One on One with Level 11's Ric Merrifield

Some people think innovation is needed in all parts of the organization. The truth is organizations need to be rigorous and disciplined in regularly assessing where innovation can have the greatest impact, whether helping to get more customers, making employees more loyal, eliminating cost, or something else, according to Ric Merrifield, a Partner with Seattle-based Strategy firm Level 11. Merrifield, a "business scientist," and author of Rethink—A Business Manifesto For Cutting Costs and Boosting Innovation , will offer up examples of the companies who have been the most successful innovators and will highlight the methods that many organizations use today in his presentation "The Prioritization of Innovation—A Crucial Step Too Many Organizations Overlook" at the Consulting Summit in New York on Oct 24. Merrifield sat down with Consulting One on One to discuss his upcoming Summit presentation.

Consulting: Why is the prioritization of innovation so important?

Merrifield: It's crucial because you have to be very deliberate and disciplined in looking across the entire organization and looking at where innovation is and isn't relevant. Investing in innovation across the board is not a sound business strategy, and way too many companies don't spend enough time on this part of the equation. You have to first figure out which parts of your organization will and won't benefit from innovation. Where will it make the most impact and what is that impact going to be?