Innovation is no longer an option, with business lifecycle and models getting obsolete with technology advancement, businesses need to have Innovation built in their DNA, whether that's through a 'Change in the Culture', pursuing 'Intrapreneurship' or implementing Innovation teams.
We have seen many businesses from IBM, Adobe, Lego who have used Innovation to step change their business and crowdsource ideas in the past. Waitrose & John Lewis are another organisation just validating that for us, that Innovation is all about Big & Small changes happening together while still supporting the current business model.
“Innovation can be woolly. That is the reason why hackathons and innovation labs often produce very few real results. You have to put in place a framework,” Stuart Eames, Waitrose/John Lewis innovation lead, says. The biggest wins come from new ways of replenishing stock, and getting people through the checkouts more quickly. For a start, Eames has a very clear target: Every year he has to save the supermarket £10m in costs. Savings come from both small, incremental improvements and larger step changes. For example a small change at the checkout, asking people if they wanted a receipt or not for their purchase has saved £460,000 in till roll paper. It turns out a majority of people are happy to forgo a receipt. Another software update allowed Waitrose to better manage how they refunded customers for their car parking charges, saving £300,000.