Innovating in a way which helps consulting businesses to retain and build market share against a backdrop of rapid technological change is a key challenge.
Many managers do their best to keep abreast of new developments: attending conferences, reading papers like this, and watching webinars. Many have views on where risks and opportunities are likely to arise in their sector.
But while senior executives may be aware of the need to look at where the market is heading and to identify new opportunities, they may also be too bogged down in the daily activities of running the business to be the experts they would like to be or to do much about it.
And even where the company has agreed to innovate, money and resources may not be available as they are funneled into what may be an already declining “cash cow” instead of to the sectors that are likely to be tomorrow’s star performers.
Having an agreed process helps the management team to grasp the opportunities which are the best fit for the business.
It is not possible to base a data-driven innovation process on a home-grown or spreadsheet-based system. As with the other best practice guides in this series, we assume the reader has or is planning to buy a professional services automation system. Below are five simple steps to using this capability to tune to the market.