Innovation

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Managing Tensions Between New and Existing Business Models

  • Research Highlight
  • Read Time: 7 min 

Exploring new business models may be a good way to stay competitive, but doing so can create tensions internally, in areas such as organizational structure and competition for resources. Companies exploring business model innovation may not recognize the inevitability of these tensions and thus be poorly prepared to manage them. But understanding these issues may lessen some of the organizational challenges associated with business model innovation.

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Navigating the Patent Minefield Through Consortia

  • Research Highlight
  • Read Time: 10 min 

Bringing high-tech inventions built on patented technologies to market can be complicated and risky. The threat of added costs from patent infringement lawsuits has led technology companies to pool their talents — and patents — in technology consortia. Joining a tech consortium requires managers to weigh intellectual property value against the value of future collaborations and assess the consortium’s pros and cons for innovation, competition, and market creation.

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Foundations of Analytics Strategy

Competitive advantage from analytics is declining, according to the 2016 annual report about data and analytics by MIT Sloan Management Review. In this on-demand webinar, the authors of the report — Sam Ransbotham, an associate professor in information systems at Boston College and guest editor at MIT SMR; David Kiron, the executive editor of MIT SMR’s Big Ideas Initiative; and Pamela Kirk Prentice, the chief research officer at SAS Institute Inc. — discuss how analytically-sophisticated companies are managing to cultivate both innovation and competitive advantage with analytics.

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Leveraging Smart Data and Internet of Things to Realize Mass Customization

  • Research Highlight
  • Read Time: 1 min 

In an on-demand webinar, Wolfgang Gruel and Frank Piller detail new experiments in personal transportation. Gruel and Piller say that transportation customers are on the cusp of having seamless travel experiences that synchronize all transit options: schedules, traffic conditions, and personal preferences. But making this vision a reality requires knitting together previously independent systems — in part through smart data and the Internet of Things.

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Customizing Your Social Strategy to the Platform

  • Opinion & Analysis
  • Read Time: 2 min 

Companies that want to draw innovation ideas from social media need customized approaches. An approach that works on Facebook, for example, is different from one that works on LinkedIn. Companies also should emphasize the “social” by helping users create or enhance relationships. Companies that do this often benefit through people’s subsequent engagement with the company’s online innovation activities.

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Tech Savvy: What AlphaGo Means to the Future of Management

This week at the intersection of management and technology: Is AlphaGo the supersized model of your future machine management assistant? What to consider when you’re in the market to enhance your company’s digital capabilities. And if you are looking for a way to enhance the value of transparency, try videotaping – and maybe even broadcasting – your executive meetings.

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Where Digitization Is Failing to Deliver

It has become a truism that the pace of work is faster than ever, as digital technologies speed up communication and operational processes in a story of unending progress. But increased speed has not translated into increased rates of productivity growth. Since 2004, growth rates have slowed not just in the US but across the world. Chad Syverson, J. Baum Harris Professor of Economics at the University of Chicago’s Booth School of Business, explains what the implications are, and why the benefits of new technologies are not straightforward.

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Getting Product Development Right

The Spring 2016 issue of MIT Sloan Management features a Special Report on new product development. Articles include “Why Great New Products Fail,” “Finding the Right Role for Social Media in Innovation,” “Developing New Products in Emerging Markets,” “Why Learning is Central to Sustained Innovation,” and a look at the opportunities presented by the Internet of Things, in “Now That Your Products Can Talk, What Will They Tell You?”

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Why Great New Products Fail

Many innovative new products don’t succeed. One common reason: Companies don’t focus on understanding how customers make purchase decisions. But paying attention to how customers search for information about what to buy, and how they make guesses about details they can’t easily find, helps predict whether customers will embrace certain product innovations. Companies need to focus on innovations that customers will easily recognize or find ways to alert them to innovations they may not detect on their own.

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Finding the Right Role for Social Media in Innovation

Social media provides a game-changing opportunity to support new product development. But taking advantage of the opportunity requires more than just a Facebook presence with a loyal base of “friends.” To use social media for innovation, organizations need clear strategies and objectives. They also should look beyond social media used by the general public to lesser-recognized platforms, such as special user forums or expert blogs, for especially valuable user-generated feedback.

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Now That Your Products Can Talk, What Will They Tell You?

Products connected to the Internet of Things are providing unprecedented levels of information that can be used to improve both products and customer experience. For instance, a company does not have to wait until a customer calls with a complaint to know that a product connected to the Internet of Things is not working correctly. Instead, the product could already communicate the information, giving the company the ability to provide proactive service. Result: more loyal customers.

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Developing New Products in Emerging Markets

How can multinational companies turn ideas from their emerging-market subsidiaries into global products? A successful innovation developed by Cisco’s R&D unit in India offers practical insights into how to make that process work effectively. Key enablers in the Cisco case included well-developed R&D capabilities at a company center in Bangalore, a large market opportunity, and the support of executive champions. The process also demanded clarity about what product to develop, and how — including working on a shoestring budget.

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Why Learning Is Central to Sustained Innovation

Many managers think they can create better products just by improving the development process or adding new tools. But it’s skilled people, not processes, that create great products. So-called “lean” organizations invest heavily and continuously in the skills of product developers, and rather than developing single products, they think in terms of streams of products. By making people the backbone of the product development system, companies can achieve a triple win: increased innovation, faster time to market, and lower costs.

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Learning the Art of Business Improvisation

The ability to innovate and rapidly respond to changes in the business environment is critical to competitiveness and success. Improvisation and experimentation combined with focus and flexibility are needed to identify new business opportunities and effectively execute projects. But while improvisation may seem to be spontaneous, managers can foster it through the deliberate development of certain processes and capabilities in an organization’s culture, team structure, and management practices.

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