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Innovation consulting is now a niche developing well in several markets. It is the interplay between management consulting and innovation. One of the main things, this field focuses on is how learning improves through the art of networking. This is true for both men and women, but more so for the latter especially in any industry or market that is traditionally male- dominated. It helps interlink creativity and consciousness. Business innovation may also be equated to a dance form, as it involves riding a creative rollercoaster. There exist several strategies to embrace reflection, consciousness and learning. The first step is to pause and then retreat. After this, one needs to review the action taken thus far. One needs to reflect on the work done, before resetting all that went awry.

Source:https://www.innovationexcellence.com/blog/2019/08/07/the-interplay-between-innovation-creativity-and-consciousness/

Uploaded Date:16 August 2019

For every company today, surviving the ongoing digital disruption is on top of its minds. Even legacy companies are worried about some fleet- footed, digital- native startup taking away their business. It is in this situation, that companies will need to increasingly find ways to curate different ways to develop and then execute business innovations. For this, it is important that every voice gets heard. This will not be easy, as a 2017 study by marketing research giant Gallup confirmed, that barely three out of every ten employees in the USA, feel that their opinions matter to their respective organizations. Several crucial elements need to be put in place to ensure that every voice is heard, beginning with employees getting a psychological and career safety net. Structured opportunities need to kept in order to present ideas. Some internal contests may be a good way to figure this out. A process has to be created to this end.

Source:https://www.strategy-business.com/blog/To-strengthen-innovation-make-sure-every-voice-is-heard?gko=36b66

Uploaded Date:10 August 2019

It is now well- known that every business needs its fair doze of creativity. In order to spur some sort of business innovation to any work team, some essential questions need to asked. The first such stock question ought to be on what the employees feel, is the single biggest ingredient for success at the firm. Another is for all to identify the forces or technologies that could force a market shift. Finally, to actually elicit some deep thinking and creativity form the employees, they need to asked what steps need be taken to ride over such a potential market disruption. No existing business practices must thus be treated as sacred.

Source:https://hbr.org/2019/07/a-brief-exercise-to-spur-innovation-on-your-team?utm_medium=email&utm_source=newsletter_weekly&utm_campaign=insider_activesubs&utm_content=signinnudge&referral=03551&deliveryName=DM42915

Uploaded Date:29 July 2019

One area in which fleet- footed startups possess a massive advantage is in scaling up at speed. This they achieve, often with limited resources. Large companies need to incorporate this skill in to their playbook. Consumer companies are now taking lessons from start- ups and digital natives, on how to execute business innovations so quick. Very little of the growth has emerged from the larger legacy companies over the past five to seven years. One area in which start- ups revolutionized the digital marketing space was through the right use of bloggers. Fashion bloggers for instance helped jewellery chain Bauble Bar set the tone. Uber too has been at the forefront of product and service innovation. B2C companies have set the trend in this.

Source:https://www.mckinsey.com/business-functions/strategy-and-corporate-finance/our-insights/how-to-move-fast-innovation-at-speed-and-scale

Uploaded Date:23 July 2019

In order to supercharge innovations, data and design are being fused. This is true for both processes as well as physical products. This enables companies to connect seemingly disparate and different approaches and ideas. Talent recruitment teams are now hiring data and design professionals together so they may fuse in to one team. Data pros are ensuring that team members across the board have a universal dotted line reporting relationship with their respective squad leaders. They need to glean these vast quantities of data to process advanced business analytics. Design and data teams are thus highly effective when working in a synchronized manner. More than mere product innovation, companies must also utilize the inputs of designers for improving their funnels and processes. Even seemingly small changes to a network can have massive ramifications. Institutional silos and disconnected workflows can thus be eliminated through the use of proactive design.

Source:https://www.mckinsey.com/business-functions/mckinsey-analytics/our-insights/fusing-data-and-design-to-supercharge-innovation-in-products-and-processes

Uploaded Date:20 July 2019

A study conducted by Deloitte has identified several ways to ensure innovations take place. To begin with, no company must be happy with merely permitting for business innovation. They must instead expect the same. One must constantly experiment, as only then can the real deal emerge. The innovators must not unnecessarily be burdened with any expectations. Creativity needs to be embraced at each stage. Team leaders must solicit innovative ideas. So, they must campaign for such creative thoughts. Eliciting innovations is no one- time task. Instead, the team needs to be committed towards it, to continue for the long run. Deloitte has identified these solutions as being common challenges to a staggering ninety- six percent of the companies, where the study was done at.

https://www.london.edu/lbsr/5-keys-to-unlock-innovation

Uploaded Date:24 June 2019

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

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