MANAGING in the

NEW WORLD

Innovation

All business innovations may be categorized under four broad heads. They are basic research, sustaining, breakthrough and disruptive. Sustaining innovation is the conventional variation involving strategic road-mapping, research and development labs, and relying on acquisitions to bring in new skill sets and resources. Design thinking methods need to be applied in them. Breakthrough innovations are often carried out by mavericks and involves solving a problem arising out of any related development. Open innovation works best in such cases. Disruptive innovation is the most radical and this can afflict a lot of genuine good performers. Lean startup methods, business model canvas and the value proposition canvas are examples of such forces at play. Basic research is the prerequisite before anything substantial may get innovated. Scientific discoveries like the theories of Albert Einstein or Alan Turing did not on their own transform the world, but their contributions sparked changes far and wide. Top corporates such as IBM, Proctor and Gamble and Google, have massive resources which they use for such holistic research. A combination of these various approaches works best for any company.

Source:https://hbr.org/2017/06/the-4-types-of-innovation-and-the-problems-they-solve?referral=00563&cm_mmc=email-_-newsletter-_-daily_alert-_-alert_date&utm_source=newsletter_daily_alert&utm_medium=email&utm_campaign=alert_date&spMailingID=17504335&spUserID=OTY0OTMwNTk5NwS2&spJobID=1041632933&spReportId=MTA0MTYzMjkzMwS2

Uploaded Date:05/07/2017

 

Business innovations do not require grandiose ideas. Instead little ideas for incremental gain can power substantial gains. People generally associate the word innovation with disruptive game changers such as Uber, Airbnb or Amazon, however this is too narrow a definition. An example of such an incrementally innovative but ultimately extremely useful service is that of Sherwin Williams. In some neighborhoods they are more numerous than Starbucks stores. They thrive in spite of the higher average cost, because of the entire package of benefits they provide. They even attach a color consultant along with every project and take back extra supplies. Blue Ocean Strategies are desired by all but innovation can be more commonplace and exist in ordinary settings as well. Lego for example has a unique product but several others make do with similar ones but have an edge through exceptional service provided. A third way of innovation has been developed which may be considered as around the box. Within the box would be incremental while outside would be disruptive. This was a compromise in between but highly effective.

Source:http://knowledge.wharton.upenn.edu/article/power-little-ideas/

Uploaded Date:28/06/2017

Automation and Artificial Intelligence (AI) have already made such headway into various industries that it seems only a matter of time before several human jobs are either eliminated or reengineered. With mundane repetitive tasks now being handled across industries by robots, human beings can perhaps focus more on the creative side and indulge in developing business innovations. The entire education system will need to get re-jigged to fit in with the modern requirements. When people needed to work in factories or railway lines, education systems were designed to encourage learning by rote. Social sciences and humanities now need to get greater importance. Of course engineers and scientists will continue to play a leading role to further improve on the innovations launched. But alongside, a focus on right-side brain activities such as creative thinking will need to get greater importance.

Source:http://innovationexcellence.com/blog/2017/06/22/innovation-and-creativity-the-lasting-competitive-advantage/

Uploaded Date :28/06/2017

Research was conducted to understand the skills necessary to create innovation leaders. The skills may broadly be divided into technical and leadership ones. Also important are personal attributes and prior experience. Planning corporate strategy has proven to be the most important technical skill. Others include change management, analysis, product development, project management, marketing, IT and budget. Most important leadership skill is motivation followed by influence. Peer management, team development, intellectual stimulation, organizational development and communication are next in line. Having a vision and being creative are the most coveted personal attributes. An intellectual curiosity, the ability to drive collaboration, entrepreneurial drive, risk taking abilities and flexibility at work are also highly desired. Experience on the front line of the industry and innovation are most important prior familiarity needed. Also valued are customer service, startup experience, other industry familiarity and operations management. Majority of survey respondents have answered that innovation brings incremental benefits rather than disruptive. Only two percent of companies claimed to be not involved at all in business innovation while more than half claim to have been doing it for five or more years.

Source:http://innovationexcellence.com/blog/2017/06/02/what-makes-a-good-innovation-leader/

Uploaded Date:27/06/2017

While a lot of aspects can and should get outsourced to create great value, one thing that must never be outsourced is innovation as it is the best way to leadership development. There are firms that specialize in aspects that can revolutionize the work and curate a winning system. But unless company employees are initiated into the tools and concepts of business innovation, the path-breaking transformation will never get properly executed. A few innovative employees need to be identified early on and provided specific training to develop their skills more holistically. One advantage of that is consumer and customer insights will get generated. Another is that silos will get broken down and multi-disciplinary teams will function cohesively together. Innovation must also be the cornerstone to identifying future leaders. Specific training needs to be provided to them on data analysis, market research, creation of ideation sessions, market testing of prototypes and communication skills to motivate others. Soft skills and respect for others also needs to be crafted. Innovation boot-camps are amongst the most engaging to attend.

Source:http://innovationexcellence.com/blog/2017/05/24/innovation-is-the-most-potent-form-of-leadership-development/

Uploaded Date:27/06/2017

The great Italian Renaissance artist cum architect Michelangelo gave brilliant insights on innovation which are still applicable today. Michelangelo’s first lesson that can be used in modern businesses is that innovators need to constantly adapt to the curve of rapid change. The truly successful ones keep learning throughout their careers. Business innovation is also about intuitively knowing what would be the right move or right product to bring to the market. A lot of people sacrifice long term creativity for short term financial goals, but they fail on the steep gradient over years. Constant management training is require to avoid falling on the plateau but keep moving up. Innovators also do not care for squeezing maximum marginal values, instead they seek to jump to the next curve. Michelangelo was a disruptor in his own time, and so are many business models today. Constantly learning is the mantra to stay relevant over a long career.

Source:http://innovationexcellence.com/blog/2017/05/08/innovation-lessons-from-michelangelo/

Uploaded Date:02/06/2017

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

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