Today, the ability to change quickly defines your success. In fact, technology has reduced the average life span of companies to less than 20 years, compared to 60 years in the 1950s.
Customer experience innovation is critical but difficult. For established companies who tend to focus on optimizing existing operations, rather than change, innovation is extra challenging.
Less than 1 out of 4 innovative initiatives reaches the end-users. That’s why Mckinsey suggests that using external innovation from partners and vendors is key to reducing risk and propelling your vision to reality.
Why innovation is critical but difficult?
When it comes to customer experience (CX), reinvention is imperative. In fact, companies who are considered to be leading CX innovators, see up to 5 times more revenue than those who are CX laggards. This makes CX innovation an ongoing board-level priority.
But even with the right resources and intent, three out of four new initiatives never see the light of day.
The approach that actually works today
To accelerate the innovation process, Mckinsey suggests casting the net outside your company borders.
The research indicates that over 50% of the innovations adopted today originate outside of the organization. This means that using external partners and vendors makes it more likely to transform your vision into reality. Moreover, external innovation reaches the end-users at a much greater speed – over 40% faster.
That’s because most external ideas are already developed, tested and validated.
How to make innovation efforts risk-free
Before you start building innovative experiences from scratch, it pays off to check what’s already out there. Chances are that you’ll find a number of solutions that could bring your vision to life faster and at a much lower cost.
Running a proof of concept (PoC) is a nearly risk-free way to assess whether a new solution delivers the desired results in your company context. It allows you to test external innovations, often in a matter of weeks and quickly scale the success throughout your organization.
Costing only a fraction of a complete innovation process, PoCs can point to valuable learnings and accelerate the process.
A PoC can prove ROI to top management. But beyond that, it enables you to test the partnership of a vendor.
Tell us about your idea!
As industry experts, we help large companies innovate at the speed of start-ups. After a quick chat, we’ll be able to assess your innovation needs and give you an estimate for the time to launch.
Over 95% of our PoCs turn into permanent solutions that deliver tangible business results.