Creating an innovation strategy does not need to be a massive project. However it is critical to identify and prioritize the kinds of innovation that are aligned with the firm’s positioning and long-term strategy. Governance is a key element of this process, in establishing parameters for allocating resources and managing risk. A clear strategic framework helps identify the initiatives that will best support useful innovation.
However there are many barriers to innovation in large professional firms, including billing imperatives, strong functional specialization, and often highly risk-averse cultures. Much of the management literature on innovation focuses on product development and design, and is not always relevant to a professional services environment.
Young, talented professionals show little interest in continuing to plough the furrow of long-established processes, however wax enthusiastic about creating new approaches to their work.
There are many aspects to service delivery innovation, notably the integration of internal, external and online resources to create efficient and differentiated value creation for clients.
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