The New Age Of Innovation

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The New Age Of Innovation

  1. 1. The New Age of Innovation C. K. Prahlad M. S. Krishnan
  2. 2. Structure of this presentation <ul><li>Introduction of the authors </li></ul><ul><li>Introduction to the book </li></ul><ul><li>New age of innovation, and what it means </li></ul><ul><li>Framework: N = 1 & R = G </li></ul><ul><li>Strategies to gain Competitive Advantage </li></ul><ul><li>Managerial Requirements for Innovation </li></ul><ul><li>Interaction </li></ul>
  3. 3. Author profiles Coimbatore Krishnarao Prahlad <ul><li>Education </li></ul><ul><ul><li>B. Sc, University of Madras – 1960 </li></ul></ul><ul><ul><li>PGDBA, IIM Ahmedabad – 1966 </li></ul></ul><ul><ul><li>D.B.A, Harvard Business School – 1975 </li></ul></ul><ul><li>Dean at University of Michigan </li></ul><ul><li>Has been in the top ten management thinkers by most surveys globally, continuously over the last decade </li></ul><ul><li>Ranked by TIME as the “Most influential management thinker” </li></ul><ul><li>First recipient of Lal Bahadur Shastri award for Contribution to management and public administration, from the president of India in 2000 </li></ul><ul><li>Author of books: </li></ul><ul><ul><li>Competing for the future, with Gary Hamel in 1994 </li></ul></ul><ul><ul><li>The future of competition, with Venkata Ramaswamy in 2004 </li></ul></ul><ul><ul><li>Fortune at the bottom of the pyramid, in 2004 </li></ul></ul><ul><ul><li>The new age of Innovation, with M.S. Krishnan in 2008 </li></ul></ul>
  4. 4. Author profiles Mayuram S Krishnan <ul><li>Education </li></ul><ul><ul><li>B. Sc, University of Delhi – 1984 </li></ul></ul><ul><ul><li>M.C.A, University of Delhi – 1987 </li></ul></ul><ul><ul><li>M.S, Carnegie Mellon University – 1993 </li></ul></ul><ul><ul><li>Ph. D, Carnegie Mellon University – 1996 </li></ul></ul><ul><li>Professor at University of Michigan </li></ul><ul><li>Co-director, Center for Global resource leverage - India </li></ul><ul><li>Recognized by American Society for Quality as one of the top 21 voices for quality in the 21 st century </li></ul><ul><li>Serves various boards as associate editor of journals in Management science and Information systems research </li></ul><ul><li>Published research articles in IEEE and HBR Journals </li></ul><ul><li>Co-author of the book, The new age of Innovation </li></ul>
  5. 5. Contents of the Book <ul><li>Expected to give the strategies for re-designing systems to co-create value with customers and connect all parts of a firm to this process, the chapters of the book were organized as below: </li></ul><ul><li>Transformation of Business </li></ul><ul><li>Business Processes: The enablers of Innovation </li></ul><ul><li>Analytics: Insights for Innovation </li></ul><ul><li>IT Matters: Technical Architecture for Innovation </li></ul><ul><li>Organizational Legacies: Impediments to Value creation </li></ul><ul><li>Efficiency and Flexibility: Managing the tension </li></ul><ul><li>Dynamic Reconfiguration of Talent </li></ul><ul><li>Agenda for Managers: Focus on the essence of Innovation </li></ul>
  6. 6. Innovation in 21 st Century <ul><li>Innovation </li></ul><ul><ul><li>Successful application of an invention </li></ul></ul><ul><ul><li>Complex processes of change characterized by co-evolution of scientific, technological, societal and economic systems </li></ul></ul><ul><ul><li>Creative work translated to useable outcome </li></ul></ul><ul><li>21 st Century requirements of innovation: </li></ul><ul><ul><li>Open </li></ul></ul><ul><ul><li>Collaborative </li></ul></ul><ul><ul><li>Multi-disciplinary </li></ul></ul><ul><ul><li>Global </li></ul></ul><ul><li>Source: Somewhere from Google </li></ul>
  7. 7. Why Innovate at all? <ul><li>With the advent of digitization, ubiquitous connectivity and globalization, Transformation will need to be radically altered, to change the very nature of the firm and how it creates value </li></ul><ul><li>Competitive advantage in 21 st century can be gained only through a combination of cost leadership and differentiation, Specialization and the best information management systems </li></ul><ul><li>Scalable means survival, since </li></ul><ul><ul><li>Cost arbitrage sought can only go downwards </li></ul></ul><ul><ul><li>Cost of talent arbitrage can only go upwards </li></ul></ul><ul><li>WORLD CAN ONLY BE MORE COMPLEX </li></ul>
  8. 8. N = 1 and R = G <ul><li>N = 1 </li></ul><ul><ul><li>Value will increasingly be co-created with consumers </li></ul></ul><ul><ul><li>Every consumer is unique </li></ul></ul><ul><li>R = G </li></ul><ul><ul><li>No single firm has the complete knowledge, skills and resources it needs to co-create value with consumers </li></ul></ul><ul><ul><li>Every company has a gap between the strategic intent and its capacity to act from within the organization </li></ul></ul>
  9. 9. Reality by 2015 <ul><li>5 Billion people are connected through Mobiles and Internet </li></ul><ul><li>1 Billion people are active in using Social networks </li></ul><ul><li>Easy access to Infrastructure </li></ul><ul><li>Ever increasing competition </li></ul><ul><li>Easy to use and cheaper cost technologies coming through </li></ul><ul><li>Future consumers are here, very young today </li></ul><ul><li>WORLD IS A PLACE FOR INDIVIDUALS </li></ul>
  10. 10. Strategy <ul><li>Theme </li></ul><ul><ul><li>Enhance mission critical business processes </li></ul></ul><ul><li>Focus </li></ul><ul><ul><li>Designing processes to ‘enable innovation’ irrespective of the manifestation of innovation itself </li></ul></ul><ul><li>Action Items </li></ul><ul><ul><li>Integrate and maintain the access to capital and other resources </li></ul></ul><ul><ul><li>Manage the relationship between Ideas, Information, and Knowledge </li></ul></ul><ul><ul><li>Make the processes connect strategic intent to day-to-day operations </li></ul></ul><ul><li>Possible Causes of Failure </li></ul><ul><ul><li>Lack of senior management involvement in designing business processes </li></ul></ul><ul><ul><li>Focus on either Profitability or Growth alone </li></ul></ul>
  11. 11. Strategy <ul><li>Theme </li></ul><ul><ul><li>Build analytics at every level of the system </li></ul></ul><ul><li>Focus </li></ul><ul><ul><li>Research oriented data, not transactional data </li></ul></ul><ul><li>Action Items </li></ul><ul><ul><li>Connect to the strategy and identify the required analytics </li></ul></ul><ul><ul><li>Improve the level of granularity, clarity, and visibility of processes to leverage on global resources </li></ul></ul><ul><li>Possible Causes of Failure </li></ul><ul><ul><li>Dominant Logic: What you see depends on where you have been </li></ul></ul><ul><ul><li>Failure to identify the emerging trend; and not looking down for emerging players in the business </li></ul></ul><ul><ul><li>Working on un-actionable insights </li></ul></ul>
  12. 12. Strategy <ul><li>Theme </li></ul><ul><ul><li>IT matters: Improve the technical architecture </li></ul></ul><ul><li>Focus </li></ul><ul><ul><li>Technology enabling strong business foundation, compliant to environment. </li></ul></ul><ul><ul><li>Technology with evolving capabilities that can confront reality and change </li></ul></ul><ul><ul><li>Should communicate the displacement of center of gravity at any time </li></ul></ul><ul><ul><ul><li>Quality – Speed : Event Driven – Scalable : Cost advantage – Change and Flexibility </li></ul></ul></ul><ul><ul><ul><li>Interface – Ease of use – Ease to work - Integration </li></ul></ul></ul><ul><li>Possible Causes of Failure </li></ul><ul><ul><li>Lack of senior management involvement, in identifying the need for technology, and the suitable technology for business </li></ul></ul>
  13. 13. Strategy <ul><li>Theme </li></ul><ul><ul><li>Be efficient and flexible at the same time: EFFECTIVE </li></ul></ul><ul><li>Focus </li></ul><ul><ul><li>Managing the tension; Social Architecture and Technical Architecture </li></ul></ul><ul><li>Action Items </li></ul><ul><ul><li>Change the roles and responsibilities of people to fit the strategy </li></ul></ul><ul><ul><li>Put governance to work; not to change policies, but create a transparent platform to create policies – custom fit to consumers </li></ul></ul><ul><ul><li>Increase the elasticity: the extent to which processes can be stretched to accommodate strategically dissimilar businesses </li></ul></ul><ul><li>Possible Causes of Failure </li></ul><ul><ul><li>Lack of Training to personnel </li></ul></ul>
  14. 14. Strategy <ul><li>Theme </li></ul><ul><ul><li>Reconfigure the talent; Make it mobile </li></ul></ul><ul><li>Focus </li></ul><ul><ul><li>Ceaseless improvement </li></ul></ul><ul><li>Action Items </li></ul><ul><ul><li>Identify the talent within the organization; have access talent outside </li></ul></ul><ul><ul><li>Make the talent work towards a goal and help it manage stress </li></ul></ul><ul><ul><li>Create capacity to reduce with frictional losses during reconfiguration </li></ul></ul><ul><li>Possible Causes of Failure </li></ul><ul><ul><li>Temptation to outsource, rather than mobilize talent </li></ul></ul><ul><ul><li>Losing sight of the vision, due to possible breakthroughs </li></ul></ul>
  15. 15. Obstacles to Innovation <ul><li>Improper Organizational Structure </li></ul><ul><li>Misalignment of Goals </li></ul><ul><li>False Start </li></ul><ul><li>Lack of Discipline </li></ul><ul><li>Organizational Legacies </li></ul><ul><li>Weak Accountability </li></ul><ul><li>Individuals’ domination in thought process </li></ul><ul><li>No Sense of Urgency </li></ul><ul><li>Gut feel management </li></ul><ul><li>Source: Just one of our recipe </li></ul>
  16. 16. Managerial Requirements for Innovation <ul><li>Realize the paradigm, N = 1 and R = G </li></ul><ul><li>Remember, What got you here won’t get you there </li></ul><ul><li>Transition is about Speed and Stamina </li></ul><ul><li>Make transition measurable </li></ul><ul><li>Articulate capabilities and point of departures, clearly </li></ul><ul><li>Migration should be well planned, and executed in phases </li></ul><ul><li>Block and Tackle, Keep moving towards the goal </li></ul><ul><li>Be ready for troubles. It is never certain anywhere </li></ul><ul><li>Time lag is inevitable. Learn coping up with it </li></ul>
  17. 17. Welcome for Interaction <ul><li>Flexibility is not about load balancing, but about continuously balancing load, depending on the nature of the task with appropriate resources. Therefore: </li></ul><ul><li>Connect | Collaborate | Co-Create </li></ul>
  18. 18. Thank you all… <ul><li>Vinay Chaganti </li></ul><ul><li>Associate, ATGOCS </li></ul><ul><li>Work Mail ID: [email_address] </li></ul><ul><li>Personal Mail ID: [email_address] </li></ul><ul><li>Mobile: +91 97040 53338 </li></ul>