Retail Observer

August 2016

The Retail Observer is an industry leading magazine for INDEPENDENT RETAILERS in Major Appliances, Consumer Electronics and Home Furnishings

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Page 13 of 83

RETAILOBSERVER.COM AUGUST 2016 14 In Advancing Innovation: Galvanizing, Enabling & Measuring for Innovation Value!, leading innovation strategist Patrick Stroh presents his revolutionary approach to measuring innovation. 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. While this book will be beneficial to many people that directly or indirectly lead and support innovation, Advancing Innovation is geared towards senior finance and accounting professionals (office of the CFO) and how they can effectively manage, support and lead innovation efforts at their company. This book is being published by the Institute of Management Accountants, who also conducted specific research for this body of work. 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. The book is available at B O O K R E V I E W ADVANCING INNOVATION: Galvanizing, Enabling & Measuring for Innovation Value! Author: Patrick Stroh is president of Mercury Business Advisors, providing management advisory services in business strategy, innovation, and product development, and author of Business Strategy: Plan, Execute, Win! He serves on the board of directors for the Institute of Management Accountants and was also appointed as a fellow in Palladium's Positive Impact Research Institute. Publisher: Ima Info Center RO

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