Choosing your right innovation consulting firm
Looking for the best innovation consultancy? There are quite a few out there – but how do you choose the one that’s the best fit for you? Here is our guide helping you choose the innovation company that best fits your growth challenges.
What to look for in choosing an innovation agency:
Do the consultants have the right expertise to ensure the success of your project?
Does the firm have experience in your industry or sector?
Does the consulting firm have the right methodology to fulfill your innovation ambition?
Does the innovation agency employs the right tools for the challenge you want to solve?
Overview of innovation consultancies
Tier 1 Strategy firms
The top management consulting firms caught up with adding innovation to their growth strategy services. Their work focuses mainly on large transformation programmes to develop innovation capabilities and managing innovation.
In particular, McKinsey uses their Eight Essentials of Innovation diagnostic tool for benchmarking innovation performance. BCG developed a strategy-led innovation system for driving growth and launched BCG Digital Ventures. Bain created BIE – Bain Innovation Exchange unit, focusing on driving business by forward leveraging their venturing expertise, combining tech, start-ups and venture capital.
Acquired business design agencies
Once independent, the success of these innovation consultancies attracted the attention of large players, who eventually acquired them. Accenture purchased WhatIf Innovation and Fjord, Deloitte got Doblin at packeage with Monitor Group, while Capgemini acquired Fahrenheit 212.
These agencies focus mostly on design thinking and customer-centricity, some with more emphasis on business model innovation or experimentation. Innosight, co-founded by Clayton Christensen, focuses on designing growth opportunities and capabilities building through dual transformation. As with other acquired consultancies, the challenge is how to preserve their culture and talent within the mother company.
Independent innovation firms
Among the independent consulting firms IDEO is probably the most famous. Started in 1991 as a product design company, it eventually expanded into management consulting and organizational design. IDEO uses the design thinking approach to create new products, services, environments, and digital experiences.
Independent innovation consultants
Working with independent consultants could work well, providing that you know exactly what you need to do and that the consultant you hire has this specific expertise. Running some workshops, design sprints or similar engagements are fine. Pay particular attention to integrating these initiatives with your portfolio of innovation activities, to support your growth strategy.
Six Paths Consulting – strategy and design combined
How is our innovation consultancy different?
Strategy and business design combined – to maximize the success of your innovation initiatives, in alignment with your corporate strategy
Expertise in Blue Ocean Strategy – helping you formulate and execute adjacent and disruptive innovation initiatives
Network of independent consultants – giving you access to the experts you need for the project, without the overheads of a typical consulting firm
Partnerships with software / platform providers – flexible, no strings-attached – offering you the best ones for your needs, without locking you in
Still looking for your best innovation consultancy? 🙂