MANAGING in the

NEW WORLD

There is a lot common then meets the eye between Walt Disney, Thomas Edison, James Dyson and the Wright Brothers. They all orginated groundbreaking innovations, yet they had all failed initially. It was out of tremendous perseverance, that they were able to get their developments off the ground. Companies similarly need to create such an environment to support and reward business innovations. An enabling infrastructure needs to be curated likewise. Any projects that are ideated need the necessary space and time to develop. These innovations must not be seen as end goals themselves, but as part of the learning curve. The kaizen philosophy has to be followed in this. These innovations must be managed with clear structured rules of the game being defined from the very start. A knowledge base needs to be curated to help the participants as well as to track their new insights gained.

Source:https://www.innovationexcellence.com/blog/2018/11/11/if-at-first-you-dont-succeed/

Uploaded Date:21 November 2018

Five questions need to be posed before one makes the leap towards innovation. The first is to understand whether the stated business innovation can sustain or disrupt. The next one is about the nature of collaboration in case needed. The said innovation may not yet be ready to arrive into the mainstream, so may start off with pilot runs. Some breakthroughs are more ambitious, so the level of the same has to be clarified. A lot of times, it is numerous small steps that come together to bring on a transformative innovation. Finally, one has to put aside what ideas are being tested and the methods for doing the same.

Source:http://mitsloan.mit.edu/ideas-made-to-matter/5-questions-to-ask-making-leap-to-innovate?utm_source=mitsloantwitter&utm_medium=social&utm_campaign=leap

Uploaded Date:21 November 2018

As aesthetics have become such a key component of business, customer-centric product designs are now being curated. One such breakthrough in design thinking is the focus on detail and durability by Osprey. Similarly, Dyson has developed a more convenient vacuum cleaner. The Netflix show Black Mirror created an interactive episode with the viewers. OXO Good Grips has worked on inclusiveness by making itsproducts accessible to all. Intuit’s Quick Books has helped smaller businesses use accounting software more easily. A business innovation brought to the market by Thrive Market was simply into healthier products. Shake Shack meanwhile has come up with its best burger till date. The combination of beauty and function has worked wonders for the users of Beats by Dre products. Samsung’s new TV called The Frame is a milestone in design works, as it is literally art. The work of Pull-ups has been especially commendable. Its innovations have helped parents, while also allowing toddlers to feel all grown up.

Source:https://www.forbes.com/sites/blakemorgan/2018/11/12/the-10-most-customer-centric-product-designs/#4698b263ab9c

Uploaded Date:21 November 2018

Retail is one industry which is evolving fast. The downfall of iconic brands such as Sears and Toys R Us might lead one to fear these changes, but in fact it is merely a churn and not an overall decline for the industry. Forbes has released its eighth annual 30 Under 30 for the retail segment. On top is the husband-wife duo of Kory and Mallory Stevens who cofounded Taft. NBA star Dwayne Wade is a key patron, and Taft has received decent angel funding investment. Eric Huang and Steven Mazur are inducted into the list thanks to their business innovation in men’s dressing for those below 5’8” in height through Ash & Erie. Also on the list is Jenna Kerner who along with Wharton MBA alumnus Jane Fisher started off Harper Wilde. The list is diverse and inclusive. Some of the other key members included are Kimberley Ho, Karissa Bodnar, Paul Michaux, Melanie Masarin, MichaleKrakaris, Jessica Schinazi, Shan-Lyn Ma and the Bercaw sisters- Caroline and Isabel.

Source:https://www.forbes.com/sites/vickyvalet/2018/11/13/30-under-30-in-retail-ecommerce-2019-meet-the-visionaries-reinventing-how-we-shop/#f89dee340bcf

Uploaded Date:17 November 2018

One of the reasons for the spread of bias which then affects decision making is the dominance of the insider views. While estimating the success or failure and the financial implications of any project, team leaders and strategists tend to take in the data of only those factors within their control, while promptly ignoring extraneous factors beyond control. To get the ‘outside view’, one has to start by building reference classes. The purpose of this is to minimize the occurrences of surprises once the project hits the ground running. A good example of the inability to build such reference classes is with EMI’s foray in to the CT scanner. Since they only took in the internal view, which was all hunky-dory, by the time the product was launched, there were several competitors who had already launched theirs. This business intelligence needs to be collected on the market and competitors to develop a better market strategy. And contrary to popular perception, the time needed to build these reference classes isn’t so much.

Source:https://www.mckinsey.com/business-functions/strategy-and-corporate-finance/our-insights/bias-busters-taking-the-outside-view

Uploaded Date:13 November 2018

Loyalty programmes have long been wedded into customer-facing brands’ marketing strategies. The idea here is to make people stay loyal to a brand, and incentivizing them to do so. But stats show otherwise. A report submitted by the McKinsey Global Institute claims that over half of those companies who have loyalty programmes fare equally well or in fact worse than those that don’t. As a result, some innovators who have succeeded in making loyalty pay have come together to share their views on what works best. Firstly, loyalty must be integrated with the overall experience as Starbucks has done so successfully. Business intelligence must be used from the granular bits of data gathered to aid in decision-making. Strategic partnerships must be built along the way which benefits all stakeholders, such as that between Sainsbury and Nectar. These collaborations must seek to solve the customer’s as well as the industry’s pain areas. The difference between the real cost to the customer and the perceived value must keep rising. The reinvestments made from these loyalty programmes need to be allocated to the customer bringing maximum profits.

Source:https://www.mckinsey.com/business-functions/marketing-and-sales/our-insights/making-loyalty-pay-six-lessons-from-the-innovators

Uploaded Date:12 November 2018

Jeff Bezos believes in a startup culture to pervade Amazon at all times. This is good for fostering a culture of business innovation and avoiding the stasis common at other large firms. One of the unique features new recruits encounter at Amazon, in comparison to other places is that PowerPoint presentations are banned. Instead, those speaking need to do a six-page narrative discussion. Bullet-pointed word docs are equally considered unsuitable. This narrative style allows for more immersive discussion. Bezos has never been a stickler for the corporate strategy drafted. Instead, decisions can easily be reversed if counter proof, better for business or value addition are presented. One need not wait for all the data or information to arrive. Decisions must not stall for this want. There is room for disagreement. But once a commitment has been made, that needs to be executed. Waiting for consensus is not part of the Bezos style of management as that would delay the work.

Source:https://www.forbes.com/sites/eriklarson/2018/09/24/how-jeff-bezos-uses-faster-better-decisions-to-keep-amazon-innovating/#66f7178c7a65

Uploaded Date:10 November 2018

SKYLINE Knowledge Centre

Phone: 9971700059,9810877385
E-mail: info@skylinecollege.com
© 2017 SKYLINE. All right Reserved.