Recent advances in technology put Internet-of-things (IoT)-innovation on top of the management agenda across industries. It is predicted to increase economic value by $11.1 trillion in 2025 (McKinsey 2015). The Service Science Factory and Noventum collaborated on this article to present a state-of-the art view on the Internet of Things and how to implement this vision within organizations.
Judging by experience, most top managers and innovators feel that they are in a maelstrom of change. For some, the rate of change and the magnitude of the consequences induced are so high that they feel a kind of ‘Present Shock’ – a term coined by Douglas Rushkoff, building upon Alvin Toffler’s concept of Future Shock, to describe the psychological impact that occurs when too much is happening simultaneously.
Piloting in business innovation means testing an idea effectively. This is not a straightforward process and requires addressing the right questions: What idea should we test? Which aspect of it? How should we go about testing? How should we measure the results? What do we allow these results to mean and what do we do afterwards?
The focus of the The Innovation Formula is on the innovation process that makes sense for small businesses, where lean, simple, and fast are essential. You may also be interested in a view of the innovation process that’s suited to larger companies, so this chapter provides an overview of the Innovation Master Plan framework that we use when we’re working with larger organizations on innovation projects and initiatives.
The process of designing and developing your own innovation portfolios occurs as a series of steps that are described in a sequence because the output of one step will help you to think about the subsequent ones. The process builds towards design conclusions and decisions about the choices you’ll have to make, and then the investments that will back them up. In this chapter excerpt, Langdon Morris walks us through the process.
Probably the single greatest threat to most small businesses is “concentration risk,” also known as “keeping all your eggs in one basket.” In this chapter excerpt of of The Innovation Formula Langdon Morris discusses innovation portfolio design, and how it translates the goals and intents of your aims and strategy into a set of risk-managed innovation projects.
Charles Darwin said it quite well: “In the long history of humankind (and animal kind, too) those who learned to collaborate and improvise most effectively have prevailed.” Innovation, collaboration, and improvisation are indeed essential forces shaping all of business and all of modern life, and they’ve become vitally important for the individual, the organization, and indeed for all of society.
Bringing innovative products, methods, and ideas to market requires companies to apply resources to their most promising concepts and that can be expensive, requiring lots of talent, if they want to be fast and first to market. The problem is that most companies overcommit their limited resources by approving more ideas than they execute. They do it because they lack a clear view into their resource capacity.
Innovation is such a hot topic of discussion that it can be difficult to determine the next initiatives to undertake to grow the maturity of your innovation program. In this enlightening webinar on November 12, 2014 we highlighted several innovation trends to consider implementing today for measurable results tomorrow.
Countless articles argue: To remain competitive, companies need to consistently build their innovation portfolio. Value-oriented improvement and new developments must permeate the business. This article discusses a structured approach, known as a Rapid Innovation Cycle, which brings a repeatable process to innovation, empowering individuals to contribute more and organizations to look beyond themselves—all leading to a higher success rate.
Often the tasks at hand take our focus off of the big picture. In new product development (NPD) and R&D portfolio management, there are several “givens” that may seem obvious when stated but are often overlooked. Bring your attention back to these eight tried and true ways to improve your portfolio management and increase your product development productivity.
Pulling the plug on an in-flight project is hard. No one wants to be the person calling it quits, offending team members and admitting defeat. It is this mentality, however, that ends up sucking the life out of resources and budgets and setting the organization up for continued failure because the process is broken. How can you ensure only the right projects survive, wrong ones are killed early and lessons are celebrated after an appropriate mourning period? It’s going to take courage.
Almost every innovation manager can recount stories of great ideas, concepts and products that people love and yet they’re never implemented. The business case stacks up and is technically feasible, but finding sponsorship and a budget seems to be impossible. As innovators, we’re often subject to ongoing commercial restrictions. The fastest way to get ideas off the ground is to ensure they’re aligned to the C-Suite agenda in both the short and longer term.
The Fourth Product Portfolio Management Benchmark Study identified challenges organizations face in speeding innovation to bring products to market. The biggest disconnect appears between middle management and executives as to where the organization is with their innovation maturity. Bridging this gap may be the most important thing you do to improve ROI.
Doing more of the same old product improvements, extensions and modifications – product renovation – won’t deliver the sales and profit impact needed to grow the business. To the great majority of businesses, product development means line extensions, improvements and product modifications and only serves to maintain market share. Firms increasingly compete for a piece of a shrinking pie by introducing one insignificant new product after another. The launch of a truly differentiated new product in mature markets is rare these days.