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.
In this in-depth article Haydn Shaughnessy discusses why traditional ROI decision making is becoming irrelevant and how options planning is a key element of competitiveness. In these uncertain times firms need to recognise and analyse their options thoroughly in order to be ready for inevitable change.
This is the second part of a 2-part series on a study that innovation.support conducted. In the study we wanted to find out where leading firms from various industry sectors set their priorities in developing the early phase of their innovation funnels (“Fuzzy Front-End”). In this article we want to provide you with the key findings of our study.
The term “Fuzzy Front-End” (FFE) has been established for the early stage of innovation which determines the innovation effectiveness and hence ultimately innovation success. We wanted to better understand where leading firms are setting their priorities in the FFE currently and where they see things going in the future. To answer this, we conducted a study. Our train of thought and the main findings are in a two-part article series published here.
How does the new Readiness Assessment Tool help to generate more and better innovation, as well as faster and cheaper innovations that bring revenues? Apply the assessment tool to your own company to create a common understanding of what holistic innovation management means, to structure, analyze, and measure the innovation potential of your firm, identify areas of improvement, and ultimately to design and implement recommendations tailored to the unique position of the firm.
One way to innovate in the business model your company is using is to add services to your existing products. This move makes sense in a world where products are increasingly commoditized by excess global supply, growing customer power and a flood of copycat offerings. But companies need to be savvy about how they add services to their existing products.
Companies with an eye for the future are turning their focus to the emerging field of open service innovation. Too often, when we think of a service process, we think of what the provider must do, but such thinking results in frustration for the customer – who will defect in an instant. When we think of service processes, think of the customer as a co‐producer of value.
In his latest book, Open Services Innovation, Henry Chesbrough writes about co-creating with your customers, particularly in services where it’s harder for customers to specify what they want because so much of the experience is tacit. Whereas innovative physical products can excel on objective measurable performance, innovative services often entail a greater degree of subjective perceptions.
A new research by Accenture finds that customers returning electronic devices will cost U.S. electronics retailers and manufacturers about $17 billion this year, an increase of about 21% from 2007. These costs include receiving, assessing, repairing, reboxing, restocking and reselling returned products.
Henry Chesbrough has earned a worldwide reputation for his pioneering work on open innovation, influencing a generation of executives by identifying and describing the practice of innovating in collaborative groups outside the enterprise. We caught up with Henry to talk about his upcoming appearance at the European Innovation Conference and his new book.
In this book review Paul Hobcraft looks at “Service Innovation: How to go from customer needs to breakthrough services,” a book by Lance Bettencourt, published by McGraw-Hill.
This article summarizes some interesting findings on service innovation deriving from a major Danish service innovation project.