New York: Booz & Company has launched Strategic Intuition, a new practice which the firm says draws on important scientific breakthroughs in understanding strategic innovation.
According to Booz & Co, Strategic Intuition is a ground-breaking approach for companies looking to generate breakthrough solutions to their most critical strategic challenges.
"Anemic macroeconomic growth, the digital revolution, and new competition in almost every industry makes strategic innovation an urgent imperative for most of the Global 1000," said Ken Favaro, Senior Partner at Booz & Company.
"Our clients are increasingly frustrated with the limitations of conventional strategic approaches and have been excited by what Strategic Intuition offers."
The Strategic Intuition approach is based on recent neuroscience that reveals how the human brain forms creative ideas: through a process called "learning and memory," where fragments of the past are joined into new, innovative combinations. Research on many of history's most well known strategic innovations shows how the process works.
Booz says examples include Henry Ford, who was inspired to create the moving assembly line by observing the processing technique in a meat-packing factory, and Larry Page and Sergey Brin, who created Google by combining insights from the reverse-link ranking of academic citations, Altavista's search engine, and Overture's online ad revenue system with their core knowledge about data mining algorithms.
For clients, Strategic Intuition offers a pathway to innovative strategies by helping them discover proven ideas from other fields and combine those ideas into a unique solution to their specific challenge.
The practice is underpinned by an exclusive relationship with Professor William Duggan of Columbia Business School. The approach was originally researched and developed by Duggan, who has published widely on the subject and teaches it in his graduate and executive classes at Columbia.
Booz's Strategic Intuition practice offers a dedicated team with deep experience working across industries, including financial services, consumer products, healthcare, manufacturing, retailing, media, telecommunications, the government sector and NFPs. The operation is led by Ken Favaro and Senior Executive Advisor Nadim Yacteen .
"So many organizations recognize the need for a novel approach to solve strategic challenges that are critical to their continued success and even their survival," said Nadim Yacteen.
"Strategic Intuition offers a proven and systematic method for finding innovative solutions that work. There's nothing else like it in the marketplace."