The automotive division of a global Fortune 100 diversified technology and manufacturing company hired Inovo to help them identify high margin, strategic growth Opportunities outside the automotive sector. One of the constraints was that these Opportunities should lie within their core competencies as a B2B developer and manufacturer of electromechanical products. Our Domain for exploration was defined by the project team as “people mobility”.
By the Numbers
Together, we produced the following outcomes
- 0 Original Opportunities
- 0 Focused Opportunities
- 0 Stage-three opportunities
What We Did Together
The joint client/Inovo team deployed the Opportunity Discovery phase of our ADOPTS™ framework for strategic innovation over a 5-month period. We started by formally defining the boundaries and characteristics of the “people mobility” Domain. Through our 3-stage “iterative deepening” approach to Opportunity Discovery, we identified 73 stage-one Opportunities and narrowed that to 20 stage-two Opportunities and then six stage-three Opportunities. The team gathered evidence and insights from both primary and secondary research to create and shape the Opportunities. Our online voting tools were used to canvas a large group of internal experts and leaders and gather subjective preferences. We also assessed each Opportunity with a more objective Pugh matrix approach.
The six final stage-three Opportunities all fell within the boundaries of the people mobility Domain but covered a wide range of industry sectors, including automotive, transportation, healthcare, home maintenance, construction and recreational vehicles. The client ultimately made a strategic decision to remain focused on its core business.
A well-defined innovation strategy frames and guides your innovation initiatives towards tangible results. An explicit Innovation Strategy prepares you to deal with the
uncertain future to your advantage rather than to your surprise.