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Outsourcing innovation management to small business, an actual smart idea:

At first glance, outsourcing innovation management to a small business might seem risky but there are many advantages to external innovation management. By outsourcing corporate tasks like IT or accounting, the companies will be able to concentrate more on their USP and be able to act more effectively. However, a lot of the decision-makers cannot imagine having others perform core tasks for them like innovating and managing. In this article, you will get to know how outsourcing of innovation management will boost your business.• Creates the basis for sound decision making

Outsourcing innovation management doesn’t necessarily mean giving up on innovation. Instead, the decisions as to which innovations are supposed to be released in the market should lie in the hands of an external party. Otherwise, it can be difficult to internally convince with the innovation as the company will hardly support such projects.• The love for your own idea can harm the company

If the business has decision-makers with a high level of expertise, they will logically be involved with research and development while formulating their own ideas. This can put them in a tricky position as they will want to prefer their own ideas over others. It would become impossible to treat that idea objectively and evaluate it.• Ensure the USP continues to generate profits in the future

Outsourcing innovation management will ensure that your company maintains its unique selling proposition while creating relevant benefits for new customers thus generating better sales in the future. It is understandable that management would like control and full power of disposal over this area but it would be better if it could be outsourced to innovation management as they are bound to get better results.

The latest wave of businessmen never hesitates in taking tips on the internet and reading blogs to improve their day-to-day working. One of the best blogs that you can read and implement to improve your business and marketing is blogexperts.net. The blog would be an excellent motivation for those who like to innovate and come up with new ideas. They have an excellent string of informative articles that will surely help you understand and adapt to the current market.

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Open Innovation VS Closed Innovation

Welcome to my blog, in this blog i discuss about innovation, management and business strategy.

Today topic is a discussion between a concept in innovation that is defined as type of innovation strategy.

Nowadays, innovation discussion is clearly a critical dimension in any dynamic approach to business, as it allows businesses to achieve and defend competitive advantage.

Closed innovation, is the more classical approach to innovation, and in such, it develop patents, (intellectual property, licenses and grants) through formal means, and closed corporations.

Open Innovations is more related to the development of technology through adiacent and common techniques, such as outsourcing, competition establishing, and game theory.

Open Innovation, as defined by Dr. Henry Chesbrough in his book, is: “the use of purposive inflows and outflows of knowledge to accelerate internal innovation, and expand the markets for external use of innovation, respectively. Open Innovation is a paradigm that assumes that firms can and should use external ideas as well as internal ideas ideas, and internal and external paths to market, as they look to advance their technology. (Chesbrough, Open Innovation, p.2).”

Here is a graph of the two distinct type of innovations as explained in his book.

Graph explaining the different type of innovation strategy.

In the past i had the privilege of working for a short time period in both type of organisations, closed ones and open ones. I wont say which organisation for reason of privacy. But they were large organisations.

In both organisations the important aspect was the development of work in which was happening. I noticed immediately that in the open innovative business communication was more open and the setting of collaboration was more direct, whereas, the type of collaboration in closed innovation was more secretive, as patents and new research and development techniques were happening.

Personally i preferred the open innovative business, which allowed to learn new skills such as Wiki development and learning Marketing first hand and people skills. Working in open innovative companies is like working for a new startup, in which capital is limited, but passion is everywhere, and there is will to improve even when there are limited resources, whereas working in closed innovative companies is challenging as resources are present, but competition drives the work.

Today topic is more of a self reflection and less of a guide, compared to previous topics.

However, I will post a second article about Edge Strategy soon, as I am reading a book about it, and will be related to Corporate Strategy.

Digital Marketing along with digital innovation

Digital marketing along with digital innovation

Whether you are deciding to jump into the market of digital marketing or you are already immersed in it, the whole scenario is very much versatile now. It is changing with every passing day and it is always better to stay innovative and be with the trendiest things. It is not only good for your future but it will also allow you to benefit from the clients and vice versa. If you are feeling that you are lacking behind others, no worry as freshening up your knowledge centre is a great thing to get acquainted with the latest innovations in any sphere of your life. Let’s have a look at some of the things that will surely make an impact for both B2B and B2C businesses in the long run.

Innovative and integrated content

It is a known fact that dynamic contents are always accepted in mass size. While speaking about dynamic content, video is something which has reigned the scenario for a while in the past and is still doing so. It is believed to expand in the coming days. Not only it is taking a more interactive turn but it is also being used in various ways too. According to the latest stats:

  • 90% of the social media users spend one hour in a week watching video.
  • 85% of the people worldwide watch their videos online.
  • Landing page videos can boost the conversations by 85%.

Integrated content has the capacity to be memorable and personal at the same time. It is becoming more evident with the advancement of AI-based platforms. AI allows you to get to know more about your customers and thus you can grab more of the market.

Getting personal and close

People who spend hours of their time on social media reading texts have tired eyes. Therefore, it is important to create personalized contents juts for the sake of gathering more customers. You can make your digital marketing tactics much more personalized and interactive with these:

  • Professional video and graphics: Video is regarded as the most interactive medium of all. It has the power of interactivity. So, it might be worth spending on some high-end cameras for the best content.
  • Augmented reality: Augmented reality is the future of digital marketing. You can let your customers create their own world of imagination with your services and thus develop a whole new world of potential clients.

 

Corporate strategy and its great importance

A corporate strategy supports the outcomes that a company has to offer along with several other methods that will help a company to do so. In simple words, corporate strategy is the ultimate thing that will ultimately determine the scope for the activities of a company. It also helps to a great extent for supporting the goals of the company. In turn, such strategies limit the individual initiatives of a company which fall under the authorization to select the initiatives with a limit on the resources. The importance of a corporate strategy is an effective means for allocating the resources of a company along with improving the competitive position for a company.

Helps in establishing expectations

Companies convey their corporate strategies to the various individual business units which in turn drive the performance and also establish expectations for both the internal and external stakeholders. The corporate objectives focus mainly on the prime key areas such as profitability, productivity and market standing. A company needs to set up some measurable objectives for achieving all of these. It is with the help of the expected outcome that the stakeholders properly align their activities in accordance with the goals and also to make sure that a strategy works out in the perfect way.

Helps in improving the sense of competition

The corporate strategy that you choose has a lot to do with the growth and performance of a company. A strategy helps in deciding various steps for a business with the help of which it competes in the corporate market. It also helps in determining the activities with which the competitive position of a company can be maintained.

Allocates the resources for a company

With the help of corporate strategy, a company can easily allocate its resources for the best business opportunities in terms of investment. While setting up corporate strategies, a company starts by assessing its performance along with several other business units. The company will divest its assets and revise its allocations depending on the findings of its performance. The team leaders generally allocate the resources of a company depending on the desired outcome of every business unit’s opportunities.

Helps in adding shareholder value

Depending on the strategies of a company, the business units can easily improve the value of the investors much beyond the total sum of its assets. By making strategic choices, a company can allocate its resources and thus can improve the value of the company for the shareholders.

 

Digital marketing as the bridge between innovation and corporate strategy

In this dynamic world of today, the whole game of marketing has also turned into a dynamic structure, be it in the operations or content. In the past, there was a time when people used to think that a billboard is enough for selling a product or service. But, just like all other aspects of human life, the whole setup of marketing has also undergone a massive change.

The modern-day marketing has not only improved its way of creating advertisements, but it has also made an impact on the way in which people buy products and services. The ideal way of improving your sales is where your consumers are but that is not a physical place. 90% of the audience can be found in the digital world today and that is what led to the commencement of digital marketing. It is regarded as the bridge between innovation and the strategy that your company or business plan for selling its products or services.

Old versus new strategies of marketing            

Like the other forms of marketing, digital marketing is also under constant change. The days of depending on magazines and billboards just for advertisements with the thought that they alone will be able to generate wholesome consumer base for your company are gone now. Only a few years back, most of the companies reached their new height of success just by solving the problems of its customer base. But, today the scenario is completely different. People now trust on other consumer’s feedback rather than company advertisements. All that you do need for this is digital marketing. According to some recent studies, around 75% of the consumers consult on social media before going for a product. Well, this can be said that digital marketing has outnumbered the old strategies of marketing.

Authenticity and digital marketing

Gone are those days when people used to show their products for effective selling. Now is the trend of telling stories. That is why the influencers of today are gaining so much popularity. For increasing the engagement of your brand, you need to rely on telling and not showing. With this comes being authentic with everything you do along with a bit of improvisation. Try to be different from what your competitions are telling the audience. Create videos, engaging content as by the year 2022, 85% of the online content is going to be video-only.

 

Become successful with your own blog

With the changing scenario of the job sector today, people are turning towards something innovative in their own way. Most of the youngsters are not a supporter of 9 to 5 jobs. According to the recent surveys, 90% of the people are of the notion of starting their own blog just for being their own boss. The blog will indeed make you your own boss, but that is not that easy. A blog is something where you will be sharing your own ideas and concepts by writing various posts. You can start your own blog on any imaginable topic, it can be on pet culture or on food too. Blogging does not come with any boundaries. That is why it is regarded as a platform where young people can share their voice with the whole world and also earn from that.

Perks of blogging

With blogging, you can connect personally to your audience, and you can communicate with them from a personal perspective. Blogging makes audience interaction an easy game. You can share your ideas with all your like-minded audience. In fact, you can build up a structure of trust with them. When you have enough confidence from your audience, you can start earning money from your blog.

How to start a blog?

Before getting ahead with your own blog, make sure of the idea that why do you want to start your blog. You need to have a clear idea on your mind that you are doing it for this specific purpose. Make sure that you do it seriously if you really want to succeed. Blogging comes with various steps:

  • Pick up your blog name: Your blog name is the thing that will attract people at first. You can choose your blog name from the niche of your bog or right from your hobbies or life experiences. Make sure that your blog name is descriptive enough.
  • Make your blog visible online: The next step is going online and reaching out to the world. You can get a wide array of website choices for your blog.
  • Customising: Uniquely customise your blog. Avoid going cliché and try something unique with the design and presentation.
  • Content: This is the most critical aspect of a blog. You need to share something unique that attracts people. Try to share as many images or videos you can. Always try to be interactive.

Blockchain Innovations #3

Top 7 fascinating uses of Blockchain

Blockchain, the technology behind the Bitcoin and several other cryptocurrencies can be the next big thing, as per many Fintech gurus. Although, majority of the people currently think that blockchain can be just used for digital transactions, but there are many more exploits of blockchain. Cryptocurrencies are just a start for the blockchain. Pretty much every industry can be benefited by the Blockchain technology. Slowly but surely, the blockchain is getting into several major industries. In this article, you’re about to read about the 7 interesting uses of the Blockchain.

  • Riot Bitcoin:

This former biotech company became the first ever completely Blockchain based public stock after getting listed on the NASDAQ. RIOT is the ticker symbol of this stock. Riot bitcoin has re-branded itself from its former self, Bioptix. Currently, they’re not doing any research and development on the Blockchain, but they’re providing an opportunity for the people to invest in the blockchain ecosystem that’s based on Bitcoin and Ethereum. 

  • Bitpesa:

Africa being the least advanced segment of the world is not an unknown fact, especially financial wise. Most of the African trade is conducted through cash. Bitpesa, a new blockchain based company is trying to resolve the liquidity and money transfer fragmentation of the Africa. The Bitpesa application lets the users to carry out business throughout the Africa with the integrated forex payment features. 

  • Golem:

Miners contribute to the mining of cryptocurrencies by utilizing their computing power in the blockchain network. Computing power is in high demand for many industries. Golem is a blockchain-based company which connects the computing power to the people who’re in need of it. Golem has a large network of data centers and individual users who’re willing to offer their computing power in return for cryptocurrencies. 

  • Storj:

You must have been aware of the cloud storage systems, if you ever use Dropbox or Google drive. In the last decade, there’s been a massive increase in the cloud storage usage. Storj’s primary focus is to build and upgrade the cloud storage technology. Usually, most of the cloud storage services save the data in central servers which are heavily prone to cyber attacks. Storj aims to solve this problem by eliminating the central server concept by introducing the blockchain technology which is decentralized.

  • OpenBazaar:

You may have some funds in cryptocurrencies which you fail to use it in reality. Yes, that’s a major issue with the cryptocurrencies. Many people are stuck with their cryptocurrencies for not being usable practically. But, OpenBazaar aims to solve this problem. The OpenBazaar is a blockchain-backed marketplace that allows people to make purchases with their cryptocurrencies. You can buy a lot of things, rent an apartment or even buy a digital course with your cryptocurrencies. 

The above-mentioned uses are just a few examples of several blockchain uses. With time, the blockchain technology is set for much bigger applications in our lives.

BlockChain Innovations #2

Beginners guide – What is Blockchain?

Everyone is talking about the Bitcoin and other cryptocurrencies. All the digital media delivering a lot of news telecasts about the cryptocurrencies. The whole world is hyped about the new breed of the currencies. But, only a few people are aware of the technology behind the cryptocurrencies. The technology which gave rise to the cryptocurrencies is none other than the Blockchain. Satoshi Nakamoto, an anonymous man created the Bitcoin, the world’s first cryptocurrency in the year 2008. 

Many people say that the blockchain is a technology that will impact our world as similar to the impact of internet on us. Fintech gurus predict that Blockchain is going to be the future of both the financial and technology industries. Even though, the blockchain technology was limited to the bitcoin in the beginning, gradually many other startups and some already established companies started implementing the block chain technology into their projects. Even some governments have realized the potential of blockchain, for which they’ve started appropriate departments to develop projects based on this disruptive technology. 

What exactly is the Blockchain?

In simple words, Blockchain can be defined as ‘distributed ledger technology’. For a better understanding, the Blockchain technology is somewhat similar to the Wikipedia. The entries of Wikipedia are controlled and maintained by the large network of contributors, but not by a single organization. In the same way, Blockchain works on the basis of peer-to-peer technology. There is no single entity controlling how the project works. The blockchain technology is backed by it’s distributed network. 

How transactions work on Blockchain?

The majority use of the blockchain technology currently is for the transactions of cryptocurrencies. Decentralization is the most important thing that blockchain brings to the table. In the blockchain technology, every user node updates the network periodically. This is what makes the blockchain all more interesting. The data for every transaction is downloaded to every participant of the blockchain network. 

When a new transaction needs to be happen, a complex problem is introduced to the network for which all the network users try to solve the problem with their computing power. Once the problem is solved by a user node, the transaction happens and the information is synced to everyone on the network, this information is known as a Block. So, the data goes to all the network users, which makes pay for the elimination of any potential fraud. 

What is Mining?

A lot of people misinterpret that the mining process is supposed to create new cryptos. But in reality, mining is the mechanism that helps the blockchain to be a decentralized security network. Mining is what validates every transaction and keeps the records on global decentralized ledger network. Miners are the people who solve the complex problems and contribute to the completion of a transaction. The solution that miners find for the complex mathematical problem is called ‘Proof-of-work’. For the work they’ve done, the miner who solves the problem successfully receives a reward.

Beginners guide – What is Biomedicine?

People all around the world follow different ideologies, faiths, and religions. In the same way, the medicinal field has different branches with different methodologies. Each branch has its own set of unique characteristics, advantages, and disadvantages. Each and every doctor aims to follow his methodology or simply ‘Pathy’. Doctors try to strictly follow the norms of they medicinal methodology. Among all the medicinal branches, the Biomedicine must be considered as the golden median due to it’s possession of almost all types of medicinal approaches mingled into one. 

There’s a huge hype for the Biomedicine in the recent years. It is applauded by many medical experts, who’re saying that the Biomedicine if the future of medical field. Several researches and development programs are going on all around the world to gain more knowledge about this medicinal approach. Following the US, the European nations are heavily investing in the research and development of the Biomedicine. Genetic disorders, sclerosis, and gerontology are in the prime line of medicinal conditions that are supposed to be benefited heavily with the progress of the Biomedicine. Although, the Biomedicine industry has been around since the last century, the industry has seen a massive surge in the last two decades.

  • Biomedicine features:

There are many different branches of medicine and life sciences such as biology, genetics, anatomy, chemistry, biochemistry, pathology, veterinary science, zoology, microbiology, physiology, botany, and much more. Biomedicine inspires from all these medicinal branches and takes the beast features out of each and unifies into one. Usually, all the popular medicinal branches work on practical applications, whereas the biomedicine acquires the solution through theoretical approach and research. With this approach, the biomedicine has a more chance of producing an affective solution. One more important thing about the Biomedicine branch is, it can be useful for both humans and animals. Biomedicine if the first medicinal branch where the humans and animals are given the equal importance. 

  • Biomedicine divisions:

Biomedicine research filed consists of two divisions which are Clinical research and Pre Clinical research. Both are equally important in finding out the medicinal techniques.

  • Clinical Research: It is involved in utilizing the research and treatment. This research division aims to find out the efficiency of the developed treatment method.
  • Pre Clinical Research: This research division is involved in researching about the history of the disease, treatment and effectiveness. 
  • Advantages and Disadvantages of Biomedicine:

With any type of medicinal approach, there’s always two sides of a coin. The same applies to the Biomedicine as well.

  • Advantages: Biomedicine branch tends to find the most effective treatment methods by thorough research of the disease. 
  • Disadvantages: Since the world is getting aware of this medicinal approach in a slow pace, there’s no serious regulation currently.

People should look forward for much more advancement in the Biomedicine industry in the coming years. With the rate of its growth, it is predicted to be one of the major medicinal branches in the near future.

A beginner-friendly guide to LED lights

LEDs have become the most proficient source of lighting accessible, utilizing something like 90% less energy than traditional lighting and 60% lesser when compared to fluorescent lighting. Nonetheless, LED lighting has not generally been the cost-proficient alternative that it is currently, with the primary model LEDs costing around 200 USD each. Since the first LED was made in 1962 the innovation has developed quickly, with LED lights turning into a well known lighting equipment as of late.

All in all, what precisely are LEDs and how might you profit by equipping them all through your business premises? 

A Light Emitting Diode (LED) is an electrical light source that enables an electrical current to stream one way. LEDs contain two conductive materials that are put in contact with each other – once power is connected to the diode, the molecules in a single material end up getting chared with energy. This energy is then discharged as electrons into the other conductive material – this energy release is the thing that produces light. The way toward creating light is the thing that recognizes LEDs from conventional lighting, as traditional incandescent bulbs deliver light by generating heat.

The replacement of traditional lights with LEDs:

Retrofit LED bulbs look like conventional halogen or incandescent lights, and can be utilized in the same fittings as the traditional bulbs. These sorts of LEDs are appropriate for most of the situations. A close attention should be paid to the heat dissemination of the bulbs, particularly while being utilized as a part of encased light fittings. On the other hand, speciality LED light fittings can be outlined with non-replaceable LEDs, as because of the expanded life expectancy of LED bulbs they don’t have to be supplanted routinely. In these situations the entire fitting is supplanted once it arrives at the finish of its life expectancy. These fittings can be designed to accomplish the highest amount of proficiency conceivable, as they are specially crafted to the building to lessen the amount of squandered light.

How much can be saved by by converting to LEDs?

When contrasting LEDs with conventional lighting technology, the expanded energy productivity and broadened lifespan result in a considerable long haul savings. As mentioned before, LEDs utilize about 90% less energy than incandescent (counting halogen) and 60% lesser compared to old fluorescent lighting, saving you some energy costs. Over this, the expanded life expectancy of LED bulbs implies they should be supplanted far less routinely, additionally lessening any extra maintenance costs. Investing your money into a full LED transformation may appear to be overwhelming at first because of the investment required. Be that as it may, the resulting cost savings            will mean any involved investment is soon reimbursed. 

If you’re looking to cut down your electric costs with a durable lighting alternative, LEDs are the best bet for you. For some example of application of LED Light in Engineering, go and check www.afm-group.net for the airfield, whereas www.mafrex.com is for the railway field.

Fascinating facts about Biomedical Engineering

Two of the most important industries to our society, Medicine and Engineering have combined forces to get unified and become Biomedical Engineering. Humanity has been getting helped by these two fields for many centuries. The combination of these two worlds has led to a much more advanced field of science. Biomedical engineering has a vast field with so many uses for mankind. The last two decades has witnessed the drastic rise of the Biomedical engineering all around the globe. 

Medicine and Engineering are rapidly evolving fields that has seen a lot of innovation in the last century. The globalization has led to the sophistication of these two industries. Many scientists around the world are now working on upgrading the Biomedical Engineering to provide much better services to the society. For the questions that medicine and engineering couldn’t answer, many believe that the biomedical engineering can be the solution. Here are some interesting facts about the Biomedical Engineering:

  • The first ever bionic arm was created by the Biomedical engineers:

In the year 1993, a team of biomedical engineers has created the first bionic arm through the procedure of biomedical engineering. This bionic arm consisted of various pulleys, motors, and electronic equipment that enables the users to hold items with the help of artificial fingers. By the year 1998, the technology of translating the brain impulses into movement inputs came into existence. This made the bionic arm available to the people for usage. 

  • Biomedical engineering is responsible for artificial organs:

There are various artificial organs that are accessible today that are an immediate consequence of this field of research. Individuals can survive with manufactured hearts and kidneys that are embedded. Portable amplifiers have helped millions have the capacity to keep hearing as they get more seasoned. Pacemakers help to keep heart rates controlled. Life expectancies are being expanded because of the astounding developments that are originating from this field.

  • Corrective surgery equipment is a part of this field:

If you have got a poor vision, have you at any point been enticed to get laser eye surgery to remedy the issue? If you did that you have, at that point you’ve considered utilizing a creation that originated from biomedical building. Computers that assist doctors to break down disease functionality and even automatic insulin pumps are all piece of this field too.

  • Astounding future of this field:

Biomedical designers today are dealing with a lot of imperative projects. A standout amongst the most important is the improvement of a procedure of recovery for spinal circles. As individuals get older, gravity packs the spine and the shock engrossing traits of a spinal disc starts to wear off. By infusing fluids into the disc space that transforms into a gel-like pad, biomedical engineers have possessed the capacity to reduce pain by supporting and reenacting a healthy spinal disc.

The world is progressing in the medical and engineering fields with the inception of the Biomedical engineering. It has completely changed our perception of our medical outlook.

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