Predictive Innovation Overview

Predictive Innovation Method How to improve ROI, increase profits, and decrease risk. by Mark Frazier + 1 312-239-8656 www.PredictiveInnovation.com

Why use Predictive Innovation? Increase profits Reduce risk Neutralize competition Start creating innovations BEFORE needed Solve seemingly impossible problems Accurately evaluate Return on Innovation

Ways to Use Predictive Innovation Find Solutions Create Business Strategies Reveal Entire Patent Space

Ways to Use Predictive Innovation Find Solutions Process improvement Engineering Problem Conflict Resolution

Ways to Use Predictive Innovation Create Business Strategies Create higher value products & services Improve business models Neutralize competition Reduce risk

Ways to Use Predictive Innovation Reveal Entire Patent Space Protect your intellectual property Find ways around other's patents

What is Innovation? Best definition of innovation is: “Satisfy customers' unmet desires”

Satisfy customers' unmet desires Do something new or better Do something someone wants done Make money doing it

7 Essential Steps to Innovation Reveal Communicate Make new emerging value to product expectations customers Convert Deliver Generate ideas into new ideas designs product Get and use feedback

Seven Qualities Efficient Low-Risk Controllable Repeatable Competitive Reliable Just-in-time

Seven Qualities Produce large number of high quality results with low effort and Efficient minimal cost Low-risk High success with low loss. Ideally, all new products are appreciated and purchased by customers Controllable Where and when needed, new product ideas are produced on- demand Repeatable Any committed and smart team produces the desired results without special talent or particular individual Competitive Deliver new products that outperform all competition Reliable Every time new products are needed ideas are created and implemented Just-In-Time Introduce products to market exactly when customers begin to want it, no earlier & no later

Combine 7 Steps & 7 Qualities Reveal emerging expectations Efficient Generate ideas Low-Risk Convert ideas into designs Controllable X = Complete Make product Repeatable Innovation System Communicate value Competitive Deliver product Reliable Get feedback & improve Just-in-time + Give all participants compelling reasons to use the system + Match the companies other processes and approaches

Innovation is... “Satisfying customers' unmet desires”

How to satisfy a desire Customers want to perform a task such as: Listening to music Cooking Resolving a legal dispute Falling in love

Desires relate to a task Many different desires are related to a task Performing the task satisfies the desires Such as listening to music: Eliminate boredom Feel happy Share an experience with a friend

Desires are subjective Subjective desires are: Difficult to express ??? Personal Often change Often impossible to measure Difficult to satisfy

Covert Desires into Outcomes Subjective desires can be translated into objective outcomes. Outcomes can be observed and measured ??? Y Z X

Tasks have fixed set of outcomes Task requires complete set of outcomes Outcomes never change for a task Only criteria to meet an outcome can change WHEN A and B and C THEN Task is Completed

Set of outcomes Most tasks can be described with approximately 7 high level outcomes Split complex tasks into sub-tasks

Outcome elements Outcomes consist of 7 element types C I T O A E R

15 Alternatives For every element there are 15 types of innovation alternatives + - = > < 1 m ∞

105 Alternatives per Outcome Each outcome has over 105 ways to innovate. There can be many innovations for each way 1 m ∞ + - = > < + - = > < + - = > < I O T C R E

Complete Innovation Space On average 735 general ways to innovate for each task Minimum of 105 Outcomes x Elements x Alternatives = Ways to Innovate 7 X 7 x 15 = 735

Additional Areas of Innovation 9 tasks related to each primary task 8 customer interactions Those provide an additional 7,560 areas of innovation within the same market

87% of Value Missed Most industries only cover 13% of the possible innovation space. Most businesses are variations on the same idea. This quickly causes price competition. 87% Free Space “Blue Oceans”

Less than 1% of Innovation Potential Most products or services only address one alternative for 2-3 elements of 1-2 outcomes. Only 0.82% of the innovation potential. Outcomes x Elements x Alternatives = Ways to Innovate 7 X 7 x 15 = 735 total way 2 X 3 x 1 = 6 covered 6 / 735 = 0.82%

Missed Value Increases Risk 0.82% of potential covered by most innovations. Value is left on the table. Less than 20% of options are ever explored. Many higher value lower risk options missed Large openings for disruptive innovation. { Risk of Disruptive Total Innovation Covered Explored

Value of Predictive Innovation Accurate metric of value and risk for an innovation investment. Provides map to collect the highest value as quickly as possible with the least risk. Describes what to offer, how to develop it, plus strategies for maximizing value.

Contact Us Training Consulting www.PredictiveInnovation.com +1 312-239-8956

http://markproffitt.com	1326
http://www.markproffitt.com	25
http://translate.googleusercontent.com	2
http://www.slideshare.net	1

Predictive Innovation Overview

by Mark Proffitt on Feb 26, 2009

Accessibility

Categories

Tags

Upload Details

Usage Rights

4 Embeds 1,354

Statistics

Predictive Innovation Overview — Webinar Transcript