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Advancing Innovation

Galvanizing, Enabling, and Measuring for Innovation Value
Author: Patrick J. Stroh, CMA

Foreword: Dr. Robert S. Kaplan, Professor, Harvard Business School;
Co-creator of the Balanced Scorecard

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It Takes BOTH Creativity & Discipline to Generate Innovation Value!

As markets grow increasingly unpredictable and value propositions need to evolve, innovation isn’t just a buzzword with a hashtag; it’s a lifeline for any business that wants to sustain its value.

But business leaders face a challenge: Innovation as a concept can seem amorphous. How should we define innovation at our organization? How do we go about implementing innovation processes and channels? Can innovation value and progress be measured?

In Advancing Innovation, Patrick Stroh, CMA, offers a solution that sits right at the crossroads between the dreamer and the doer. The book inspires organizations to use best practices while considering thoughtful customizations for success. Advancing Innovation also gives readers specific tools and guidance to execute, measure, and optimize for the most impact.

The result is innovation governance—a Yin and Yang combination that fuses ideation and creativity with execution and discipline to drive value. Most importantly, as the book reveals, this framework can be measured by Stroh’s unique Innovation Value Score (IVS). IVS uses a balanced scorecard model but with a focus on innovation value. The metrics and functionality of this model hinge on and morph with an organization’s “strategy archetype” (how it goes to market with its value proposition). Those results can then be used for competitive benchmarking and goal-setting.

With an engaging, first-hand narrative, Stroh’s book invites readers to discover how managing and measuring innovation opens the door to greater and sustainable organizational value.


About the Author

Patrick Stroh is president of Mercury Business Advisors, which provides management advisory services in business strategy, innovation, product development, and turnaround situations, and is author of Business Strategy: Plan, Execute, Win! and Advancing Innovation: Galvanizing, Enabling & Measuring for Innovation Value! He serves on the board of directors for IMA®, which caters to more than 75,000 finance and accounting professionals worldwide, and is also on the board of directors for Vail Place, a Minneapolis-based agency supporting those with mental illness. In 2004, he was appointed to serve on the Committee of Sponsoring Organizations of the Treadway Commission (COSO) Advisory Board to review the update of the 2004 COSO Enterprise Risk Framework. Prior to consulting, Stroh most recently held positions at UnitedHealth Group, including chief strategy & innovation officer, client experience officer, president of consumer health products, and senior vice president of business strategy. Stroh also writes a column called “Innovation Elixir™” for the American City Business Journals—which covers 43 metro markets across the United States—is an active member of the Prior Lake Rotary Club, and is a classically trained chef having studied at Le Cordon Bleu in Minneapolis.

Headlines

"As companies transition from traditional management methods to a lean enterprise, their accounting, control, and measurement systems need to change."

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"Enterprise risk management (ERM) takes a broad perspective on identifying the risks that could cause an organization to fail to meet its strategies and objectives."

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"There is substantial confusion about what is the best or most appropriate approach for organizations to measure and report costs for managerial decisions."

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"Sustainability is emerging as a key issue in executive suites around the world. Business reputations and their value to shareholders can be significantly impacted when negative environmental or social issues are identified."

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"Customer Lifetime Value (CLV) can be measured and maximized, resulting in companies making consistent decisions over time. CLV can help decide which customers and prospects to acquire and retain, which not to acquire and retain, and how to allocate resources."

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