In a 'disrupt or be disrupted' environment, companies have been struggling to bring innovative insights with cohesive teams together for fast results. Innovation at speed requires teams to have intellectual, emotional, and physical space to develop a collective pride and ownership of the value they create for their company. Based on decades of Transformation Consulting experience, we have developed Co-SPIN - i.e., (Co)creation done with (SP)eed and (IN)novation - a leadership exercise that will solve your toughest problems, and capture your greatest opportunities.
Strategy & execution are together at last! Strategy is now iterative and broken into smaller chunks, while execution is co-created with value-focus. They are not linear anymore; they have to be circular for innovation at speed.
Co-SPIN is the environment for developing coherent strategies that are compelling, with capability-driven execution alongside, every step of the way. It closes the gap between strategy and execution. Co-SPIN is an exercise designed for the leadership teams to problem-solve their burning issues with innovative solutions, in a well planned and dynamic environment that will allow for your individual and collective creativity, thinking, analysis and building that will result in tangible value. Our collaborative co-creation approach with hands-on sessions are designed to ensure that individual perspectives are gathered, alignment is build, diverse thoughts are brought together and constructive dialogue is encouraged, to produce artifacts around business transformation:
Compelling case for change
Clear point of departure and point of arrival
Design principles for the future state
Sharp measures of success for the future state
Accelerate towards innovative solutions
Today’s business world brings with it more complexity, a wider diversity of issues, and an ever-increasing pressure to change faster than ever before. Companies today recognize the need to challenge and refine their business strategy and operational constructs—and at times significantly alter them—to ensure they are focused on the best opportunities for growth and increased shareholder value. An effective deployment requires that the organization own it and that they move through the transformation process at an accelerated pace. Conventional methods with traditional time frames cannot achieve this.
To achieve ownership, momentum and speed, organizations must rapidly design, build and operate the new strategy or initiative, not just think about implementation. This requires focus, commitment, unique tools and techniques, and an environment that fosters innovation and change. To address these challenges, we have designed the Co-SPIN with unique processes that are focused on creativity, innovation, speed, customer-centricity and value-focus. These processes includes all participants of the value chain, from consumers to suppliers, working in a collaborative session. Successful transformation depends on an iterative and collaborative process that moves an organization through various levels of strategy, conceptual design, solution build and implementation.
Customer-centricity with value-focus
Customers are rapidly shifting their demands rapidly for more and more personalization, convenience, speed and transparency in their experience. Companies realize that a great end-to-end customer experience will attract and retain customers, as well as engage the enthusiasm and creativity of employees. Companies that take this route, set out to learn all they can about these target customers, starting with who is buying, why they are buying and where the potential buyers are. They seek both qualitative and quantitative insights, and not just from one-off research projects but from a constant stream of feedback. They investigate the customers’ needs, their spending habits, their passions, their unmet wants. They figure out where competitors are missing the boat, and they determine which customer needs best match their own capabilities. Senior leaders committed to building a superior customer experience will need an achievable plan that can be delivered while carrying on with day-to-day business. Companies that fall short of expectations they’ve set usually fail to bring their people through the change.
From the fundamentals of strategy we know that, if you have a real competitive advantage, it means that compared with rivals, you operate at a lower cost, command a premium price, or both. Strategic choices aim to shift relative price or relative cost in a company's favor. The sequence of activities your company performs to design, produce, sell, deliver, and support your products is called value chain. In, turn, your value chain is part of a larger value system. The economic fundamentals of competitive advantage dictates that the goal of strategy is to earn superior returns on the resources you deploy, and that is best measured by return on invested capital. Competitive advantage is not about beating rivals; it's about creating superior value and about driving a wider wedge than rivals, between buyer value and cost. Differences in relative prices and relative costs can ultimately be traced back to the activities that companies perform. A companies value chain is the collection of its value-creating and cost-generating activities. These activities, and the overall value chain in which the activities are embedded, are the basic units of competitive advantage. Choosing the particular kind of value you will offer your customers is the core of competing to be unique with innovation. Your value chain must be specifically tailored to deliver your innovative value proposition. With the kinds of transformations you have to undergo, you will have to re-imagine your offerings, rethink your operating model and innovate with your business model. Ultimately, the whole
Co-SPIN exercise is about how you are going to create, deliver and capture value as a business.
Merge Design Thinking, Agile Principles,
Startup Mindset and Storytelling Craft
When design principles are applied to strategy and innovation, the success rate for innovation dramatically improves. Design Thinking is a methodology used by designers to solve complex problems, and find desirable human-centered solutions for clients. A design mindset is not problem-focused; it is solution focused and action oriented towards creating a preferred future. Design Thinking draws upon logic, imagination, intuition, and systemic reasoning, to explore possibilities of what could be—and to create desired outcomes that benefit the end user (the customer).
All Agile methods were designed around a simple premise; the smaller the project, the greater the success rate. For agile to be successful it must be both quick and simple. In 2001 the Agile Manifesto was born. Representatives from several Agile methodologies (including SCRUM, eXtreme Programming & DSDM) came together and devised a set of values and principles that any Agile methodology should adhere to. These values and principles would increase the success rate as projects would be constantly revised to meet customer requirements. Both data and experience suggest that the closer a company adheres to Agile principles, the more likely it is to achieve the hoped-for benefits. But there’s a difference between principles and practices. Agile principles are enduring and widely applicable. Agile practices, in contrast, may evolve as teams gain experience and technologies advance.
When the Startup Mindset is adopted effectively in an organization, they look at the world in ways that allow them to unleash their true creative potential. They are more curious, focus on innovative possibilities, they conquer fear with speed and disregard the status-quo. They are insurgent with bold strategies, customer driven, value focused and with an incredible bias for action with simplicity. In today’s market, disruption is a common occurrence. New innovations push out old vendors, old products, and old ideas. The key is to be the disruptor, not the disrupted. The best part about entrepreneurial startup mindset/culture is that they are constantly innovating — this includes innovating how to innovate.
Telling a strong story is about far more than just outlining a few characters, laying out a string of plot points, and calling it a day. It’s about diving deep so that you can find what makes a story truly unique, compelling, and worth sharing with the world. It’s about moving beyond the obvious so that you can make something that actually stands out. All of the pieces of your next great story are already out there. They’re scattered across different people and places, and it’s your job to find them and put them together in the best possible combination. Believe it or not, storytelling craft is the most under-appreciated skill that is essential in business transformation. Fundamentally, it enables emotional connection with people who can enable emotional commitment to the transformation you are pursuing. By deliberate practice of storytelling, it can become a craft that seeks continuous improvement, embraces healthy failure, enables apprenticeship, pushes the boundaries, and always ready to share the knowledge.
It is clear, that several elements of these best practices can be pooled together into crafting the optimum
Co-SPIN exercise necessary for your company's current situation from the perspective of - scope, scale, issues, strengths, opportunities, threats, readiness & culture.
References from Blog Postings