Innovation for growth
Creating profitable business growth by building new businesses, breakthrough innovations, or by creating new business models and value networks through customer-driven value propositions backed up by solid business cases.
We help you deliver
- New growth areas and businesses
- A stream of winning innovations based on customer-driven new value propositions, new business models or value networks
- Superior data-enabled digital propositions validated with customers and with sound business cases
- New innovation competences to your team such as Lean Start-Up and use ideation tools like TRIZ
- Intellectual Property (IP), so your innovations are protected
- Business cases to support investment decisions & next steps
We can help you all the way from identifying new growth areas for your business, to specific value proposition development and successful realization. We do so with knowledge, experience and hands-on project support using methods like Rapid Co-creation and Lean Start-up. We help you develop new businesses, new products, new services, and new data-enabled digital propositions leading straight to business success and new growth.
Ideation and Breakthrough Innovation
Our expertise in opportunity identification, creative techniques and well tested processes help you create new growth opportunities at business level. But also on product and technical level we can help you through approaches like TRIZ to solve tough engineering problems or address IP issues.
The process starts by defining crystal clear goals based on the strategy and determining shared criteria for making choices. Only then are issues and opportunities identified, and ideas developed in a diverging / converging process with enrichment and concept creation stages.
Value Proposition Creation
When you innovate there are many unknowns. Who are the customers, what do they need, which influencers, stakeholders, and partners should be involved, will they all see the value of the innovation, and do they want to pay for it and if so, how? Will it be better than current alternatives or competitor products, will it work and what comes next? What capabilities to you miss, and will you be able to create value for the business?
Many questions and a lot of uncertainty. By understanding the real needs of the customer and moving from idea generation to developing a solid value proposition together with a winning business model, you will create successful innovations and reduce the risk in an iterative way.
Here, you will combine these three points of view (customer and ecosystem, solution, and business) to answer the following questions interactively and iteratively, but now, in contrast to the first phase less divergent and more solution driven:
- Customers and ecosystem: who are your target and stakeholders and what do they really need?
- Solution: what is the solution that addresses the needs better than alternatives?
- Business: what is the winning business model and what are the risks?
New Business Creation
Companies need to reinvent and sometimes even transform themselves to cope with accelerating disruptions and trends in the market. These changes create opportunities for new growth businesses in adjacent and emerging markets. Developing new business requires a very different approach and mindset. As Philips we have developed a structural approach for new business creation (called NBX) that allows to strategical decisions.
By working with us, we will provide you with:
- Best-practices and leveraged experience from venturing and solutions to accelerate new business growth for innovation programs from ideation until scale
- Development and validation of value propositions
- Business model innovation and business case creation
- (interim) Program management for innovation/NBX program, operations, supply chain or market introduction
Business Model Innovation
Developing innovations with winning business models is a well-tested approach that lets you uncover insights and real needs of the customer, and then move from idea generation to developing a solid value proposition together with a winning business model in an iterative way.
When you innovate there is no guarantee for success in the market. There are many unknowns: where are the best opportunities, what are the customer needs, what is the best solution, how will you make money? Using this approach you will develop successful innovations with winning business models, with less wasted effort and less risk.
Our approach is based on concurrent development with multi-disciplinary teams, involving customers or external experts in your project, and doing that in an iterative way.
Our key capabilities in the area of Business Model Innovation are:
- Driving innovation for products, services, and solutions
- Leveraging learnings from bringing many successful innovations to market
- Hands-on experience in B2C and B2B markets
The past decade(s) has shifted for many companies and industries the way products are offered and delivered to customers. Commoditization of products in mature product-oriented industries have led to decreasing margins and increased competition. At the same time trends such as the network economy, digitization, sustainability & circular economy are creating opportunities for differentiation.
As a result, we see that companies are changing their preferred way of doing business by:
- Moving from ownership of, towards access to physical goods
- Transitioning from buying a product towards paying for benefits or outcomes
- From one-off transactional offers towards more continual experiences and engagements
- Requesting digitally enabled value-added services related to tangible products
- Looking for partners to help them address and solve their business challenges
In this changing landscape integrating Products and Services into Solutions becomes a critical means to deliver value to customers. Products, systems and software become adaptive to the customer, and we must think of Services as the ‘glue’ that binds offerings together as we tailor them to each customer. In this way, organizations will deliver more value to customers, improve customer satisfaction – and position themselves as the trusted partner in the marketplace.
At Philips we are the experts in Servitization. We understand real customer needs and leverage data as a key asset in product and service development and delivery. We do this in close collaboration with Philips’ businesses and external customers. We know what it takes to build and deploy a new service and its business model – end to end.
Contact us about Innovation for growth