Idenifying the Problem can also be a Problem! It is commonly said that identifying the problem means it is half-solved - well, may not literally, but figuratively, for sure! Consider scenarios where people were content with: Using landline phones before the advent of mobile phones. Hailing cabs prior to the emergence of Uber®. Shopping in stores before the convenience of Amazon®. Paying with cash or cheques before the rise of electronic payments and digital wallets. Travelling by rail or road before the accessibility of low-cost airlines. There are many more examples across almost all industries. In each case, a handful of individuals were not satisfied with the current ways of doing things and believed there could be other, possibly better, ways – be these radical or incremental. This ‘dissatisfaction’ is the first step toward innovation – recognising that the current method is not the only way and identifying the 'problem' to be solved. This shift in mindset f...
The Synergy of Innovation and Innovative Management Innovation management and innovative management are pivotal to businesses aiming to navigate the complexities of the contemporary market and sustain a competitive edge. This article delves into the essence of both concepts, underscoring their significance, methodologies, and impact on organisational success, while highlighting a nuanced difference in their approach to creativity and innovation mindset. Understanding Innovation Management Innovation management refers to the systematic process that organisations employ to manage their innovation procedures, from the inception of ideas to their final implementation. It involves the decisions, activities, and practices for identifying, developing, and realising new products, processes, or ideas. Central to innovation management is the assumption that creativity and an innovation mindset are innate traits; it focuses on harnessing these natural talents to generat...
In today’s era, the number of ‘Davids’ (start-ups) of the business world and continuing to rise and challenge the ‘Goliaths’ (established companies, pre-dominantly corporates). Broadly, the modern day ‘Goliaths’ can be categorised into three types: Type A : The ones that considered themselves invincible have either perished or are experiencing slow down. The names of Kodak, Nokia etc. come up often in such contexts. Type B : The ones that have now at least become aware of the challenges and are attempting to find ways of dealing with these. Type C : The ones who seem to have currently found ways of not just surviving but even thriving amongst these ‘Davids’. The names of Apple, Google, 3M etc. come up often in such contexts. Typically, the Type B are the largest in number and there is a lot that they can learn from Type A and C. The generic factors stacked-up against the ‘Goliaths’ are commonly known to all. The typical approach is also to copy what is being done eith...