Today, brands are plagued by challenges like shrinking market share, technological obsolescence, and the need for transformative responses to macro shifts. Limited resources demand innovative, instead of evolutionary, transformations to overturn declining market demands.
An Innovation Strategy & Roadmap is a strategic planning tool that outlines the steps, resources, and processes needed to drive innovation within an organization. It aligns short-term actions with long-term objectives, thereby acting as a navigational guide for stakeholders involved in the innovation journey.
1)Problem Identification: Define the brand's problems and opportunities.
2)Ideation and concept development: Review available resources, processes, and technologies to ideate breakthrough concept.
3)Strategy Formulation: Prioritize the opportunities and corresponding solutions, allocate reasonable resources, and set up targets.
4)Roadmap: Define the goals and plan by each stage for the brand to take action.
Digital Strategy & Roadmap: Focuses on leveraging digital technologies to improve business processes, customer experiences, and to create new digital revenue streams.
Innovation Strategy & Roadmap: Promotes innovation across the organization and business model, including but not limited to digital product development, business models, and service delivery.
It provides a structured, coherent approach to introducing and scaling innovations that align with an organization's overarching goals. It will help the brand to
1) Ensure that all stakeholders understand the long-term vision of the company and encourage them to embrace new innovative products and business models.
2) Optimize resource allocation by directing them towards projects with the highest potential to achieve organizational goals.
3) Develop a strategic framework that ensures the sustainable growth of the organization.