BUSINESS RESEARCH

Innovating for the Future

Scientific and technological breakthroughs, innovative new business models, and intense competition are disrupting the business world in dramatic ways. As the speed of change accelerates, customers’ needs and expectations are rapidly being reshaped, along with the behaviours, beliefs and desires of the workforce.

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November 2014

Organisations that can build the resources, capabilities and foresight to create the future and respond to these disruptions will stay ahead of the game. But where should companies start? While firms can’t predict the future, they can develop essential foresight, anticipate trends, and exploit opportunities by examining seven ‘channels of insight’:

  1. Deviations from the norm: Can you see unusually high or low revenue or share in a market/segment – or unexpected performance from a business process or company unit?
  2. Macro trend intersections: How can you combine big economic, behavioural, technological, or demographic trends to create opportunities?
  3. Deficiencies in the system: Which processes or practices annoy you and your colleagues? For your products, services, or solutions, where are the customer pain points?
  4. Conventional beliefs: What assumptions or beliefs in your industry have gone unexplored? What detrimental behaviours or procedures at your company have gone unchallenged?
  5. Deviance: What do the behaviours and needs of your best or laggard customers, employees, or suppliers tell you?
  6. Immersion elsewhere: How does sociocultural context influence your stakeholders’ needs?
  7. Other industries or organisations: How might you adapt the successful innovations in other disciplines for your own purposes?

Sources: Sawhney, M. and Khosla, S. (2014) Where to Look for Insight, HBR, Nov; von Stamm, B. and Trifilova, A. (2009) The Future of Innovation, Gower Publishing.

Action Point

Examine the seven channels of influence and how these can be leveraged to build foresight and to exploit opportunities for future innovation.

Referenced techniques

Technique

Business Innovation

The concept explores innovation and how it can create and capture value for organisations. It will provide professionals with a basic understanding business innovation.

Technique

Innovation Management

The concept determines the critical factors of innovation management. It reviews the managerial practices of successful innovators and summarises the strengths and limitations of innovative approaches.

Technique

Research and Development

The concept describes the process of knowledge creation, production, diffusion and application. It encourages businesses and researchers to work together on innovative projects in strategically important areas of science, engineering and technology, and summarises implementation strategies and success factors.

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