Season 2, Episode 5
Auditing Your Ability to Change, Grow, Innovate & Transform
A webcast presented by the global innovation practice Futureproofing : Next (futureproofingnext.com).
Short of Nostradamus, no one can credibly predict what the future holds, but you can get ready for it. In this episode of Futureproofing Now, we’ll unpack our arsenal of three levels of innovation+ audit and based on a whack load of evidence point to the most important factors that either promote or hinder the ability for a company to innovate, grow and change.
We’ll perform a deep dive on our Future-readiness Assessment Tool© and point to the key company-wide structural elements, change function performance and environmental factors that trigger innovation+ success or not. Avoid these suggestions at your future peril.
Most innovation fails, we don’t want to have that happen to you! Join us for our illuminating webcast episode as Futureproofing Now reveals the most important factors in futureproofing and getting to next.
We looked. We looked. And then we looked some more. In writing our book “Futureproofing : Next – The Future Beyond Innovation”, we benefited from some great work around innovation categorization, philosophy and process, but we found very few efforts made on evaluating the core question – how good are we at this innovation stuff?
We’ve spent over a year figuring out what promotes and what hinders change, innovation and growth in companies, big and small. We think we’ve landed on something really good and wanted to share it with the world.
In this episode, we’ll look at the key factors that drive company changes. What are the ranked set of the most important factors? What are the three levels of elements? Does it matter which industry you are in? How do we get at an honest evaluation? And how do we compare ourselves to others?
Our special guest panelists will provide their commentary, scorecards, tools and evaluation on what makes company change efforts tick best. We’ll also share how we use this audit tool to harness company strengths, bridge gaps and shore up deficiencies.
Sean Moffitt & Andrea Kates, Co-Founders, Futureproofing : Next
What you’ll learn:
- What is “future-readiness”? Why does it need to become a key measure for your company?
- What are the most important factors in innovation+ performance?
- How can you get an honest assessment of each factor?
- Which environmental factors play significant roles?
- How do we score and benchmark company innovation performance?
- Are there other tools that get at this need?
- What can be learned by a future-ready snapshot and tracking progress over time?
March 10th, 2020
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About This Episode
Future-Readiness – Auditing Your Ability to Change, Grow, Innovate & Transform
0:00 Introduction of Topic and Overview. Futureproofing : Next has created a new breed of audit. It’s not based on backward looking perspectives. It’s not based on benchmarking your company against the metrics of slow-moving organizations (winning the snail race). We’ve integrated years of experience with companies that know how to get ahead of emerging opportunities into one form. The Future-Readiness Audit equips leaders to measure your organization against the dimensions that matter most to bring innovation all the way across the finish line. At scale. With buy-in and commitment.
7:00 Sean Moffitt explains the need for leaders to take a proactive approach to get ahead of future expectations. In today’s competitive environment, leaders need to manage breakneck speed. Unfortunately, we’re currently falling short of expectations:
28% of customers expect more from corporations year over year, but companies are only capable of delivering 6% improvement.
23.29 What are the components that support “future readiness?” What do we need to be ready for? Which perspectives need to be woven together to futurism and trend research, creativity, product + engineering, UX/PX/CX, organizational transformation and significant revenue growth?
23:23 Andrea Kates: What is the “currency” we’re using for the process and what are the metrics? In the past the currency for some aspects of innovation has been interpreted as: ideas. Unfortunately, if you look at ideas as the metric—number of ideas generated—it’s easy to miss the true mark of commercialization.
39.00 Andrea Kates: One of the biggest leaky buckets we see? The tremendous waste that occurs when strong pilots become “CORPORATE ORPHANS” AKA, initiatives without sponsors. The main thrust of the Futureproofing is to have a more effective way to determine which projects must be adopted by the organization to drive future growth.
46:00 Sean Moffitt: Wake up calls can be great inspiration for change to begin. But leaders shouldn’t wait for a crisis to start futureproofing. Today’s episode points to an example of a futureproofed company, Chipotle. A few years ago, Chipotle had a wake up call — an e coli outbreak. Rather than approach the moment with a crisis management mindset, the company went beyond. They futureproofed.
The leadership team didn’t ask “How Can We Fix The Emergency” and they didn’t focus on “How Are We Doing”. Instead, they looked at, “What’s On the Horizon”, and integrated a future-back approach, thinking beyond the crisis at hand. They used the food safety issues as a catalyst to rebuild their fundamentals, engineer new business models, redesign customer experience and develop a novel product roadmap informed by trend data. Today they’ve adopted plant-based strategies, innovative delivery options, and developed a dynamic and loyal online community.
58:00 Sean Moffitt: The Future-Readiness Audit is a living document that is designed to set a course of action, to get everyone on the same roadmap, and to take the blinders off our eyes. The scoring is dynamic and instructive–it helps business leaders and teams understand what to do first and best to gain maximum traction from technology, trends, innovative business models, and complex market opportunities.
1:00 Andrea Kates Closing Highlights: Top Article includes Beth Comstock perspectives, Book of the month: Pirates in the Navy by Tendayi Viki, and upcoming Webcast Season 2 episode 6: 52 Leading Business Models.
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