Enhancing innovation management with Solutions

Understanding contexts for deploying innovation is key to mapping out the most effective path toward the goal, identifying metrics to measure the impact of innovation, and selecting both appropriate tools and vendors.

Investments in cutting-edge solutions, whether it's in personalization, user engagement, or loyalty programs, can lead to quick wins. However, talking with a vendor directly often involves the risk that their main focus might be more on potential profits rather than aligning with the client's specific requirements and objectives.

The value we bring at Future Mind isn't a stroke of luck; it comes from our dedicated effort and extensive and continuously developed experience. Say an organization is on the lookout for tools to boost in-app user engagement. They might typically start by checking out vendors on Google and will probably end up picking a tech supplier whose website or, most likely, sales representative appeals to them the most.

On the other hand, partnering with Solutions offers distinctive insights into several key areas, as we:

• Dive deep into specific business cases
• Analyze real-life instances of companies that have completed similar projects among our customers and partner references, too.
• Provide firsthand information about collaboration with specific vendors
• Set a realistic timeframe for achieving results, based on a comprehensive and comparative analysis of the client's business
• Verify if a vendor's offerings align with the client’s IT capabilities, strategy, and organizational culture
• Determine if a specific solution is mature enough to meet the specific enterprise needs at scale

At Future Mind, we facilitate and support the vendor selection process by building a data-driven decision-making environment for both parties involved. We present objective arguments to both vendors (informing them about clients’ goals and limitations) and clients (helping them find the most compatible solution and distinguish genuine opportunities from mere sales pitches).

Through collaboration with vendors in various markets, we gather insights into cutting-edge technologies, products, and solutions. We always prioritize connecting clients, vendors, and advisors for seamless information exchange. This collaborative approach, rooted in trust, experience, and past implementations, creates an environment that opens doors to many business opportunities, while:

Identifying the cream of the crop

Operating in an innovation-driven environment is much more than just browsing through ready-made products and technologies. Working directly with vendors requires significant knowledge and skills to find solutions that truly address the business needs of a given organization.

With the support of a partner like Solutions, communication between the vendor and the client becomes more transparent and value-oriented. Although both parties have much in common, at the end of the day, it's essential to remember that often both are driven by totally different goals.

This is where Solutions comes into play. We act as effective information conveyors, interlocutors, and mediators, striving to reconcile conflicting objectives and guide both sides of the relationship toward shared goals.

Picking low-hanging fruit – how we enhanced Benefit System's in-app engagement and sales

Whether it's pinpointing quick wins, gaining operational insights, or developing long-term strategies, Solutions plays a versatile role in the innovation management process of our clients. We foster transparent communication, empowering clients and vendors to forge partnerships grounded in compatibility rather than solely financial considerations.

One of the standout examples of in-app conversion and engagement results achieved by Solutions in 2023 is our collaboration with Benefit Systems and Storyly.

Benefit Systems, the creator of MultiSport, approached us with two core objectives: retaining users and enhancing class bookings. After conducting thorough research, analyzing available options, and assessing growth opportunities, we proposed the integration of Storyly as an innovative and interactive solution, tailored to the client’s tech architecture and business objectives.

Within just 8 weeks of incorporating stories into the Benefit Systems app, the number of customers registering for fitness classes through the app skyrocketed by 500K a month.

Beyond user activation, Benefit Systems leverages stories to promote their offerings. The user engagement and response rate to stories published by Benefit Systems stands at an impressive 62%, and they have recently observed a 3% increase in shake sales solely through stories.

Navigating the three horizons of innovation for a competitive edge

Not every organization is ready to pioneer innovation “unlike anything seen before”, and not every type of innovation can serve that purpose. When talking about innovation management strategies for a competitive edge, first it’s essential to understand the concept of the three horizons of innovation by McKinsey:

• Short-term innovation that streamlines everyday tasks and puts emphasis on the current core business. Many organizations are primarily focused on this horizon, but it's not enough to build a competitive advantage.
• Innovation that extends a company’s business model. It often addresses issues that aren’t a priority yet, but organizations are already aware of their existence. These can be rooted in regulatory changes or foreseeable challenges, and they can enhance competitive positioning.
• Innovation driving future business growth. It involves activities entirely separate from a company's current operations. Although challenging, such innovation has the potential to create a significant competitive advantage. However, not many organizations in the market are currently ready to include this horizon in their project portfolio.

By collaborating with the right partner, the process of implementing innovation becomes not just more efficient, but also more closely attuned to your business's specific needs and goals. Such a partner is also well-equipped to provide support across all three horizons, ranging from innovation streamlining day-to-day operations to formulating long-term growth strategies for a competitive edge.

The takeaway

Discovering unknown territories always involves uncertainty, and the same holds true for innovation projects, which, like any projects, come with certain risks. However, these risks can be minimized by choosing the right partner who can assist in selecting, implementing, and configuring ready-made tech components, while making sure they align with the overall growth strategy of your organization.

With Solutions as a concierge, you can navigate every horizon of innovation, not only optimizing daily processes but also gaining a competitive advantage by building long-term roadmaps no one will be able to match.