IQ=Increased Innovation Insights
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Innovate or die should be the sign on every CEO's office wall. Clients want new products and services. If you can't or won't provide them, Customers know they are a mouse click away from finding a replacement. It's time to balance detachment and dedication to cultivate Customer loyalty.
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IQ=Increased Innovation Insights
- 1. Why does your organization need more innovation?
- 2. The types of innovation cultures Be ridiculous & willing to fail Create a passionate & inter-connected innovation dept Have a strong internal focus Keep the pipeline flowing
- 4. What Drives Innovation? • Disappearing trade barriers • Increasing rate of “shifts” • Increasing customer expectancies • Increasing amount & access to data/information • Decreasing cost of entry Innovation Opportunity Development Opportunity Identification Opportunity Capture Focus Shaping Development Business Case Validation & Launch Filtering
- 5. What important strategic goals can be accelerated through the use of innovation? What new growth opportunities should be explored by innovative techniques? What’s your vision? How does your firm intend to position itself or distinguish itself from its competitors, and how can you use innovation to support those goals?
- 6. Do you have a vision for what you want your organization to look like? Do you know what it’s going to take to achieve that vision? Getting there will no doubt require that you navigate complex global economic shifts, market nuances, and new technologies.
- 7. The most important factor sustaining innovation is an operating model that considers innovation as “business as usual (BAU). BAU is all the norms inside your company that govern how your company operates. Innovation is a strategic choice rather than an act of fate.
- 8. Product | Process | People Out with the old. In with the new.
- 9. Culture eats strategy for breakfast!
- 10. Lack of innovation is a choice
- 11. Customers MUST be part of the co-creation process Innovation is not something a special team does—it is something which must be ingrained in the mindsets and behaviors of everyone.
- 12. Champion creativity and innovation will follow
- 13. Your mind is a container of possibilities
- 17. Shift from efficiency as business as usual (BAU) to innovation as usual.
- 18. Are YOU ready for change? • 70% of companies say that innovation leads to competitive edge. • 15% of IT staff focused on IT. • 85% IT staff focused on maintaining status quo. • If Innovation is the goal how do you get there? • Simplify--Go ‘inside the box.’
- 22. The real trend in business is
- 23. Is there a disruptive way to solve a problem?
- 25. We purchase wisdom. We use products.
- 26. Failure is the first cousin of success • Study failure as closely as you study success. • Why did you miss the mark— idea, execution, support? • How can you invert those results if you were doing it all over again? • Crystallize the key lessons learned. • Try again.
- 27. Discover Appreciate “The best of what is” Dream Imagine “What could be” Design Determine “What should be” Destiny Create “What will be” Make it. Master it. Make it matter.
- 28. Rivalry among existing competitors Threat of new entrants Bargaining power of buyers Threat of substitute products/services Bargaining power of suppliers Are there important forces that shape your industry’s competition?
- 31. What do your customers Want? Need? Value? Expect?
- 32. Commitment to the vision trumps funding, technology, gold-plated degrees, and culture.
- 33. Can early profitability be a choice?
- 35. Wealth is not gained by perfecting the known, but by seizing the unknown.
- 36. Mobile, social and search have become more meaningful than any website home page. What might be simplified, adapted, magnified?
- 37. Now over 2.8 billion social media profiles worldwide.
- 38. Customers want the product of your product.
- 39. Failure to understand customers, employees, stakeholders Inspire curiosity Question assumptions Lackluster ideas Challenge current perspectives Think differently Aversion to risk taking Create freedom Experiment Innovation Challenges Poor execution Drive discipline Get things done Driving Innovation
- 40. inside
- 41. What am I doing differently tomorrow that will obtain better results than I achieved today?
- 42. “Every product we make will be obsolete in 2 years. The only question is who will be making the new products.” - Bill Gates
- 44. Talk To Me LinkedIn: www.linkedin.com/in/jamesfeldman Twitter: @ShiftHappensNow Hashtag: #shifthappens http://www.facebook.com/shifthappensnow www.shifthappens.com
Editor's Notes
- Because the older model of long product cycles, limited competition and complacent consumers with little information is dying, and a newer, faster competitive model that relies on more information, more readily available, with lower costs of entry and more competitors and substitutes is growing.
- Create a passionate and inter-connected innovation department. Effective innovators had a higher degree of volunteers, selected high achievers for the department and had more functional diversity. Keep the connections between innovation and the rest of the organization strong by having regular check ins during development phases as well as involvement from innovation after the product launches.
- The goal of an Innovation approach is to bring the operating model back into balance and focus on both efficiency and innovation. Simply put: everything that’s necessary for innovation to succeed threatens the existence and sustainability of the long-developed SOP process
- Did you know that while most companies recognize innovation as a critical success factor, 70 – 90% aren’t using IT to help drive that innovation? In fact, organizations are held back from innovation due to increasing complexity in technology. To succeed, they need to focus on the innovation that fuels the creation of new products and services, and to do that, organizations need to simplify their IT environments.
- My focus is how to shift from business as usual to Innovation As Usual. Business as usual stymies innovation by overly focusing the organization on efficient business processes and meeting short term demands, and by commanding the attention of the middle management cohort to the exclusion of creating new things.
- Innovation capabilities remain a part of the lore of many firms, but those references and stories seem misplaced in an era of high efficiency, cost-cutting, and outsourcing.” Ever-increasing focus on efficiency creates an innovation trap: the more efficient BAU becomes, the more the firm seeks to protect and isolate BAU, leading to less and less innovation.
- In other words, corporate culture is more powerful that any individual strategy. If your corporate culture is structured to favor business as usual BAU, innovation will always be difficult. You must change culture to create an innovation business as usual.
- Innovation-stifling siloes—cultural, psychological, financial, or organizational— are more likely to be found in large companies, the report says. But this isn’t a law of physics; it doesn’t have to be that way. Rather, big companies have to relentlessly fight the tendency toward innovation in isolation
- As companies of all sizes and across all industries realize that the co-creation of value and of experiences with customers can be a profound way to boost customer loyalty, they also must recognize that relevant innovation in a customer-free vacuum is impossible. Mid-size and smaller companies ($500 million or less) connect directly with customers in interviews about product design and testing, while companies with revenue above $1 billion or more likely to use social technology and sentiment analysis to uncover customer-focused innovations.
- There are many reasons firms can't sustain innovation. These include everything from a "project" rather than "capability" mindset to fear of failure, lack of resources, and uncertain support from executives. In our meeting today let’s agree to make innovation part of your company's fundamental approach to doing business.
- Inside the box you have constant access to wisdom. Relentless innovation requires a balance between efficiency and innovation., Innovation must be seen as "business as usual," meaning it is built into the framework of how the company operates.
- There’s a tendency in most industries to be Part of a scene. This provides little of the support Needed for professional development. Today, to succeed You need to know a wide array of people. Then you go ‘inside the box’ to do your 3D Thinking.
- what stifles innovation are two barriers Business as usual and middle managers
- Business as usual stymies innovation by overly focusing the organization on efficient business processes and meeting short term demands, and by commanding the attention of the middle management cohort to the exclusion of creating new things.
- We can work hard towards our goals but there What is BAU? It's all the norms inside your company that govern how your company operates. Are all kinds of changes and circumstances we can’t control that exert their own force and shift us sideways. There’s a ton of room for growth in that unplanned space. It is not enough to have a good idea or to find the best ideas lurking within a company - a company must be able to overcome BAU.
- The key management issue is understood to be overly focusing on cost-cutting, efficiency, outsourcing and off-shoring jobs to foreign countries.
- It’s very easy to think that you are the expert on your own product. But in many ways, that a myth. The true experts are your customers.
- The challenge, of course, is to overcome the misconceptions surrounding innovation with a goal of making innovation a cultural phenomenon which can be enhanced or inhibited by leaders, culture, and strategy. There is a perception that innovation is a threat to the status quo, to the existing business models and strategies that typically focus on scaling up, getting a sizeable market share, and generating profits
- Technology is transforming the Global Economy with more intelligent devices. By 2013 over 1/3 of the world’s workforce will be mobile 62% of all business say social business is significant to success By 2014 ID will outnumber traditional computing devices 2 to 1 By 2020 The world will generate 50 times more data than today
- Innovation is often the result of random conversations COLLISIONS or DISRUPTIONS where ideas outside your industry are applied to your own. My role is to accelerate those collisions among industries.
- 1. Is there an important problem that customers can't address because existing solutions are expensive or inconvenient? Is there a high-potential job to be done? 2. Is there a disruptive way to solve the problem in a simpler, more convenient or more affordable way? 3. Is there a plausible hypothesis about an economically attractive, scalable business model? Answering this question doesn't require a detailed financial model, but it does require a sensible story that's at least conceivable - an a plan to turn that hypothesis into reality. 4. Does the team have the right stuff to course-correct according to in-market learning? Remember, the odds are high that the first idea isn't quite right. A team that is dogmatic and keeps trying to prove it is right is the wrong team for many innovation efforts. 5. Can early profitability be a choice? Ultimate success requires a profitable model. The sooner there is a line of sight to profits, the better.
- 1. Is there an important problem that customers can't address because existing solutions are expensive or inconvenient? Is there a high-potential job to be done? 2. Is there a disruptive way to solve the problem in a simpler, more convenient or more affordable way? 3. Is there a plausible hypothesis about an economically attractive, scalable business model? Answering this question doesn't require a detailed financial model, but it does require a sensible story that's at least conceivable - an a plan to turn that hypothesis into reality. 4. Does the team have the right stuff to course-correct according to in-market learning? Remember, the odds are high that the first idea isn't quite right. A team that is dogmatic and keeps trying to prove it is right is the wrong team for many innovation efforts. 5. Can early profitability be a choice? Ultimate success requires a profitable model. The sooner there is a line of sight to profits, the better.
- Successful innovators demonstrate strategic alignment, cultures that encourage innovation, people who understand innovation methods and tools, and clear communication. The gap between executive expectations and new innovative products and services indicates that some or all of these capabilities aren’t met in most organizations.
- 1. Is there an important problem that customers can't address because existing solutions are expensive or inconvenient? Is there a high-potential job to be done? 2. Is there a disruptive way to solve the problem in a simpler, more convenient or more affordable way? 3. Is there a plausible hypothesis about an economically attractive, scalable business model? Answering this question doesn't require a detailed financial model, but it does require a sensible story that's at least conceivable - an a plan to turn that hypothesis into reality. 4. Does the team have the right stuff to course-correct according to in-market learning? Remember, the odds are high that the first idea isn't quite right. A team that is dogmatic and keeps trying to prove it is right is the wrong team for many innovation efforts. 5. Can early profitability be a choice? Ultimate success requires a profitable model. The sooner there is a line of sight to profits, the better.
- Commitment to the vision trumps funding, technology, gold-plated degrees, and press. Everything else can be taught.
- 1. Is there an important problem that customers can't address because existing solutions are expensive or inconvenient? Is there a high-potential job to be done? 2. Is there a disruptive way to solve the problem in a simpler, more convenient or more affordable way? 3. Is there a plausible hypothesis about an economically attractive, scalable business model? Answering this question doesn't require a detailed financial model, but it does require a sensible story that's at least conceivable - an a plan to turn that hypothesis into reality. 4. Does the team have the right stuff to course-correct according to in-market learning? Remember, the odds are high that the first idea isn't quite right. A team that is dogmatic and keeps trying to prove it is right is the wrong team for many innovation efforts. 5. Can early profitability be a choice? Ultimate success requires a profitable model. The sooner there is a line of sight to profits, the better.
- Today I am here to encourage you to be imaginative, to move outside of your industry And Provide Imaginative Broader Information to everyone here today.
- Mobile, Social and search have become more meaningful that any website home page. Today we are beginning to have “affairs” with other exotic forms of information such as social networks and video chatting. On some level, many of you, like myself, may feel like we were cheating by abandoning our past, never getting closure for a divorce that left us with mixed loyalties haunting us on both a conscious and subconscious level.
- Personal Networks – Whether its LinkedIn, Facebook, Twitter, Google+ or Pinterest, people are becoming increasingly reliant on their personal network for information. There are now over 2.8 billion social media profiles, representing around half of all Internet users worldwide. LinkedIn now has over 178million members. Facebook has over 1.1 billion members and accounts for 20% of all page views on the Internet. Google+ currently has over 90 million users.
- While it might seem painfully obvious that social media offer a great means of customer engagement, executives reported that “a lack of understanding” of social media’s benefits “remained a barrier to creating an innovation culture. Iif social media can help foster the types of deeper customer engagements that often trigger innovation, then executives must be responsible for dropping the Luddite act and becoming fluent with these game-changing tools
- As the global marketplace becomes increasingly competitive and customer demand for new and frequently updated products and services continues to grow, the need for innovation has never been clearer. There is more competition than ever before. We have to stay One step ahead by doing the opposite of what everyone else is doing. "relentless innovators," making innovation not only a priority, but an integral part of your business models, or risk being overtaken and surpassed by your competitors.