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Innovation

Measuring the impact of any business innovation has split companies. But now two metrics have been discovered, which when combined can give the perfect indication of this effect. These metrics have traditionally focused only on Research and Development (R & D). In reality, the quality of research can only be backed up by reasonable adoption levels by the organization. Companies do not easily publish their data on the business research and development conducted by them, so it is often difficult to deduce the actual impact. The first of these two metrics is the percentage conversion of this R & D to new product development. The other is the product to margin conversion. It is beneficial to categorize the innovations as per portfolios, as it will be easier to extract insights individually for projects. These metrics however must account for the usual innovation cycle, so quick failures need not be consigned to the bin.

Source:https://www.mckinsey.com/business-functions/strategy-and-corporate-finance/our-insights/how-to-take-the-measure-of-innovation

Uploaded Date:12 June 2019

Good ideas of course are of course the fulcrum behind the right innovations. These ideas though do not occur in vacuum, but a process needs to get followed. The top digital evangelists too have never shied away from focusing on the importance of social interactions. Research suggests that one key method of doing so is via Twitter. So, employees with a diverse Twitter network tend to have a better idea- generating trend. Twitter users also have a better pulse of digital marketing, as they can constantly see how networks get leveraged by influencers. Diversity in networks is also essential. This enables the person to think differently.

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

Uploaded Date:04 June 2019

Problems at the workplace may be complicated or complex. These two words are often used interchangeably almost as synonyms to each other, but are in fact quite separate in terms of degree of severity. Complex is a more difficult puzzle to overcome than something merely complicated. Complex is more strategic, as it looks into multiple aspects. To identify a problem as complex, one needs to start whether the problem at hand renders the traditional solution as redundant. A complex situation does not allow for a timeout, as situations change hyper- fast. The complex problems move at an exceptional pace, so need solutions that can fight back at an equal pace. Business innovations are needed to that aren’t merely incremental in nature, but substantial enough to take on disruptions.

Source:https://www.fastcompany.com/90344944/complex-vs-complicated-problems?partner=rss&utm_source=twitter.com&utm_medium=social&utm_campaign=rss+fastcompany&utm_content=rss

Uploaded Date:16 May 2019

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

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