New patterns of innovation
- 1. The New Patterns of Innovation
- 2. Tested ways of framing the search for ideas: 1.Competency based 2.Customer focused 3.Changes in the business environment 4.Explosion in digital information and tools Managers can concieve solid ideas for new businesses through patterns formed from the basis of framework.
- 3. Patterns depends on bleeding-edge technology:- 1.Using data that physical objects generate. 2.Digitizing physical assets. 3.Combining data within & across industries. 4.Trading data. 5.Codifying Capability.
- 4. Augmenting Products to Generate Data
- 5. •Advances in sensors, wireless communications, and big data, have made it feasible to gather and crunch enormous amounts of data in a variety of contexts— from wind turbines to kitchen appliances to intelligent scalpels. Those data can be used to improve the design, operation, maintenance, and repair of assets or to enhance how an activity is carried out. • Such capabilities have, in turn, opened opportunities new services or new business models.
- 7. •Over the past two decades, the digitization of music, books, and video has famously upended entertainment industries, spawning new models such as iTunes, e-readers, and more. As mobile technologies continue to fuel this trend, more creative businesses are tapping into it and generating their own enhanced services or new business models. • The management of digitization itself could be a new business. Many industries need a long-term, secure way to store their digital assets. As more assets become digitized, we expect competitive advantage to shift.
- 9. The science of big data, along with new IT standards that allow enhanced data integration, makes it possible to coordinate information across industries or sectors in new ways. Behind the scenes, a common IT system links all the relevant agencies—social services, health, and property maintenance—enabling a highly coordinated response.
- 10. TRADING DATA
- 11. The ability to combine disparate data sets allows companies to develop a variety of new offerings for adjacent businesses. Cell phone data can also be used to improve transit and traffic management and, we speculate, in more-commercial ways as well.
- 12. Codifying a Distinctive Service Capability
- 13. Ever since their invention, IT systems have helped automate business processes. Now companies have a practical way to take the processes they’ve perfected, standardize them, and sell them to other parties. Any process that is best-in-class—but not central to a company’s competitive advantage—can thus be turned into a profitable business.
- 15. •The five patterns are a helpful way to structure a conversation about new business ideas—and, as we’ve shown, there are good examples of all five—but actual initiatives often encompass two or three of the patterns.
- 16. •It’s becoming a stronger force in the quest for new business opportunities. The faster technology advances, the more opportunities seem to open up. It’s time companies took a structured, systematic approach to examining these advances, carefully considering how IT can enable not only better products and services but also innovative business models and platforms.
- 17. THANK YOU!