One of the most obvious benefits of crowdsourcing is its ability to stimulate creativity and accelerate innovation on a global scale. Leading companies such as Dell, Starbucks or Frito-Lay have pioneered this trend by building platforms (respectively IdeaStorm, MyStarbucksIdea and Doritos Crash The SuperBowl) that connect them to a crowd of passionate individuals. These success-stories paint a very positive picture of crowdsourcing, but the reality is that connecting with the crowd is not as easy as it seems. In this post, we will present the advantages and drawbacks of using crowdsourcing to source creative ideas, and explain how specialized intermediaries can help companies by providing crowds, platforms and experience.
Leaders need to develop a ‘habit of knowledgeability,’ according to Haydn Shaughnessy, who has written extensively on change and innovation for Forbes, WSJ, InnovationManagement and HBR, among other noteworthy publications. In this article, Harun Asad expands on this notion and suggests how to build and implement a strategic intelligence platform that facilitates advancing innovation.
According to McKinsey’s first annual survey on the topic, most C-level executives say that the three key trends in digital business are big data and analytics, digital marketing and social-media tools, and the use of new delivery platforms such as cloud computing and mobility. These form the strategic priorities at their companies. However, they also report some tough challenges. Nearly half of respondents say their companies’ investments in digital initiatives are too small to deliver on their goals.
What does it take for companies to market new, innovative capabilities as a service? The challenge to expand beyond products is daunting, but as market exemplars show, the returns on the investment can be worth it. The case studies explored in this article illustrate the extent to which services demand a premium in the market, drive differentiation from the competition, and build loyalty.
Product innovation is about developing and delivering the “next” product or service-to-market quickly and cost-effectively. A well-managed innovation process that meets customer demands for new and unique products and services can contribute to creating a competitive advantage and business growth. Organizations can improve their innovation processes through the use of next-generation social technologies, says Catherine Constantinides.
Innovation, the act of creating novelty, has become omnipresent whereas what we really need to know is how to change enterprises, how to transform them, how to make them Elastic Enterprises, urges Haydn Shaughnessy in this provocative article.
Can you improve the innovation process as well as reducing the cost of engaging with users, developing new ideas and prototyping and testing solutions by making use of virtual environments? Jeffrey Philips and Jena Ball point the way.
This week IM caught up with Klaus-Peter Speidel, who has embraced open innovation in the company he co-founded - hypios, a social marketplace for solutions. Klaus-Peter tells us more about the need-oriented approach to innovation and the importance of multiplicity and open-mindedness in the idea creation process.
Idea management technology helps organizations to gather ideas from all employees, evaluate them and bring them to market faster than ever before. Learn more about the typical features of these powerful tools, and the benefits they can provide to firms like yours.