the audience members said something to the effect of "if you have any suggestions on how to do that, we'd like to hear them." That, of course, brought ripples of laughter.

The CFO's Role in Innovation

New research from IBM provides a very good definition of "An Agile CFO." It is the best definition I've found recently for the role of the CFO in innovation. It is taken from The Institute for Business Success, The Agile CFO, IBM Business Services. The research says that the CFO is ideally positioned to lead innovation because CFOs possess:

Roles & Responsibilities for Innovation

I've been speaking frequently on the topic of innovation since the beginning of the year, and I continue to be excited and thrilled with the opportunities. The responses that I'm getting from the engagements and in reviewing leading industry and academic research indicate that innovation is still THE most important and urgent business topic today. If innovation is not the #1 priority for a chief executive, it remains in the top 3 priorities making it critical to most everyone's business plan. Whether my audience is composed of executives from large firms or a group that contains people in non-management roles, the top questions I receive are "how can I contribute to innovation," and "how do we create a more innovative environment?"

Globalization Demands Innovation

In my last post, I suggested that you watch for "not to miss" upcoming posts. My absence from posting was longer than anticipated, but I want to update you with insights and incredible research from Michael Cox, senior vice president and chief economist for the Dallas Federal Reserve. He was the guest speaker for the Association for Corporate Growth (ACG) in Dallas in November. He gave a one- and- a-half hour riveting presentation on globalization based on his Dallas Fed research and knowledge and his personal experiences traveling globally. No one left the room early and, at times, the silence and attentiveness of the large crowd was palpable.

Marketing, Research & Innovation

I hope that all of you are enjoying the holiday season as much as I am. What a great time to share a spirit of worship and thanks, generosity through giving, and anticipation for a new year. The holidays also challenge us as we add new activities into already full schedules. I'm catching up today on writing about several recent noteworthy events.

Innovation in the Best and Worst of Times

Whether you find your business in the best of times or the worst of times, innovation can help you grow your business. In the best of times, innovation investments will help you increase your existing competitive advantage beyond that of your competitors. In the worst of times, innovation and creativity are your best opportunities to achieve stability, produce new products and services, and optimize your investments.

New Tips on Strategy

I've had two invitations in the past few weeks to hear Robert Bloom speak and introduce his new book, written with Dave Conit, The Inside Advantage. Mr Bloom is an entrepreneur and advertising executive who now specializes in helping other companies grow their business. I heard his presentation this week at an SMU breakfast hosted by the Cox School of Business.