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Insights

Do You Have an Environment of Innovation?
by Collective 54
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If Not, Now is the Time!

Over half of professional services firms are not creating environments of innovation. Companies in the professional services industry have depended on all types of incremental, breakthrough, and disruptive innovation for survival, growth, and longevity. However, just 12% of companies actively manage their innovation process - despite the fact that innovation results in twice the revenue growth.

An innovative learning organization is dedicated to creating processes that develop the capabilities of any given team in order to create the results they really want. A culture of continued learning and innovation may well be the most important component of a successful company, and it is essential for the very survival of professional services firms. A fixed mindset, and slow organizational upskilling for necessary transformations in the digital age, spells commoditization, slow growth, margin pressures, and a path to extinction.

Each day, innovators and change agents in the business world create new products, methods, and ideas. They manage to look at problems differently and come up with solutions that elude others, and they contribute an endless stream of value to their customers and their companies.

So how do businesses embrace a learning culture and harness the process of innovation? Those professional services firms that are investing and creating environments to optimize idea generation, skills development, and structural capabilities development are dedicated to ensuring that the process of innovation is not left to chance. Professional services leadership teams must embrace the development of critical knowledge and skills that foster innovation at scale.

Consider trends in innovation investment within your industry to receive guidance on defining the right innovation targets for your business and a stakeholder engagement framework to become a learning organization that systematically harnesses the skills and innovative ideas for growth.

Innovation

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