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For every business innovation that hits the market, there are always some who are the leaders, with the vast majority being consigned to the heap of laggards. It has been proven over countless studies on how the laggards get outpaced by the technology leaders when it comes to revenue growth. There are some ways in which the former may close the gap on the latter. The leaders follow some practices consistently. One of them is that they are boundaryless, when it concerns their infrastructure, applications, personnel or even the data warehousing performed. They are also distinctly adaptable. Thirdly, they remain radically human, as they focus on real interactions between people to understand the actual requirements.

Source:https://sloanreview.mit.edu/article/closing-the-innovation-achievement-gap/

Uploaded Date: 16th December 2019

In any organization or sector, there exist multiple hurdles that come in the way of developing or implementing business innovations. To avoid the pitfalls of these speed- breakers, companies need to apply several interventions that may be called as BEANs. This stands for Behaviour Enablers, Artifacts and Nudges. Successful BEAN interventions need to be simple and practical. They must involve some fun. Being trackable is equally important, so that the right business intelligence can be gauged for the interventions. These behaviours must also be reinforceable. Another important quality of the BEANs has to be them being organizationally consistent. Before building a BEAN, it is necessary for the firm to specific the characteristics they desire out of it. They must also be able to recognize the blockers in this process. Even after the implementation begins, it must be flexible enough to be able to come up improvised interventions, if needed. A lack of context, voice or time are usually the reasons for such BEANs to be implemented.

Source:https://hbr.org/2019/11/breaking-down-the-barriers-to-innovation

Uploaded Date:2 November 2019

Ideas of business innovation do not occur overnight, as is the popular notion. Instead there is a thorough process to be followed behind that. Several companies set up cross- functional teams, with the idea to re- imagine their existing business model. Some unconventional practices may be undertaken when overtly ambitious big leaps forward do not take off. One such method is to read works of science fiction. This helps the mind engage with bigger strategic ideas. Modern concepts such as mobile phones, credit cards, robots, self- driving cars, ear buds and atomic power were all foretold by science fiction writers such as Bellamy, Asimov, Wells, Bradbury and Capek. Another idea is to engage in analogies as this focuses on the “uncertainty principle”. A third method is the first principles logic. This reexamines the status quo by studying the foundational principles , before redesigning from the bottom up. Using exaptations to explore adjacencies is the fourth such approach. An exaptation is one where a characteristic is adapted verbatim for an entirely different use.

Source:https://hbr.org/2019/01/when-your-moon-shots-dont-take-off?utm_medium=social&utm_source=twitter&utm_campaign=hbr

Uploaded Date:14 October 2019

For developing and then executing business innovations, creative ideas are required, plus the freedom to fail. While working on such new ideas, one is bound to occasionally fail, but what is more important is what one learns from such failures, to turn them around in to a success next time. As a first step, the team or individual need not look back, but ahead. Measured risks need to be taken. This may include a few pilot tests even. One must seek constant feedback. This is the best method for capturing authentic business intelligence. One also has to be willing to get things wrong occasionally. What works in one setting, may fail spectacularly in another, so one needs to be alert accordingly.

Source:https://www.strategy-business.com/blog/How-to-Fail-Successfully?gko=87ee2

Uploaded Date:28 September 2019

Several obstacles have been uncovered that hinder the growth of innovation, especially at large companies. Politics, turf wars between the internal leaders and a lack of cohesive alignment are common reasons stated. The lack of vision or a flawed corporate strategy is one more. Some companies even suffer from budgetary issues, especially on the developmental aspects. Cultural issues may also be a concern. Companies also fail to act on certain critical signals that can be a harbinger for much evolution the industry. Many fail at the talent recruitment process. This can lead to a team without the high demand skill sets. The top management, including the executive level not supporting wholeheartedly in the initiatives is a common flaw. CEOs must be especially proactive.

Source:https://hbr.org/2018/07/the-biggest-obstacles-to-innovation-in-large-companies?utm_medium=social&utm_campaign=hbr&utm_source=twitter

Uploaded Date:29 August 2019

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

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