L.E.K. Consulting
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Strategy

Innovation Support

Innovation requires more than serendipity or a dedicated R&D team working to develop the next great breakthrough. L.E.K. firmly believes that high-impact ideas are cultivated by a process that involves key stakeholders and provides a framework for continual advances. Importantly, innovation is not a one-size-fits-all approach, and the model for a company that launches a new flagship product every few years is markedly different than a business built on rapid product introductions.

 
L.E.K. provides the methodologies and tools that senior executives can use to incorporate into their corporate culture, including:

 

Service
Offerings
Concept Creation/
"Idea-ation"
  • Institute a process to evaluate new ideas against market demands and opportunities
  • Establish early-stage gating process to identify, filter and prioritize viable opportunities — and allocate resources accordingly
  • Map opportunities against overall strategic goals and positioning
New Product Definition and Design
  • Conduct market research to determine unmet customer needs
  • Develop and evaluate fact-based business plans to map concepts to market opportunities
New Product Delivery and Production
  • Transition product blueprint into production while maintaining product integrity, quality and budgets
  • Provide the experienced project management required to meet development deadlines
  • Incorporate minor refinements to ensure that the concept meets business case and customer requirements 
Product Improvement
  • Establish benchmarks to guide product enhancement strategies
  • Implement a product evaluation methodology to quickly filter ideas that meet new product investment criteria
New Product Implementation
  • Monitor pre-launch quality control
  • Minimize go-to-market risks through rigorous testing and oversight
Evaluation
  • Continue to incorporate customer feedback into future product plans
  • Assess and measure each phase of the innovation life cycle to gauge the true success of an introduction

Please contact us at strategy@lek.com for additional information.