New York, Boston, Cincinnati (PRWEB) December 03, 2012
As companies look for new sources of growth in today’s still-wobbly economy, a new Harvard Business Review ebook outlines a comprehensive system to unleash innovation.
In “Building a Growth Factory,” authors Scott D. Anthony and David S. Duncan of the strategy and innovation consulting firm Innosight describe the four components that make innovation repeatable, while chronicling the methods of Procter & Gamble and Citigroup in building their own growth capabilities.
“When growth stalls, it can set off a devastating chain reaction,” write Anthony and Duncan. “Company assets go underutilized, jobs are eliminated, competitors diffuse talent, and capital markets react. Management is forced to fight day-to-day fires rather than focus on innovation and growth, and the downward spiral intensifies.”
Scott D. Anthony is managing director, Innosight Asia-Pacific, and David S. Duncan is a senior partner at the firm.
“The number one challenge for business leaders today is to find a way to keep their growth engines humming,” said Anthony. “Instead of piecemeal efforts—declaring innovation a strategic imperative or launching a few high-profile initiatives—companies need to create a system of growth enablers that work together in an integrated way. That’s why we call it a growth factory.”
“Converging trends, like social media, big data, and mobile, and the incredible speed of life, are causing companies to change not only their products and business models, but their ways of thinking and working as well,” said Deborah Hopkins, Citi’s Chief Innovation Officer and Chairman of Venture Capital Initiatives. “At Citi, we are focused on continuing our stature as a leading innovator, and creating the kind of systems, processes and cultural context that make innovation repeatable and sustainable. The methods and lessons recounted in ‘Building a Growth Factory’ have taken us a long way toward that goal.”
According to Bruce Brown, the Chief Technology Officer at Procter & Gamble, "The learnings shared in the growth factory have been critical for improving P&G's innovation success rate, as well as constructing an innovation portfolio that leverages different types of innovation, particularly discontinuous, disruptive innovation. We believe the growth factory learnings can be reapplied by others, and that this is something that requires ongoing focus and improvement."
The ebook is available at Amazon, B&N.com, and HBR.org. A video-enhanced version will be available on iTunes in mid-December.
Innosight is a strategy and innovation consulting firm that helps clients achieve growth through innovation. It partners with organizations to help them devise growth strategies, build innovation capabilities, implement business model innovation and create breakthrough new products, business, and services. Innosight has offices in Boston, Singapore and India.
Citi, the leading global bank, has approximately 200 million customer accounts and does business in more than 160 countries and jurisdictions. Citi provides consumers, corporations, governments and institutions with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, securities brokerage, transaction services, and wealth management.
Additional information may be found at http://www.citigroup.com | Twitter: @Citi | YouTube: youtube.com/citi | Blog: new.citi.com | Facebook: facebook.com/citi | LinkedIn: linkedin.com/company/citi.
About Procter & Gamble
P&G serves approximately 4.6 billion people around the world with its brands. The Company has one of the strongest portfolios of trusted, quality, leadership brands, including Pampers®, Tide®, Ariel®, Always®, Whisper®, Pantene®, Mach3®, Bounty®, Dawn®, Fairy®, Gain®, Charmin®, Downy®, Lenor®, Iams®, Crest®, Oral-B®, Duracell®, Olay®, Head & Shoulders®, Wella®, Gillette®, Braun®, Fusion®, Ace®, Febreze®, Ambi Pur®, SK-II®, and Vicks®. The P&G community includes operations in approximately 75 countries worldwide. Please visit http://www.pg.com for the latest news and in-depth information about P&G and its brands.