Wednesday, September 27, 2006

Thought you'd be interested in the new report from Deloitte called the "Glittering Prize:
How financial institutions can drive growth through process and service innovation."

The comment by HSBC's Chairman "Product innovation gives less than three months competitive advantage. Process innovation gives at least 12 months competitive advantage" reminds me of the innovation challenges our financial services clients face and how they use Imaginatik's innovation infrastructure to turn consumer insights into service and process innovations, that are difficult for competitors to copy.

A major recommendation from the report that we've enabled our financial services clients to excel at is "Aligning infrastructure. Innovative companies often have dedicated systems and tools to support the innovation process. Their performance measures and incentive structures align with the organization’s overall innovation goals – rewarding employees for figuring out how to do things better. They also use knowledge networks, enterprise portals and other technology tools to promote collaboration and information-sharing – a critical first step on the road to innovation."

The outcome is an effective innovation process that produces a "steady stream of sustaining and breakthrough ideas: new products; new services; new processes; new business models — innovations that enable a company to create and capture value in entirely new ways, ultimately leading to continuous revenue growth."

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