As business processes in a developed economy with the products are outsourced or transferred offshore, or both, with companies on-shore constant pressure to proceed with the next wave of innovation. Failure to innovate equals failure to differentiate the same mistake, earnings and revenues needed to attract investment gain. And 'behooves all of us use our brains to get in front of this Darwinian process.
To begin, we need to appreciate how wide theInnovation is really. Sure, it contains the kind everyone knows: the disruptive innovation, tradition and legend of the material, the technology of Silicon Valley. But we should not be blind to the existence of more secular forms which are effective as demonstrated by the following taxonomy:
Disruptive innovation. Gets a high degree of attention, especially in the press, because markets appear from nowhere, what a massive new sources of wealth. It tends to have its roots intechnological discontinuities, such as that which gave rise to the first generation of Motorola phones, or rapidly spreading mode as the game Pokemon card collection.
Application innovation. Takes existing technologies into new markets, new purposes, such as when applied to its fault-tolerant Tandem computers, which provide ATM banking, and if the OnStar global positioning systems for the automotive market, roadside assistance.
ProductInnovation. Gets established in established markets offers the next level, as with a new Intel processor or a new Toyota car. The goal is to increase performance (Titleist Pro V1 golf balls), cost reduction (HP ink jet printer), improvement in usability (PDAs), or any other product improvements.
Innovation process. Makes processes for established offerings in established markets, more effective or efficient. Some examples are the streamlining Dell PC power supplyChain management systems and order, the migration to online trading Charles Schwab, and refinement of Wal-Mart's vendor managed inventory processes.
Experiential innovation. Makes surface modifications that improve the customer experience of products or processes established. This could take the form of delighters (You've Got Mail! "), Satisfaction (Top Line Management at Disneyland), or reinsurers (FedEx package tracking).
The marketing innovation. Improved customer contactProcesses, are the marketing communications (the use of the Web and viral marketing trailer for The Lord of the Rings trilogy of movies), or operations of consumption (and Amazon e-commerce mechanisms eBay Auctions).
Business model innovation. ReFrames a value proposition for the customer set up a company or role in the supply chain, or both. Examples include moving chestnuts as Gillette razors, razor blades around, go to IBM on-demand computing, and AppleExpansion in the retail consumer.
Structural innovation. Use break to restructure their relationships with industry. Innovators such as Fidelity and Citigroup, offer, for example, deregulation of financial services to a wider range of products and services for the consumer uses under one roof. Almost overnight, the company challenges the old guard rivals banks and insurance companies.
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