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The new patterns of innovation
- 1. The New Pattern of Innovation An analysis of By Varun Tandon
- 2. The Challenge Established companies are notoriously bad at finding new ways to make money, despite the pressure on them to grow.
- 3. The 3 classical ways 1. Competency Based 2. Customer Focused 3. Follow “Megatrends”
- 4. But this is 2018, right? We have Data exploding everywhere everyday!
- 5. How can we create value for customers using data and analytic tools we own or could have access to?
- 6. Augmenting Products to Generate Data Pattern 1 Collect data and enhance business activities
- 7. Digitize Assets Pattern 2 If you don’t digitize your assets, they will become liabilities overtime!
- 8. Combine Data Within & Across Industries Pattern 3 Insights from your data and others combined together can do wonders! Build services based on data for other industries
- 9. Trade Data Pattern 4 Worked hard digitizing, now you can even profit by selling raw high quality data!
- 10. Codifying A Distinctive Service Capability Pattern 5 Any process that is best-in-class—but not central to a company’s competitive advantage —can thus be turned into a profitable business.
- 11. Codifying A Distinctive Service Capability Pattern 5 Any process that is best-in-class—but not central to a company’s competitive advantage —can thus be turned into a profitable business.
- 12. One way to find the innovative idea is to ask the right questions Ask the right questions
- 13. ● What data do we have? ● What data can we access that we are not capturing? ● What data could we create from our products or operations? ● What helpful data could we get from others? ● What data do others have that we could use in a joint initiative?
- 14. So, what’s in for the Indian Manager?
- 15. The five patterns are a helpful way to structure a conversation about new business ideas. Once you understand them you can start working on building your very own ideas based on these patterns.
- 16. Most innovative ventures are disruptive rather than sustaining, So it will need a strong leadership which can overcome obstacles set by the established culture.
- 17. Thank You!