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.
Advertisements

Innovation management as part of Change Management

Thank you for following this blog post, and if you haven’t started to follow me yet, I would suggest you to do it and leave some comments, as most of the blog post are from my readings, but I can be wrong…

Today topic is relating Innovation Management to Change Management, an aspect of management related to business performance.

Innovation Management can be seen as a subset of change management, in fact, in change management there are four types of strategic changes, which are:

Technology, Product and Services, Strategy and Structure, Culture Changes.

Screen Shot 2019-04-09 at 20.06.43.png

These all relates to Organisational Change, in the sense that in order to stay competitive, firms, have to change either one of this aspects, with time.

Technology Change and Product and Services change is what is more related to Innovation Management, in fact, companies in order to succeed implement new technologies, such as communication technology, or create new products and services to sell to the customer, in order to stay ahead of competition.

 

No company can say that they dont implement some change. In fact is by  implementing some kind of change that business can stay competitive, it is even told that competitive advantage is created from strategic changes.

Strategy and structure are more related to organisational design, in fact, from what i understood, organisational design is the alignment of corporate strategy with the working of the workforce, or more precisly with corporate functions.

Last but not least, cultural change is the most difficult to implement, as there is always tension and people tend to like the status quo, thus avoid changing. Cultural change can be anything, from the change of workhours, to change in how customers are treated by the employee.

Strategic Innovations Type

Welcome back to my blog, for today argument i return on the topic of innovation.

As many of you are now aware, Innovation is a huge subject, and does not have for the moment any specific metric on how to measure technology development.

But, in my studies, i came across on certain definitions that help in defining innovations, and these are the category explained also in method.org about innovation types, http://method.org/note/incremental-vs-modular-vs-architectural-vs-radical-innovation.html

extracted from an HBR Article from 1990 from Henderson and Kim, found at http://www.jstor.org/discover/10.2307/2393549?uid=3739448&uid=2&uid=3737720&uid=4&sid=21102575016673

On one hand there are defined incremental innovations such as incremental innovations which is the upgrade of existing products or services and there are radical innovations which is the total development of new products and services.

On the other hand there are the architectural innovation which are the reconfigurations of the systems of component that constitute the product but the core remain the equal and there are modular innovations which is the reconfiguration of the links between the core processes and the componenst without reconfiguring the architecture.

All this is related to the role of creativity in innovation, more precisely on the types of innovative products is possible to have in innovation management.

Is almost impossible to come up with brand new ideas nowadays, in an instant but there are tricks which are taught on how to be innovative, and this blog post help in analyse the type of innovations available on the market.

To provide an example of the innovations: modular innovation is the creation of a new prototype for example the application of new standards in technology in new innovative products. incremental innovation is more related to upgrades, architectural innovations are more internal revolutions and radical innovations are existing component in new technologies.

Innovation Management #3

Today’s post goes and discuss various technique to stay innovative for corporations.

The easiest method is via brain storming (mind mapping) ideas, the second one is via the idea box.

Both these techniques are better explained in an ebook called: Thinker toys

These techniques are easy to draw than to be explained.

Plenty of material can be found on the internet.

Mind mapping consist in using a blank paper and writing in the middle the concept, or the idea researched, and then connect by lines around it all connections that come to mind, for example, in purchasing a car, the idea is to go and look for all the issues that can arise when buying it.

From this start then is to go and draw connections also with the concept that for outsiders maybe don’t make sense, but for you, the painter of the map maybe easy understandable. There are plenty of software and tools the helps in creating mind map, however nothing beats the original Tony Buzan book which draws also on cognitive science theory. In fact is suggested that when drawing lines or connections, different colors are do be used.

The second approach for idea generation is the idea box.

This is explained in thinker toys as a method which exponentially increases the chances of getting good ideas to the consumer.

Last but not least I’m going to introduce the term of lead user method.

Lead user method is a technique explained in innovation management by Harvard business school.

This technique goes and explains that technological advancements are usually achieved not always by the manufacturer of goods, but mostly by the lead user.

This allow for new products to be developed in collaboration of a network of experts which cooperate in the development of new tech.

This goes hand in hand with the explanation of the S curve, a curve used in innovation management to explain how a new product is marketed to various market segment according to their own skills and expertise.

Innovation Management #2

Creating Market Space

In today’s post, I am going to discuss of a technique used in Marketing and Corporate Strategy which is adoptable to Innovation Management.

This technique is called value curve analysis.

By analysing what is the function and emotion which are targeted by competitors, is possible to target new market and create space for new nieches.

This tool is very practicable, although is difficult to explain, there are plenty of example of companies using this strategy, and is widely explained by Harvard Business School.

An example is the chart provided in personal finance software in the 80s vs pen and pencil use for personal finance calculation.

Screen Shot 2018-12-06 at 22.34.28.png

the main point to describe is the there are key point into analysis:

This are the points:

Remove the points taken for granted.

Diminuish the factors below industry standard.

Increase the factors above industry standard and create factors which the industry does not offer.

The main key take aways are that is important to look at what competitors offer in the industry, look what buyers are willing to spend money on, look on substitutes in terms of products and services, target emotions and functionality, look across time horizon in following current trends.

Innovation Management

An important initial step in Business and Management is Innovation Management, therefore how to remain innovative and have new product or service ideas.

This is the initial step in innovation management.

With this blog stub, I will try to provide some examples studied in University on how companies become and stay innovative in order to achieve competitive advantage. For who does not know what a competitive advantage is, is simply a term to define how companies succeed.

When developing or inventing new products or services is always important to think how much the market (customer) would pay?

Then in ideating, there are mainly two segments: B2B and B2C.

The main reason is that certain products are made for retail, thus, becomming Business to Consumer, other product or services, are Business to Business products or services, and are mostly defined as used in collaboration or partnership with other companies.

Innovation management key point is the management of creativity, and define the difference between a technology (coding or tacit knowledge),

and innovation, taking novel ideas and technology to market.

The main examples are by the way on the different ways to use a brick, which is an exercise, which i would suggest everybody on doing to find out new creative ways of idea generation.

With this Blog Post i provided a small example of creativity in action, for further get to know the business capabilities, feel free to contact me with the contact page, and I will sort out an appointment for a consultation.