INNOVATIONWhat is

A broad American prospective:

“Implementation new ideas that create value”-Innovation Network, U.S.A.

“The intersection of invention and insight

leading to the creation of social and economic

value”

-U.S. national Innovation Initiative

The development of new ideas and their economic

application as new products or processes.”

- U.K. Dept. Trade and Industry

The British prospective:

“INNOVATION is the profitable implementation of new ideas”.

If we can implement our idea successfully only than can the idea be called anINNOVATION.

An innovation can increase profits:• On the values side (customers value an

innovation enough to pay more for it)• On the cost side ( the company produces

offering in a more efficient way).

Either way, value is created for the firm and the consumer both.

INNOVATIONImportant?

Why is

Innovation reduces waste and environmental damage.

1

It creates growth, increases productivity, and economic wealth (avoids stagnation)

2

Innovation provides better goods and services at a cheaper price- Higher standard of living.

3

Innovation can occur anywhere in the firm’s business by anyone.

We all have great potential.

INNOVATIONThe New

Patterns Of How to use data to drive growth

The search

Ideas Business ewN

Business ewNModels

HIT MISS

Corporations

Pressures

Grow THEIR

Business

Reasons

Managers who are skilled at executing clearly defined

strategies are ill equipped for thinking

Out-of-the-box

When good ideas emerge, they are often doomed because the company is organized to support one way of doing business and doesn’t have

processes to support a new one.

BUT

If you tackle business innovation systematically , you improve the odds of success.

PATTERNS1 2 3 4 5

Augmenting products to generate dataDigitizing AssetsCombining data within and across industriesTrading dataCodifying a distinctive service capability

Augmenting products to generate dataDigitizing AssetsCombining data within and across industriesTrading dataCodifying a distinctive service capability

Augmenting products to generate dataDigitizing AssetsCombining data within and across industriesTrading dataCodifying a distinctive service capability

Augmenting products to generate dataDigitizing AssetsCombining data within and across industriesTrading dataCodifying a distinctive service capability

Augmenting products to generate dataDigitizing AssetsCombining data within and across industriesTrading dataCodifying a distinctive service capability

PATTERN 1

ugmenting products to generate data

A

MAKING PRODUCT INTELLIGENT

Using data that physical objects generate (or could generate)

to improve a product or service or create new BUSINESS VALUE .

DESIGN

Operation

Maintenance

Enhance how an activity is carried out

MODELBUSINESS

NEW

EX- Insurance company

( Decide the cost of insurance)

(Inventory management).

(Identify airplane engine problems)

• Optimizing maintenance,

• Repair schedules,• Improve engine design.

PATTERN 2

Digitizing Assets

Digitizing Physical Assets

Making the products available ONLINE.

Books

Videos

Entertainment Industry

Spawning New Models

iTunes

E-readers

MODELBUSINESS

NEW

Online Marketing

Online shopping portals

.com

Customer can access anything by sitting at home

Cost reduction for marketers

Ex- International Museum Of Women

Management of digitization

Many industries need a long-term, secure way to store their digital assets.

PATTERN 3

Combining Data within and

across industries.

Sharing and coordination of Information across industries or sectors.

MODELBUSINESS

NEW

Ex- City Of Bolzano

Bolzano

• Provide Help To Retired People• IBM – Network Of Sensors• Monitor – Temperature Water Usage Normal Behavior Patterns• If Abnormalities- Call to a relative or friend.

SCENETHE

BEHIND

Common IT system links all the relevant agencies-

• Social services,• Health,• Property maintenance.

• Lowered assistance and care cost by 30%,

• Reduce need to build and run special accommodations for them.

PATTERN 4

Trading Data

A company whose information is valuable to

another company, Sells it.

EX- A cell phone service company sells its information to a navigation-device company.

• Mobile networks • Identify• Subscribers-

Driving,Where they are,How fast they are moving.

Improvement Of Traffic Management

MODELBUSINESS

NEW

PATTERN 5

Codifying a distinctive service capability

IT systems help to Automate Business Processes

Practical Approach

Perfect

BUT

Competitive Advantage

Sell them to other parties

Profitable Business

Cloud Computing

• Easily Distribute• Software• Offer customers “pay as you go” pricing.

Global Expense Reporting Solutions

Developed to automate expense reporting process.

Cost Reduction

Realized that many of its customers would be interested in achieving comparable savings

SERVICEintoSYSTEM

MODELBUSINESS

NEW

Combining the Patterns

Yardarm safety first

Success Factors

Strong technology presence

Inputs from external parties

Motivated Leadership

Emotional Commitment

Thank you….!!Yogendra Singh