INNOVATION PRACTICE. ENGAGING THE ORGANIZATION IN TOP-LINE REVENUE GROWTH BIOMEDICAL ENGINEERING AND ENTREPRENEURSHIP SEPTEMBER 25, 2013. What we know. CEOs have recognized an innovation imperative If you want to grow your business, you need to innovate.
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ENGAGING THE ORGANIZATION IN
TOP-LINE REVENUE GROWTH
BIOMEDICAL ENGINEERING AND ENTREPRENEURSHIP
SEPTEMBER 25, 2013
CEOs have recognized an innovation imperativeIf you want to grow your business, you need to innovate
“The only future source of profitthe only reason to invest in companies in the futureis the ability to innovate and their ability to differentiate.”
- Jeffery Immelt, GE
Relying on sporadic idea generation,
thinking employees will figure it out on their own, or
making it the sole responsibility of a separate small team…
…isn’t the way to outperform your competition
Instead, you need to effectively infuse and harness an innovation-based competency throughout your enterprise
The return on innovationROI2varies among companies within their industries...
Best performers in the consumer healthcare industry
Source: Booz Allen Hamilton
A study of 108 new product launches by the authors of Blue Ocean Strategy revealed the positive revenue and profit impact that came from offerings that could be characterized as truly “innovative.”
Innovations that created a new “market space”
Innovations that were not all that innovative
Expanding your innovation potential
...is central to bringing the innovation imperative to life in your organization
What we’ve learned at Fisher about Value Creation recognizes what happens before and after generating an idea are also critical to success in innovation. For that reason, our approach to Innovation Strategy Training begins before and extends beyond our best practices in Ideation Training, captured in a framework we call SPARK.
Begin with choiceful strategies and a longer view and evaluate options
against a bigger picture
and revenue models
Beginning with focus and
aligning with corporate strategy
Killing ideas to get to
Uncovering customer wants
and needs and their solutions
Start with strategy Instead of a ‘cold start’, teams ground their work in strategic relevance: determining areas of strategic importance or disruption to the future of the company, customer, or brand.
Problems worth solving Client’s have business objectives; innovation begins with uncovering and identifying customers’ unmet needs, future dreams and problems within selected strategies. This results in problems worth solving and opportunities for incremental and radical innovation.
Answers for the market Teams use brainstorming techniques as well as participatory design methods and tools to generate early ideas and initial concepts based on opportunities and problem statements.
Challenge ideators to develop ideas into concepts. Ideas that come out of brainstorming usually require further development to become concrete. Often everyone is excited about an idea but can’t define what “IT” might look like or how it might make money. Developing a minimally viable prototype makes ideas more tangible and begins to tackle the design and engineering aspects.
Killing ideas to get to killer ideasConsider what criteria to use to evaluate the value of ideas to the company including financial and strategic elements.
Build better ideas in an iterative process and consider a portfolio across 3 horizons of growth.
With a connected POS
Doctors and patients
Line extensions New ideas/markets
easier to understand imagination
Short-term revenue Initially, lower profit
Low differentiation Breakthrough
Do customers always want more?
Computer and iPad
(sorry, Verizon ads)
Does more= features or value?
Category driver of breadth of titles.
See Risk See Potential
Ask Why? Ask Why not?
Already is Could be
Too small/niche Open space
Best customers New customers
Maintain position New order
Trends are a way to look at what’s coming, and actively speculate on the opportunity that could be available.
TRENDS in an industry
Near-term opportunities, 12-24 months
Illustrate with examples for context
Go deep: implications, opportunities
TRENDS that challenge an industry
No one has combined peanut butter
and chocolate yet
With an exercise called TRENDstorming
SOLO: LIVING ALONE
Single households are more prevalent. Single parents, whether single from the start or from divorce, are managing work and parenting alone, or students move between two households in shared custody situations.
SOLO: LIVING ALONE:
Single households are more prevalent
Once you buy the machine, you’re hooked into the k cups. At $1/serving, that’s about $87 a pound
Fractional ownership or usage of services/things you don’t need all the time.
Seeking out and taking health action outside of traditional pharmaceutical solutions and Doctor advice.
Thanks to the continued explosion of touchscreensmartphones, tablets, and the “cloud’, the screen culture will be not only more pervasive but more personal, more immersive and more interactive than ever.
The practice of obtaining needed services, ideas, or content by soliciting contributions from a large group of people, and especially from an online community, rather than from traditional employees or suppliers.
Will coins and notes completely disappear in 2013. No. But a cashless feature is (finally) upon us, as major players such as MasterCard and Google work to build a whole new eco-system of payments, rewards and offers around new mobile technologies.
Consumers continue to hunt for deals and discounts, but they will do so with relish. Deals are now about more than just saving money; it’s about the thrill, the pursuit, the control, and the perceived smartness, and thus a source of status too.
Turning tasks over to computers and using systems, without assistance from a person, so that continuous attention is not required, or to improve performance of humans.
the manipulation of matter on an atomic and molecular scale, often with a technological goal of fabricating macroscale products.
the measurement of personal performance metrics, against goals or benchmarking, with the ability to share with others. Consumers take advantage of new technologies and apps to discreetly and continuously track, manage and be alerted to any changes in their personal health.
It’s never been easier for savvy consumers to
resell or trade in past purchases, and unlock the
value in their current possessions. Trading in is the