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Innovation

Some of the most innovative minds in business such as Steve Jobs, Reid Hoffman, Elon Musk and Larry Page are people who have created new business streams. They all had their own hobbies which helped them cope away from work such as Bill Gates’s passion for reading books. However business innovation does not occur in vacuum but when experts from different fields collaborate on something new. That is why children must adopt the mentality of children for innovation but work as a team. Children do not have inhibitions and explore newer things all the time, but this energy needs to be channeled in the right direction within an organization. There is an idea called “fail fast but fail forward” which implies that failure must be encouraged as long as they are intended to take the organization and society at large ahead.

Source:https://www.forbes.com/sites/alisoncoleman/2017/05/14/for-brilliant-business-ideas-create-like-a-kid-innovate-as-a-team/?c=0&s=CuttingEdge#7664cf884d78

Uploaded Date: 20th May 2017

Just as the later period of the Italian Renaissance descended into mere mannerisms, similarly our age of technology seems to be diminishing into simply incremental or ornamental improvements. A classic example could be that of Juicero which has developed a juicing machine but on further testing it has been confirmed that it barely improves even basic manual processes. For this, it received a huge sum of funding which seems to have been wasted. Engineers like to automate things and their business innovations have improved processes drastically, yet we are approaching the limits of the same as experience by the relative failure of the Apple Watch. People do not want so many features from simple devices just as artificial intelligence is not necessarily easing people’s lives, but often complicating. Instead of criticizing engineering, users must simply suggest ways in which certain incremental switches could be put off so that the really essential automations continue to exist and flourish.

Source:https://www.strategy-business.com/blog/How-Much-Innovation-Should-We-Juice-Out-of-Engineers?

Uploaded Date: 16th May 2017

Charles Darwin may be yesterday’s legendary scientist, but his innovation lessons are still as relevant as they were then. The first such is the value of exploration. Darwin stuck to his beliefs and explored his heart out to prove the theories. Business innovation is a combination of several disciplines condensing together just as Darwin took inspiration from different fields of study then. Darwin proved that no theory however fool-proof its design is perfect. He set out to rectify an age-old fallacy. The same goes for management thinking, they are not water-tight. Darwin’s theory was complex, and it irked the then establishment just as new developments tend to disrupt existing business models or even get attacked by them in different forms.

Source:https://www.inc.com/greg-satell/4-things-innovators-can-still-learn-from-charles-darwin.html

Uplaoded Date: 16th May 2017

The Corporate Innovation Function is pointless without due timely measurements. Thus metrics have been derived for each function of business so that accurate trend analysis may be conducted. Management consulting giant McKinsey has segmented This funnel into three horizons. The 1st Horizon consists of mature products, Horizon 2 about the ones displaying growth projections and finally Horizon 3 touches those at incubation stage. Operations metrics include the number of challenges organized for innovation. It also includes number and duration of corporate training workshops organized. There exist some training and engagement metrics as well such as number of employees attending such workshops and the subsequent percentage submitting innovative ideas. It also includes Innovation programmes that alumni get involved in. There are also funnel management metrics which can further be subdivided into ideation, validation and launch. Ideation simply segregates the number of ideas submitted on top or boot of funnel. Validation involves methods to book progress. It includes number of interviews conducted, type of experiments run, demos performed and quantity of pre-product sign-ups. Finally for launch important metrics are per day customer acquisition and active users’ growth trends. Repeat users also need to be tracked.

Source:http://innovationexcellence.com/blog/2017/03/03/innovation-metrics-in-outcome-based-culture/

Uploaded Date: 13th May 2017

In the present digital age, business innovation is no longer a matter of creativity alone, but a basic survival tool. This is due to the constant changes against which traditional models are being unable to cope up with. Data is playing a massive role as its analysis is revealing granular bits of information to benchmark performances. While stimulating an agile innovation culture, options need to be assessed against the scope of employees’ current capabilities to absorb. The firm’s culture needs to be likewise aligned accordingly. A diagnosis on this needs to be conducted prior to actual start. The data spoken of needs to be carefully analyzed using business analytics as measurement is essential. The index may be termed as Organization Growth Indicator (OGI) to come up with the proper forecasts. This OGI creates new value and enables agile adaption to change. In addition to such quantitative number crunching, a qualitative assessment must take place side-on.

Source:http://innovationexcellence.com/blog/2017/03/24/building-a-culture-that-thrives-on-innovation-agility/

Uploaded Date: 13th May 2017

Business innovation at organizations is usually a formal process involving specific team members and going through a certain process within ideation labs. Yet, observations from different walks of life have shown that innovation is best triggered during meets involving people genuinely passionate about a particular task. For example, medical implementation solutions can best be ideated by people with a genuine interest in the same. They need not be technical members of the profession, but have some underlying self-interest. Organizations too must embrace innovators rather than treating experimentation as a cost centre. Similarly, these innovation labs must not be located at out of the way locations but discussions must be held where the real people are present. It must be inducted as a method to achieve strategic targets. This system may dissolve some of the powers of the top management, but it will surely bring tangible rewards for the organization.

Source:http://innovationexcellence.com/blog/2017/03/15/turning-the-innovation-tables/

 

Three of Australia’s companies have been cited for their excellence in adoption and subsequent implementation of business innovations. Almost by accident a researcher at CSIRO discovered Wi-Fi. Planet Innovation was responsible for developing the most useful as well as mobile hearing aid. They recently collaborated with Sapien to develop a digital diary system. This and several other practices have led to the company receiving an award for innovation. The Commonwealth Bank of Australia has been cited for their innovation to the field of HR. They have developed programmes for the onboarding process of new employees using the latest technology in Oculus Rift. Further, they have innovation labs present across Sydney, Hong Kong and London. All data is recorded to analyze trends before discussing solutions on those.

Source:http://www.businesszone.co.uk/community/blogs/kirsty-tanner/lessons-from-australias-most-innovative-companies

 

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