To be truly Innovative, companies must use all their resources to improve the lives of consumers. The objective of innovation is to help create a product that is relevant to the market and successful in the real world.
If You Want To Go Fast, Spend Less.
Companies are reinventing the ways in which technology innovates. Car manufacturers are leading innovation by developing vehicles that can be parked without being at the wheel, or even in the car with just a smartphone using a Smartphone App. This technological feat has been achieved in a short span of five years, by leading innovation and following new technologies, this partnership between technology and industry has accelerated. However, all these investments towards digital innovation don't explain everything. The companies has also changed its methods, it practices and accept technological innovation. This involves opening the company to the outside world.
Open Innovation.
Open Innovation is a radical break with the past. Innovation has been personal to organisations in the past, making it very hard to share ongoing developments with the outside world. Open innovation is a revolutionary practice. Companies are pioneering open innovation and challenging the global leaders in every industry. As the number of consumer products is increasing, the number of technical opportunities are arising in every industry. Open Innovation makes a clean break with a culture of secrecy. In order to bring new brands and new products to the market faster, companies are using Open Innovation to increase the success rate with their new inventions and technologies by using all the resources available to them.
Connect and Develop.
Using external innovators through innovation partnerships, companies have been able to bring great innovations to the market and into the lives of consumers faster. Combining industrial skill and the latest technology allows companies have the flexibility to design innovative products that are practical at the right scale and cool for the consumer. By using external ideas and creating connections, companies can access an unlimited pool of potential growth opportunities that are most connected with the changing world.
"Innovation helps improve the life of Consumer"
Open Innovation means speed to market. And that's why, taking advantage and really collaborating with external innovators , really speeds, ability of a company to take their innovations to the market quickly. Open innovation radically changes the way companies innovate, this new practice is opening up to the outside world and really doesn't know no bounds.
Consumer Observation.
A widely used method in marketing, is now been put to work for innovation. The behaviour of consumers is changing faster than a type of product ,by observing consumers and their uses of a product, companies can precisely and specifically create innovation to address the needs expressed. The process involves observing the marketing experience by carefully searching information from the consumers, anticipating future needs and building new offers. By opening to this fairly radical transformation there is a scope for action, and the innovation in everyday products and services is remarkable.
The Customer is King of Innovation.
Today a successful business is one that has its sensors focused on the outside world. This is just the start, Aircraft manufacturers are now using Open Innovation to create airplanes defined by users making consumers increasingly important in the innovation process. Companies are using social media marketing services to understand what consumers want more off and less off as they innovate their products.
Frugal Innovation (Jugaad Innovation)
Open Innovation isn't the only new method to revolutionise the world of research. Another fashionable formula is Frugal Innovation, a formula that perfectly fits the context of crisis.
"Innovation doesn't always mean spending more"
Money is no longer paramount in the innovation war. For almost a century a myth has been peddled in the West, according to which "Money can buy innovation" . And its consequences have been pretty adverse: What I'd call a kind of arms race between western countries and companies in the West, which invest a great deal of money in research and development. All the statics and research clearly show and money is no longer the key facilitators in generating innovation. Other factors have come into play. Now, there is a trend towards a more market driven solution that is focused on the needs of the consumers. Money is no longer a precious commodity and atleast a key factor - It is your capacity to detect needs! The idea is to do more with less and that is the essence of Frugal Innovation.
Turning Constraints Into Opportunities
To trace Frugal Innovation back to its source, I talk to Sunny Matharu about a Kenyan Company that found a scope for innovation with a simple observation - by inventing a bank that enabled the transfer of small sums of money, through mobile phones. 90% of Kenya's population uses a system called MPESA to make purchases and to transfer money, by giving a simple code received by SMS. In this climate of innovation, markets are there for the taking! Frugal Innovation involves utilizing the bare necessities to transform a problem into a solution. Areas such as Healthcare, Public Safely, and Education are just the tip of iceberg, Frugal Innovation is a revolution which goes far beyond the frontiers of traditional industry. its a global playground that you never predicted!
Worry about what the market needs... Innovation knows no boundaries! We're entering the era of Participatory Innovation, so that we can go faster, and spend less! Ideas are everywhere, provided the companies know how to capture them.
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