Innovation strategy

88%

of professional firms have no formal process for testing or co-creating innovation ideas with clients.

The pace of change in the professional services sector is rapid. Within months new competitors can gain a foothold in your market and begin to take market share. New competitors are unencumbered by legacy systems and freed from the concept of business-as-usual.

Innovation Sandbox

To respond to this changing environment established firms are boosting their innovation capabilities. This means they are looking at options for radical change, not just tinkering with existing ways of doing business.

For the firms that get innovation right the rewards can be sizeable: greater loyalty from clients, an uplift in profitability and an enhanced reputation in the market.

However, effective innovation requires investment, time, and infrastructure. In short, innovation doesn’t happen by chance – professional firms need a well-considered innovation strategy to reap the desired results.

Professional firms need to create an innovation ‘sandbox’ – a safe space in their firm in which innovation is encouraged.

Meridian West can help your firm to:

  • Develop an innovation strategy and infrastructure that will allow your firm to spot, quickly prototype and launch innovation ideas
  • Keep pace with innovation happening in your market, and trends relevant to the markets in which your clients operate
  • Encourage a “design thinking” mindset within your firm to aid problem-solving
  • Prototype and launch new propositions and services for your clients
  • Facilitate conversions with your clients to co-create innovation ideas