Looking for the best innovation consulting firm? There are quite a few out there – but how do you choose the top one that’s the best fit for you? Here is our brief guide.
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.
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.
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.
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.
