innovation consulting industry | Paul4innovating Innovation Views

Possibly a Significant Shift in the Innovation Consulting World?

It always catches you by surprise when one of the leading players within the innovation space makes a change. In this case, Innosight has been acquired by Huron, a fellow professional services firm, one that has the vast majority of their business in the United States. Huron focuses specifically on Healthcare, Education, and Life Sciences and has been to-date far more operationally driven in its delivery solutions.

Being fairly curious you search for the fit and its meaning to both parties as Innosight has been continually shaping their offering to focus more on the strategic positioning of innovation over the past few years as the market has been undergoing a significant change in client demands and innovation solutions. I wanted to work through all of what this might mean and some more.

The transaction overview is ” Huron will purchase Innosight Holdings, LLC for $100 million upon closing, consisting of $90 million in cash and $10 million in Huron common stock, plus contingent consideration of up to $35 million if specific financial performance targets are met over a four-year period”

This time last year we saw another acquiring of a pure innovation firm Continue reading “Possibly a Significant Shift in the Innovation Consulting World?”

The Challenges Being Faced by Innovation Consultants

From my perspective, I’ve been looking at a real challenge today, that many consultants offering innovation services are not providing real sustaining consulting value to clients, only ad-hoc services.

Unless this changes it will continue to erode the clients’ confidence in these service providers and they will be seeking increasing internal solutions to tackle their problems. I think if this trend continues it will be a mistaken course.

Consultants are not addressing many of the changes occurring and ignoring opportunities to adapt to different circumstances, they are simply not putting up a strong case of their engagement by redesigning their business models or opening themselves up to different forms of collaboration.

In many ways, the consulting industry specializing in innovation is its own worst enemy.

It is highly fragmented, often highly specialized in certain innovation practices, and much of the advice comes from a cottage industry of independent practitioners, caught up in executing and little time for advancing their own knowledge. Continue reading “The Challenges Being Faced by Innovation Consultants”

I wonder who is withering on the innovation vine?

This week I tuned into the Pipeline virtual conference for product development practitioners and gained an encouraging feeling that innovation is progressing along nicely.

Packed all within a day there was plenty of material ‘fodder’ to feed off of and learn from.
A really good conference but what quickly followed was a strong dose of that withering on the innovation vine.

I read two consulting surveys on innovation

I’ve been suddenly pulled out of my virtual bubble back into the harsh realities of where innovation really is. Just simply how innovation is struggling and that lies far more at the top of our organizations than below, those below who are simply trying to ‘get on with the job’ but with at least one hand (or even two) tied behind their backs.

I have been reading two sets of observations, one from Fahrenheit 212, the other from Innosight and my mood began to change. I’m suddenly back in reality where we have this huge gap between those ‘working’ innovation and those at the top simply not engaging with innovation or still failing to understand it or even failing to connect the dots.
Continue reading “I wonder who is withering on the innovation vine?”

Is innovation within the consulting sector under enough pressure?

In a recent study (see below for details) it seems innovation activities need to change within what consultants are offerings as services to their clients.

The study makes for fascinating reading and answers a number of questions I’ve been recently having.

Let me expand on this:

One: there is increasingly less time available within the mid to large consultants to train, research and development for their services so as to differentiate themselves in innovation, in what is actually becoming even more of a crowded market.

Focusing on maximising utilization and containing overheads and costs leaves less time to think and develop.

Two: equally the cumulative experiences of clients in dealing with consultants, especially through the practice of more central procurement, has added more pressure on consultants not to provide added extra or to take more radical approaches to innovative solutions for the risk of being compared badly, not offering clear returns and then screened out of the bidding process. Continue reading “Is innovation within the consulting sector under enough pressure?”