What is innovation consulting?
Innovation consulting is a process that consists in providing guidance and expert advice to businesses and organizations to ensure they grow to reach their maximum potential.
This form of consulting assesses business models and implements solutions and strategies in order to uncover opportunities across all sectors of the company to ensure customer satisfaction.
Innovation is at the heart of every business, as it is the integral source of passion and imagination that allows a business to thrive. Innovation consulting goes hand in hand with this passion as it provides an environment that ensures the success of your innovation.
What is an innovation advisor?
An innovation advisor is the person who works alongside you and your team in order to implement key business strategies that are going to ensure the success of your business.
There are different types of innovation advisors, all of which have their own expertise and can benefit your business in various ways. It is advised that you assess the needs of your business before hiring an innovation advisor in order to make sure the person you hire will provide you with maximum benefits.
The main types of consultants are:
- Invention consultants: these are consultants that will advise you regarding the inception of your products and services. Their expertise lies in creativity so they provide help throughout the design process.
- Design consultants: these consultants tend to work with you once your initial product has been designed. They have knowledge on consumer needs so they can help you adapt things such as ergonomics and aesthetics to develop your initial ideas into something that will sell.
- Engineering consultants: these individuals will ensure your product functions properly. They take into consideration all the previous work done on your product and apply critical thinking as well as technological and scientific knowledge to make sure the product works in practice.
- Marketing consultants: this is the consultant at the end of the chain. Once the product is ready, these consultants work to ensure the success of its commercial launch. They implement innovative strategies to sell your product.
What does an innovation consultant do?
Here are some of the roles that innovation consultants take on:
Assess current processes
Before your newly hired innovation consultant can help your business evolve, they first need to identify what is currently not working well. Businesses have a tendency to stick to the same processes and business model, which is why mixing things up can seem daunting at first. Hiring an innovation consultant is key because it allows you to identify weak areas of your business.
Innovation consultants observe your working environment and processes in order to highlight inefficiencies and bad habits. They also identify things that are working well, such as good working relationships and healthy forms of communication. Once they have assessed all the things that work and don’t work, they devise a strategy to help your business evolve and provide solutions for old and ineffective practices.
Clarify your vision
Business owners and inventors often have a difficult time articulating their visions for others to understand and put into practice. This means that their great ideas can easily get lost or misunderstood.
One of the key aspects of innovation consultancy is that your advisor takes the time to gain a full and comprehensive understanding of where you want to take your product. Consultants help put your thoughts and ideas on paper to ensure everyone involved in the process has a clear understanding of your vision.
Share their experience
Innovation consultants usually have a deep well of knowledge influenced by their collaboration with different types of organizations. They work with your team and provide guidance based on their knowledge to help your team evolve.
Product testing and validation
As highlighted, consultants help you throughout the entire innovation process. Once you have created a product that you are happy with, they test and validate the final product to ensure its success in the market.
One of the most impressive aspects of a consulting firm is the speed at which it can collect and analyze market and product data. They make sure your product is viable and assess and implement the marketing strategy that is going to help you boost your sales.
What is innovation strategy in business?
The main goal in innovation strategy is to take your business to the next level and give it a competitive advantage.
- Growth Strategy: growth and innovation go hand in hand. A growth strategy consists of looking into the future in order to map out what needs to be done and how to approach things in order to reach your desired outcome.
- Idea generation: this strategy involves a plethora of steps, such as understanding what your customer wants, what your competitors are doing, how the business can capitalize on gaps in the market and what the market will look like in the future.
- Data Analysis: Analyzing data is a key to get a full understanding of your product and the marketplace. Constant data analysis will allow you capitalize on trends and beat your competitors.
Benefits of an innovation consultancy for your firm
Identify bad habits
Hiring an innovation consultant brings a fresh perspective into your workplace which helps identify ineffective practices in your business. This in turn allows you to rethink your working environment in order to boost productivity.
Innovation consultants give your business access to a wider network of experts. These professionals have connections in a wide range of areas, from social media marketing to scientific and technology development so they can put you in contact with the right people to develop your business.
Save money and time
By identifying and fixing your bad habits, innovation consultants are able to improve your overall productivity. By optimizing your processes, they help you save time and money that would otherwise be wasted on useless activities.
One of the main benefits of innovation consulting is the exposure you afford your business and your employees. Consultants not only expose your employees to the best and most effective strategies in the business world, they also have the power, through their connections, to give your business exposure.