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Innovation

The time for open business innovation has now arrived. Companies need to stop fretting about IP issues for the moment. The ongoing pandemic has forced many to look beyond their comfort zones. Organizations from totally unrelated backgrounds, are now collaborating on a scale never imagine before. Trucking giant Scania for instance, is now partnering with the Karolinska University Hospital. Siemens, for its part, has curated the Additive Manufacturing Network, where any company can seek the German giant’s business consulting services in the field of medical service design. In another project, Ford is working with 3M, GE Healthcare and the United Auto Workers. Two- sided motivation now needs to be leveraged. New partners have to be embraced now. The present urgency is leading to much transformation. The entire planning needs to move beyond a static thinking towards a futuristic approach, where the team members look ahead.

Source:https://hbr.org/2020/06/why-now-is-the-time-for-open-innovation

Uploaded Date:09 June 2020

James Dyson and his Art Fry have become symbolic to the corporate side of business innovation. His unlikely but highly effective creation has now become iconic. Companies now are searching for inspiration to replicate such inventiveness. A general disconnect has given way between good storytelling and adjacent academic labels. The establishment now needs to challenge itself. One thing has been realized. It is that, behind every breakthrough innovation, perspiration, serendipity and the presence of underdogs is a must. About a third of all innovations fall under the classic category. These have broad resonance across the industry or even cross- industry. Brands will now need to continue riding trends through their persuasive power.

Source:ttps://www.mckinsey.com/featured-insights/innovation-and-growth/telling-a-good-innovation-story

Uploaded Date:28 April 2020

The COVID- 19 pandemic has forced a major business rethink for several companies. Some early signs are already on for how companies are re- strategizing. One way is to digitally transform overnight as the National Health Service (NHS) in the UK has done. Teams will also need to further strengthen their data warehousing capabilities, so that the right information can trickle in. This has been demonstrated by the Corona 100 m app, developed in South Korea. Virtual customer engagement is further set to grow. The Evergrande Real Estate Group, one of China’s biggest in the sector, has ramped up its digital marketing output. Companies now need a reliable provider for these remote services. Likewise, they would need a collaboration platform. A dynamic talent deployer and a data visionary will also be high on demand. The operator is not yet redundant. Instead, the person or system will need to be more flexible but resilient. Remote working however must not impact lively debates from occurring. An external orientation too must be kept up. Likewise, the process structures must not disappear. Such steps will help sustain beyond the current crisis.

Source:https://www.mckinsey.com/business-functions/mckinsey-digital/our-insights/innovating-from-necessity-the-business-building-imperative-in-the-current-crisis

Uploaded Date:28 April 2020

For businesses to recover post the peak of the COVID- 19 pandemic we are all facing, an innovative approach will be needed. Companies will need to be more imaginative in their approach than ever before. A 4 R strategy is likely to be experienced across the spectrum now. It will start with a defensive Reaction, followed by an economic Recession. There will be time for a business Rebound after that, before ending with a business model or product Reinvention. In order to boost the imagination process, companies need to dedicate specific time for Reflection. It is important to pose open, but active questions right now. One needs to be playful, as that’s when business innovations truly kick in. A system needs to be curated, using which different stakeholders may be able to share their ideas. Unexpected and anomalous ideas need to be sought out within the group. Further experimentation needs to be done now. In any case, it is necessary for all the people to remain hopeful for the upcoming time period.

Source:https://hbr.org/2020/04/we-need-imagination-now-more-than-ever

Uploaded Date:16 April 2020

A professional recently wrote a blog on how he was unaware of the exact nature of responsibilities while taking over the position of Chief Innovation Officer (CIO), but regretted later. There were several things not known to him, which is why the resentment later on. The first reason cited is the fact that while the CEO had a clear corporate strategy, the commitment was missing. Tweaking corporate culture is easier said than done. While people speak about welcoming failures, this mantra is usually not followed. Business Innovation should also not be pigeonholed as a CIO’s job alone, but that of the whole team. It isn’t a one off event either, but one that needs to be part of the system throughout. One more stumbling block typically takes place when there are business reversals. At such times, profitability takes precedence over everything else.

Source:https://innovationexcellence.com/blog/2020/03/30/six-things-i-wish-i-had-known-before-i-accepted-the-position-of-chief-innovation-officer/

Uploaded Date:31 March 2020

The world fifty top companies in terms of business innovation have been identified by the Fast Company. On top remains Snap. Then there is Microsoft. Tesla, Big Hit Entertainment and Hackerone complete the top five. The next five includes White Claw, Shopify, Canva, Roblox and Zipline. The list also provides sector- wise and regional toppers. Beyond Meat for instance is on top in the Food segment. The same company finds itself twelth overall just behind Kaios Technology. Education is topped by Teachable. Wieden + Kennedy takes the honours in Advertising due in part to its superior digital marketing content. Coming back to the overall list, there is Bravado at thirteenth, followed immediately by Meesho and Spotify. The others on the list not yet mentioned include Hello Sunshine, Luckin Coffee, Merck, Whoop, Sweetgreen, Sage Therapeutics, Indigo, Vimeo, Caastle, Thredup, Trove, Brex, Hopper, Strava, Immuta, Wattpad, Attabotics, Rothy’s, Calm, Twiga Foods, Color of Change, Carta, Footprint, Apple, Truth Intiative, Vertex, Maven Clinic, Graphcore, Bleecher Report, Rally, Omaze, Healthy.io, Cameo and Meow Wolf.

Source:https://www.fastcompany.com/most-innovative-companies/2020

Uploaded Date:24 March 2020

Disruptions are a frequent occurrence to any business. They have become all the more commonplace now, thanks to the constant churn in technology. A total of eleven such macro sources of disruption have been identified. Companies need to embrace them and launch counter business innovations to tackle the menace. The first of them is in Wealth Distribution. The next is for Education. Infrastructure, Government, Geopolitics and Economy are the next four. To finish off the list, there is Public Health, Demographics, Environment and Technology. The last one is Media and Telecommunications. The Organization is right at the centre of all this. Sometimes companies choose to ignore the first signals and miss the initial advantage, or get left behind altogether.

Source:https://sloanreview.mit.edu/article/the-11-sources-of-disruption-every-company-must-monitor/?utm_source=newsletter&utm_medium=email&utm_content=The%2011%20Sources%20of%20Disruption%20Every%20Company%20Must%20Monitor&utm_campaign=Enews%20Spring%20Issue%20Announcement%20Email%203/10/20%20Version%20B

Uploaded Date:24 March 2020

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