Jul 19 2011

Maximize: A Guide to Building a Culture of Innovation

Report  
Number  
248

A recent McKinsey Global Survey emphasizes that while 84% of executives say innovation is very or extremely important to their companies’ growth, businesses have made scant progress in scaling the core barriers to successful innovation.

    Executive Summary

    In the three previous issues of Filene’s Innovation Ed Series, we have taken an innovation world tour, looking at how credit unions seek out opportunities and get started (Discover), create a portfolio of ideas (Build), and evaluate innovation performance (Measure). This Innovation Ed Series can serve as the foundation to move your organization forward—to intentionally invest in your people and innovation that drive future success and growth.

    What is the research about?

    In this fourth installment, Maximize, we will land some concepts that will make it possible to convert ideas into action on a recurring basis. To overcome these obstacles, a renewed focus on the innovation fundamentals of empathy, creativity, and execution—and how each comes into play in the credit union arena—is an excellent place to start. The best companies recognize and leverage their strengths in a manner that is consistent with their core values. Companies that hold off change and become entrenched in the status quo may find it increasingly difficult to adapt when market conditions force them to adjust.

    A Worksheet to Get You Started: The Maximize Innovation Worksheet connects to the themes of the articles profiled in this brief. Use this self-assessment tool to identify where you are on the innovation continuum as a first step in developing an improvement plan to put into action.

    What are the credit union implications?

    It’s no surprise that companies that prioritize innovation are better at it than those that do not (63% vs. 43%), according to the McKinsey study mentioned in this report. But many still inexplicably do not take action. There is no shortage of information on innovation, no shortage of strategies, no shortage of case studies. It’s time to get started.