How Big Data Will Influence the Insurance Industry
Although the advent of Big Data stands to benefit several industries, the insurance sector has a clear advantage in terms of leveraging technology to benefit not only its bottom line but also its customers. To a great extent, the insurance industry was one of the earliest adopters of Big Data; over the last few decades, actuaries and statisticians have been reviewing large data sets and preparing analytical reports for underwriters who in turn make decisions about coverage and premium rates.
Book Review: Innovation Abyss
Dr. Chris DeArmitt says he’s tired of hearing people constantly talk about improving innovation methods and efforts, only to find that no real innovation is actually taking place. He also suggests that books on innovation are generally written by theorists and academics; people with no hands-on experience and no real value to contribute to the actual practice of innovation. So who can tell us what’s actually going on?
How Open Innovation Can Be Used in the Financial Sector
In a recent article, The Financial Brand discussed the biggest threats to the financial and banking industry. They included a long list of everything from profitability to making good hiring decisions. However, we thought that there were a few problems that could be particularly fruitful when applied to open innovation systems.
How to Make Your Business More Innovative
Are you trying to think of ways to make your business more innovative? Innovation has become a vital part of success for business. Technology has made it easy to expand globally, reach a larger target audience and significantly boost profits, but it’s also brought a lot more competition. This means that to keep up, businesses need to ensure they’re innovative and capable of consistently delivering new and exciting products and services.
How to Foster an Organizational Culture that Encourages Innovation
Innovative and forward-thinking companies are successful because they have new, exciting, and useful products or services before others and consumers take notice of companies regularly producing the next big thing. These companies are more effective and they can grow more rapidly because their company culture encourages innovation among their employees. A company of “intrapreneurs” can quickly become a successful and noteworthy company.
6 Potential Roadblocks to Innovation
Does it feel like your efforts in innovation lately have been…lackluster? Are you finding that your team just isn’t coming up with the great ideas you know they can produce? If your business is feeling stale and stagnant, you obviously want to know why, so you can make changes. Innovation efforts aren’t always simple and easy—and there are definitely some roadblocks that can come up along the way. Don’t get discouraged if you run into any of these common problems—you just have to be determined to prevent and work through them whenever possible!
Seven Good Reasons Not to Innovate
Innovation is risky. Customers are not asking for it. We are already successful… Getting momentum behind significant innovation is difficult, and sometimes it’s easier for a business to stay in what they deem a safe spot. Let’s look at seven arguments that inhibit innovation as well as their counter arguments.
A Revolution, an Ecosystem, an Ocean: 5G is Just the Beginning
"5G", the generic term for future communications technologies, offers so much more than just the next level up in speed and data volume. It also presents very real challenges – of politics, regulation, culture and strategy as much as technology.
How Does Brexit Impact Your Innovation?
With the Brexit and doubts of Theresa May’s suitability and approachability as a key negotiator, there is uncertainty of the UK achieving a progressive deal with the EU. How will the continued negotiations impact product-oriented businesses and innovators - particularly once discussions begin in a few months’ time?
Lessons from Apple on Why Aesthetic Innovation is Important
It’s pretty much impossible to argue with Apple’s success. It’s one of the most valuable companies in the world, and has maintained dominance for its reputation as an innovative company that produces top-of-the-line hardware. Because of its products and brand reputation, Apple has gained a cult following that will buy nearly every new product that emerges, year after year. So why, even with the high price tag, are so many consumers willing to shell out for every new gadget that comes along?
9 Ways to Convert Employees into Intrapreneurs
Companies that encourage and reward intrapreneurship have a great advantage when it comes to retaining the best talents - especially important in today’s creative climate. Here are a few ways that your company can turn your employees into highly-engaged intrepreneurs.
Critical Steps to Validate Your Startup’s Business Model
A business plan is at the heart of every business. But instead of just writing down your business plan, your startup’s business model will require proper validation before you start doing business. If you don’t validate it, the investor simply won’t invest. You can validate your business model through three core assumptions: delivering, creating and capturing value.
HR Improvements that Can Build a Better Company
The role of HR has evolved significantly over the years. In the past, HR was focused only on hiring and making sure paychecks were sent to the right employees. Today, HR plays a much broader role in the strategic goals of a company. These following improvements can help your HR department meet your company goals.
Generating Disruptive Ideas for the Hyper-Digital Era
Disruptive ideas don’t just happen - they must be championed. In doing so, intrapreneurs must address two fundamental truths when leading big idea innovation: that of value creation and that of persuasive communication. If you want to learn how to scale innovation across your enterprise and create a disciplined approach for creating market-changing ideas, One Hour Innovator is a great place to start.
Real Management Applications of Big Data
Big Data has had a big impact on the competitive landscape. Businesses that have embraced this explosive technology of digital media are better positioned to market faster with products and services that satisfy customers' needs adequately. Wise management of time is very critical in staying ahead of the competition. Utilizing Big Data solutions in processing digital data is one way of enabling managers or organizations and business owners to make quick, informed decisions that streamline efficient business operations. Here is an analysis of some of the real management applications of Big Data:
The Part of the Innovation Process that Everyone Forgets
One of the biggest challenges to innovation is the middle part of the process - where most of the work is happening behind the scenes. As your innovation campaign progresses, you must continue to instill excitement across all team members, and find ways to reengage them as advocates. In this case study, we’ll examine how Dick’s Sporting Goods engaged their employees in product development and effectively encouraged them to participate in their innovation community.
The Customer Experience Buyer’s Guide 2017
Your ultimate resource to the key CX investment areas for 2017 and how to make the most from your vendor partnerships.
Ways to Exercise Your Creative Muscles
Feeling like you’re stuck in a creative rut? Creativity works a lot like a muscle—you have to exercise it for it to work properly. Once you get stuck in a cycle of routine, it’s easy to feel like you’ve lost your creativity. Maybe you’re not contributing innovative ideas during team meetings anymore, or maybe you just feel like you’re doing the same thing every single day. Whatever is making you feel uncreative, you don’t have to live with it. All it means is that it’s time to exercise your creative muscles more than you have been! Here are some ways you can stay sharp, innovative, and creative.
ITU Telecom World 2017: Exploring Smart Digital Transformation
Questions about the role of AI, IOT, fintech, and more are at the heart of ITU Telecom World 2017, the leading tech event for governments, large businesses and SMEs, organized each year by ITU, the UN’s key agency for ICT matters. This year’s event will be held in Busan, Republic of Korea, from 25 – 28 September, 2017, on the theme of smart digital transformation, its impact and opportunities.
Why Your Business Transformations Fail
Ambitious and impractical business schemes can often lack the fundamental elements needed to make them a reality, leaving huge expense and casualties of the blame game in their wake. The business world is littered with the remnants of unrealised programs and unsuccessful plans for development, several of them so high profile as to have attracted national notoriety.
How to Get Your Innovative Idea off the Ground in the Current Economic Climate
Incredibly, business confidence in the UK is continuing to rise, despite the spectre of Brexit and its potential implications on citizens. Many experts have attribute this to the growth of the manufacturing sector, which recorded a Credit Manager's Index (CMI) score of 62.7 during the first quarter of 2017 and a 1.5% increase from the previous quarter. This hints at significant growth potential for product-oriented firms, which are currently able to increase exports due to a more competitively priced (and fundamentally weaker) pound.
How the Innovation Principle Supplements and Balances the Precautionary Principle
The aim of the precautionary principle seems laudable: lacking scientific consensus, the burden of proof for an action or policy not being harmful to the public or to the environment lies on those taking that action. In practice, however, this principle has proven a deterrent for innovation - particularly within the EU. How can the innovation principle - that is, examining new policies or plans for a negative impact they have on innovation - help to supplement and balance out the precautionary principle?
Optimizing Meetings to Maximize Individual Brainstorming Time
Are you overwhelmed by unnecessary meetings? We’ve all been there: one more meeting, and you feel like you’re going to scream. You’ve been trying to make some real progress on your creative project, but the constant meetings have really been cutting into your individual brainstorming time. If you feel like the number of meetings you’ve been attending is cutting into your productivity, you’re not imagining it.
Charisma is Important for a Leader, But There are Other Qualities to Consider
It is important for any group or organization to have one or more strong leaders. To be a leader, it is critical that an individual has charisma as it will increase the odds that others will follow their words and believe in their ideas. However, charisma is not the only thing that an individual needs to be a good leader. What are some other qualities that are just as important?