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Innovation

It is now well- documented on how any company’s innovation efforts, must involve its customers right as its central point. While a lot of companies acknowledge this tactic, many fail to actually implement this, by involving customers for real. Some steps have been identified to make sure that one’s customers are the business innovation partners. First of all, companies or brands need to be specific about what kind of inputs they want from their customers. Then, milestones need to be set so that tracking of progress becomes easier. A person must specially be assigned to interact with customers, while offering expert guidance. Procedures must also be set in stone, so that all future reactions will be as per the norms established. Companies that listen to authentic business intelligence, using the above framework set, are known in general to perform much better.

Source:https://www.strategy-business.com/blog/Why-your-customers-should-be-central-to-your-innovation-efforts?gko=9eb19

Uploaded Date:20 August 2019

En number of companies these days have adopted a new approach towards facilitating business innovations. They have taken to heart the principle that experiments are bound to occasionally result in failures, and these are necessary on the run towards innovations. Companies on this list include Coca-Cola, Amazon, Domino’s Pizza and Netflix. A liberal arts college in western Massachusetts- Smith College- has taken the drastic step of even introducing a “Failing Well” programme. On completion of this course, students are presented with a Certificate of Failure. The idea behind this exercise is that failures prepare people to face the hardships later imminent in life.

Source:https://hbr.org/2017/11/how-coca-cola-netflix-and-amazon-learn-from-failure?utm_campaign=hbr&utm_source=twitter&utm_medium=social

Uploaded Date:20 August 2019

A few techniques have been discovered which, if used the right way, will help any organization hone an ethos of collaborative innovation. The first of them is about strategic communication with the people on the business innovations. For this, the right tools need to be brought in to the system. A set of simple questions using the Heilmeier Catechism need to be asked, before finally deciding on the tools. The ideas that get generated, need to be scrutinized and refined continuously and collectively. The company’s expertise has to be leveraged during this process. New markets too need to be explored here. Each company or industry has its innate set of innovation- blocking barriers. These need to be first identified, and then eliminated.

Source:https://hbr.org/2019/08/3-ways-to-build-a-culture-of-collaborative-innovation

Uploaded Date:20 August 2019

Innovation consulting is now a niche developing well in several markets. It is the interplay between management consulting and innovation. One of the main things, this field focuses on is how learning improves through the art of networking. This is true for both men and women, but more so for the latter especially in any industry or market that is traditionally male- dominated. It helps interlink creativity and consciousness. Business innovation may also be equated to a dance form, as it involves riding a creative rollercoaster. There exist several strategies to embrace reflection, consciousness and learning. The first step is to pause and then retreat. After this, one needs to review the action taken thus far. One needs to reflect on the work done, before resetting all that went awry.

Source:https://www.innovationexcellence.com/blog/2019/08/07/the-interplay-between-innovation-creativity-and-consciousness/

Uploaded Date:16 August 2019

For every company today, surviving the ongoing digital disruption is on top of its minds. Even legacy companies are worried about some fleet- footed, digital- native startup taking away their business. It is in this situation, that companies will need to increasingly find ways to curate different ways to develop and then execute business innovations. For this, it is important that every voice gets heard. This will not be easy, as a 2017 study by marketing research giant Gallup confirmed, that barely three out of every ten employees in the USA, feel that their opinions matter to their respective organizations. Several crucial elements need to be put in place to ensure that every voice is heard, beginning with employees getting a psychological and career safety net. Structured opportunities need to kept in order to present ideas. Some internal contests may be a good way to figure this out. A process has to be created to this end.

Source:https://www.strategy-business.com/blog/To-strengthen-innovation-make-sure-every-voice-is-heard?gko=36b66

Uploaded Date:10 August 2019

It is now well- known that every business needs its fair doze of creativity. In order to spur some sort of business innovation to any work team, some essential questions need to asked. The first such stock question ought to be on what the employees feel, is the single biggest ingredient for success at the firm. Another is for all to identify the forces or technologies that could force a market shift. Finally, to actually elicit some deep thinking and creativity form the employees, they need to asked what steps need be taken to ride over such a potential market disruption. No existing business practices must thus be treated as sacred.

Source:https://hbr.org/2019/07/a-brief-exercise-to-spur-innovation-on-your-team?utm_medium=email&utm_source=newsletter_weekly&utm_campaign=insider_activesubs&utm_content=signinnudge&referral=03551&deliveryName=DM42915

Uploaded Date:29 July 2019

One area in which fleet- footed startups possess a massive advantage is in scaling up at speed. This they achieve, often with limited resources. Large companies need to incorporate this skill in to their playbook. Consumer companies are now taking lessons from start- ups and digital natives, on how to execute business innovations so quick. Very little of the growth has emerged from the larger legacy companies over the past five to seven years. One area in which start- ups revolutionized the digital marketing space was through the right use of bloggers. Fashion bloggers for instance helped jewellery chain Bauble Bar set the tone. Uber too has been at the forefront of product and service innovation. B2C companies have set the trend in this.

Source:https://www.mckinsey.com/business-functions/strategy-and-corporate-finance/our-insights/how-to-move-fast-innovation-at-speed-and-scale

Uploaded Date:23 July 2019

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