The aim is to find out how current strengths can be exploited in terms of skills and resources. New markets, applications or services are identified which can be served or provided with the current possibilities. For example, a producer of parquet flooring could ask himself which products could still be manufactured with his own technologies? With this approach, a company finally finds new markets and fields of activity.
Last but not least, digitisation is currently the topic that has the highest potential and triggers many new innovations. The numerous new technologies around the topics Internet of Things, Virtual Reality, Augmented Reality, Big Data and many more offer many opportunities to radically renew the business model. Many start-ups, but also established companies have already shown how digitization can generate new customer experiences, revolutionize processes and transform entire markets with disruptive innovations.
In order to exploit the potential of digitization, it requires know-how about new technologies and a creative power to innovate business models. In addition, there are already numerous experts and methods that can generate many ideas and potential for innovations in a short period of time.
For example, hackathons are currently a very popular way to search for digitization innovations. As the presentation of the innovation triggers shows, there are many sources, ways and possibilities to find opportunities for innovation. They are infinitely available and thus there are also many opportunities to successfully differentiate from the competition and to build up further pillars for a secure future.
To achieve this, companies must focus on a well thought-out design of the front end of the innovation process. The declared goal must be that all potentials and thus sources of innovation are continuously, systematically and methodically screened in order to gain a large lead with new and better solutions. Born in Ried im Innkreis. As former Head of Innovation, he was responsible for the entire project management and specializes in the areas of fuzzy front end and business model innovation.
We would be pleased to advise you on a possible cooperation to make your innovation management future-proof. Date: Apr Posted by: Franz Emprechtinger. Category: Innovation development. As part of the front end of the innovation process , the following are among the most important triggers of innovation client needs market environment trends and future projections new technologies strengths and competencies digitization Customers Customers are the most important stakeholders in innovation management, because ultimately innovations are developed to meet their requirements.
The aim of identifying innovation potential is to identify needs that are very important from the customer's point of view, currently not or only underfulfilled, or which will be very important in the future. Market setting However, it is not only the customers themselves who provide the potential for innovations, but also the opportunities and triggers that can be found in the entire market.
The following innovation tasks can be addressed: Which products meet the same customer needs and could be included in the portfolio? Are there upstream or downstream areas or adjacent areas that could also be operated? For example, a construction company could also become the operator of a building.
Or a company can integrate supplier tasks and thus extend its value chain. Trends and future projections Trends and scenarios in the future are, of course, the most important drivers and triggers of innovation. In short: is it possible? Granted, feasibility can often be in the eye of the beholder.
But, objectively, this is where an idea is challenged. If there are legitimate questions or concerns about a concept's ability to come to fruition, this is where they will arise. In later stages like the upcoming Proof of Concept stage , feasibility will meet physical tests and final answers can be had on whether or not an idea can come to be. In this stage, the feasibility test is limited to glaring questions. Ask 'why won't this work?
While 'feasibility' deals primarily with the literal question 'can this be? While innovation can have transformative effects on people's lives think smartphones and the vast increase in information availability , Apple and Samsung are not non-profit organizations.
Revenue matters and concepts have to be screened for market viability. This is where questions about product demand, marketing, and financial outlook can begin to be asked. Screening is important in making sure the right questions are asked up front. April 21, Categories :. Rivier Online. Program :. MBA in Management Online. Cultivating a Robust Organization: 5 Stages of the Innovation Process Most business leaders recognize the value of innovation.
Idea Generation and Mobilization New ideas are created during idea generation. Advocacy and Screening Not all ideas are worth implementing. Experimentation The experimentation stage tests an idea, such as with a prototype or pilot test.
Commercialization Commercialization aims to create market value for an idea by focusing on its potential impact. Innovation and Business Innovation poses challenges.
Managers need to pay constant attention to operational details of innovation projects. Managers should keep an eye on how their projects are doing, and, to ease the burden of this task, they can establish a learning-focused environment that encourages employees to explore and generate new ideas.
Managers need to be clear about how ideas are selected and evaluated. Clear-cut protocols are a feature of robust organizations, and these protocols help managers keep their focus on the processes of robust innovation. Managers must quickly respond to external constituents and provide their opinions for experimentation.
The right questions can help guide this process to make it effective and relevant. Managers need to pay attention to customer desires and perceptions. Creative use of technology, such as data mining and pervasive computing infrastructure, is important. Back to Blog. Site Navigation. Financial Aid. Student Life. After Rivier. Search Submit. Secondary Navigation. Info Sessions.
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