This document outlines 5 new patterns for finding ideas that can help corporations and managers be more innovative. The patterns are: 1) Augmenting products to generate data, 2) Digitizing assets, 3) Combining data within and across industries, 4) Trading data, and 5) Codifying a distinctive service capability. It advises managers to analyze each pattern's pros and cons to determine the best option for their business to engage more with the digital economy and expand using data as a key tool. Managers are told to prepare for change by considering these patterns and finding the approach that best fits their company to foster innovation.

1. THE NEW
OF
PATTERNS

2. Article
By:
Rashik Parmar
Ian Mackenzie
David Cohn
David Gann

3. SEARCH FOR NEW IDEAS
NOT EASY FOR CORPORATIONS LET ALONE
INDIVIDUALS.
YET TOO MUCH PRESSURE ON MANAGERS TO
GROW BUSINESS TOO.
AS BOROMIR SAYS….

5. MANAGERS TODAY LIKE A MACHINE
• FOLLOW RULES TO THE BRIM
• UNWILLING TO TAKE RISKS
• STICK TO CONVENTION INSTEAD
OF AVAILING NEW OPPURTUNITES
• UNSKILLED AT OUT-OF-BOX Thinking

6. POSSIBLE REASONS

7. •CONVENTION TRIUMPHS INNOVATION ON PROFIT SHEET.
•INNOVATIONS FAVOURABLE OVER LONG RUN.
•PATIENCE AND PERSEVERANCE MUST
FOR INNOVATIONS.

8. INSIGHT 1

9. Traditional, tested ways of framing
the search for ideas exist.

10. • One is competency based:
How can we build on the capabilities that already
make us distinctive to enter new businesses and
markets?
• Another is customer focused:
What does a close study of customers’ behaviour
tell us about their unmet needs?

11. • A third addresses changes in the business
environment:
If we follow “megatrends”, what becomes clear?

12. BUT,
THERE EXISTS A FOURTH WAY

13. INSIGHT 2

14. Pattern 1: Augmenting Products to Generate Data
• Here, Organizations extend the
functionalities of the hardware or
the technology implemented so
as to collect more data.
• Since Big Data’s and IoT’s
Evolution, capabilities can be
developed and studied to get a
greater Idea.

15. Pattern 2: Digitizing Assets
• Coming a long way from
newspapers to E-Books, we can
say that digitization through
Internet is the best and most
affordable alternative
• Eg. Museums hold online
Exhibitions, thus reducing Cost.

16. Pattern 3: Combining Data Within and Across Industries
• Companies having similar work
process can operate together so as to
decrease cost as well as share data.

17. Pattern 4: Trading Data
• Mutual Co-operation can be huge
asset where organizations
cooperate and coexist with
extending their functionalities.

18. Pattern 5: Codifying a Distinctive Service Capability
• Now companies have a practical way
to take the processes they’ve
perfected, standardize them, and sell
them to other parties

19. MANAGERIAL
RELEVANCE

20. MANAGERS NEED TO..
Prepare for a change by analysing
the best option.
Analyse and weigh each option’s
pro and con before deciding.

21. CONTINUED…
Thinking through what
implications the five patterns hold
for their businesses, Managers
need to find their best bet so as to
engage the company more with
digital economy and expand –
armed with data s the single most
handy tool

22. MADE BY:
Anshuman Raina