MANAGING in the

NEW WORLD

Innovation

Steve Jobs, as the CEO at Pixar would always insist that people physically go out of their comfort zones and meet newer people. Serendipitous conversations fueled creative ideas, he believed. What he instinctively knew has been proven through a study done. This is also true on social media. The more diverse is one’s network on Twitter, LinkedIn and on Facebook, the more are the chances to generate business innovation ideas. This was proven by the Organizational Network Analysis (ONA), which is a technique to map the networks on twitter users. The digitally connected world of today, sees a number of such relationships forged, purely on public social media. These interactions, too can get positive idea out.

Source:https://sloanreview.mit.edu/article/how-twitter-users-can-generate-better-ideas/

Uploaded Date:20 February 2019

Chinese companies have moved on from their tag of being the copycats with scale. In recent years, some of the Chinese companies such as Alibaba, Baidu, Tencent and Haier have led the way when it comes to business innovations. But newer companies are posing a further threat to the existing domination by western multinationals. Royole and Jiangsu Dongcheng ME Tools are two such names. These companies’ business research and development capabilities dwarf those of the traditional giants. The innovators of tomorrow can be categorized under three distinct categories. These are the change makers, hidden champions and the tech underdogs. New business models and products are thus surfacing new.

Source:https://sloanreview.mit.edu/article/understanding-chinas-next-wave-of-innovation/

Uploaded Date:20 February 2019

Human beings have a naturally tendency to resist changes. They are also linear thinkers, so naturally assume, that the future would be just like the present. This trait creates major challenges for the transformative efforts taken up by companies. Instead, a three- way process has been suggested to go past this barrier. It begins with a strategic narrative that envisions the future. Story telling can bridge this gap by quite a margin, as neuroscience- backed business research conducted has revealed human brains respond highly positively to stories. After this, the decision bottlenecks need to be broken down into smaller parts. Then the list of future KPIs needs to be drawn up. All this and much more has been discussed in a new book titled Leading Transformation: How to take Charge of your Company’s Future.

Source:https://knowledge.insead.edu/strategy/its-time-for-a-behavioural-revolution-in-innovation-10781

Uploaded Date:02 February 2019

Companies whose sales growth outpaces those of their rivals, tend to do it on the back of a powerful innovation story. There exist four levers, using which the managerial focus towards business innovation may be intensified. To start off, the right talent recruitment needs to be done on the people who can curate and then execute such innovations. Prudent risk- taking needs to be encouraged. The innovation practices developed, need to be in conjunction with what the customers are seeking. The incentives and metrics in the organization need to be streamlined along with the entire innovation activity. The likes of Amazon, 3M and Starbucks have been some of the leading companies to have adopted such practices, and forged ahead of their competitors.

Source:https://sloanreview.mit.edu/article/grow-faster-by-changing-your-innovation-narrative/?social_token=a86168979a96dacaf020226884dd01fd&utm_source=twitter&utm_medium=social&utm_campaign=sm-direct

Uploaded Date:25 January 2019

The answers to some of the most complicated business puzzles, always starts by asking the right question. This was made clear in the book The Innovator’s Dilemma. Great firms often fail, at the hands of upstarts, thanks primarily to disruptive business innovations. These disruptive innovations are less complicated to execute than traditional processes. Thus, they attract the customers for whom, the existing products are either inaccessible or out of their financial reach. Lasting prosperity comes from the market- creating innovations. One must understand before embarking on any seeming opportunity, that not all innovations have the same market prospect. Similarly, data warehousing may not be the solution to every problem, unless it is properly analyzed to bring in, meaningful actionable insights. Management as a profession is often marred by accusations of being purely bottom- line driven. This however need not always true, as there are several noble links to it. One’s best self, need not be reserved for one’s career alone, but also for personal affairs. Finally, one needs to understand, that everything cannot be broken down into a balance sheet.

Source:https://www.linkedin.com/pulse/after-40-years-studying-innovation-here-what-i-have-christensen/

Uploaded Date:22 January 2019

There are varied ways in which companies can approach business innovation. A new framework has been developed to help companies, place initiatives within a system. This is known as the innovation radar. Innovation however is not how companies have traditionally seen it. It is not merely research and development or new product development. Such myopic thinking can lead to company advantages getting eroded, and competitors ending merely up as copycats of each other. This consequently leads to customers getting similar product offering under separate brand labels. The technology industry in particular is guilty of placing far too much innovative eggs in the basket of business research and development. On oil and energy companies, likewise it is merely on process innovation. This leads to chaotic innovation, with all players ending up making the same offerings.

Source:https://sloanreview.mit.edu/article/the-different-ways-for-companies-to-innovate/

Uploaded Date:15 January 2019

Newer opportunities are being created in the service areas thanks to the imprint of disruptive technologies and advanced business analytics. There are four major areas where this is getting used to improve service quality. These are in the areas of- remote monitoring, predictive maintenance, planned maintenance and in upstream & remote resolution. To optimize field productivity, companies need to have flexible talent management practices. Likewise, their dispatch optimization needs to be dynamic. The use of next- generation diagnostics needs to be made. Futuristic performance management techniques need be put in use. Those companies that are trying to optimize its parts management, need to work on their predictive demand forecasting. An area they have to resolve is the logistics and network management. The parts pricing too needs to be dynamic. A real- time inventory and depot for virtual parts has to be separately maintained. Digital self- service applications need to be at the heart of those aiming to deliver the best customer experience. People retention and attrition needs to be looked at very closely. To start off, one must find simple solutions rather than straight away trying to solve the most complex ones. The digital and analytics capabilities need to ramped up at first. The firm’s commercial strategy needs to get aligned across functions such as sales, tech and marketing.

Source:https://www.mckinsey.com/business-functions/digital-mckinsey/our-insights/how-disruptive-technologies-are-opening-up-innovative-opportunities-in-services

Uploaded Date:10 January 2019 

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