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INNOVATIONWhat is
A broad American prospective:
“Implementation new ideas that create value”-Innovation Network, U.S.A.
“The intersection of invention and insight
leading to the creation of social and economic
value”
-U.S. national Innovation Initiative
The development of new ideas and their economic
application as new products or processes.”
- U.K. Dept. Trade and Industry
The British prospective:
“INNOVATION is the profitable implementation of new ideas”.
If we can implement our idea successfully only than can the idea be called anINNOVATION.
An innovation can increase profits:• On the values side (customers value an
innovation enough to pay more for it)• On the cost side ( the company produces
offering in a more efficient way).
Either way, value is created for the firm and the consumer both.
INNOVATIONImportant?
Why is
Innovation reduces waste and environmental damage.
1
It creates growth, increases productivity, and economic wealth (avoids stagnation)
2
Innovation provides better goods and services at a cheaper price- Higher standard of living.
3
Innovation can occur anywhere in the firm’s business by anyone.
We all have great potential.
INNOVATIONThe New
Patterns Of How to use data to drive growth
The search
Ideas Business ewN
Business ewNModels
HIT MISS
Corporations
Pressures
Grow THEIR
Business
Reasons
Managers who are skilled at executing clearly defined
strategies are ill equipped for thinking
Out-of-the-box
When good ideas emerge, they are often doomed because the company is organized to support one way of doing business and doesn’t have
processes to support a new one.
BUT
If you tackle business innovation systematically , you improve the odds of success.
PATTERNS1 2 3 4 5
Augmenting products to generate dataDigitizing AssetsCombining data within and across industriesTrading dataCodifying a distinctive service capability
Augmenting products to generate dataDigitizing AssetsCombining data within and across industriesTrading dataCodifying a distinctive service capability
Augmenting products to generate dataDigitizing AssetsCombining data within and across industriesTrading dataCodifying a distinctive service capability
Augmenting products to generate dataDigitizing AssetsCombining data within and across industriesTrading dataCodifying a distinctive service capability
Augmenting products to generate dataDigitizing AssetsCombining data within and across industriesTrading dataCodifying a distinctive service capability
PATTERN 1
ugmenting products to generate data
A
MAKING PRODUCT INTELLIGENT
Using data that physical objects generate (or could generate)
to improve a product or service or create new BUSINESS VALUE .
DESIGN
Operation
Maintenance
Enhance how an activity is carried out
MODELBUSINESS
NEW
EX- Insurance company
( Decide the cost of insurance)
(Inventory management).
(Identify airplane engine problems)
• Optimizing maintenance,
• Repair schedules,• Improve engine design.
PATTERN 2
Digitizing Assets
Digitizing Physical Assets
Making the products available ONLINE.
Books
Videos
Entertainment Industry
Spawning New Models
iTunes
E-readers
MODELBUSINESS
NEW
Online Marketing
Online shopping portals
.com
Customer can access anything by sitting at home
Cost reduction for marketers
Ex- International Museum Of Women
Management of digitization
Many industries need a long-term, secure way to store their digital assets.
PATTERN 3
Combining Data within and
across industries.
Sharing and coordination of Information across industries or sectors.
MODELBUSINESS
NEW
Ex- City Of Bolzano
Bolzano
• Provide Help To Retired People• IBM – Network Of Sensors• Monitor – Temperature Water Usage Normal Behavior Patterns• If Abnormalities- Call to a relative or friend.
SCENETHE
BEHIND
Common IT system links all the relevant agencies-
• Social services,• Health,• Property maintenance.
• Lowered assistance and care cost by 30%,
• Reduce need to build and run special accommodations for them.
PATTERN 4
Trading Data
A company whose information is valuable to
another company, Sells it.
EX- A cell phone service company sells its information to a navigation-device company.
• Mobile networks • Identify• Subscribers-
Driving,Where they are,How fast they are moving.
Improvement Of Traffic Management
MODELBUSINESS
NEW
PATTERN 5
Codifying a distinctive service capability
IT systems help to Automate Business Processes
Practical Approach
Perfect
BUT
Competitive Advantage
Sell them to other parties
Profitable Business
Cloud Computing
• Easily Distribute• Software• Offer customers “pay as you go” pricing.
Global Expense Reporting Solutions
Developed to automate expense reporting process.
Cost Reduction
Realized that many of its customers would be interested in achieving comparable savings
SERVICEintoSYSTEM
MODELBUSINESS
NEW
Combining the Patterns
Yardarm safety first
Success Factors
Strong technology presence
Inputs from external parties
Motivated Leadership
Emotional Commitment
Thank you….!!Yogendra Singh
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