Nokia let the smartphone get away; Blockbuster never saw Netflix coming to steal its lunch. These are just two of the most frequently cited cases of incumbent businesses that didn’t pay enough attention to the disruptive potential of innovation by a new entrant or competitor. Your company needs to be aware of the imminent reality of being disrupted if it doesn’t stay ahead of the disruption curve. How do you stay ahead? By starting innovation as early as possible. You’ve heard it many times: fail early, fail often. Or, as Lekshmy Sasidharan wrote in a recent Cutter Consortium Executive Report: Begin adopting the disruptive and emerging technologies most relevant to your current and future business Read more
Posts Tagged 'Innovation'
Some leaders mistakenly believe that they can opt out of Digital Transformation. They view Digital Transformation as adopting new technologies, and implementing organizational changes to enable the new technologies to provide the promised business benefits. Unfortunately, this is based on the erroneous assumption that organizations can choose whether they are impacted by new Digital Era technologies. The fact is, new Digital Era technologies are driving new ways of conducting business across industries and geographies. No one is untouched. The overall environment is continually changing and everyone is affected. Digital Era technologies are changing the relationships between employers and employees, between vendors and customers, and between service providers and service consumers. As these relationships change, expectations Read more
Many companies boast about having a culture of innovation, but, as Cutter Consortium Fellow Steve Andriole writes, they in fact don’t. Instead of breaking free of their cultural constraints to truly innovate, they continue innovate in the past; that is, toward business models, processes, and technologies that are anchored solidly in the 20th century. To break through and become truly innovative Andriole advises organizations study what the best innovators have done and try to repeat their successes by following the formulas that have worked for the most successful innovators. So what do the best companies do? How do they make the list of most innovative companies? In The Heart of Innovation: Best Practices from the Read more
Design thinking is gaining popularity among managers as a means to spurring creativity in innovation and problem solving. With design thinking, multidisciplinary teams work visually to see through the complexity of their project. Several Cutter Consortium authors have been exploring design thinking and how investing a meaningful amount of time and resources to thinking actively about the future, with transdisciplinary, collaborative teams based can help run an innovative organization. Transdisciplinary Collaboration According to Cutter Senior Consultant Edgar Barroso, in order to create new products and services, build startups, solve unexpected problems, and design projects, organizations need to think about the future in a transdisciplinary manner and come up with ideas that might be implemented three Read more
It could be argued that digital technologies present more profound and disruptive opportunities and threats to established business models than anything that’s come before. In Digital Disruption of Business Models: The Mass Mitec Story, David Wortley charts the digital transformation of Mass Mitec, a UK-based small-to-medium enterprise, via a disruptive digital technology in the 1990s and uses the story to illustrate the potential and dangers of digital disruption. Even though Mass Mitec had a very good understanding of the evolution of the technologies upon which its business models were based, and the organization had built a business development plan that reflected that evolution, it seriously failed to properly secure or exploit the business and contractual arrangements Read more
State Street Corporation’s Advanced Technology Research Centres in Europe, the Middle East, and Africa (EMEA) and Asia Pacific (APAC), University College Cork (UCC) and Zhejiang University (ZJU), are proving that higher education and business organizations can successfully conduct R&D that benefits both academia and business. The joint research efforts have informed and benefited multiple stakeholders in the financial services ecosystem, including international standards bodies, customers, other financial services companies, and academia on how to efficiently integrate various fintech technologies, platforms, and systems together. Cutter Business Technology Journal recently published an issue dedicated to some of this research. The four articles included focus on semantic ontologies, next-generation robo-advisors, tools supporting internationalization and localization of legacy systems, and Read more
There’s hardly an organization that doesn’t strive to be innovative. But even well-managed companies struggle with it. Cutter Senior Consultant Borys Stokalski and Bogumil Kaminski report there are typically two points of failure for establishing a working innovation engine: Point of Failure 1: Lack of Clear Innovation Governance According to Stokalski and Kaminski, while companies think hiring creative people will automatically result in innovation, that is seldom the case. Instead (in addition?), you need to ask questions about the type of innovation that is required by your business strategy, that is, you need to engage in innovation governance. Innovation governance is critical to organizing for efficient innovation. How do you do it? Consider questions like, Read more