Most innovators cultivate traits like creative risk taking, positive reinforcement and strategic planning. However, there is another branch of innovation in which innovators still require a great deal of training.
In the current digital arena, social networks have touched the lives of almost every human being on earth, allowing us to share life's novelties with friends and loved ones. However, social networks are not restricted to sharing and commenting on pictures, but giving rise to innovation among individuals to help make our world a better place.
Thanks largely to rapidly expanding technologies, planning for the future is more important than ever in business. With thorough preparation and some strategic initiative, your business can position itself to take advantage of some of the inevitable changes that are on the horizon for companies across all industries. Here are five ways to get started.
Imagine if you could listen to the daily conversations of world-class innovation program leaders. How would you use that information to deepen your thinking about innovation and what it takes to really implement it, organization-wide?
Arguably, the principle of Open Innovation was utilised for the first time by Professor James Murray in 19th Century Oxford, England. In the time that has passed since then, this concept has become infinitely easier to implement thanks to the development of Innovation Management technology, however some companies are yet to wake up to its potential.
Six major forces are driving change in today’s world. Developing a successful innovation program requires that your organization understand and master all of them.
While the previous two methods – Netnography and Social Media Solution Scouting – outline the potential of passive methods in using the power of social media for innovation, the next two approaches enable companies to interact with consumers. Configuration Tools as well as Innovation Contests invite users outside the company’s four walls to become an active part of new product development. In part two of this article you will learn how Audi and Henkel empowered the crowd and turned them into co-producers.
Open innovation has found its way into companies’ innovation processes and is a widely used approach to spur collaborative innovation with consumers. A multitude of methods and tools have come into being, creating confusion about how to make the most out of users’ knowledge and creativity. This article provides innovation managers with insights into four popular open innovation practices at four German blue chips and contrasts the various approaches.
Today, there are six essential forces that are driving the changes that are occurring across much of today’s world. While these may not be the most pressing issues for your company, chances are that some combination of them will have a significant influence on your situation, on the strategic choices you make and thus on your approach to innovation.
Booz&Co wrote in their article “The Social Life of Brands” on Strategy+Business that the value of a brand is linked with the relationships it has with its customers, creating and retaining them. For marketing, its fundamental task is managing these relationships. In a recent research by Gallup the results were striking, a 240 percent boost in performance was achieved when both employees and customers were enaged. This is exactly, in a highly technological driven business environment, digital innovation is the catalyst that improves engagement and provide means to manage relationships better, faster and in a cheaper way though digital.
Web 2.0 exponentially increased the transactional nature of the Web, and forever changed the way people express themselves, conduct business, learn about different subjects, shop, form communities, collaborate, and share their personal information. But the embrace of Web 2.0 has also introduced serious questions about the inherent risks associated with the use of these tools.
Just as modern technology has changed the way we interact with the world and our understanding of it, new technological solutions are also enhancing our legacy and our ability to rest in peace.
Science has caused controversy for centuries. But scientific developments, such as addressing climate change, applications of biotechnology, and the use of stem cells or GM crops, and the resulting debates are becoming ever more central to our national economies and global wellbeing. Influencing those debates is, as a result, becoming more important to those on all sides of the arguments and those debates becoming ever more polarised; and protests increasingly violent. The greater part of the problem may not be public understanding of science, but rhetoric and values. Managing the emotional debate may be critical to future policy development and science based industries.
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.
According to the IBM CEO study conducted amongst 1,700 CEOs from 64 countries and 18 sectors, Open CEOs' identify openness enabled and supported by social media and technologies, as a major influence on their organization and its success. These organizations perform better because they are utilizing the collective intelligence, are more agile, able to act quickly to gain higher profitability and growth.
