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This week’s must-reads for managers: why more employees would trust a robot over their manager; which U.S. city is a tech powerhouse with diverse talent; and how to make digital transformation succeed.
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A digital twin is a virtual replica of an object, being, or system continuously updated with data from its physical counterpart. Supported by billions of connected global sensors, digital twins will soon exist for millions of things. Jet engines, a heart, even a city can have digital twins that mirror physical and biological properties. Real-time assessments and diagnostics will be more precise; repairs will be executed in the moment; and innovation will be faster, cheaper, and more radical.
Focusing on getting the creative process just right can hamper your team’s innovation. Instead, understand your motivation, encourage creative tension, and welcome unexpected contributions to help you foster a creative culture, navigate uncertainty, and embrace the curious and the unknown.
WeWork’s free fall has fed a spirited discussion over how we define the business of technology; Amazon’s Jeff Bezos has changed capitalism — and possibly democracy; the sharing economy expands.
Large corporations have found that applying the principles of lean is more complicated than expected. Large organizations aren’t just bigger versions of startups. To make innovation integral to the organization, there has to be a vision of where new ideas will be incubated and how they will be delivered.
In fast-changing business environments, companies need to stay vigilant and watch for threats from both internal and external sources. The most vigilant companies use systematic approaches to determine where to look for — and how to explore — potential disruptions.
What makes a company an innovation leader? To a great extent, it’s a matter of mindset. Executives whose technology-led transformation projects aren’t delivering the expected value must make strategic shifts in terms of their companies’ technology adoption, technology penetration, and organizational change.
About a quarter of high-tech companies are run by CEOs who double as inventors. Through patenting and publishing activity, such leaders contribute their own expertise to their companies’ innovation and production efforts, even as they steer their respective ships. This hands-on approach may sound like a distraction from strategic thinking, but it’s the future for top leaders across many sectors, not just tech — and it is already upon us.
Companies seeking to drive innovation in the face of constant disruption benefit from adopting a strategy that supports both internal entrepreneurs and external partnerships rather than taking an either/or approach. The benefits: reduced development costs, faster time to market, and a collaborative, engaged workforce.
Technology adoption based on the technology alone is bound to miss the mark. Fintech will not disrupt the financial industry overnight, but when it does, it will reflect a larger and more complex social debate than its inherent technological or economic merits. Managers need to get involved in this debate now, so they can navigate the uncertainty, and decide to adopt it — or not.
This month’s MIT SMR Strategy Forum poll looks at the space economy, which some estimate could reach $1 trillion in 20 years. We asked our panel of strategy experts to evaluate whether commercial activity in space will see a boon in the next decade, or if this bet on the final frontier is off the mark.
Technology leaders are not shy about pushing the boundaries of their industries, and sometimes they go further — challenging the prevailing rules of society at large. The eagerness of entrepreneurs to test limits isn’t surprising to Tarun Khanna, the Jorge Paulo Lemann Professor at Harvard Business School, who has spent more than two decades studying how business strategies play out in emerging markets.
The worlds of venture capitalism and corporate investing are not always easy to combine. Research has identified three simple rules, focused on adapting traditional VC rules, creating effective incentives, and building communication, that may increase corporate venture capital success.
In the 2019 Digital Business Report, MIT SMR and Deloitte’s survey analysis and executive interviews unveil the distinctive characteristics of innovation in digitally maturing organizations. Ecosystems and cross-functional teams allow them to be agile, but this increased agility demands a thorough consideration of governance as well.
All bubbles are different. Bubbles occur when the market value of assets decouple from their intrinsic value and expectations of rising valuations generate investor demand. Many ambitious infrastructure projects that produced canals, railways, and telecom networks were fueled by bubbles. Unlike the housing bubble, the effects of a bursting AI bubble wouldn’t cause great harm.
The most valuable companies in the world have harnessed platforms’ power to achieve rapid growth and market dominance. But as these platforms have grown in size and scale, the opportunity for abuse has become very real — while profitability isn’t coming easily even for successful platforms. In an interview with MIT SMR, the authors of The Business of Platforms bust the myths and outline the pitfalls of platform strategy.
Digital collaboration platforms can leverage team diversity and expertise, but business must focus on how distributed teams orchestrate their collaboration and how leaders facilitate innovation. The specific collaboration platform you choose is less important.
Considering how deeply companies rely on innovation, it is astonishing how bad most of them are at finding, developing, and implementing new ideas. When it comes to innovation, there is no single best way to structure and operate internal teams. The real key to success is to find the tools and structure that fit your company’s needs, strategies, and culture.
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