Innovation

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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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What AlphaGo Means to the Future of Management

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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How Crowdfunding Influences Innovation

Crowdfunding is changing how entrepreneurs bring new products to market. It has allowed thousands of innovating entrepreneurs to raise money, build brand awareness, and join a broader conversation with large numbers of potential backers — all while still in the product development process. But crowdfunding’s potential goes beyond financing and marketing. The people who back projects can also be important sources for product feedback and ideas.

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Debating Disruptive Innovation

Few MIT Sloan Management Review articles garner as much attention as Andrew A. King and Baljir Baatartogtokh’s “How Useful Is the Theory of Disruptive Innovation?” After surveying 79 industry experts, King and Baatartogtokh concluded that many of the cases cited as examples of disruptive innovation by Harvard Business School professor Clayton M. Christensen and his coauthor Michael E. Raynor did not fit four of the theory’s key elements well. Here, three experts provide responses to continue the conversation.

“How Useful Is the Theory of Disruptive Innovation?” was the question raised by an article in the fall 2015 issue of MIT Sloan Management Review. In this issue, several more experts weigh in on the topic.

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Keep Calm and Manage Disruption

Disruption can be averted, and many businesses manage through it by beating the new competition, joining them, or waiting them out. “To be sure, facing disruption is no picnic,” writes Joshua S. Gans, author of The Disruption Dilemma. “But it also isn’t the existential threat that so many see it as.” Many businesses are finding ways to weaken disruptive events, sometimes by investing aggressively in the new innovation after entrants had brought it to market or by acquiring the entrants and the actual disruption.

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Will the Internet of Trees Be the Next Game Changer?

  • Interview
  • Read Time: 9 min 

Unlike agriculture, where cutting-edge technologies are being aggressively adopted, forestry and its related industries are something of a technology laggard. But the prospect of the industry using sensors in the field, both in sawmills and even embedded within trees themselves, is emerging. Eric Hansen and Scott Leavengood, both professors at Oregon State University’s Wood Science and Engineering department, discuss how the Internet of Things could help drive efficiency and improve quality in the forestry sector.

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Free Webinar: Leveraging Smart Data for Mass Customization

Research shows that applying smart data and the principles of mass customization to transportation ecosystems is launching new business models — and fundamentally changing the way we travel. In this webinar, customization experts Wolfgang Gruel and Frank Piller expand on their research into how to create integrated smart data ecosystems that cross corporate boundaries. They also detail real-life mass customization lessons that can be applied to any industry.

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Lessons From Hollywood: A New Approach To Funding R&D

Could science-based industries benefit from a financing model similar to one used to make Hollywood movies? “We propose that a form of governance centered on the project rather than the company may be a more efficient way to organize innovation in science-based industries,” write the authors. Their proposal addresses the fact that traditional venture capital “wasn’t designed to deal with the costs, risks, and slow payout of science-based industries.”

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A New Vision for Personal Transportation

Smart data and mass customization have the potential to radically change the way trips are planned. Already, the Boston-based startup Bridj is piloting a dynamic bus system that optimizes routing in response to demand, while Düsseldorf Airport is piloting a robotic parking system in which users just drop off their cars, which are then parked automatically. In the future, intermodal routing could provide customers with a seamless experience and reshape the transportation infrastructure.

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When Customers Become Fans

Beijing-based smartphone maker Xiaomi Inc. has actively involved enthusiastic customers — known as “Mi Fans” — in both software and hardware development processes. Tech-savvy users test interfaces and products as volunteers, doing much of their communication on the Internet. Customer involvement in the product development life cycle has not only helped Xiaomi reduce R&D costs but also enabled the company to cultivate a sense of participation and pride among lead users.

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Viewing Data as a Liquid Asset

Most people recognize their data as an asset — yet few regard it as a liquid asset. But a chance meeting opened up an opportunity for using data assets in a different way to support R&D — and uncovered a whole new path for financing of science and tech research. SVB Analytics head Steve Allan explains how using analytics “allows us to ask if we need to look at the data a different way.”

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