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