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- Disruptive innovation: involves creating a new product or service that initially serves a niche market but eventually disrupts the existing market. - Disruptive innovation: involves creating a new product or service that initially serves a niche market but eventually disrupts the existing market.
- Sustaining innovation: involves making improvements to existing products or processes that help maintain a company's competitive position. - Sustaining innovation: involves making improvements to existing products or processes that help maintain a company's competitive position.
- ### Models of Innovation - ### Models of Innovation
Innovation can follow different models, such as: Innovation can follow different models, such as: #flashcard
- Linear model: involves a sequential process of research, development, and commercialization. - Linear model: involves a sequential process of research, development, and commercialization.
- Cyclical model: involves a continuous process of feedback and iteration. - Cyclical model: involves a continuous process of feedback and iteration.
- Open innovation: involves collaborating with external partners to develop new products or services. - Open innovation: involves collaborating with external partners to develop new products or services.
- ### Characteristics of Innovative Companies - ### Characteristics of Innovative Companies
collapsed:: true Innovative companies share certain characteristics, such as: #flashcard
Innovative companies share certain characteristics, such as:
- A willingness to take risks and experiment with new ideas. - A willingness to take risks and experiment with new ideas.
- A focus on customer needs and preferences. - A focus on customer needs and preferences.
- A culture that encourages creativity, collaboration, and learning. - A culture that encourages creativity, collaboration, and learning.
- A commitment to continuous improvement and innovation. - A commitment to continuous improvement and innovation.
- ### Strategies for Fostering a Culture of Innovation - ### Strategies for Fostering a Culture of Innovation
collapsed:: true Companies can foster a culture of innovation by: #flashcard
Companies can foster a culture of innovation by:
- Providing resources, such as funding, time, and expertise, to support innovation initiatives. - Providing resources, such as funding, time, and expertise, to support innovation initiatives.
- Encouraging collaboration and cross-functional teams. - Encouraging collaboration and cross-functional teams.
- Rewarding creativity and risk-taking. - Rewarding creativity and risk-taking.
- Creating a supportive and inclusive work environment. - Creating a supportive and inclusive work environment.
- ### Examples of Innovative Companies and Products - ### Examples of Innovative Companies and Products
collapsed:: true
There are many examples of innovative companies and products, such as: There are many examples of innovative companies and products, such as:
- Apple: known for its innovative products, such as the iPhone and iPad. - Apple: known for its innovative products, such as the iPhone and iPad.
- Tesla: known for its innovative electric vehicles and renewable energy solutions. - Tesla: known for its innovative electric vehicles and renewable energy solutions.
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The PDF provides links to further resources for learning about innovation, such as a video and short videos about new inventions. These resources can help individuals and companies stay up-to-date on the latest trends and developments in innovation and product development. The PDF provides links to further resources for learning about innovation, such as a video and short videos about new inventions. These resources can help individuals and companies stay up-to-date on the latest trends and developments in innovation and product development.
- ## Topic 8: Digital Transofrmation and Digital Products - ## Topic 8: Digital Transofrmation and Digital Products
id:: 64857305-a186-4927-890d-607f66d97f95 id:: 64857305-a186-4927-890d-607f66d97f95
collapsed:: true
- Digital Transformation - Digital Transformation
collapsed:: true
- Terms - Terms
collapsed:: true - **Digitisation** is :-> the process of converting information from analog to digital.
- **Digitisation** is the process of converting information from analog to digital. - **Digitalisation** is :-> the process of using digitised information to make established ways of working simpler and more efficient.
- **Digitalisation** is the process of using digitised information to make established ways of working simpler and more efficient. - **Digital transformation** is :-> the process of using digital technologies to create new — or modify existing — business processes, culture, and customer experiences to meet changing business and market requirements
- **Digital transformation** is the process of using digital technologies to create new — or modify existing — business processes, culture, and customer experiences to meet changing business and market requirements - **Types** of Digital transformation #flashcard
- **Types** of Digital transformation - **Process Transformation** :-> aims to process such as data, analytics, AI, and any process that can work towards lowering costs and driving operational efficiency in the business.
collapsed:: true - **Business Model Transformation** :-> aims to make fundamental changes in how a business or organization runs which can include personnel, processes, and technology.
- **Process Transformation** aims to process such as data, analytics, AI, and any process that can work towards lowering costs and driving operational efficiency in the business.
- **Business Model Transformation** aims to make fundamental changes in how a business or organization runs which can include personnel, processes, and technology.
- **Domain Transformation** - This area offers a great opportunity to move into a new domain or area that a business may not have explored before by acquiring new technologies. - **Domain Transformation** - This area offers a great opportunity to move into a new domain or area that a business may not have explored before by acquiring new technologies.
- **Cultural/Organizational Transformation** - - **Cultural/Organizational Transformation** -
This is about redefining mindsets, processes, capabilities and skills for a digital world. Its about driving digital transformation forward through growth initiatives that are grounded in a new culture and way of thinking. This is about redefining mindsets, processes, capabilities and skills for a digital world. Its about driving digital transformation forward through growth initiatives that are grounded in a new culture and way of thinking.
- **Guidelines** for a successful Digital - **Guidelines** for a successful Digital
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Transformation Transformation
- Understand your technology - Understand your technology
- Embrace Cultural Change - Embrace Cultural Change
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- Ensure Collaboration - Ensure Collaboration
- Top Management Support - Top Management Support
- Digital Product - Digital Product
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- Characteristics - Characteristics
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- no physical form, exist only in the digital realm, - no physical form, exist only in the digital realm,
- _intangible_ items delivered _electronically_, - _intangible_ items delivered _electronically_,
- anything that can be _downloaded_ and _used digitally_ can be considered a digital product, - anything that can be _downloaded_ and _used digitally_ can be considered a digital product,
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- can be easily updated or modified to keep up with changing technology and trends because they're intangible, - can be easily updated or modified to keep up with changing technology and trends because they're intangible,
- often come with a license that allows a customer to use them in unlimited ways. - often come with a license that allows a customer to use them in unlimited ways.
- Will everything become digital? - Will everything become digital?
collapsed:: true
- In practice, most products and experiences they are part of are _hybrid_. - In practice, most products and experiences they are part of are _hybrid_.
- **Why** digital products? - **Why** digital products?
collapsed:: true
- Customer happiness is how you win in business. Modern customer expectations are being driven by largely digital technology and digital innovations. - Customer happiness is how you win in business. Modern customer expectations are being driven by largely digital technology and digital innovations.
- Low investment, (potentially) high returns - Low investment, (potentially) high returns
- More profitable than physical goods - More profitable than physical goods
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- Serve a niche at scale - Serve a niche at scale
- Digital products offer unique ways to communicate directly with the customers. - Digital products offer unique ways to communicate directly with the customers.
- Digital Project Development - Digital Project Development
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- Phase 1. **Discovery**: the process of identifying the problem to be - Phase 1. **Discovery**: the process of identifying the problem to be
solved, making sure the problem is worth solving, and solved, making sure the problem is worth solving, and
envisioning the solution to that problem. envisioning the solution to that problem.
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the feedback from the MVP launch, its time to consider the feedback from the MVP launch, its time to consider
the growth or scaling phase. the growth or scaling phase.
- Digital Project Management - Digital Project Management
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- Terms - Terms
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- **Digital Project Manager**: the glue that brings - **Digital Project Manager**: the glue that brings
together many facets of a successful digital product— together many facets of a successful digital product—
customers, design, engineering, operations, sales, customers, design, engineering, operations, sales,
marketing, finance, compliance, legal, and more. marketing, finance, compliance, legal, and more.
- **Project Team for Digital Products**: - **Project Team for Digital Products**:
collapsed:: true
A project team for digital product is made up of: A project team for digital product is made up of:
- **Developers or engineers** the people who will code, test and deploy the digital application that will be used by customers. - **Developers or engineers** the people who will code, test and deploy the digital application that will be used by customers.
- **Experts in customer or user experience** who focus on how the product and associated services will be used by the customer, and who create the user interface, services and other interactions with the customers - **Experts in customer or user experience** who focus on how the product and associated services will be used by the customer, and who create the user interface, services and other interactions with the customers
- **Sales and marketing experts**, who will actually get customers to use the product. - **Sales and marketing experts**, who will actually get customers to use the product.
- mistakes to avoid - mistakes to avoid
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- Having the _wrong data_ - Having the _wrong data_
- _Resistance_ from staff - _Resistance_ from staff
- Underestimate _costs_ - Underestimate _costs_