Consultants specializing in innovation should express to their clients the importance of both tracking metrics and overall progress. This helps ensure teams properly identify problem areas, investigate new opportunities for growth, and locate additional revenue streams and cost saving opportunities.
At the outset of any consultancy, the advisor will likely interview organizational leaders about:
- Issues the Company Is Currently Struggling With
- Areas Ripe for Improvement
- Establishing Realistic Goals
- Developing a Strategy to Track Progress
Why Tracking Progress Is Important
One can argue that following through with any project without clearly defined goals is a fool’s errand. That’s even more true if you complete a long-awaited task and fail to allot the appropriate amount of time to review a project’s effectiveness.
For example, imagine for a moment you’re remodeling a house. Periodically, the general contractor and homeowner will evaluate the work that’s already been completed, address any budgetary concerns, and preview what’s next on the agenda. If such conversations don’t occur, the end result could be demonstrably different than what the homeowner anticipated. Such a late-stage realization would be disastrous for everyone involved.
Similarly, it’s the job of a consultant to diagnose a problem, provide insights to find a solution, and then deliberate with the relevant parties involved to ensure everyone is on the same page. Beyond that, consultants evaluate projects in real time and raise alarm bells when appropriate.
Effective tracking can prevent organizations from:
- Continuing a Project That May Be Doomed for Failure
- Missing Key Deadlines
- Underestimating the Length of a Project and Amount of Resources Necessary to Complete the Task
- Realizing Potential Complications Too Late
- Wasting Time, Money, and Valuable Resources That Could’ve Been Incorporated Into a New Phase of Plan
Once a strategy is in place and the consultant reviews the long-term solutions they believe are vital, the next step is advising the groups within an organization responsible for putting the plan into action.
Innovation Consulting & Tracking Metrics
In the world of innovation consulting, specifically, the best way to measure progress is by analyzing where companies can find new revenue. It goes without saying that the far majority of businesses are looking to increase profits, but sometimes that might involve making significant changes inside an organization.
In the world of innovation consulting, specifically, the best way to measure progress is by analyzing where companies can find new revenue.
The primary metrics consultants would be scrutinizing include new revenue, cost savings and business models that can be commercialized within a clearly defined time period, typically ranging from one to three years.
Some innovation consultants subscribe to a philosophy pushing companies to create “exponential” growth. That process can start with streamlining internal operations and then transitioning to new business models, which can include digitizing products or creating new product lines, altogether. While constantly challenging teams to create fresh ideas can be both invigorating and stressful, an experienced innovation consultant will be able to provide fresh perspective and helpful tips while also providing the necessary tools to track progress.
As aforementioned, the measurement of success they’ll be focusing on in the long run is revenue, which could be the result of a combination of eliminating unnecessary costs and inventing new business models.
Whether your company is considering an overhaul of operations, or exploring previously untapped revenue streams, periodic assessments are the most surefire ways of helping you realize your goals. Firms interested in more dramatic change may require the assistance of an innovation consultant to help streamline internal operations, highlight the need for digitization, and track your progress from the beginning to ensure you reach your full potential.
If you’re looking for an innovation consultant to get your company where it needs to go, Pivot Factory is an advisory services firm that focuses on the trends of disruption, and how companies can react through innovation. Contact Pivot Factory today.