MANAGING in the

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Business consulting giant PwC has confirmed that the profile of business leaders has undergone major change. They conducted their market research across the Yorkshire region in the UK to derive this conclusion. Entrepreneurs aged under-thirty five has seen a spike of over seventy percent in the last five years alone. The number of startups has also seen a ten per cent rise. Also smaller firms with a turnover between £10 million and £50 million are doing particularly well in the area.

Business innovation is a concept increasingly getting associated with startups rather than established bigger organizations. In order to bridge this gap, it is advisable for the larger organizations to imbibe certain characteristics from startups. There exist three questions which startups frequently pose. Firstly, they always ask about the pain points. This is what will reduce redundancies and improve servicing level. Startups also involve metrics and data based business analysis to come to conclusions. Finally, startups do not believe in tedious brainstorming sessions. Rather they prefer to straight away start valid, pinpointed questioning. At the end of this re-alignment, larger firms can help themselves provide better product, more affordable and easier for the customer

Like for marketers, even manufacturers have this principle that only half the products or initiatives work though almost no one knows which half. The perfect example being the PC Junior developed by IBM which was widely regarded before its launch yet bombed at the market. This led to a new set of norms being established for product launches known as the Outcome Driven Innovation or ODI. Needs are first evaluated before being put to test. Now with the availability of data, thorough business analysis can be conducted during the ODI process. A perfect example of ODI being followed is the circular saw developed by Bosch. The company decided to launch this product post extensive ODI based research. 

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