LONDON--(BUSINESS WIRE)--Based on its 125 year history of strategic consulting, Arthur D. Little today announced its Innovation Manifesto, predicting major changes in how companies and governments will innovate going forward. This need for innovation is driven by external factors including ongoing globalization, the shift of economic gravity away from the West, continuing economic uncertainty and more individualized customer demands.
Utilising Arthur D. Little’s wealth of experience, the manifesto outlines five key innovation concepts for companies to focus on:
1. Customer-based innovation – engaging with customers in more meaningful ways.
2. Proactive business model innovation – creating new ways of building innovative business models.
3. Frugal innovation – originating new innovations in lower income, emerging markets and adapting these to more developed markets.
4. High speed/low risk innovation – getting products and services to market quickly and without flaws.
5. Integrated innovation – taking traditional innovation approaches from New Product Development and applying them across the value chain.
Arthur D. Little believes by adopting these models, organizations can tackle key issues in their respective industries. Be it carbon/emissions reduction in the Automotive industry, renewable power in the Energy sector or increased mobility; including new communication requirements in the Telecoms industry. Success will lie in the ability to use these approaches for driving radical innovation.
Rick Eagar, Head of the UK Technology and Innovation Management Practice at Arthur D. Little comments, “Organizations and governments currently face unprecedented challenges and need to adopt new forms of innovation in order to survive. The winners in the 21st century will be those that out-innovate their competition.”
As part of its focus on innovation, Arthur D. Little recently undertook a major research study into emerging trends in innovation management, which found that an increased focus on new business areas will drive future innovation strategies. Visit www.adl.com/InnovationManagement to download the full report.
Volker Kirchgeorg, Technology and Innovation Management Global Practice Leader at Arthur D. Little, comments, “We’ve spent the past 125 years committed to innovation and are excited about the possibilities of the next 125 years. Now is the time for major companies and government agencies to look at board level innovation directors to provide the impetus for the change.”