Biz Tips: Titans of Transformation: 5 Outstanding Examples of Innovation in Business
Biz Tip:
Titans of Transformation: 5 Outstanding Examples of Innovation in Business
When it comes to disruption on the modern business landscape, company size is no safeguard. 88% of Fortune 500 companies in the 1955 -2017 period https://www.information-age.com/65-c-suite-execs-believe-four-ten-fortune-500-firms-wont-exist-10-years-123464546/” href=”https://www.qmarkets.net/blog/titans-of-transformation-5-outstanding-examples-of-innovation-in-business/#easy-footnote-bottom-2-91549″>2 of today’s Fortune 500 companies in the coming decade.
Considering these sobering statistics, it’s little wonder that even the world’s largest companies are increasingly pursuing bold innovation strategies to withstand disruption, rather than resting on their laurels. Lending credence to this trend, a recent study by McKinsey & Company disruptive and incremental), and what lessons they offer concerning survival on today’s uncertain corporate landscape.
Amazon: Harmonizing Disruptive and Incremental Disruption With the Element of Speed
It would be naive to suggest that there’s only one definitive innovation example from retail titan Amazon that enterprizes could benefit from emulating. However, the development of Amazon Custom offers a particularly insightful example of an open innovation initiative that has reaped the benefits of both incremental and disruptive methodologies. As the name suggests, this bold new initiative allows vendors, for the first time, to sell products via Amazon that could be customized (i.e custom text, personalization, etc).
Adapting agile principles, Amazon launched the Beta version of Amazon Custom in a short time frame, allowing existing customers to provide feedback directly. This, in turn, allowed Amazon to refine their disruptive new product incrementally and continuously. Most importantly, it enabled the company to retain the element of speed which, according to a notable report by BCG
Amazon epitomizes how allowing a disruptive idea to be honed and improved incrementally via open innovation can yield substantial returns.
Philip Morris International: Innovating Via ‘Self-Disruption’
Surviving on the rapidly shifting business landscape can at times require fundamentally altering your business trajectory, regardless of how well-entrenched and successful it has been. Philip Morris International (PMI) presents a prime example of this. Despite being the world’s largest tobacco company, PMI is investing billions in creating a smoke-free future – initiating one of the leading “self-disruption” strategies in modern business. Already, the company has launched more than 3,400 patents engaged more than 65,000 employees worldwide. The software enables employees to submit their ideas for customer-centric products and services that align with the company’s new ‘self-disruptive’ ethos. By giving employees from multiple departments and backgrounds a means to contribute suggestions, as well as assess and develop them, PMI is able to smooth its transition to a whole new paradigm. Check out this fascinating webinar to learn how PMI has managed this‘self-disrupting’ transformation initiative.
Samsung: Harnessing the Power of the Creative Elite
One of the world’s leading technology companies, Samsung is widely recognised as one of the most innovative conglomerates on earth. Their innovation management strategy entails deploying an experienced ‘creative elite’ to take the lead with new projects, ensuring they are primed to incorporate the best-practices and yield maximum KPI.
To achieve their objectives, Samsung’s creative elite make use of open innovation and corporate tech scouting approaches. For example, when new products are released, Samsung utilizes customer feedback to inform their TRIZ problem solving methodology