The 4 Steps to Innovation During a Crisis
Crises accelerate evolution of new identified opportunities
Summary
There is a rational way to evolve a growth strategy in a crisis
A crisis uncovers problems people were not previously aware of or did not consider a priority
Although these are tough times, experts suggest to expand innovation, not cut back on it
Background
The current pandemic crisis has impacted everyone’s personal and professional life. It remains to be seen how big an impact this will be.
There is so much we cannot control during this time, that most people put their heads down and focus on what they can control. Typical strategies are to::
Continue to execute the way they have always done
Ramp down innovation and innovative ideas until a “better time” emerges
Money and resources are switched to cost savings and fire fighting
What should you do?
How do you “keep the lights on” functioning while preparing for what is to come?
Although it is smart to prioritize, focus on the essentials and cut back on the rest, some experts argue regardless how dire the situation, innovation should not be one of the things to fully cut.
REVIEW – The 4 Steps to Innovation During a Crisis
· Step 1 – Stabilization: What does it take to keep things going?
o Maintaining stakeholder value with lowest amount of resources
o Look for quick wins and unnecessary frivolities
o Do not cut costs to the point of hurting long term growth
o Innovation should not be one of the things that get cut during a crisis
· Step 2: Downturns are prime territory for disruption
o There are always companies and institutions which thrive during tough times
o Create a list of high level opportunities and prioritize
o Keep the innovation pipeline moving and focus on big stable long term goals
o What was a great idea before the crisis, is still likely to be a great idea after the crisis
o Investing in innovation is not a nice to have, it is a necessity to stay in the game
· Step 3: Offer more value for less
o Agility and flexibility is key – make small but flexible decisions
o The innovations should be the drivers of future growth
o Take advantage of the uncovered opportunities provided by the changing landscape
o Speed is of the essence
o Identify 2 or 3 opportunities, develop an action plan on how to realize each opportunity
A quick but well developed plan is the foundation to success
· Step 4: Avoid the paradoxes present in healthcare innovation
o Innovation without proven efficacy is a major threat to quality improvement
o Failing to engage an innovation within all necessary professional groups and inter-professional groups will thwart adoption
o Failure to recognize when health quality improvement systems are unable to keep pace with innovation
Conclusions
A crisis creates shorter time horizons with cuts to reserves, operating costs and future investments, but it should not be at the expense of potentially game changing ideas
Opportunity is ever present within the changing landscape
Innovation in healthcare quality is possible but not always an easy path
Contact me to learn more about the 4 steps outlined above.