innovation(3/0)
Foster innovation
During the Industrial Revolution, business execution was the defining quality of successful large businesses. Frederick Taylor’s scientific methods summarize the time’s emphasis on efficiency and output as the key ingredients for a growing business to maintain its competitive edge. When efficient mass-production had become commonplace, a resurgence of efficiency with an emphasis on quality control was sparked in Japan under the influence of W. Edwards Deming. In our current Information Age, while execution and quality remain non-negotiables, the defining characteristic of successful large businesses is innovation.…
Innovate by model combination
The number of business models are limitless, and can be implemented as brand new offerings, existing offerings with limited innovations, or combinations of both. There is no end to the combinations of business models that could be created. One may refocus an existing model to differentiate one’s self in a new market like Nintendo accomplished with it’s low-cost, widely accessible Wii console (Osterwalder, pg. 83). Another may the ‘unbundle’ three common models in the same company to clarify each bundles' value proposition (Osterwalder, pg.…
Reward managerial innovation
Opportunities to simplify communication and processes are most prevalent at the base of a company where the product is made and client interactions occur. The people best equipped to innovate with customers are also at this level, since they are the most familiar with the current processes and can elicit direct feedback from customers about changes they have made or intend to make. Nevertheless, an inverse relationship often happens in a company: the top leaders are the most innovative and the lowest managers are the least.…