Assessment of Berkshire Hathaway Company's Innovation Processes
A $4.5B Berkshire Hathaway company requested an assessment of their Innovation Processes. No cohesive innovation strategy existed across all functions. Aggressive growth targets required differentiated innovation. Innovation initiatives and the current innovation process were not robust and lacked ownership. Resources were spread across multiple projects and not enough of the right resources were focused on the right initiatives. Disruptive innovation was not embedded in the culture.
Using Firefly's Innovation Assessment Framework, the team performed a top-down assessment of the organization. This included input from 60+ interviews and a survey. Additionally, the team reviewed the current innovation portfolio and metrics. The data was synthesized and compared with Innovation best practices.
The solution included re-organizing to prepare for success, and dedicating recourses for innovation with time and budget to be successful.
- Executing workshops to better understand the customer, identifying market gaps and aligning a project portfolio.
- Defining and implementing innovation measures.
- Developing an end-to-end Customer Experience Map identified innovative opportunities for new breakthroughs.
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