Corporate Strategy in Biomedical Companies

Corporate Strategies in Biomedical Companies

What are the strategies adopted in Biomedical Engineering regarding their business development and corporate strategies? This blog post discusses corporate strategy and business strategy in the field of biomedical engineering.

What Exactly Is Biomedical Engineering?

Biomedical engineering can be described as the application of engineering approaches and tools to perpetuate knowledge and solve problems in human and animal biology, medicine as well as health care.

Engineering Solutions for Better Health: Corporate Strategy of Biomedical Engineering Businesses

Biomedical engineering has significantly brought forward better health care and health related research over the latter half of the past century for both human as well as animal populations. So biomedical research is expected to have an even greater impact on the future.

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Top notch health care is the bedrock of any healthy society.  Health stands at the center of a good quality of life and it drives social as well as economic development forward.

 Biomedical engineering extends significant differences in the day to day lives of several individuals, securing the safety of their food and water sources, improving their life’s quality.  This advances self-reliance; providing effective options for front-of-the-line health care professionals

Strategy 1: Tackling Major Pre-Existing Problems

  • This strategy targets those health problems that hold the highest burden on the quality of life, financial costs for recovery, mortality and morbidity.
  • Particularly cardiovascular diseases, cancer, fatal injuries, congenital musculoskeletal diseases as well as several neurological conditions.
  • Biomedical engineering research and advanced health technologies developed by many emerging biomedical companies work to improve the overall quality of life (including that of humans and animals all around the world)
  • Via their work, such biomedical companies also diversify the pre-existing knowledge based economies via technology transfer and novel start-ups which work in tandem in the bio-industry sector, leading to its expansion.
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Strategy 2: Identifying Key Priority Research Themes

Some of the major areas of concern and their subsequent solutions developed by major biomedical corporations are:

  • To identify, invent and ultimately implement technologies which will keep people healthy in the long run and minimize complexities from diseases; while at the same time predicting illness and potential injury.
  • To develop and engineer even more accurate imaging and diagnostic techniques for the early detection of disease.
  • Provide novel biomarkers for the evaluation of new therapies, while enabling personalized treatments tailor-made according to an individual patient.
  • To develop top quality, durable treatments for fatal injuries and diseases, incorporating recent advances in stem cells, target specific drugs and novel treatment devices.
  • To develop and deliver research built from emerging strengths, utilizing engineering approaches and tools to streamline patient flow throughout the health care system.

Strategy 3: Delivering Improved Life Quality Via Novel Biomedical Engineering Solutions

  • Maintaining existing standards of health while identifying, diagnosing and subsequently treating disease/injury is a complicated challenge duly addressed by advances in biomedical engineering approaches and technologies.
  • With such advances, people suffering with complex medical conditions live longer, happier and enjoy an improved quality of life.
  • Moreover, operations management and industrial engineering approaches are wholly suited towards solving problems that arise from these complex relationships.
  • Biomedical engineering eases the congestion in the pipeline involving our health care system among patients, community groups, health professionals, government bodies, insurers and industry.

Strategy 4: Integrated Approaches For Prevention Of Fatal Injuries And Diseases By Supporting Healthy Aging

Independence for a better quality of life:

  • Engineering methodologies can increase our core understanding of human as well as animal health and diseases across the entirety of their lifespan.
  • Based on this new and improved understanding, advanced integrated biomedical engineering solutions and technologies can be created for assessing health issues and increased prevention promoting independent, self-reliant living.

Key Areas For This include:

  • Early detection and monitoring technologies for improving somatic and mental health.
  • Developing personalized Disease monitors, like biosensors for real-time, quick diagnostics,
  • Creating new instruments for point-of-care testing, and technologies for assessing organ or body function;
  • Processes for preventing risks linked with acute and chronic diseases, including technologies that
  • support healthy and safe aging
  • assist with body balance control to prevent a precarious standing posture as well as gait
  • assist with navigation, maneuvering and location-tracking, and enable mobility independence for aged patients
  • Identifying and predicting the role of multi-sourced inputs (like diet and physical activity level) under normal and changed conditions (exercising, extended bed-rest etc) in various demographic population sets. This might subject-certain devices to show information on activity levels so as to prevent chronic injuries based on oxygen consumption within the body, joint movement as well as muscle activation patterns
  • Developing an integrated (multi-system) mechanism of quality aging involving musculoskeletal, cardiovascular, respiratory and nervous systems. People with chronic conditions like asthma, diabetes, mental illness or obesity could be given devices that provide immediate feedback for real-time consultation. This helps in enabling physical activity modification depending on blood levels of crucial components (such as insulin and oxygen), heart rate, as well as surrounding factors (e.g. altitude, smog, temperature).

Strategy 5: Shifting Paradigms Within the Healthcare Industry

For several individuals — healthy, sick, or injured —accurate diagnosis and early intervention could minimize their need for expensive and invasive treatment while simultaneously supporting self reliance, essential to a better quality of life.

Maintaining health and preventing diseases for already healthy people and delivering real-time diagnoses, quick monitoring and effective treatments for those people who are severely injured or who have chronic diseases.

This strategy recognizes key priority research themes that capitalize on a company’s strengths in biomedical engineering:

  • Interdisciplinary approaches towards enabling the prevention of fatal injury and disease, while promoting healthy aging
  • Advanced technologies for better diagnostics
  • Developing novel therapeutics:  Emerging research themes have also been identified, in which several companies hold great potential and expertise. 
  • Optimized and improved health care performance.

The Biomedical Engineering Economy:

Biomedical engineering is an ever-expanding sector dealing with global health innovation and healthcare product development.

As of 2013, Forbes placed biomedical engineering at the top of their list of “most valuable majors’ university programs. Medical technologies and devices are a US $140-180 billion per year industry which continues to grow at an annual rate of 10 per cent.

Internationally, the biomedical devices market is priced at US $327.7 billion. The United States ranks first globally with a share of more than a third of the entire market.

Only very recently, the U.S. government signed a $354 million four-year contract with a pharmaceutical company called Phlow Corp. to maximize American production of medications which might help treat Covid-19 and plug probable supply chain shortages. The contract could have an extension for the next 10 years to $812 million, according to a report by the New York Times.

“There are not a lot of people wanting to bring back generic medicine manufacturing to the United States that has been lost to India and China over decades,” Edwards-CEO and cofounder of Phlow Corp.- told the Times, “You need someone like the federal government saying this is too important for us not to focus on.”

The Overall Financial Impact of the Biomedical Engineering Industry:

Although biomedical engineering solutions and technologies help maintain and improve life quality for people of all age groups, but it most prominently benefits senior people (aged 65+) —perhaps the most rapidly-growing age group in the whole world.

Considering the most recent data figures released by the Bureau of Labor Statistics in U.S.A, private-sector jobs in the biomedical industry in U.S.A as of 2009 stood at 1,219,200. Compartmentalizing this overarching statistic into its major components, it was deduced that:

  • 283,700 people were employed in the biopharmaceutical industry.
  • 409,200 jobs existed in the field of medical devices (including diagnostics).
  • 526,300 people worked in fields related to R&D, labs and testing.
  • Output and wages stemmed directly from the biomedical sector and comprised of nearly $96billion out of the total $213.2 billion.
  • In the U.S. the average job paid $78,600 in the biomedical industry, which was 70% greater than the national average.
  • If the trickle-down effects of the biomedical industry are also taken into consideration, the biomedical industry is responsible for about 5.3 million jobs, or 4% of non-agricultural jobs in the U.S.
  • One job in the biomedical industry supplied for 3.3 jobs in other sectors.
  • The medical equipments and supplies manufacturing sector gave jobs to nearly 20% of all biomedical employees.
  • Other 20% biomedical engineers worked in scientific research and the development services.
  • Biomedical engineering graduates are readily employed in the healthcare industry, research facilities of pharmaceutical, medical and educational institutions, for teaching, as well as in government regulatory agencies.
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Open and Closed Innovation Management

Closed vs. Open Innovation Management in Biomedical Engineering

Open Innovation has been growing in popularity worldwide. However, it has been a prevalent phenomenon in the USA (which started some 15-20 years back). But much before open innovation was accepted, closed innovation had been the norm.

Let us probe this further in the context of Biomedical Engineering:

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What really is closed innovation?

In context of workflow within the closed innovation paradigm, the process which leads towards innovation is wholly controlled from top to bottom; all intellectual property is created internally and securely maintained within the company boundaries until the product under consideration is released into the market.

The Origin of Closed Innovation in Biomedical Engineering

Basic Premise: Lack of involvement by both governments and universities

One of the primary reasons that helped closed management of innovation at the turn of the 20th century is an absence of involvement by both governments and universities into commercial and industrial applications of scientific research.

The absolute lack of involvement encouraged companies to create their own Research & Development (R&D) department for perfectly controlling brand new product development procedure.

The era between the end of World War II and the mid 1980s can be very well called the “Golden Age of closed innovation R&D”. Several R&D departments of private biomedical companies were at the cutting edge of novel scientific research. Additionally, interference in internal R&D was seen as a strong obstruction by sneaky competitors, as large outside investments needed to be done to keep the company going.

Closed innovation carries a vertical integration (including manufacturing and sale services): the company has only itself to count on, especially considering critical engineering technologies. This is the time when “Not Invented Here” started surfacing: every bit of engineering technology from outside was viewed with suspicion and deemed unreliable.

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Tensions within Research and Development

Because objectives and priorities of people working for the R&D departments are not the same, there exists a latent tension within Research and Development itself.

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  • Research

Research follows the same concept as exploration, that of discovering a new border (probing the particular “why’s?” of a situation) which cannot be immediately anticipated or predicted. Biomedical engineers working in research do not appreciate constraints of time. Research is simply structured as a cost area: the objective here is to keep the budget under control.

  • Development

Development is associated with action, (the implementation of “how?” of a particular unfurling situation). Development is dependant on Research outcomes as its primary input. Development is spearheaded by engineers who solve problems under immense pressure with time and budget limitations. Unlike Research, Development departments are made as a profit generation center.

  • The Interconnection as a solution

To improve relations between Research and Development departments within a particular company and to untangle the knots between them, many companies set up a buffer zone that deals with the two. The buffer’s role is to store technology which emerges from the Research department until the Development department is ready to work with it.

During the post war age, many biomedical discoveries were “stored on the shelf” for several years.

In the closed innovation system, companies could invest in R&D by capturing a critical share of the market value of their technologies. In order to retain this share, it was imperative that talented people remained in the company and intellectual property was confidentially secured.

However, in numerous commercial sectors, several factors erode confidentiality, thus putting closed innovation systems at substantial risk. Companies that did not adapt to the downfall of closed innovation suffered great losses (e.g. Xerox).

Now Open Innovation largely rules the roost.

Open Innovation Utilized Medical Technology To Save Lives

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Top Biomedical engineering experts throughout the world now routinely share knowledge about novel medical technology, in an attempt to make life-saving breakthroughs even more widely available. More importantly, they ensure that copyrights, patents, and other legal constraints don’t obstruct that knowledge from reaching people who need it most.

Open Licenses Provide Life-Saving Technology in a Crisis

The lack of availability of ventilators has developed as a limitation in combating the Corona

virus, encouraging researchers to devise alternative options to the pre-existing machines in use, priced at $30,000 each. Spearheading this new wave of technology advancement are experts at

Universities like Rice and MIT , thus proving that open innovation isn’t just the responsibility of DIY hobbyists, but the world’s top biomedical engineering talent.

Biomedical teams are working tirelessly to adapt medical-grade supplies as well as hospitals to function as emergency substitute for ventilators in the absence of better equipments. (Other low-cost ventilator machines have already been developed by medical teams from Stanford, but would still need a year to increase manufacturing.)

When a crisis heightens the pre-existing flaws, innovators with a conscience can lead the way forward to save lives. A cursory read throughout MIT’s project resource page displays the perils and complexity of the project: the device should be both safe and useful, must not be false in its functionality, and must be accurate in measuring as well as presenting accurate data for doctors to be able to diagnose correctly. Apart from publishing its designs, the team is also publishing the detailed requirements that clinicians forwarded to them after testing the device. The team has published data on the device’s use on pigs.

This level of collaboration is achieved by open licensing, for example:  Creative Commons and free or “libre” software licenses, which offer easy sharing as well as modification of source material. Furthermore, sharing tech doesn’t necessarily translate to a dip in quality. On the other hand, scientists very well know that the only way to understand any problem and devise solutions is via open collaboration. No one should hold the absolute power to copyright or patent knowledge about combating a disease or building a life-saving device. Decisions about adjusting medical equipments in the field should be made public by medical and engineering professionals, not the attorney who helped patent it.

Some Companies Pledge To Not Enforce Their IP Rights

Old copyrights and patents that have no relation to COVID-19 can still affect COVID-19 research even today. In a paper about Labrador Diagnostics, it was revealed that Labrador’s entire portfolio of patents was copied from Theranos, the dubious blood testing company which had shut down in 2018. Labrador didn’t have a functioning product and Theranos’ technology involving its patents was suspicious at the very least. However, those patents still damaged possible lifesaving work. This is why it’s important that governments intervene to limit the damage caused by patent abusers and effectively combat the Corona Virus. Recently, lawmakers in Chile, Canada, Germany, Ecuador, and Israel took several steps to separate emerging COVID-19 research from patent abuse by introducing compulsory licenses.

Some companies have done their part to ensure that their intellectual property doesn’t interfere against COVID-19 research either. The Open COVID Pledge is one such example.  An IP owner can decide to not sue another company or organization for utilizing their research for COVID-19. Technology greats such as Unified Patents and Intel were the first two to sign this pledge. While the Open COVID Pledge is still a very narrow commitment as compared to persistent open licenses, but it is still an indication given by companies that they won’t obstruct the fight against this emerging pandemic.

Recently, lobbyists in support of patent owners have claimed that the current laws are not sufficient as far as protection of patents to fight COVID-19 is concerned. They even argue in defense for a bill which has been sponsored by Senator Ben Sasse (R-NE) that would add a further ten years to a patent’s term for medical devices and pharmaceuticals. It’s strange to consider the fact that the medical experts at the forefront of the fight against CoV are holding their creativity back until they obtain extra patent protections. This proposal also insults the reality that the public at large is already paying for a significant part of medical research in the USA—including research for inexpensive ventilators.

Therefore, it’s in the best interests of the public to have such technologies shared widely, not stopped by copyright and patent restrictions. This is what Open Innovation systems fight against.


Biomedical Engineering Innovative Projects

Biomedical Engineering Projects nowadays range in various products. All of them are innovative projects. Digital tattoos, mind-reading exoskeletons, RFID implants for recreational activities, 3D printed drugs: new and amazing innovations are developing in healthcare and medicine almost every day, all thanks to Biomedical Engineering!

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We shortlisted some of the most interesting ideas and technology developments that hold the potential for opening doors into a breath-taking future.

Here is a comprehensively curated list of some spectacular biomedical innovations, including augmented reality, tissue engineering and artificial intelligence:

  1. Multi-faceted reality generates new methods for medical education

Virtual, augmented, as well as mixed realities are technologies that are presenting new experiences for human senses. While the difference among these technologies may seem negligible initially, their use and application in healthcare is extremely different.

AR allows users to witness the actual world via digital information being projected onto the environment nearby. On the other hand, VR shuts away everything else entirely and brings about a different simulation to the user, while mixed reality involves an interaction with the nearby world while simultaneously projecting information into it. 

A case in point: Microsoft HoloLens offers radical educational novelty for medical students by projecting the entire full-size anatomy of the human body through the device. Students are able to view all the organs, bones or veins in complete clarity in 3D format.

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With constant technological improvements underway, future medical professionals will have better access to the human anatomical representation in all its vividness for surgical analysis or educational purposes.

Mixed reality education is already deemed better than textbook education by almost all of its patrons. Some universities already plan to incorporate it in their revised curriculum. In 2019, Case Western opened its health education campus in association with the Cleveland Clinic, where human anatomy was taught via virtual reality instead of cadavers.

  • Brain-computer interfaces as remedial technology to help the paralyzed

Recent research has lent immense support to the area of brain-computer interfaces (BCI). Dr. Christof Koch of the Allen Institute for Brain Science and Dr. Gary Marcus of New York University and revealed to The Medical Futurist about novel brain implants are the equivalent of yesteryears’ laser eye surgery.

Although the field still requires significant advancement in the coming years, the possibilities are limitless! Consider a retinal chip lending perfect eyesight-even in the dark! From cochlear implants correcting deafness to memory chips bestowing the memory power of a computer, biomedical innovations bring sci-fi to life.

  • Neuro-prosthetics In Use:

Although light-years away in terms of mass-commercialization,  neuro-prosthetics have already been introduced into the market. You can now search and purchase retinal as well as cochlear implants– the former was already approved by the FDA way back in 2013. There are also implants for Parkinson’s patients which send electrical pulses into the brain, to revive damaged neural pathways affecting motor control. Expensive and rare brain implants exist as therapeutic remedies for people paralyzed with neural damage after an accident/physical shock. A chip inserted at an appropriate spot inside the brain reads and translates electrical signals to regenerate motility and communication. A middle-aged paralyzed man, Thibault, made headlines for being able to move all his limbs with the aid of a ‘mind-reading’ exoskeleton. We hope for more such stories to emerge in the near future.

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  • Recreational Cyborgs

Numerous famous examples of cyborgs already exist, now it’s only a matter of time to see such marvelous beings walk free not only within sci-fi movies, but all around us. The ‘cyborg-fascination’ will soon start a new contingent of enthusiasts who will be willing to implant devices within their bodies to attain novel experiences.

Advances in biomedical engineering will not merely repair and restore bodily defects like impaired hearing or eyesight but will also generate superhuman abilities. In the coming years, you can get ready for artificial intelligence enabled hearing aids, earbuds that help you become multilingual, or RFID chips which already solve your linguistic hurdles.

While a patient using pacemakers or implanted defibrillators can already be categorized as a cyborg, coming years will witness increased cases for implantation requests of certain devices even from those devoid of any medical conditions.

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  • Dinosaur shaped 3D printed drugs for Kids

While the idea might seem absurd at the outset, consider the fact that 3D printing in itself was an unimaginable concept some time back. Yet, biomedical engineering advances have made it possible to 3D print chocolates, guns, even houses! It’s only the next logical step in the natural progression of things biomedical engineering makes possible.

The FDA approved a drug called “Spritam” (manufactured using 3D printers) in August, 2015. The powdered drug is printed layer by layer which helps it to dissolve faster than regular pills. If reports from the Daily Mail are to be believed, then scientists are already planning to lend 3D printed drugs some odd shapes; such as those of octopuses or dinosaurs, so as to make them more appealing for children. Professor Simon Gaisford and Professor Abdul Basit, saw immense potential in 3D printing in the pharmaceutical industry; which is what encouraged them to come up with FabRx in 2014. They predicted that they shall be able to commercialize 3D printed drugs for kids in the next 5-10 years. 

  • Gamification in health insurance: a real game changer

As of November 2017,  United Healthcare and Qualcomm announced that they would incorporate Garmin and Samsung wear-ables as a part of their national wellness program. It allows eligible participants to earn more than $1,000 every year by walking up to a certain limit. This is a beneficial association among wearable manufacturers, health insurance companies, and the principle of gamification. Gamification means using fun incentives, which could slightly nudge or encourage people towards adopting a certain behavior – such as a healthy lifestyle as far as health insurance companies are concerned.

However, the question is whether there must be a limit to such gamification processes. Will patients’ private data be at risk? Will mass surveillance become the new norm? How will the relationship between employees, employers and health insurance companies be affected? As an increasing number of corporations provide health insurance packages equipped with gamified tracking options to their employees, such ethical questions will have to be answered.

  • Biomedically engineered food to plug food shortages

Will you be ever open towards a cup of synthetic tea? How about a bite of some lab-grown meat? Can you down a glass of artificial milk? Will vitamins and nutrients substitute a meal in a protein-shake?

Sci-fi movies like Star Trek, the Matrix, or The Hitchhiker’s Guide to the Galaxy gave us a glimpse of life with artificial food. However, the possibility of eating synthetic food might’ve already arrived, ensuring a constant supply of nutritious food for millions of humans who might otherwise go hungry due to famine and general food shortage.

Researchers at the Cultured Beef Project extract muscle cells from a cow’s shoulder, grow them into a culture on a nutrient mix, and regenerate muscle tissue from layers of that culture. Thus, one gets whole meat from just a few cells!

In another example, the Netherlands-based company, Mosa Meat in 2013, introduced their first synthetic meat hamburger in London. They ensure to make artificial beef commercialized within the next 3-4 years.

Another company based in San Francisco, called “JUST Inc.”, (known better as the controversial food enterprise: “Hampton Creek“), is developing synthetic chorizo, cultured foie gras, and artificial nugget. Its researchers are simultaneously developing cultured meat, and they expect to introduce it soon.

Thus, as Biomedical Engineering expands with leaps and bounds, we can expect more exciting innovations in the field in times to come.

This article is a follow up of the previous Biomedical Engineering Fun Facts article.


Industry networking in Various Industry

Nowadays, there are many exhibitions that show the development of Technology and Industry worldwide. One of these exhibition is the InterAirport Show of Munich, which was happening from the 8th of October till the 11th of October.

This year was full of innovations and companies which were promoting their innovation, as a strategy is very attractive to be in fairs, and one such as the InterAirport, where I was invited to explore the various things happening.

Strategy wise, a Fair is an old Marketing technique, and presence or attendence of such can bring new Businesses and Insights, such as what are the new technologies present on the market, and what are the current trends.

It allows for companies to demostrate their capabilities and their key success factors (KSF).

An example is ADB SafeGate, a company which was advertising their skills and capabilities as leader in the Airport Industry.

Moreover it allows for new business to negotiate and form new alliances for international trade.

Such Business is for example AFM Group, which was present on the Fair to network with new businesses to form new partnership for the Middle East market.

Networking is an important skill as it allows for companies to expand their contacts and their capabilities to attract new customers, check what the competitors are doing and allow for new insights on Technology and Innovations. More people you see and the more your network expands, allowing to cover more territory than before, and allowing to reach certain markets that before were difficult to cover.

Moreover networking is important in Strategy as it allows to be knowledgeable about the happenings in the industry, events run fast, and many things happens, so is important to have an agenda and a plan on where to go and who to visit, as they can be hectic and people tend to become busy with new visitors.

Events such as fairs, are an excellent tool to perform analysis, on the post events fact. For example, is important to remember the 3C of marketing, Customer, Competitors and Costs, and via events is possible to obtain such information in informal way.

Moreover is possible to compare the innovations with those of competition, so to see who is more advanced in the field.


Chatbots innovative business solutions

Has this ever happened to you that when you’ve called the customer services, you get a chatbot and you just feel like demanding an agent or representative because you wanted to speak to a human?

Humans interact with chatbots all the time and they are made to believe that chatbots provide the best solutions but in reality, chatbots are only adequate for simple questions.

Companies are working on the latest business innovation strategy where chatbots actually understood what you were asking instead of directly answering the saved input. Different companies have different business models but almost all established ones have too big of an audience that they have to implement chatbots for customer support. This new technology for chatbots will prove to be an excellent business strategy and innovation as it will lead to better and more precise results.

If your chatbots understand what is being asked, they will be able to anticipate obstacles similar to how customer service agents do after a lot of interactions. So how can companies enable the chatbot systems to have such conversations? Merely adding more pairs of question-answer to the system will never help you accomplish that. Instead, you will need to implement an innovation strategic framework which enables the system to reach about the domain constraints and tasks involved.

If you want to successfully apply this strategic innovation management and want it to be successful, you will have to know the task at hand and the constraints involved. You should anticipate all the possible scenarios and problem that might arise. The challenging part would be to represent this kind of task-related knowledge with enough relevant information and granularity to anticipate the obstacles and remedies without actually overdoing it.

Capturing fine distinctions which involve the minute details can lead the system astray as it wouldn’t be able to take any actions on those. You should want to provide support just enough inference such that it can go past the stilted limitations of the scripted bots that are usually used these days. It will help the clients have conversations with the system and get an actual answer to problems instead of simply get answers to FAQs. This is how the companies will scale beyond the incremental and unmaintainable current approach. This is the groundwork being laid with the advanced AI research at labs to find the pathway which leads to interactions which are truly smart.


Innovative Ways to Expand your Skillset & Improve your Job Potential

In this competitive work environment that you live in, moving your career forward is entirely up to you. You need to be proactive and keep on refining your skillset to inculcate unique innovation strategy frameworks if you want to advance and thrive.

But how can one stay up-to-date and come up with business innovation strategies to always remain competitive? The best way to do that would be to embrace the concept of upskilling. This basically means you have to build on the existing skillsets of yours and practice self-directed learning. It will help you learn the most in-demand skills and give you a better arsenal of services you can provide. Here are some of the ways you can use upskilling to your advantage and come up with

  • Take advantage of online learning

If you have the ambition and persistence to learn new and innovative skills, you can easily find the needed resources online. You can look for decent learning platforms online as there are thousands of course on every imaginable skill available. If you have a boss who is expert at strategic innovation management, you can talk to them about the upcoming trends and the scope of different innovative courses. 

  • Certify your way as you climb up the corporate ladder

It isn’t necessary that you must have a degree for climbing up the corporate ladder but you do need to have certifications. For technology networks such as Amazon Web Services (AWS), getting certified will be a great way of proving your skills and that you are a serious candidate for the bigger positions.

  • Learn the trending in-demand skills

Skills often come and go in the workplace because with changes in technology, the needed skills will also change. These days, skills come and go in a few years or even months. This might seem overwhelming but learning the in-demand skills can make a huge difference to your career. No matter which business models your company follow but there are always opportunities that arise for those who are up-to-date with the trending skills.

  • Align with peers who are headed to the top

The coworkers in the office, executives of the company, or the network of people you deal with can all be seen as resources to help you learn and grow your job potential. Try to cultivate a network of highly motivated and skilled people that are interested in building their skills and coming up with a unique business strategy and innovation for every problem.


Having fun with Innovation Management

Innovation Management can be regarded as all of those exercises that give the correct conditions for development of innovation while repeatedly being able to convey an incentive for clients, upper hand and development for the business, advantages for the employees and every other stakeholder associated with the organization.

However, the question ‘how to have fun with innovationmanagement’ is something that daunts many individuals and needs to be answered in order to create a creative workplace environment. It is not easy to keep on innovating on a continuous basis, and after a while, you would start noticing diminishing results. However, if you learn to have fun with innovation management and create an environment where it is easy to innovate continuously, while taking care to not employ the same tactics to avoid diminishing results, you can actually look forward to a creative and innovative business getting created right in front of your eyes. https://blogexperts.net brings forth to you some brilliant ideas that will allow you to have fun with innovation management. These include:

  • Take the idea of someone else and apply it in your business- One of the easiest ways to innovate is to probably take the idea of another business that has proven to create success and apply the same in your own business so as to generate profits. An example of the same would be the story of Henry Ford, who noticed the use of production line working in meat packing plants and implemented the same idea in his automobile business, thereby reducing costs and assembly times in a drastic manner.
  • Refer with your customers- Incremental innovations are achieved through asking for feedback and areas of improvement from the customers. Simply asking your customer how they think you would be able to improve your product or service will provide you with numerous avenues that would prove to be advantageous for you. These may include addition of new features, change in color, style or user-friendly aspects and cheaper products being made. It is not compulsory to take into account every request made by your customers, but you should listen to all, and only choose the ones that would prove to be most beneficial.
  • Combine and eliminate- It is important to both combine and eliminate from your products from time to time. You should always think creatively about what new things you could combine with your existing products or services to make them better than they already are. For example, mobile phones that use cameras, suitcases that have wheels, are all results of intelligent combinations. Similarly, you also need to know when to eliminate and what to eliminate from your existing products or services in order to make them better. Some examples would include Dell, who eliminated computer stores, Sony Walkman, who eliminated record and speaker functions and Amazon, who eliminated the importance enjoyed by bookstores.

Innovative ways Technology is shaping up Ongoing Education for Business

Today’s companies are forward-thinking and they know that giving employees access to ongoing education opportunities is a great business innovation strategy as it prepares them to deal with the industry’s changing circumstances.

Not a long-ago workplace training usually consisted of attending traditional classes or reading books. These days, the options for training are more varied and they often take place virtually or with the help of high-tech equipment.

Technology brings people together

The advancement in technology has made it easier than ever for your employees to get in touch with others remotely. Training for a company that is scattered around the world poses many challenges but technology solves most of the problems. You can connect with colleagues or platforms where you can learn no matter where you are in the world. Also, a lot of conferencing apps have chat windows which allow people to ask questions or weigh in with their thoughts. This also allows the trainers to adapt their teaching style and content based on what the attendees have to say.

Virtual Reality apps allow the employees to engage in a safe, cost-effective training

The primary goal of training programs is to get participants prepared for situations which they usually face at work. However, based on the circumstances, it can be difficult or almost impossible to realistically expose someone to the precise situations.

Virtual Reality is an amazing option that improves the company’s innovation strategy framework by giving their workers relevant material while also keeping them safe at reasonable costs. While going through VR simulations, employees will be able to learn how they should respond to certain situations and how to tackle them.

Tech-Based Training will help employees get educated even while working

Even enthusiastic learners can sometimes run into obstacles regarding business strategy and innovation. They’ll surely want to expand their knowledge and skills but perceive it to be an impossible task while they’re busy with work. However, there are many programs available which allow people to learn even during their busy schedules. Individuals who choose these classes get access to highly qualified instructions that match their career aspirations. This way, the employees can take courses or earn certificates even without them having to put their jobs on hold.

Augmented Reality allows people the opportunity to avoid dangerous mistakes

AR or Augmented Reality is the type of strategic innovation management technology which blends the real-world environment with the virtual elements of business models. It is helpful for employees who require training for risky tasks. For example, you can train for employees on how to perform cardiovascular surgery without the risk for the patient to die.


Innovative ways to get out of Creative dryout

How to Help Marketing Teams get out of their Creative Slump?

No matter how good someone is at their job, there will be a slump or dry spells along the way especially when it comes to creativity at work. If your job is to constantly think and creative business innovation strategy, there is nothing getting around it. There will come a time when you’ll hit a creative slump and not be able to come up with an innovative strategy framework to support your marketing team.

Here are some of the ways you can get over your creative slump:

  • Take a thorough look in the mirror

Most of the times getting out of a creative slump is not entirely about creating something new. All you need to do is look at things that you might have written off or not considered from a different angle. Reassessing your marketing team’s tactics would be a smart way of working towards breaking that creative slump.

You can make sure your marketing team is more creative by something as simple as entertaining all the ideas as valid, whether they are in accordance with your business models or not. You never know which idea can strike a chord and turn out to be the initial stages for successful business strategy and innovation.

  • Fostering a positive work culture

Nothing can snuff out the flame of creative like a negative work environment. The workplace should have an atmosphere that promotes innovation and allows the employees to shine and there is no way any marketing team can flourish or reach its full potential in a negative environment.

Team building activities that are based on positive communication and trust would be a great way to involve your employees in a way they come closer. The CEOs and management that know about strategic innovation management will be aware that sometimes it can be the smallest things that make a huge difference. Sometimes, making efforts as small as taking your team out on a retreat can look ordinary but they can surely spark creativity.

  • Keeping up with the latest trends

The marketing teams know better than anyone that standards, techniques, and trends are always changing. The ability to keep up with the trends and adapt to the changing world is becoming more and more important as the industry continues to advance swiftly. If you want your marketing team to thrive, you will have to make sure every single member of the team is constantly learning and looking to explore new ideas.

Facing a creative slump is normal… even the most creative and successful marketing teams have experienced that. Luckily, there are things that you and your team can do and dig your way out to reach the top. By fostering positive company culture, keeping up with the current trends, and reassessing tactics these slumps will appear far and few.


Looking to Innovate? Start by Improving on Culture and Community!

If you notice carefully, it will neither be the business models nor the products that were innovative, but rather the brains behind them. Hence nurturing a culture where willingly generate and execute creative ideas is an essential skill that every innovation leader looking for a new business innovation strategy must follow.

Many companies are notorious for wasting a lot of potential especially when it comes to creativity. According to the studies published by Adobe and Gallup in the past few years, over 50% of the employees were not engaged at their workplaces while merely one-third of them feel positively engaged at work. The so-called “active disengagement”, as noted by Gallup in another report, costs over half a trillion dollars each year in the U.S. economy alone. Delivering poor customer service, frequent leaves of absence, lack of strategic innovation management, and negative energy in the workplace contribute to this issue as well. These factors have a direct impact on the culture of the workplace and thus on the business strategy and innovation capabilities. In other words, creative workplace culture will drive innovation and result in outstanding business outcomes.

In recent years, a lot of companies have begun interviewing hundreds of executives and employees in the ever-expanding global market. Time and again you will notice that people define how innovative a workplace is along with the leadership practices and the creativity culture established there. Regardless of the industry you’re in or the scope of responsibility you’re tasked with, the leadership styles and culture of the workspace will define the innovation strategy framework of the company and how successful its end results are.

In the research conducted, three determinants emerged from the observations as to what usually motivates employees to perform at their very best. The research has revealed, whether consciously or intuitively, great innovative leaders understand how important it is to satisfy their employees’ main needs: Recognition, Self-Actualization, and Community.

  • Recognition

For motivating high performers and setting an example, the leaders should recognize outstanding performance publicly and openly appreciate them.

  • Self-Actualization

Innovation leaders should help their employees located and build upon their strengths if they want to excel at everything they do.

  • Community

Leaders should go that extra mile and establish not just a feeling of safety, identity, and belonging, but they should also bring forth a feeling of intellectual exchange, inspiration, and connection to an influential external network.