Endless Innovation
In the development business, which is considered something alien and strange usually makes people, feel a little hesitant to trust or make something new thing is a mainstay for use or used although in fact need somebody to something you have had. Innovation certainly in need by anyone as long as it is for corporate or scientific advancement. Something new will usually be known if the old product in a sense is no longer feasible for use for the benefit of the company or for other purposes. The new findings are in need to help everyday human activities, whether that discovery in science, technology, health, education, culture, or in business. Inventions or innovations can occur in any case and without any unexpected by anyone.
Similarly, for renewal insurance business in the marketing methods or management of these companies often creates new products that are in need of insurance consumers. Renewal of the insurance is useful to increase the turnover of product marketing. Alternatively, it could be new discoveries to improve services from the insurance company to its customers. Improved service based on new products insurance services is indeed the need to increase the amount of marketing that previously marketed. Renewal in the field of insurance is rare in the note by companies other insurance business. Usually this is in the causes of the condition of a company whose capital is not big or it could be caused by management that are less creative and professional in running the company’s operations. Therefore, companies are not creative development, stagnant or not there is a significant development from the previous time.
Innovation For Business – seven Tips For Using Innovation to Boost Your Bottom Line
Does your business want a boost? Innovations provide a selection of benefits to all sorts of companies in any industry. Here are some edges of applying innovative concepts to your business. 1. Create New Products – Innovations can include new products or services that are appropriate for your business. Concepts for these new product or services could come from company personnel, organized brainstorming sessions, client suggestions and requests received by client service representatives and sales representatives. Suggestions from clients and prospective clients are valuable “seeds” for brainstorming sessions. 2. Develop New Options – Additionally to developing new products or services, innovations can additionally relate to new options that enhance an existing product or service. Suggestions for these new options may come from purchasers, customer service feedback, market commentators and different sources. New features are often faster and more cost-effective to implement than creating new products, and will give a sturdy competitive edge within the market which ends up in increased sales. 3. Enter New Markets – Several businesses use innovative thinking to seek out ways in which to adapt existing product or services to new markets. Brainstorming sessions typically turn out ideas for brand spanking new uses of an organization’s existing product that give an chance for the company to enter new markets. Take a look at unmet desires in other markets and take into account how your existing product or services can be applied to satisfy those needs. 4. Streamline Operations – Innovative ideas will conjointly apply to internal business procedures, like document handling procedures and manufacturing procedures. Many business procedures will be eliminated or simplified to enhance operational efficiency. Diagram your business procedures and examine the varied steps involved – think about combining similar steps or eliminating steps that don’t contribute to the final goal of the procedure. 5. Position Business As An Innovator – As your business develops innovations and introduces them to the market, the business will position itself as an innovator within the industry. Leverage your innovative activities through advertising and different announcements to indicate customers and potential customers that your business could be a leader. 6. Create A Culture of Innovation – Develop a “team” approach to innovation in your company. Teach all personnel concerning the innovation process and explain how innovative activities strengthen the business. Use innovation contests to spot new concepts and build the process fun. Celebrate new innovations and reward folks who actively participate within the innovation process. 7. Attract Prime Talent – Many potential staff and contractors are drawn to promote leaders. These folks see an innovative company as a desirable place to work. By positioning your company as an innovator, you can attract a massive group of qualified candidates when you have got open positions.
Strategic Innovation
Strategic Innovation is the creation of growth strategies , new product categories , services or business models that change the game and generate significant new value for consumers, customers and the Corporation. The innovation process challenges an organization to look beyond its established business boundaries and mental models and to participate in an open minded , creative exploration of the realm of possibilities. Strategic Innovation specializes in providing a broad array of consulting services to local governments and non- profit organizations.
Strategic Innovation can be said to walk on a stair of innovation levels in the organization
Industry Development
Business Development
Product Development
Research & Development
Strategic innovation leads to either:
new business models (including a new value chain architecture), or
new markets (either by creating new ones or reshaping existing ones), or
increased value for both the customer and the company
or a combination of these three.
Drawing upon the above said, strategic innovation can be defined as:
a framework of interdependent content, process and context dimensions,
facilitating the application of creativity and innovation to strategic management
in order to enable strategic differentiation and competitive advantage,
by challenging conventional logic and redefining the company’s business model, redrawing market boundaries, creating new markets and value improvements for customers and the company itself.
Consulting services generally fall into six major areas :
Strategic planning
Technology planning
General consulting services
Local Government services ,
Facilitation and
Project management
The Corporate world is exponentially dynamic and the challenges of competition
are increasing in the faster rate than the growth rate of the technology driven business. More and more companies are gradually operating in countries more than one and are dependant on technology driven business processes in one form or the other. The Companies are competing in various areas of operations, products and services. The coherence in the thought process of the top echelons of management have an important and decisive impact in terms of determining the overall value , growth and development trajectory and the overall place in the quest of attaining global competitiveness.
The practice of strategic Innovation management shall ensure the global competitiveness , overall productivity and value maximization of the firm. The well structured deliverables from a well structured team.
Strategic Innovation calls for a holistic approach that operates on multiple levels.
First it blends non- traditional and traditional approaches to business strategy, deploying the practices of ‘Industry Foresight’. , ‘Consumer/ Customer Insight’ and Strategic Alignment as a Foundation and Supplementing them with more conventional approaches and models . Secondly , it combines two seemingly paradoxical mindsets: expansive, visionary thinking that imaginatively explores long term possibilities; and pragmatic, down to earth implementation activities that lead to short – term, measurable business impact.
Traditional approaches to strategy and Strategic Innovation vary widely like :
i) Traditional Approaches considers a ‘present to future’ orientation- takes today as the starting point. While strategic Innovation starts ‘with the end in mind’ identifies a long term opportunities and ‘bridges back to the present’.
ii) Is mainly a technology process driven keeping customer satisfaction in mind while Strategic Innovation is Consumer Inspired and seeks Consumer Delight.
iii) Traditional approach assumes a rule maker /taker posture while Strategic Innovation assumes a rule breaker posture.
iv) In case of Traditional approach seek input from obvious, traditional sources while in SI seeks inspiration from unconventional sources.
Strategic Innovation also bears some differences with serendipitous breakthroughs.
Serendipitous Breakthroughs are unplanned improvements, incremental changes caused due to happy discoveries by accident while Strategic Innovation is a planned breakthrough initiated by organization.
Seven Dimensions of Strategic Innovation :
The Strategic Innovation framework weaves together seven dimensions to produce a portfolio of outcomes that drives growth. The dimensions include :
a) A Managed Innovation Process
b) Strategic Alignment
c) Industry Foresight
d) Consumer / Customer Insight
e) Core Technologies
f) Organisational Readiness
g) Disciplined Implementation
a)The Managed Innovation Process covers the sequence of activities from the beginning of an initiative through implementation combining traditional and non- traditional approaches to Business Strategy. As a team based framework the approach includes part information exchange , part exploration, part mediation, part creative invention and part improvement thereafter. The Innovation process is divided into two brad modes of thinking : Divergent and Convergent.
Divergent lies at the heart is open minded, exploratory and inquisitive , deploying
Non- traditional, creative thinking and future visioning techniques. If not impatient for short term success then the divergent mode opens the door to the possibility of identifying breakthroughs.
Convergent mode includes the traditional business tools, techniques and data analysis, potential opportunities are evaluated and prioritized , refined and then often moved through a formal decision based stage gate process until the most promising ones are implemented.
b)Strategic Alignment is the process of engaging short term leadership team, a broad cross section of the organization and key external stakeholders in the developments of a shared vision and the path forward . Strategic Alignment can be of two types: Internal Alignment and External Alignment
In case of the Internal Alignment the Internal Team of the Organisation will drive an innovative initiative while in case of External Alignment to gather insights from partner organizations by formally making them a part of the co- creation process. This is called an Extended Team which includes representatives from the organization’s supplier, channel , manufacturing or packaging partners.
c) Industry Foresight is a top- down approach that explores the drivers , trends, enablers and dislocations within one or more industries. By this step an organization can develop a compelling , proprietary view of the future , enabling it to then define well grounded and pragmatic participation strategy.
d) Consumer – Customer Insight is a qualitative, bottom up approach that leverages insights into the behaviours, perceptions and needs of the current and potential consumers / customers by involving them as true partners in the innovation process. Though Consumer /customer participation in corporate strategy is unheard of , there is a tremendous opportunity in involving consumers / customers ( and suppliers and other external stakeholders etc.) as true partners in the innovation process by adopting a Customer / Consumer Insight approach. This approach is not limited to Consumer / Customer but can be extended to channel partners , employees , investors , early adopter non-users etc.
e) Core Technologies : After having a clear idea of a Consumer Customer needs it is not only essential to consider the organisation’s technologies but also other capabilities that are integral to success. Such competencies include intellectual property or patents, unique relationships with suppliers and partners, brand equity, speed and operational agility or unique business process . An innovation must have a tight link to core competencies. The significant opportunities by partnering , outsourcing or acquiring new technologies and competencies must be considered for innovation.
f) Organisational Readiness have its importance in the innovative or convergent stage. It mainly refers the ability to act upon and implement innovative ideas and strategies, and to successfully come to grips with the opearational, political, cultural and financial demands that will follow. The Organisational Readiness have three dimensions:
Organisational Readiness
Cultural Readiness
Process Readiness
Structural Readiness
Cultural readiness refers to the mindset and norms that allow individuals and teams to think imaginatively , to take prudent risks and to seek out, create and introduce innovative solutions.
Process readiness refers to the general business process and practices that enable functional groups to operate effectively and collaborate toward a common goal.
Structural readiness refers to the organizational structures and technologies that support innovation as well as levels of flexibility to assign available and qualified staff to high priority projects.
g) Disciplined Implementation includes transition to specific projects or programmes, technical product development and design, developing a distinctive value proposition through consumer based rapid prototyping and testing, brand development, building a business case, effectively communicating internally to gain broader organizational buy-in, developing marketing and channel strategies , defining evaluation criteria and success metrics appropriate for a new venture, developing new business processes , hiring and training and establishing feedback loops for continuous improvement to the innovation process.
The initiatives which are required for the implementation of the Strategic Innovation are :
Implementation skillsets and mindsets
Maintaining momentum
A formal project management approach
An understanding of Organisational priorities and decision making processes and a
Practical Stage Gate Process
Strategic Innovation is not an end state. It is a journey of open minded exploration ,experimentation , thinking , decision making , action , results and learning , with the cycle and then repeating. It is actually a process of learning by doing. Not all innovations may work out. But still the team working on innovation management practices should be patronized by the top echelons of management. The importance of Strategic Innovation in value maximization of a firm is very important in the light of rapid changes in the business dynamics internationally in digital economics. To conclude Strategic Innovation is an important key to attain global competitiveness and value maximization.
References :
* www.innovation point .com
* Strategic Innovation- the modern approach - V.W. Rodrique -2007
* www.strategic innovation.org
* The innovative approach of Strategic Management- Prof P. SundaramKutty , 2006
Organizational Structure, Creativity, Innovation
Organizational structure can inhibit or foster creativity and innovation. The problem with organizational structure though, is that it is resultant of many factors, including history, organic growth, strategy, operational design, product diversity, logistics, marketing, client base, supplier base and so forth. Therefore, what managers need, are not recipes for complete structural change, but insights into the properties of fostering structures that can be adapted into the existing structure.
To start, it is useful to analyse the preferred structures against the not so preferred. There are many definitions of types of organizational structure, but one example is:
a) Mechanistic structures (generally not preferred) – includes centralised control and authority, clearly defined tasks, vertical communication links, obedience to supervisors, rigidity and inflexibility.
b) Organic structures (generally preferred) – decentralisation of authority, tasks loosely defined, horizontal communications, greater individual authority, flexible, adaptable.
Experience shows that the above can be misleading. For example, flat organisations are generally preferred and hierarchical ones not preferred, however, even flat organisations are in reality hierarchical.
Importantly, if we have a mechanistic structure, what factors allow us to move in the right direction without wholesale change?
Some answers include:
a) Direct communication links to decision makers.
b) Communication and information flow between departments.
c) Tangible progression of ideas from problem to solution, product development to commercialisation.
d) Creative teams working outside but linked into the organization, whose culture, processes etc diffuse into the existing structure.
These and other topics are covered in depth in the MBA dissertation on Managing Creativity & Innovation, which can be purchased (along with a Creativity and Innovation DIY Audit, Good Idea Generator Software and Power Point Presentation) from http://www.managing-creativity.com
Kal Bishop, MBA
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Product Innovation – How To Have Ideas
The easiest route to creative product innovation is to start with something we already have and ask some simple questions about it to suggest new ideas. For the sake of demonstrating how this can be done, we’ll suppose that we want to design a new kind of bicycle.
We start by asking a lot of questions about the existing product. Along with each of these questions, we ask “What new ideas or possibilities does this suggest?” The following are some of the questions you might start with.
What complaints do people have about this product?
Complaints or “problems” are a great place to start looking for innovation opportunities. In the case of a bicycle, people might complain about the uncomfortable seats, for example, which leads to all sorts of ideas about how to make them better. Maybe buyers could sit on a substance that takes an impression of their bottom, in order to build seats to fit the individual.
What else could be added to this?
What possibilities does this suggest? A “pet carrier” in front of the handle bars comes to mind, with a strap to hold in your cat or small dog. A GPS unit for bicycles is another possibility. A “roof” to keep the rain off of you might work.
Why do people buy this?
Product innovation often comes from asking why people use an existing product, and considering different and possibly better ways to meet that same need or desire. In this case we can guess that people buy bicycles for transportation, to get exercise and, in the case of mountain bikes, for adventure. We can consider each of these motivations in looking for new ideas.
“Transportation” make me think about other forms, like trains, and this immediately brings to mind the idea of a bicycle of sorts that travels on rails very fast from city to city by pedal power alone. “”Exercise” suggests looking beyond stationary bikes and regular bicycling that is limited by season. How about an indoor track that has turns and hills and is designed to make winter biking possible and interesting? Adventure biking suggests speed to me (among other things), and makes me wonder if a spring system, wound by the riders pedaling, could be used for a sudden burst of speed.
What are the various limits involved, and how can they be changed?
A bicycle typically is limited to one or sometimes two people, but what if it could hold twenty? This question suggests a pedal-powered bus that a group of people could travel in. Price is another limit if you want to sell bicycles. Weight is other limiting factor. There is definitely a market fore lightweight bicycles. At the moment light materials are the usual solution, but what about making everything smaller? This also makes the bike easier to store.
There are other questions you can ask to suggest new ideas. “How can I make this cheaper?” for example, is a question that could help almost any new product design be more marketable. “What else do buyers of this item want?” is another good one. And by the way, whether they are good or not, all the ideas above came to me from the questions asked and during the twenty minutes it took to write this. Generating ideas for product innovation is relatively easy once you practice with a few good techniques, like the questioning method outlined here.