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01/15/2021
By
MJV Team

Why invest in innovation consulting?

Innovation culture brings many benefits to companies that are willing to commit. Culture change doesn’t happen overnight, but hopefully, you’ll understand where to start and why to invest by the end of this article!

Innovation has become a buzzword in all market segments, but many companies invest in innovation consulting to remain at the forefront.

This is because these organizations create innovation departments, aiming for quick results. However, this type of action, without a defined objective, tends to waste resources. 

In this article, we will explain some important points about innovation consulting and show you what it can do for your company. Check it out! 

Where to start: what is innovation?

In the book Innovation and Entrepreneurship, Peter Drucker defines innovation as “the specific instrument of entrepreneurship […] that endows resources with a new capacity to create wealth”.

Scott Berkun, from Carnegie Mellon University, believes that “innovation is a significant positive change.” 

Another well-respected interpretation is that of Tim Kastelle. For him, innovation “is not just having an idea, but executing it to create value.”

To conclude, we can summarize innovation as a process of creating value and applying new solutions to problems.

What does an innovation consultancy do?

All markets have become increasingly competitive, with more demanding consumers who are aware of their choices. 

Innovation and technology – hand-in-hand – are essential to ensure their competitiveness. 

The change to an innovation mindset and culture can bring many benefits to companies willing to commit.

We can say with certainty that companies that innovate:

  • grow above average
  • stand out from competitors
  • meet, predict, and even drive customer needs
  • Attract the best talent
  • generate more chain value (employees, customers, and shareholders)

What are the services of an innovation consultancy? 

Creating and establishing an innovation culture can be a difficult task for companies that are starting this endeavor. In that case, it is best to seek help from experts.

Here at MJV, we help our customers pave the way towards implementing strategic or disruptive innovations. 

You must be wondering … how do I drive innovation? Check out our list to find out the paths you can take today!

Training

Acquiring new skills, mindsets, and behaviors begins with an understanding of the need for change. 

This is the time to train your employees to better adapt them to the countless changes that our ever-changing context demands. Only in this way is it possible to implement a sustainable innovation culture.

  • Workshops
  • Customized EAD courses
  • Organization of events
  • Hackathons

Consultancy in Process Management

It is time to review processes and, if necessary, redesign to optimize tasks, generate greater visibility, and review roles and responsibilities. 

This is where RPA shines, automating simple tasks, and freeing up employees to focus on more strategic activities. 

Business Strategy Consulting

Here, we have a deck of solutions available to help our customers. The first step is an immersion to understand where the corporation is and where it will need help. According to business objectives, we outline the strategy and choose our tools. 

  • Anticipatory Innovation
  • Strategic Foresight & Business Challenges
  • Creation of New Business Models
  • Creation of New Products / Services
  • Cultural Transformation
  • Digital Transformation
  • Change Management
  • Solutions in VR and AR
  • Creation of Strategic Planning
  • Unfolding of Strategic Objectives
  • Management of Corporate Performance
  • Continuous Monitoring of Trends
  • Research and intelligence

User Experience Consulting

Being user-driven is more critical than ever! That’s the general market consensus: the user needs to be at the center of all strategies. 

And with consumers becoming increasingly demanding and more aware of their decision-making, it is necessary to use tools to help you truly understand your users and their needs before making strategic decisions.

  • Data-Driven Personas
  • Design Sprint
  • Phygital experiences (physical and digital)
  • Omnichannel / cross-channel experiences
  • Review and creation of the user journey
  • Redesign of experiences and interfaces

Why invest in an innovation consultancy? 

By now, you should have noticed that we have entered an era of change and that it is necessary to adapt each day not to fall short. A consulting company can bring you that and help your company enter a new cycle of excellence. 

Check out a brief list of benefits that a consultancy can bring to your company!

  • Implementation of new ideas
  • Creation of solutions that increase relevance
  • Process improvement
  • New viable business models
  • Introduction of new products/services in the market
  • Generating value for customers, users, and businesses
  • Increasing the profitability equation
  • Solutions that cause disruptions in the market

It is important to emphasize that innovation consulting will help you go far beyond merely innovating products, processes, and services. It will adapt your strategy and your corporation’s mindset to ensure competitiveness and survival.

An innovation consultancy will guarantee your company:

  • Organizational transformation
  • Change of mindset
  • Exponential results
  • Productivity growth 
  • Products and services that fit your clients’ needs
  • Increased profit

MJV’s workflow relies on developing an entire innovation culture to guarantee continuous, efficient, and effective organizational transformation.

This methodology, which we already use with our customers today, is:

  • Complete: it brings excellent innovation management practices
  • Flexible: it can quickly adapt to each company’s reality. Design Thinking’s immersion stage is perfect for that.
  • Effective and efficient: focusing on results with an emphasis on performance
  • Collaborative: involves employees from all areas of the company to give ideas, exchange experiences, and prototype. This is essential to find new ways and opportunities to innovate.

What results can we achieve? 

Now that we have explained how we can help develop an innovation culture in your company let’s look at some of our successful cases. 

These projects were performed by the MJV team and brought significant results to our clients. Check out!

  1. Fly or Die: Lean validation cycle for a new product in the telecom area

During the development of a new product, a large telecommunications company wanted to validate its target audience’s product experience.

Our challenges were: 

  • Conducting a diagnosis on the target audience
  • Developing a deep understanding of how to offer the best customer experience 

MJV Workflow:

  1. Build: building the tools for testing
  2. Testing: testing cycles and adjustments
  3. Learning: analysis of results
  4. Finalize: consolidation of results and strategic direction

In this way, we were able to identify the initial target audience (potential early adopters), bring insights about the product’s characteristics, build the ideal journey, mitigate possible risks, and approach the initial customers.

2 – Innovation Laboratory

A large retail company needed agility to test different ideas and challenges in its stores. The aim was to explore ways to increase average consumption and the overall consumer experience. 

Our challenge was to:

  • test ideas quickly with real customers, considering and measuring their impacts. 

MJV Workflow:

  1. Short immersion-prototyping cycles: made it possible for our team to meet several challenges at once
  2. Quick tests: prototyped ideas were tested in stores, allowing changes and collecting insights from real consumers
  3. Internet of Things: ideas developed in our Innovation Lab using IoT were implemented in stores and validated in 30 days
  4. Customer Observation: ideas originating from behavior mapping brought store improvements 

Fly or Die: Lean validation cycle for a new product in the insurance market

During the development of a new product, a large insurance company was looking to validate its target audience and characteristics of a new product to be more assertive and minimize risks. 

Our challenges were: 

  • Carry out a diagnosis of the target audience
  • Identify the potential acceptance of the product through rapid prototyping

MJV Workflow:

  1. Diagnosis of the target audience: Definition of hypotheses, desk research, in-depth interviews, creation of online questionnaires, landing pages with AdWords campaigns, and analysis of the generated content.
  2. The target audience’s acceptance of the product: Product definition, benchmarking, screen production, usability tests with the target audience defined in the previous step, and analysis of the generated content.

Thus, in addition to identifying potential early adopters and incorporating insights into the product characteristics, we made recommendations for their digital solution, mitigated risks, and generated a closer relationship with the customer.

Creation of a Pipeline with strategic, innovative, and user-centric initiatives for a multinational FMCG 

The company identified the need to explore the market in various cities. MJV went to these cities to look through the consumer lens on the spot. With this, we mapped out consumers’ particularities and habits.

Our challenge was to:

  • identify and develop new business opportunities and possible paths for innovation to give rise to new products and/or services.

With the mission of helping the client identify new business possibilities, we use Design Thinking and Design Sprints to develop a map of opportunities and possible innovation paths.

The result was a pipeline with 21 initiatives in a time-to-market of just 12 weeks.

In short, innovation consulting helps to create the necessary foundation needed to remain competitive in a disruptive world. We can help you with that! Get in touch with us to talk about your challenges.

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