Innovation (Page 4)

In: Innovation

Synopsis of an article from McKinsey, by Jordan Bar Am, Laura Furstenthal, Felicitas Jorge, and Erik Roth, Published 17th June 2020 “Prioritising innovation today is the key to unlocking post crisis growth” In a recent survey of over 200 organisations more than 90% of executives surveyed, said they expect that the COVID19 crisis will fundamentally change the way they do business over the next 5 years. 75% believe that the crisis will also create significant new opportunities for growth. Executives are weighing up the current choices on driving productivity and cutting costs against investing in innovation led growth. Many are focused on core business and are planning to recommence innovation programs when the ‘path forward is clearer’. The McKinsey team went on to interview more business leaders on current priorities; the insight is that companies are de-prioritising innovation in order to bring greater focus to core business, grow the known opportunities, conserveContinue Reading

In: Innovation

Synopsis of an article from Visual Capitalist by Jeff Desjardins Published 1st July 2020 This article is built around an excellent infographic built on years of in depth research from innovation firm Doblin (owned by Deloitte). They have observed that there are 10 types of innovation that can be categorised with specific dimensions, which can then be used to analyse competition and test for product vulnerability using their strategic framework. 10 Types of Innovation Profit Model – How you make money Network – Connections with others to create value Structure – Alignment of your talent and assets Process – Signature of superior methods for doing your work Product Performance – Distinguishing features and functionality Product System – Complementary Products and Services Service – Support and enhancements that surround your offerings Channel – How your offerings are delivered to customers and users Brand – Representation of your offerings and business CustomerContinue Reading

In: Crisis Management, Innovation, Leadership, Strategy

Synopsis of an article from London Business School by Michael Jacobides and Stefan Stern, Published 1st May 2020 In this article the authors ask us to consider how your company will get through the pandemic successfully they go onto challenge us to rethink and reinvent business and leadership models. To cope with the crisis you may need to make very significant and rapid changes, but given the fact that you are doing this during a crisis may lead to inertia, doubt or fear. Crisis Leadership Looks Different Leaders must respond directly and address the realities, staff are looking for their leaders to provide honest, simple, clear and direct messages. “When the situation is dire people need to be told,” he says. “You have to have a clear, bold, realistic narrative.” Provide a clear sense of direction, which is robust and consistently communicated – even if it is not good news.Continue Reading

In: Innovation, Open Innovation

Innovation- Invention – Collaboration                                       Image by mohamed Hassan from Pixabay                                                           Article by Roger La Sallewww.innovationtraining.com.au & www.matrixthinking.comPublished 2nd May 2020 Open Innovation, the term used when companies and people literally open their problems and issues to the world looking for advice and solutions is possibly the most obvious form of collaboration. There are a lot of issues with this so called open innovation model, a prime one of course is ownership of IP. This has the potential to be a minefield if not properly understood and managed. However, before we go too far down the path of collaboration and open innovation it may first be useful to agree on what we even mean by the word innovation. Innovation, a word that seems to have been corrupted by so many, achieving nothing more that turning the simple into the complex! It can be argued that Innovation is the basis for all things new andContinue Reading

In: Change, Collaboration Technology, Effective Communication, Virtual Teams, Working From Home

Article from HBR by Mark Mortensen & Constance Noonan Hadley, Published May 22, 2020 Before CoVID-19 there was no playbook on how to transition a team to 100% virtual (in a matter of days), no one has ever done anything like this before. Yet this year its been done by companies all over the world and some found their Business Continuity Planning (BCP) had some gaps, some teams and individuals have found the transition easy and successful other found it extremely hard. This article points out that Teamwork has Gotten Harder – having a sense of the connectedness across teams is crucial. “Teams that have unclear missions, inconsistent social norms, low common identity, unclear roles and unstable membership – are recipe for team disasters.” The result a lack of productivity, low levels of engagement and frustration. Mark & Constance offer some guidance. Start with Triage – identify the critical teamContinue Reading