Other parts of this series:
As today’s “New IT” landscape continues to evolve, some CIOs are struggling with how to innovate to deliver timely, incremental value at a reasonable cost. They lack the necessary budget, people or time to take the business in a new direction due to their focus on the ongoing demands of daily technology maintenance and support.
And even though the majority of business and technology leaders feel that IT-led innovation is the key to growth and survival, according to the Accenture report A new frontier for technology: Using nimble innovation to drive profitable business growth, a lower number actually consider themselves early adopters of technology-driven innovation.
But what if these traditional constraints could be bypassed to enable CIOs to keep pace with digital disruption and make innovation a priority? How can innovation be quicker, more incremental and focused on achieving specific outcomes aligned to business goals?
That’s where outcome-focused innovation comes in.
Outcome-focused innovation offers a golden opportunity for technology leaders to change their mind-set from struggling to achieve business value to being a consistent driver of competitive business advantage. It brings together funding and resources across the business, IT and external partner ecosystem to solve business problems in a time-bound, incremental fashion.
The keys to success for leading innovators consist of:
- Achieving a culture of nimble innovation.
- Exploring the opportunity of working with external organizations.
- Embracing new initiatives that go beyond IT.
To put these keys into practice, organizations need to adopt an innovation mind-set focused on targeted outcomes:
- Start with the desired customer or business outcomes, and work backwards to tie technology innovation ideas to those outcomes.
- Break innovation efforts into bite-sized chunks and put a time and cost limit against each approach.
By tying innovation to clear business outcomes, measuring progress and calling a halt to innovation that is not working, companies can “innovate with a purpose” to improve returns. In this way, a new rapid-test, fail-fast process that focuses on learning through failure can result in cost-effective innovation.
How can Accenture help?
Accenture can provide you with the right framework for innovation. The Accenture Innovation Architecture uses an innovation-led approach to help you develop and deliver disruptive innovations, and to scale them faster.
The Accenture Innovation Architecture consists of these key elements:
- Accenture Research—identifies and anticipates game-changing business, market and technology trends.
- Accenture Ventures—partners with and invests in growth-stage companies that create innovative enterprise technologies.
- Accenture Labs—conducts cutting-edge research and incubates new concepts through applied R&D projects.
- Accenture Studios—builds innovative solutions with speed and agility.
- Accenture Innovation Centers—bring our solutions to scale and demonstrate their impact.
- Accenture Delivery Centers—industrialize the delivery of our innovations through our unparalleled network.
Accenture Research provides the context for innovation. With more than 250 researchers at 23 locations in 10 growth markets, Accenture Research can provide insights into global and industry trends, as well as insights into markets, the competition and sources of value.
Accenture Ventures leverages our ecosystem to bring and implement innovation. We identify and build relationships with the most innovative players. We partner, collaborate and invest in new players early on. We help clients build new businesses, and we leverage innovators, our people and intellectual property from across the globe and at all stages of maturity.
In my next post, I will discuss how to establish the right mind-set and culture for innovation. I will also look further into Accenture’s Innovation Architecture, specifically at the Accenture Labs and Accenture Studios.
In the meantime, take a look at the A new frontier for technology: Using nimble innovation to drive profitable business growth report to learn more.