Over the last several years, our work with various clients has revealed an all-too-common break between three critical management functions – strategic foresight, risk management, and innovation.
In many instances, one or more of these functions do not exist in a structured way within organisations, and the outcomes are self evident. Businesses lurch from one crisis to the next, reliant often on either luck, or the entrepreneurial wits of the executive, to survive each subsequent challenge.
This does not have to be the case, though. The problems of resilience and adaptability – while necessarily complex – are not as intractable as they may seem. In our work with clients, a relatively simple approach that brings these above-mentioned functions together can yield tremendous success.
Even when there are strong management functions around strategy, risk and innovation – they are at odds with each other. But what is successful innovation if not well managed risk taking? The right strategic decision about market changes requires new products and services – innovation, yet again. And reckless allocation of resources into holy grail products is nothing but poor risk management.
For more information about how RIIS can assist in bridging the gap between strategy, risk and innovation, please contact Davis Cook.
See also this article that touches on these ideas in more detail, here.