RESEARCH TRIANGLE PARK, N.C.--(BUSINESS WIRE)--Strategyn, Inc., an industry leader in innovation management, announced today that an independent researcher has found its patented Outcome-Driven Innovation (ODI) methodology more effective in developing new products and services than traditional forms of innovation.
Janet Bumpas, president of GoodStep Enterprises, conducted the study, which found that Strategyn’s Outcome-Driven Innovation had a success rate of 86 percent, while traditional innovation processes yielded an average success rate of 17 percent.
“The study proves that ODI works and works well,” said Bumpas. “It also dispels the myth that there’s no true process for innovation and that idea generation is simply about creative thinking. Based on comments from study participants, they feel Strategyn’s jobs-to-be-done approach clearly offers distinct advantages.”
As the name implies, Outcome-Driven Innovation begins with an understanding of all the customers’ needs and which of those needs are unmet. Having this insight in advance of idea generation, companies can eliminate the guesswork and risk when generating new ideas. Strategyn gathers and processes information on customer needs through qualitative and quantitative research coupled with its proprietary processes.
As part of the study, Bumpas interviewed representatives from 43 companies, identifying 21 launched products that were created using ODI. The launched products were classified as either a new product or service, an enhancement to an existing product or service, or an operational enhancement.
The companies were asked if the launched products, services or operational enhancements were successful in improving revenue, market share, customer satisfaction and ROI. It was found that 18 of the 21 products (or 86 percent) were declared successful by the sponsoring company. In addition, five of these product launches received major industry awards.
“ODI provides a solution to exactly what Roche and other large corporations are struggling with – the ability to identify and prioritize unmet customer needs and to translate that insight into winning products and services,” said Marco de Polo, project leader new concept incubator, Roche Diabetes Care. Roche was one of the companies surveyed by Bumpas.
To calculate the success rate of traditional innovation processes, the researcher averaged the success rates cited in 12 sources, including the Harvard Business Review, the consulting firm Frost & Sullivan, the professional services firm PricewaterhouseCoopers, the Product Development Management Association (PDMA) and the Corporate Strategy Board. The average innovation success rate across all 12 sources was calculated at 17 percent.
Tony Ulwick, CEO and founder of Strategyn, Inc., developed ODI in 1991 and built the concept around the theory that people buy products and services to get jobs done.
“This study validates that ODI has put an end to the high failure rates that have plagued innovation efforts for so long,” said Ulwick. “We always felt that our methodology could give companies the ability to consistently bring the right products and services to market and to do so quicker and with lower development costs. But we needed validation.”
For more details, please reference the Innovation Track Record Study, which outlines the study’s goals, methodology, success metrics, and results.
About Janet Bumpas/GoodSteps Enterprises
Janet Bumpas is president of GoodStep Enterprises. A graduate of Harvard Business School, she has held positions with Boston Consulting Group, several Internet dot.com companies, the World Health Organization, the World Bank, and TechnoServe. She lives in San Francisco. Her current clients include the United Nations, the World Bank, and several NGOs.
Strategyn has been a leader in innovation management for nearly 20 years, partnering with companies across the globe to solve their unique innovation challenges. Through the company’s patented Outcome-Driven Innovation® (ODI) process, companies can discover high-growth emerging markets, unlock hidden opportunities, and create breakthrough products and services. Strategyn’s employees worldwide have worked successfully with companies such as Chiquita Brands, Colgate-Palmolive, Hallmark, IBM, Johnson & Johnson, Kimberly-Clark, Microsoft Corporation, Motorola , Pfizer and WellPoint, helping them establish effective innovation strategies and driving them through implementation. Founded in 1991, Strategyn, Inc. serves as a holding company for Strategyn Consulting, Strategyn Institute, Strategyn Ventures, and the Strategyn Center for Social Innovation – all innovation-advancing businesses. For more information visit: www.strategyn.com.