Forget products, innovate your business model

Jeffrey Phillips

Innovation and change destroy complacent, unchanging business structures and models. Product life cycles are collapsing - I was recently in a conference where a camera manufacturer estimated the average shelf life for a new camera was between 3 and 6 months, or less than half the product development cycle time! Instead they offer single solutions or products that are equal to or better than what the banks offer, in areas that are more profitable.

Innovation Types that Will Surprise You (With Examples)

Ideanote

Disrupt this, disrupt that. You’ve heard of disruptive innovation because it’s the most discussed out of all innovation types. So what are some of the less known innovation types out there? Today, we’ll venture into the jungle of innovation types.

Business model innovation: a core capability for disrupting your industry

hackerearth

In 2001, Apple introduced an array of products and services beyond hardware and software. Although avant-garde cases of business model innovation like Apple are rare, there are many companies that have tested the waters and tasted the success of innovating their business model.

Business model innovation: a core capability for disrupting your industry

hackerearth

In 2001, Apple introduced an array of products and services beyond hardware and software. Although avant-garde cases of business model innovation like Apple are rare, there are many companies that have tested the waters and tasted the success of innovating their business model.

Data From 3.5 Million Employees Shows How Innovation Really Works

INNOVATION Data From 3.5 Million Employees Shows How Innovation Really Works by Dylan Minor, Paul Brook, and Josh Bernoff OCTOBER 09, 2017 UPDATED OCTOBER 09, 2017 JUAN DÍAZ-FAES FOR HBR Sales and marketing were once disciplines ruled by emotions. ectively engaged in innovation.

Shifting Radically the Innovation Business Model

Paul Hobcraft

Shifting Radically the Innovation Business Model. I have been spending some significant time on questioning the current innovation business model, from both the customers (clients) perspective and the innovation consultants’ one. The innovation consultants’ dilemma.

Key Issues in Innovation Management – Revisited – Part 1

Tim Kastelle

At the beginning of 2013, Tim Kastelle and I identified four key issues in innovation management for the time to come. Let’s have a brief look at each of them: Differentiating and integrative innovation concepts. Reinvention through business model innovation.

Crowdsourcing Internal Innovation

Collective Innovation

Regardless of what kind of business you are in there are numerous different types of innovation that can give you a clear competitive advantage and make you more successful. Product Innovation : Creates a difference with an existing product line and existing market, usually through features.

Are Digital Transformation and Innovation the Same Thing?

IdeaScale

Some companies have an innovation strategy. The short answer is “no” but both efforts are important and here’s a brief explanation and an example of each of them. Innovation. Innovation is the introduction of any significant, positive change.

Effective Digital Managers Build Ecosystems for Innovation

IdeaScale

Speed-to-market is a primary driver for innovation.?. Hill talked to the Harvard Business School publication Working Knowledge about embracing the digital transformation and creating an innovation management strategy based on “ecosystems” of innovation.

Key Innovation Issues for 2016 and Beyond

Integrative Innovation

Hence, I gave it some thought, starting by revisting an earlier reflection: Beginning of 2013, Tim Kastelle and I identified four key issues in innovation management for the time to come. Let’s have a brief look at each of them: Differentiating and integrative innovation concepts.

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Why innovation portfolios matter

Jeffrey Phillips

At this point in business evolution, every CEO understands the need for more innovation. After a decade of reading about it, getting pounded over the head with the Jobs/Apple story and watching new innovations disrupt entire industries, businesses are starting to react. More and more of them are doing innovation, with drastically different outcomes. In many cases it's as if executives throw up their hands and succumb to the idea that innovation is black magic.

What Is Business Intelligence?

Collective Innovation

When used correctly this data can allow companies to reasonably predict the outcome and validate their decisions while still moving quickly and innovating. Business Intelligence turns your data into actionable information allowing you to make decisions that increase the likelihood of successful new products, sales programs and marketing efforts. If you’re creating a new product historical data can provide a good measure as to what costs and revenue can be expected.

What 2019 holds for innovation

Jeffrey Phillips

I wrote my obligatory look back at 2018 article on innovation recently, so it is natural that we should turn our attention to where innovation will take us in 2019. Or perhaps the stock was overvalued and Apple has become more interested in margin than in innovation. What do we know about the state of innovation? What innovation methods or approaches will gain ground? Other innovators have also fallen on difficult times. What innovation and who is it for?

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Innovation: Exploiting and Exploring

Jeffrey Phillips

Take innovation for example. No matter where you turn companies and experts are creating all sorts of innovation dichotomies. Products or services? Incremental or disruptive? I can say without fear of rejection that most innovation at the corporate level is incremental, extending existing products and services by adding new capabilities or features. There's nothing wrong with incremental innovation. Assign your best people to innovation.

Becoming an innovative company: better late

Jeffrey Phillips

So, after over a decade of innovation consulting, I can say without doubt that companies that are just starting to innovate have it much better than those that were attempting it years ago. That's because as more companies try more innovation, more tools are vetted, more methods explored and exposed. Today, there are more proven methods and more people with more innovation skill and experience, so if you are starting now you can get started on the right foot.

Innovating when everything is "as a service"

Jeffrey Phillips

I've become convinced that the myriad and sundry tools and methods around digital transformation - cloud, ubiquitous high speed internet, IoT, AI, machine learning, robotics, augmented reality and all the rest - are going to create a major transformation in how consumers acquire and use products and services in the future, but more importantly how corporations and startups recognize value from their products and services. What's all of this have to do with innovating?

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The "whole product" is more relevant than ever

Jeffrey Phillips

You simply must tip your hat to Geoffrey Moore and others who created the concept of the "whole product". I've written about this concept several times, and I raise it again because the underlying ideas are about to become really important in innovation circles. If you haven't read Crossing the Chasm or aren't quite familiar with what a " whole product " is, then it may make sense to go and read up. Whole product (1.0) For example, seat belts.

Eliminating innovation unknowns - definitions

Jeffrey Phillips

Yesterday I wrote a post about the need for executives to eliminate the "unknowns" when they want their teams to innovate. But when we call on people to innovate, there are a host of unknowns and uncertainties. For example: how much should we invest? How do we prioritize existing projects and new innovation work? Perhaps one of the simplest, and yet most important unknown to address is a definition of innovation.

Overcoming fixedness before being locked in amber

Jeffrey Phillips

It seems strange to me, after working for over 12 years in innovation, that so many people can view the same set of circumstances and opportunities in so many different ways. Our economy is awash in innovation opportunities, and the opportunities are growing and expanding. There are opportunities to innovate new products and services, of course, but also new channels and new business models. Customer experience is rapidly becoming an important innovation avenue.

Capabilities and Leadership Close the Skills Gap in Manufacturing

Innovation 360 Group

When it comes to innovation, building capabilities and applying the right leadership style give top performing manufacturers the edge over skills-focused peers. Low-skilled, repetitive labor is being automated, while skills like innovation and creativity are more and more in demand.

Innovation through intrapreneurship

ideas4allinnovation

This article published in the Harvard Business Review argues that they certainly exist, provided they have an environment that favors and promotes innovation, with prior knowledge of existing needs in the market. Another example: the digital camera, conceived by an engineer at Kodak.

Innovation cannot expand without the 4th Industrial Revolution

Paul Hobcraft

“After a decade of flat productivity, the arrival of the Fourth Industrial Revolution (4IR) is expected to create up to $3.7 It is equally holding a new form of innovation back, one that is highly collaborative where partners come together to work on more complex problems.

The new ROI for digital innovation

Paul Hobcraft

Innovation has had a bigger brother moving into the house next door; Digital Technology and between them, they have been busily knocking the walls down, to share the future going forward. Data specific, technology driven, innovation invigorating. gross domestic product (GDP).

Why passion is the key innovation driver

Jeffrey Phillips

For years people have debated the reasons why some companies innovate and others don't. To some extent, the business models and corporate strategies dictate where and how much innovation is done. For example, when I worked at Texas Instruments, the strategy was to drive costs out of products that other firms created. Yet, within the DRAM and microprocessor markets and some other product lines, there was very little product innovation.

Business Model Innovation: reaching and grasping

Jeffrey Phillips

Of course any quote taken out of context can be used in any way I choose, but I like to think that Browning was writing about innovation. In my way of thinking, Browning was exhorting all of us to innovate in ways that stretched us beyond our capabilities and comfort zones. But that's what innovators do. I'm actually glad to see the increasing focus on innovation other than product innovation.

What is process innovation and why it can transform your business

hackerearth

Continuous innovation is critical to achieving and maintaining a steady competitive advantage. There are three types of innovation: product innovation, process innovation, and business model innovation.A What does process innovation mean?

Entrepreneurship or intrapreneurship? What do you think?

The Future Shapers

If you are looking for models on how to manage innovation, I would strongly recommend “ Zone to win “. Because I would maintain that innovation and/or intrapreneurship are crucial for your business survival. Innovation and design. The first track is optimising innovation.

Why business model innovation is so compelling

Jeffrey Phillips

There's a real sense that we in the corporate world are standing on the brink of an amazing transition, moving from relatively older, static models of competition based on corporate size and mass, to new competitive realities dictated by speed, agility and innovation. By growing large you can distribute costs more effectively, serve more customers from the same basic set of products, scale revenues and introduce efficiencies and command market power and dominate sales channels.

The urge to converge

The Future Shapers

Let’s look at two contrasting examples. Now let’s fast-forward to near the plateau of the product lifecycle. Some are superior (higher price and performance), some are disrupting from beneath, and some are coming straight at you with the same offer but at a lower price.

What is process innovation and why it can transform your business

hackerearth

Continuous innovation is critical to achieving and maintaining a steady competitive advantage. There are three types of innovation: product innovation, process innovation, and business model innovation.A What does process innovation mean?

Business Model Innovation: Creating Pathways to Relevance

The Future Shapers

The innovation conversation is happening every day , no matter your industry, function or location. Unfortunately, the discussion can quickly turn into a haze of white noise and fuzziness as emphasis on theoretical definitions, frameworks, types of innovations and other aspects of enablement leave people puzzled and dazed, as opposed to motivated and ready to make a difference. But, should one start with incremental innovation or is radical innovation the way to go?

Why Musk and Branson are the vanguard of new innovation

Jeffrey Phillips

While the discovery itself is interesting, what I'd like to think about is how cavemen innovated, and what that may tell us about how we innovate today, both in terms of the nature of innovation and the pace of innovation. I'd like to argue that the nature and pace of innovation is always accelerating, and is evolving more rapidly as we have more and more information around us. Take this last point for example. Innovation was all about risk reduction.

One Thousand innovation posts and more to come

Jeffrey Phillips

It seems fitting that on the first day of a new month, early in a new year I'll pen what is my 1000th post on innovation. Looking at that number makes me think that innovation is either a vast topic or that I repeat myself quite frequently. Happily, I believe both alternatives are true, keeping with the both/and mantra of innovation. I started writing Innovate on Purpose over a decade ago, as innovation seemed poised to take root in corporate America.

Game Changers: How Citizen Science and Gamification Are Transforming the Business World

Qmarkets

Today, this audacity is reflected in the rising influence of citizen driven innovation and science – that is, the collaboration of volunteer non-scientists with professional scientists in collecting data and analyzing it to resolve real-world issues. Inform your innovation strategy.

How to Set Up a Corporate Innovation Outpost That Works

Corporate Innovation

This is the fourth in a series about corporate innovation co-authored with Steve Blank. Read part one on The Evolution of Corporate R&D , part two on Innovation Outposts in Silicon Valley , and part three The 6 Decisions to Make Before Setting up an Innovation Outpost.

How to Set Up a Corporate Innovation Outpost That Works

Corporate Innovation

This is the fourth in a series about corporate innovation co-authored with Steve Blank. Read part one on The Evolution of Corporate R&D , part two on Innovation Outposts in Silicon Valley , and part three The 6 Decisions to Make Before Setting up an Innovation Outpost.

Innovation Strategy – Dancing Elephants, Orthodoxies, and Cognitive Biases

BrainZooming

Lens smashing is a common innovation strategy technique to get to the next level of thinking. Stereotyping: Here is an example of how this bias can become an orthodoxy: “That person, place, thing, process wouldn’t fit within our culture.” Innovation Strategy to Grow Your Business?

Does culture eat strategy for breakfast?

Innovation 360 Group

Innovations are infinite, even within a finite market. However, not all innovations start with the same chance at a fully productive lifecycle. This is confirmed by many innovator organizations I have encountered all over the world. appeared first on Home of Innovation.

Building upon the four essential pillars for innovation

Paul Hobcraft

It is always welcome to read a thoughtful article that reminds me, no, it actually inspires me, by reinforcing my own belief that innovation is progressing, even if this is sometimes frustratingly slow. So the article “ Want to Win at Business Model Innovation?

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Don't forget the steak: What Super Bowl ads forget

Jeffrey Phillips

A good example is Tyrion (Peter Dinklage) up against the voice of god himself (Morgan Freeman). The rap battle was great, but the products they were featuring were barely acknowledged. It's as if we are supposed to buy the products because of the really interesting advertising, rather than the benefits they provide. What's this diatribe got to do with innovation? Other than discovering customer needs, there's nothing subtle about innovation.

Déjà vu all over again: Corporate innovation is stuck in a rut

The Future Shapers

I’ve had a chance to read a very well researched report on corporate innovation conducted by KPMG in coordination with Innovation Leader. The report, Benchmarking Innovation Impact 2018 , is exceptionally thorough and provides good insights into the current state of innovation. My analysis is reinforced by Accenture’s new report on innovation, Make your Wise Pivot to the New. Enable the organization to innovate by design. Nascent innovators (the rest).

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How to Set Up a Corporate Innovation Outpost That Works

Corporate Innovation

This is the fourth in a series about corporate innovation co-authored with Steve Blank. Read part one on The Evolution of Corporate R&D , part two on Innovation Outposts in Silicon Valley , and part three The 6 Decisions to Make Before Setting up an Innovation Outpost.