New Product Development

Showing 21-40 of 106

Finding Applications for Technologies Beyond the Core Business

Too often, companies with products that have alternative potential markets miss their opportunity: Either they fail to see the possibility of alternative markets, or they simply lack the will to do the necessary groundwork to explore the opportunity. Leveraging existing technology for new uses can be tricky, but the return is greater profit and a revitalized business model.

The Hybrid Trap: Why Most Efforts to Bridge Old and New Technology Miss the Mark

Mature companies often lack the vision and the commitment to fully commit to new technologies — even when consumers are ready for them. This leads firms to develop watered down products with limited capabilities and leaves them exposed to upstart competitors.

advertisement

Following the Digital Thread: Creating a Smart Part and Managing Its Life Cycle

  • Video | Runtime: 0:06:37

  • Read Time: 1 min 

In Part 2 of our eight-part video series, we explore how technology affects product and component design. The digital thread not only streamlines product design via the ability to digitally scan an existing part or design a new one using computer-aided design (CAD) software, it can also accelerate the development process by affording previously unattainable levels of transparency and input.

advertisement

How to Catalyze Innovation in Your Organization

The authors’ research suggests that, rather than leaving the development of innovation to serendipity, executives should create collaborative contexts where innovation is likely to emerge from unpredictable pockets of creativity within an organization. By understanding and tapping the power of employee networks, executives can stimulate the creation of these kinds of collaborative environments.

Supply Chains Built for Speed and Customization

Thanks to emerging technologies like 3-D printing, manufacturers can offer consumers customized products and do so with unprecedented speed. Intrigued by a new product you saw in a YouTube video? Well, someday soon you may be able to personalize it, order it via the company’s website, and have it in your hands in a matter of days. But to enable this phenomenon at scale, an entirely new model of supply chain is required.

Developing Innovative Solutions Through Internal Crowdsourcing

Internal crowdsourcing, which seeks to channel the ideas and expertise of the company’s own employees, allows employees to interact dynamically with coworkers in other locations, propose new ideas, and suggest new directions to management. Because many large companies have pockets of expertise and knowledge scattered across different locations, harnessing the cognitive diversity within organizations can open up rich new sources of innovation.

Why China Is the World’s Innovation Role Model

  • Read Time: 3 min 

There’s a lot of talk of trade tensions between the U.S. and China, but there’s another way to think about China: as an innovation role model. “Anybody involved in international business needs to treat China not just as a place to sell, but also as a place to learn,” wrote Edward S. Steinfeld and Troels Beltoft in MIT Sloan Management Review in 2014. China, they argued, is “becoming the best place to go if you want to learn how to make ideas commercially viable.” Three years later, this is truer than ever.

advertisement

Harnessing the Secret Structure of Innovation

Innovation, much like marketing and human resources, can be made less reliant on artful intuition by using information in new ways. But this requires a change in perspective: We need to view innovation not as the product of luck or extraordinary vision but as the result of a deliberate search process.

Mastering the Digital Innovation Challenge

For Volvo Cars, pursuing digital innovation required fundamentally rethinking the organization, while also keeping the core business functioning efficiently. The company did so by balancing four interrelated competing concerns: (1) new and established innovation capabilities; (2) process and product focus; (3) external and internal collaboration; and (4) flexibility and control in relationships with external partners.

The Customer-Inventor Revolution

  • Read Time: 3 min 

For over 30 years, MIT Sloan’s Eric von Hippel has investigated the ways general users of products and services have improved them through tinkering and invention. “The Age of the Consumer-Innovator,” which he co-authored for MIT Sloan Management Review in 2011, was an important marker in explaining how user communities were changing product development. It laid the groundwork for von Hippel’s current research, which looks at the way some of today’s innovation is given away as a “free good.”

How to Monetize Your Data

Companies can monetize their data by improving internal business processes and decisions, wrapping information around core products and services, and selling information offerings to new and existing markets. Adopting any of these approaches, however, requires management commitment to specific organizational changes and targeted technology and data management upgrades.

Competing Through Joint Innovation

Even as multinationals struggle to make inroads in emerging markets, companies from those markets are finding ways to compete in Europe and the U.S. A case in point is Huawei, a Chinese telecommunications company, which has used strategic partnerships to gain ground in Europe. Huawei’s overseas expansion closely resembles the strategy the company used to build its position in China: Start at the perimeter and work toward the center.

Showing 21-40 of 106