Innovation Alongside with New Business Ideas and New Business Models
A well-classified observation: Leaders who are really high skilled at executing neatly defined strategies in any given innovation - new business ideas, and new business models – are ill equipped because of incapacity to think-out-of-the-box. And moreover, when excellent ideas come around, they seem to be beating around the bush oftentimes, maybe because of the political culture, or because the company is organized to support a different way of doing business which can not support the new process and metrics for innovation.
In this kind of situation, manager can struggle out to resolve business innovation systematically instead of only having the hope that people would become productive and creative during “innovation bottleneck”. At this juncture, manager can introduce the traditional attested ways that have already been in existence:
Competency-based on longtime experience. That asks, how can we really raise build upon the capabilities and assets, that already differentiate us to enter new business and markets?
Customer focused. Use the idea of close study of customers’ behaviour.
Observing the changes in the business environment. By following the “megatrends”. What are the top megatrends transforming businesses in the nearest future?
Pop up and Explosion of digital transformation and tools. How can we bring value to customers using data and analytic tools we own or could have access to?
Now, you'll come across the patterns and set of questions that you will need to ask yourselves and provide the answers to have successful innovative undertakings!
Working together with your clients or your partners to create new business ideas and new business models by asking these questions:
-What data does the company possess at this moment?
-What data are we able to create from our products or operations?
-What data do we have access to that we are not capturing?
-What useful data can we get from other company?
-What data do other companies have that we can use to establish a joint initiative?
When you might have got through the answers to this first step, then, the crew will have to come back to each pattern for exploration, should that be the case, or modification or, if necessary the combination of the patterns if it will do well with the business model of the company. The questions include:
INCREASING PRODUCTS
- Which of the data has something to do with our products?
- Which data is essential for us to keep now and which is possible for us to be keeping?
- What information and knowledge could we develop from the data?
- How could the information and knowledge provide new value for us, our customers, our suppliers, our competitors or players in another industry?
DIGITIZING ASSETS
- Which of our assets are totally digital and essential?
- How can we use their digital capabilities to improve and increase their value?
- Is there any possibility to turn our physical assets to digital assets?
COMBINING ASSETS
- Leveraging our data with the data held by others to create new value?
- Is it possible for us to act as the catalyst for value creation by integrating data held by other players?
- Would there be a win-win benefit from this integration and what business model would make it so advantageous to us and our collaborators?
TRADING DATA
- How can our data be gauged up to meet up the higher-value information?
- Is there any internal value in this data to us, to our present customers, to potential new customers and to another industry?
ENCODING AND DECODING CAPABILITIES
- Can others value the distinctive capability we possess? Or do other possess the distinctive capability we would value?
- Is it possible for us to deliver capability as a digital service?
- Who in our industry or other industries find this interesting?
When you might have finished with the second set of questions, and process looks the way you would like it to be: You could do the last check up and investigation in order to flesh out the ideas in more detail. After this, you create a scenario which will enable you to craft out new business value with the optimism to hold true to realize the mission before the team meets up again to present its work to the board.
It's been a while since information technology has been thriving out of it traditional role of automating and reducing the cost of operational and and managerial processes and moreover, nowadays it's providing essential tools in the quest for new business opportunities, innovative business model and platforms.
From the successful innovatives we have witnessed, we learned that there were four important things in common that led to their innovative undertakings. These include:
1. Availability of Solid Technology - The CIO responsible for IT must have the total control of this Project and must have the ability to add more responsibilities to the “I” in Information Technology – “I” Information + “I” Ingenuity + “I” Initiative + “I” Inspiration, and + “T” Technology = IT. With mindset, The CIO will have ability to focuse more on business value creation rather than business efficiency.
2. Third-Party Entries - Most innovations are always successful with the entries of outside perspectives- be it, from suppliers, customers, or IT specialists. It’s in most cases the best way to put products into the market.
3. Emerging Skill and Motivated Leadership - The Young talented professionals are most suitable because of their desire to create new things.
4. Emotional Commitment – In all successful initiaves, people involved always take it as a mission.
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