// WINNING THE CONSUMER OF TOMORROW // DIGITAL INNOVATION & INTERNET OF THINGS // THE RISE OF CONTEXT AWARE ECOSYSTEM
// 21st CENTURY INNOVATION ORGANIZATION // INNOVATION TOOL KIT FOR NEW DIGITAL ERA // RETHINKING THE FUTURE OF VIRTUAL RETAIL
New innovation era is here. Next Chapter: "Consumer Revolution"!
The new global consumer generation who only know the digital world have taken control and disrupted the balance of power between consumer and business. New trends and consumer behavior patterns are shifting the control from large corporations and bringing it directly into the hands of consumers. How consumers think, shop, connect and live life is now being influenced and impacted by endless competitive product offerings and opportunities to personalize their experiences. Understanding the newly emerging consumer habits and trends and winning their more than ever hard-to-get satisfaction, is the key to success for any organization.
Revolutionize the consumer decision journey
Designing a winning product proposition requires a new approach. It means tapping into a revolutionized consumer decision journey with never seen before touch points that will challenge the existing relationship you have with your consumers. Your consumers behave differently, demand more and have the luxury of choosing from many brand options making it critical to differentiate your innovations. Leveraging all the new ways you can understand you consumers will be essential in developing successful and meaningful products.
Adopt new innovation processes
The meaning of Product Innovation is also being redefined and time is of the essence when innovating winning propositions. With the Internet of Things quickly becoming the Internet of Everything, businesses will be challenged to create superior products, faster, to stay relevant in the market. What this means is that the Product Innovation process you know now is about to radically change. The innovation processes you use today are not valid to address tomorrow's challenges with the speed necessary to win in the market and win the mind's of your consumers.
Embed culture of speed with an adoptive mindset
Winning the consumer of tomorrow requires a new Innovation approach, one that disrupts your organization's way of thinking and innovating; in essence, disrupt or be disrupted. There is much opportunity for organizations to be proactive in their choice to change and be strategic in planning for the future of innovation. By implementing new agile innovation methodologies, iterative real-time consumer feedback, data strategies, changing to a culture of speed with an adoptive mindset and creating a team structure that enables digital innovation is a must to be a winner in the new Consumer Revolution.
// Is your business ready to innovate for the consumer of tomorrow?
// Is your organization agile and set up to nurture a culture of speed and new thinking?
// Do you know how to react quickly to new consumer behaviors and trends in order to stay relevant?
// Do you have the processes in place to innovate with impact?
THE DIGITAL WAVE HAS STRUCK. HAVE YOU EMBRACED THE IMPACT OR STILL DROWNING WHILE DIGITIZING YOUR BUSINESS?
The digital earthquake continues to shake the grounds beneath us the question is, who will stay standing? It is going to be those of you who have embraced the impact and actively transforming your organization to withstand and thrive in the digital world.
As we witness how digital innovation touches every segment of business, organizations are (too) slowly waking up to realize current ways of working will not allow you to flourish and grow your organization. From real time marketing to leveraging social media to shape your brand to finding the true meaning behind the internet of things, there are many opportunities to begin your transformation and innovating for the future. However, despite the urgency, there is not a shortage of challenges to overcome, and many organizations are simply drowning in all the things their leaders need to implement in order to digitize the business.
Where do you start?
Since everything starts with you as an innovation leader, it will be very soon when your boss will ask you "How will you transform your department and innovation processes to address digital trends and innovations? What is your strategy to innovate in the digital space?" Your company’s successes will depend on the ability to create a strong strategy and understand the digital space, change-quickly, adopt new ways of working-quickly, and utilizing new methods and processes to gain momentum and speed
How do you do it? Face your three biggest challenges
First challenge is setting up the digital innovation team that embraces change and a new innovation approach, one that will disrupt your organization's way of thinking. This step of creating a strong team will become a the core of your digital transformation. Your core will need a strong leader which you may or may not have, so who will you choose to lead? Where do you recruit your talents? How do nurture a mindset of lean and agile thinking?
Second challenge is transforming of your innovation process to support digital product development. New agile innovation methodologies, continuous real-time consumer feedback, culture of speed, adoptive mindset, and a structure enabling fast pace digital proposition development are a must to be a winner in the new digital era.
Third challenge is ability to define new insights and develop meaningful innovations for tomorrow’s consumer. The fact that the Internet of Every-Thing is booming, has forced many companies to try and act fast and adopt new strategies. Moving away from being a hardware centric organization having traditional innovation thinking has proven to be the biggest challenge for many organizations. The traditional methods used to identify insights and test propositions are not lean and don't deliver on the speed needed to innovate and outpace competition. Digital innovation requires a new approach; one that will finally bring meaning to smart product connectivity and relevance to the Internet of Things.
// Have you embraced Digital Innovations in your organization? How have you defined the role of your core team in the new Digital world?
// How will you set up and digitize your core innovation team for 21st century? Who should lead: a seasoned lead or a new graduate?
// Are you ready to adapt the new meaning of innovating with speed and agileness awhere there is a lack of time for traditional validation?
// Is your connected product strategy aligned with the booming trends in Internet of Things?
// Do you have radically new solutions in order to break away from traditional hardware-centric mindset and embrace digital revolution?
// Do you have the tools in place to iterate new prototypes through real-time data analytics?
// How will you adopt your innovation process to win in a crowded space of Internet of Things?
Traditional innovation team set-up is over. It's your turn to transform your department and lead new collaborative innovation
Imagine the situation where you are just appointed as a new Chief Innovation Officer at your company. The single most important task will be to redesign your innovation organization to be competitive for 21st century challenges and guess what, it will likely be one of the key factors in defining the success of your company. The steps you will need to take in order to redesign your organizational set-up and mindset will be challenging however, failure to change and disrupt the current ways may threaten the success of your business.
Re-invent your innovation team set-up
In order to seize the opportunities that lie in the world of digital innovations, your digital innovation team set-up and mindset must be re-invented. Siloed innovation approach is dead, cross-functional innovation approach falls short, so your winning innovation department must evolve for the 21st century- and use a Collaborative Innovation Approach. What is the true meaning of Collaborative Innovation? It is a disruptive approach that increases speed and agileness of the organization by bringing innovation teams together as one entity living and breathing a shared vision. Collaborative Innovation is a new approach which combines the best of cross- functional cooperation of large organizations with the one-room entrepreneurial approach of start-ups. Revolutionizing your team set-up also requires new thinking: think working lean but thinking big, think speed and momentum like never before, think agile and flexible, think meaningful and locally relevant but globally scalable, think digital and connected and lastly think new end-to-end development. Collaborative-innovation is the approach that connects all these factors and most importantly is driven by a strong, connected and collaborative team that acts as a foundation for driving the transformation of your innovation organization.
Urgently adopt new innovation tools
In conjunction to transforming your digital team set-up, the final challenge for your new innovation organization is adopting new tools. Bottom line is simply that whatever you use today to innovate new products is not fast enough, does not go deep enough and does not allow the iterative loops you need to produce a winning proposition. If you find success today, you might be just lucky. One year from now, you will not find that same success. Consumer behavior patterns change rapidly so it's time to evolve with our consumers! The digital world brings many cool products to the consumers but it has also brought many tools that businesses can use to create them! For example, simulated launch experiences where the shopping, purchasing and unboxing experience can be used to help win against competition, optimize design and optimize messaging/claims. With such a tool you can be able to predict very accurately the future success. Another example is real time dashboard data analytics which used pre-launch to actually help design and optimize features and experiences with the product itself. It provides real time updates to the business which agile teams can make decisions off of and implement changes quickly before the product even reaches to paying consumers. This tools goes deep, revels never seen insights and allow business case decisions based on facts rather then assumptions. New innovation tools will allow your team to navigate quicker among unknown user behaviors, but also deliver relevant and superior digital proposition.
There are many tools that help business overcome the complexities and challenges of digital innovation, but it is critical the digital team is set up such that it fosters a mindset of agile and Collaborative innovation.