Unmet consumer needs are considered the holy grail of product and service innovation: a mystical, sacred entity with unlimited value and powers for those that know how to tap into it. It would seem that with present day digitalization and social media, it is easier to connect to users everywhere through online surveys, platforms, and data mining technology. Moving from a mass-producing economy to one based on individually tailored products suggests that the gap between consumer needs and producer response are closely aligned. Yet the mystique surrounding unmet user needs remains.
The essence of agility is the ability to respond to new and different conditions. You cannot continue repeating the same old operating formula long beyond its utility or you will be left behind. Are you prepared to adapt to the profuse variety of new circumstances with new tactics and strategies? The principles of Agile that we examine in the next three chapter excerpts of Agile Innovation will help you understand what you need to do.
November 25, 2014 | By: Bjorn Axling, Gustaf Ahlenius, Daniel Roos, Rick Eagar | In: Organization & Culture
Driven by the need to respond to global hyper-competition and the increasing clock speed of technological change, companies are relying heavily on their R&D functions to accelerate innovation while maintaining tight budgets. However, organizational structures for R&D in large international companies are often sub-optimal and act as a major barrier to performance improvement. In order to successfully optimize R&D’s contribution to business value, companies need to address the three key dimensions of structure, governance and process. From our extensive work with the R&D functions of leading global companies, we have identified eight imperatives to ensure a successful transformation across these dimensions.
The patent database, with its 69 million documents is one of the richest resources of knowledge worldwide. The real key to its application is the refined ways to distil the relevant information. This article will highlight novel patent research, and its relevance for each department of a typical company.
“Open innovation” is a technique that is gaining greater consideration these days. For many companies, this practice has the potential to help them quickly and efficiently harness the new ideas they need in a volatile and uncertain business environment. It also may accelerate and de-risk progress from idea to launch. To realize the power of open innovation, businesses first should come to terms with how “open” they are willing to be.
Open innovation crowd sourcing methods, when applied to the right problem, can effectively extend the solution provider search beyond the boundaries of an industry. This article presents the application of a targeted broadcast crowd sourcing method to identify unobvious solution providers for a German chain-drive industry consortium. The majority of solutions submitted through this method were previously unknown to the consortium. This evaluation demonstrates the power of open crowd sourcing to provide solutions from discontinuous industries and how effective crowd sourcing can be in open innovation.
This article challenges companies to take an honest look in the innovation mirror to determine whether they’re truly making it or perhaps faking it when it comes to bringing innovative products and services to market. Consider this a simple litmus test to self-diagnose.
Product lifecycle management (PLM) initiatives often miss their true potential and make projects unnecessarily costly. Not understanding how to optimize these investments can have long-term effects on both the top and bottom line, while companies that realize how to use PLM as a competitive weapon can capture significant market advantages. In this article we give you insights into how to take an approach that addresses the true potential of a PLM investment.
Chronic pain affects millions of people’s lives; millions more have operations every year, needing anaesthetics and pain relief. New approaches to managing pain ranging from watching films during operations to playing with inflated rubber gloves or virtual reality games are proving powerful tools in managing pain. While drug companies may face a challenge to their markets, patients could benefit, suffering fewer adverse side effects and healing better; and health care services may be able to reduce costs. Opportunities for home based approaches may also grow.
For many European managers of R&D and Innovation Management numerous challenges arise: How can companies be globally efficient and locally effective at the same time? This is the focus of an upcoming symposium gathering leading experts in R&D.
Never has the world witnessed a large market emerge so quickly as China has. As the economy grows it is also changing. China is fast climbing the value curve, transitioning from low-cost manufacturing to innovation-led growth. In telecommunications, supercomputing, life sciences, non-fuel energy sources and “green-tech” in general, there is already a vibrant innovation/research and development (R&D) scene.
Can an organization dramatically improve the quality, speed, and profitability of their new product projects while driving down the risk of failure? Absolutely! Organizations that rely on new products, technologies, and platforms to create customer value, grow market share, enter new markets, increase their profitability, and even alter market and competitive landscapes. In this article Chester Baker, Head of Global Innovation for Abbott Nutrition shares the winning formula for driving innovation in his company.
Anyone has the raw capability to think of a great idea, but not everyone has the ability to bring ideas to fruition. It’s a process that requires vision, a strong handle on industry trends (both present and future) and risk takers willing to champion seemingly impossible feats. Most companies have innovators or teams of innovators with these qualities, but many don’t incorporate both customer feedback and customer observational research as key components for designing the next generation of product development. This article will explore the benefits of leveraging a customer-centric model to create more innovative, user-friendly devices that provide the support customers really need.
Year after year, our Global Innovation 1000 study has demonstrated that it is not how much companies spend on research and development that determines success — what really matters is how those R&D funds are invested in talent, process, and tools. In addition to our recurring analysis of R&D spending trends, our eighth annual study of the world’s 1000 largest corporate R&D spenders focuses on the “fuzzy front-end” of the innovation process — the tools, mechanisms and networks companies use to generate ideas and effectively convert them into commercialization projects.
GlaxoSmithKline has announced plans to be more open about its clinical trial data, be more transparent to the public and actively collaborate with scientists and firms outside GSK to find new drugs to treat the diseases plaguing the world, from novel antibiotics to cures for malaria and tuberculosis.