Those who study innovation often can be overwhelmed by the variety and speed at which clever new products and services come into the market. But it is helpful to take a step back from these myriad innovations to reflect on the evolution not only of the technologies themselves but also the processes used to create, develop and manage them. While the latest technologies of the recent past (think of Facebook, Twitter, Android, iPod/iTunes/iPhone/iPad, just to name a few) get most of our attention, it is often the processes that led to the creation of these technologies that may prove more enduring. These also are being innovated.
Second, business model innovation will become as important as technological innovation. The business model is the predominant way a business creates value for its customers and captures some piece of that value for itself. It is generally accepted that a better business model can often beat a better technology. Yet companies that spend many millions of dollars on R&D seldom invest much money or time in exploring alternative business models to commercialize those discoveries. Not all business models are created equal, and we will learn how to design and improve business models in the coming decade.
Reprint from Ivey Business Journal
[© Reprinted and used by permission of the Ivey Business School]
Excellent article on INNOVATION MANAGEMENT. Innovation management is the discipline of managing processes in innovation. It can be used to develop both product and organizational innovation.
on Mar 26, 2013I am interested in understanding the future prospects of open innovation in the growth of the IT economy. https://qtrial.qualtrics.com/SE/?SID=SV_cMweut8ITxvY1Kc
on Aug 9, 2011With an increase in small and medium enterprises, the whole understanding of innovation has changed. Since much of the share and growing SME sector, it would not be wrong to have the "it" perspective. It is all about fetching substantial results in constrained resources. The meaning associated with innovation is the same, be it supply chain, market distribution or anything else. Surely the quest for it is raising entrepreneurs!
on Aug 1, 2011