VCW for Everis and Imprensa Nacional Casa da Moeda (INCM): Building an Innovation Culture
Applying the Value Creation Wheel to foster innovation and efficiency within a traditional organization.
How to build an innovation culture and make the organization more efficient while creating value?
This project demonstrates how Everis, a consulting company, used the Value Creation Wheel (VCW) framework to help INCM (the Portuguese Mint) develop an innovation culture and improve organizational efficiency. The project focused on a specific problem: reducing costs.
Overview:
INCM, facing declining revenue from traditional services, needed to develop an innovation ecosystem. Everis was contracted to help. The project involved creating a governance model for innovation, establishing a partnership network, and applying the VCW to a pilot project focused on cost reduction.
Process:
Governance Model: Everis defined the roles, responsibilities, and interactions of various departments within the innovation process.
Partnership Network: Everis developed a framework for identifying, negotiating with, formalizing relationships with, and monitoring partners.
VCW Application (Cost Reduction Pilot):
Discover Value (Idea Streaming): Everis implemented a "mobile bank of ideas" to gather suggestions from all employees, resulting in over 120 ideas.
Create Value (Idea Narrowing): Workshops with team members from various departments were conducted to narrow down the ideas.
Validate Value (Filter Application): Filters were applied to further refine the ideas, resulting in 12 top ideas.
Capture Value (Strategic Committee Selection): The 12 ideas were presented to the strategic committee, which selected the ones to be implemented.
Consolidate Value (Innovation Day): An Innovation Day was organized to promote an innovation culture throughout the organization.
Key Takeaways:
Adaptation of VCW: Everis adapted the VCW framework to create a practical, project-specific methodology that could be replicated for various clients and problems.
Inclusive Innovation: The "mobile bank of ideas" and workshops ensured that all employees had the opportunity to contribute to the innovation process.
Structured Idea Selection: Filters and strategic committee reviews provided a structured approach to selecting the most viable ideas.
Cultural Transformation: The Innovation Day and overall project aimed to create a sustainable innovation culture within INCM.
Consulting Framework: The VCW provided Everis with a valuable framework that could be applied across different projects and clients.
Conclusion:
Everis successfully used the VCW framework to help INCM develop an innovation culture and improve organizational efficiency.
1 The project demonstrated the adaptability of the VCW and its effectiveness in addressing specific organizational challenges while fostering broader cultural change. The creation of a replicable framework also provided Everis with a valuable tool for future consulting engagements.