Applying Strategic Analysis

Doing this well means collecting different views and information.

The innovation compass can help you look at possible directions, but you also need to plan in ways that help you move ahead of your competitors. You can do this through a strategic analysis of your market situation, to see if your proposed innovations have the potential to give you an advantage.

One way to do this involves profiling the planned innovations against what the market wants and what your best competitors can offer. Building such profiles step by step can provide a focus for shared discussion and bring in different perspectives from across the organization.

Strategy is rarely about "right" answers--there's too much uncertainty about innovation to make that possible. So you need to explore as widely as possible to get a "good" answer. Doing this well means collecting different views and information.

ACTION POINT: More minds on the job improves your overall knowledge and helps build support for your decisions.