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Aligning Innovation to Business
 

Aligning Innovation to Business

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This is a presentation made in the latest Six Sigma conference. It was meant to share tips on how to align innovation initiatives to the business objectives and business strategies. ...

This is a presentation made in the latest Six Sigma conference. It was meant to share tips on how to align innovation initiatives to the business objectives and business strategies.
The full book version will follow soon.

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  • Thank you Haran...this topic is close to my heart.. :)
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    Aligning Innovation to Business Aligning Innovation to Business Presentation Transcript

    • Between Innovation and Business Strategy Creating Partnership Jeremy Jay V. Lim, CSS-BB, PMP Six Sigma Program Manager
    • This is a presentation about the sharing of tips on how to establish the connection between the innovation that we do and our business strategies. This presentation also reminds us to do the right innovation that matters to the business. First, let's try to examine if we are facing situations where we ask ourselves these questions on the following slides.
    • We do Six Sigma but where are our Cost Saves?
    • Why is my Six Sigma project not being supported?
    • Why are our projects not solving the real problem?
    • These problems arise coming from the great disconnect between innovation and the company's business strategies. Even at present, not one company is spared from this problem and there's still a continuous effort to align the two even for companies with high maturity levels. Now, if we will talk about the ways to solve this kind of problem, we will be looking at 2 perspectives and talk about the next steps from within these 2 contexts as shown in the next slide - Project Management Process and Fitness to the Company's Innovation Culture
    • Now, let's tackle the 1st context - the lack of structured Project Mangement Process. TBM Consulting has reported survey results that paints a picture of an existing disconnect between projects undertaken by Project Managers versus business objevtives as shown in the next slides.
    • The Disconnect coming from lack of structured Project Management (PM) Process
    • TBM Consulting, www.tbmcg.com, 2012 PM's Dilemma Project managers understood the link of their project to the company objectives. Of the Project managers understood how their projects were prioritized and chosen 1 out of 4 Only 50% Only
    • PM's DilemmaTBM Consulting, www.tbmcg.com, 2012 Every project points toward its own objective
    • TBM Consulting, www.tbmcg.com, 2012 Maintaining a line-of-sight connection between projects and objectives is critical PM's Dream
    • Tips on the Project Management PM Process
    • Tip No. 1 Set strategically aligned project themes if your company does not have a structured project planning process, a good starting point is to select projects based on your core priority objectives. You may decide to do projects focusing on Operating Cost Reduction, Inventory Reduction, Service TAT Reduction, Customer Satisfaction, Increase Revenue , etc.
    • Project Themes based on Business Objectives Balanced Scorecard Business Strategies You can also use Six Sigma to help you get to close or achieve your targets instead of using old standard ways. Below shows the process of identifying Six Sigma or innovation projects based on the company Balance Scorecard or Performance Measurement System.
    • Tip No. 2 Go through the Business Case Analysis GO? No GO?OR By going through the Business Case analysis, we are compelled to look into the impact, risks and the alignment to business objectives of a project in mind before deciding to push through.
    • Tip No. 3 Partner up with a Finance Analyst To validate project saves, impact and strategic alignment to business objectives
    • Tip No. 4 Establish structured Project Management Process from Project Identification to Project Closure Without a standard structured project management process, the tendency is for the innovation project leaders to jump right into execution and experience immature project closure. Having that process would ensure everyone uses the right approach from identifying, executing and closure of projects.
    • Tip No. 4 Mesh together Project Management Practices with the Six Sigma Program Governance Six Sigma Project's success can be further nhanced by applying some of Project Management processes and best practices in the knowledge areas such as Project risk management, Scope management, Stakeholder management, etc. These are things not taught in a Six Sigma class because its strength is in problem solving and not much on project management side.
    • Next ,there are times that even with good project governance, good people in place, good projects to work on Still, they don't fly and the only reason we can think of is because the introduced innovation program does not fit the company's innovation culture. Let's examine how fitness of innovation to the organizational culture comes into play.
    • The Disconnect coming from the lack of fit of the to the organization's Innovation Culture
    • Innovation Culture is influenced by the Innovation Strategy FAST PACE INCREMENTAL MANAGED PACE INNOVATIVE SLOWER PACE DISRUPTIVE Increase Market Share Introduce New Products Disruptive Innovation “Alchemy of Business Growth”, Mehrdad Baghai, et. Al, 1999, NY, Orion Profit Time (years) Horizon 1 Strategy Horizon 2 Strategy Horizon 3 Strategy Business growth strategy drives your Innovation strategy. Innovation strategy hones the innovation culture.
    • What things do we look out for in a company’s innovation culture?
    • Culture of Urgency Do you have a culture where innovation has to be done fast and that project Champion and Sponsors are more comfortable with mini-projects that lasts around 3 months rather than going for end-to-end type of projects which, say, finishes in 12 months? If that is the case, you may want to have more mini-projects in your project list or portfolio with big projects broken down into small Lean initiatives. It is also worthwhile to adapt Agile SCRUM for IT-enabled projects.
    • Culture of Risk Taking Are people in your organization or company comfortable with radical changes? Is your project champion comfortable pushing forward projects where there are uncertainties in terms of acceptability and success? If the answer to both is NO, then it is suggested that you pursue more incremental improvement projects with a sure-fire change management program to ensure that concerned people are informed, aware and would accept the introduced changes.
    • Culture of Doing Less Paper works Action-orientedDocument savvy vs. Do you have a culture where people are more inclined to deliver results on time rather than document before proceeding to execution of the innovation? If that is the case, it is suggested to adapt an innovation method that requires less paper works or documentation so that more time can be spent on actually working on the project. You may also consider simplifying your project documentation if some are really necessary.
    • To manage Innovation Culture play with the Organization's Strengths Tip No. 4 Folks, it’s harder to create a new culture than just strengthening the culture in place already.
    • Innovation and Business Strategy Creating Partnership Between Balanced Scorecard Business Strategies Innovation Projects Six Sigma & CPI PM Process Alignment to Objectives Innovation Culture Strategic Fit In this presentation, we discussed ways on how to align innovation and business strategy. We focused on 2 contexts – Structured PM Process and Fitness to the Innovation Culture.
    • Between Innovation and Business Strategy Creating Partnership is very important!!
    • Watch out for the book version of this presentation COMING SOON!! In this book, you’ll know more about: Business Model Creation Balance Scorecard Innovation Techniques Aligning Innovation to Business Strategies
    • About Me Jeremy Jay V. Lim CSS-BB, PMP, MSEM, BPM Email: jeremyjay_lim@yahoo.com Twitter: smartgeek1375 Facebook Page: Sigma Process Excellence Currently a Six Sigma Program Manager Black Belt for over 10 years Currently preparing for Master Black Belt certification and certification for highest title as ASQ-Manager of Quality and Organizational Excellence Has worked in Manufacturing, BPO & Fin’l Svcs Has done TPM, Six Sigma, RAD, BPM, BPR and PMO Guest speaker in Six Sigma conferences Authored BPM whitepapers Part-time professor of Quality and Proj. Mgt. Passionate about Value-driven Change and Innovation