The business world is very rational. Operational excellence, financial mastery and technology savviness have become pre-requisite not to stand out as a winner but to be allowed to compete. While a hard-nosed business mind is essential to cope with the increased pressure of globalized competition, it is creativity, in the form of innovation and the ability to implement it rapidly that is fast becoming the most treasured competitive asset. Companies need to innovate in a fast yet relevant manner in order to remain competitive today and develop the game changers that will allow them to remain competitive in the future.
Has your product lost competitive advantage? If your customers cannot differentiate your product from those of your competitors, most likely you have fallen into the “commodity trap”. The following article explores how this harmful phenomenon can be better understood and ultimately avoided by studying the dynamics within flocks of birds.
The ability to increase business value through innovation is a critical success driver for most organizations. The markets that we operate in provide both opportunity and risk from an innovation perspective as they are rapidly changing. This article takes a look at a useful framework; The Innovation Diamond™, that examines the complexity and addresses some of the challenges in product innovation.
When conceptualizing a new idea, it is essential to direct the thinking to specific dimensions and search answers to certain questions to help evolve the idea from the initial thought through the various stages of innovation. This article suggests a framework for conceptualizing an idea and helps develop an understanding of the dimensions and questions that you need to consider.
In a slow or no-growth environment, we know successful innovation is absolutely essential for companies to establish and maintain a competitive advantage. While that may be yesterday’s news, achieving it is hard work. How can you achieve high value from your innovation initiatives? In this article Adi Alon discusses four key success factors that can help you get a higher return on innovation.
Innovation never takes place in a vacuum cut off from other initiatives to improve performance. Doug Collins takes a look at how to team up with people in the Lean and Six Sigma processes.
Innovation is very much the word of the moment. We hear it used in science, the arts, in politics, in society, and often for good reason. For example, the creation and building of the European Union, is one of the most innovative – and indeed frustrating – processes in history. So what actually is innovation? Read more in this article by IMD professor Georges Haour, IMD, one of the world's top business schools.
The ability to develop breakthrough products and services has become the holy grail of innovation. However, many companies struggle to develop breakthroughs even though they may be very innovative in other ways. Could it be that a different organizational barrier exists that is specific to breakthrough innovation? Examining the purpose of innovation relative to the purpose of your business may provide the answer, suggests Ellen Di Resta, Founder of Synaptics Group, Inc.
There are many different types of innovation, but business model innovation shows the strongest correlation with increased operating margin. Focus on Business Model Innovation is the first in a series of five articles by Gunjan Bhardwaj, head of Ernst & Young´s Global Business Performance Think-tank. The topics of the other articles are: Disruptive Innovation; Innovation in Networks; Social Innovation; and the Impact of Location on Innovation.
Studies have shown that companies’ return on innovation (ROI) or hit rate is somewhere between 2-10%. That is another way of saying that around 90% of all innovation efforts are never commercialised or used in general. Jørn Bang Andersen, senior advisor to the Nordic Innovation Centre (NICe), presents a NICe case study on possible ways to dramatically change that.
Managers frequently rely on innovation to drive profitable growth. In many industries new products and services are fundamental. However, although product and service innovations are and have been important to firms for decades, competitive pressures and the search for increased profit have pushed business model innovation higher on the priority list.