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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.
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- Sustaining innovation: involves making improvements to existing products or processes that help maintain a company's competitive position.
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- ### Models of Innovation
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Innovation can follow different models, such as:
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Innovation can follow different models, such as: #flashcard
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- Linear model: involves a sequential process of research, development, and commercialization.
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- Cyclical model: involves a continuous process of feedback and iteration.
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- Open innovation: involves collaborating with external partners to develop new products or services.
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- ### Characteristics of Innovative Companies
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Innovative companies share certain characteristics, such as:
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Innovative companies share certain characteristics, such as: #flashcard
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- A willingness to take risks and experiment with new ideas.
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- A focus on customer needs and preferences.
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- A culture that encourages creativity, collaboration, and learning.
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- A commitment to continuous improvement and innovation.
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- ### Strategies for Fostering a Culture of Innovation
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Companies can foster a culture of innovation by:
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Companies can foster a culture of innovation by: #flashcard
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- Providing resources, such as funding, time, and expertise, to support innovation initiatives.
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- Encouraging collaboration and cross-functional teams.
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- Rewarding creativity and risk-taking.
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- Creating a supportive and inclusive work environment.
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- ### Examples of Innovative Companies and Products
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There are many examples of innovative companies and products, such as:
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- Apple: known for its innovative products, such as the iPhone and iPad.
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- 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.
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- ## Topic 8: Digital Transofrmation and Digital Products
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- Digital Transformation
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- Terms
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- **Digitisation** is the process of converting information from analog to digital.
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- **Digitalisation** is the process of using digitised information to make established ways of working simpler and more efficient.
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- **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
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- **Types** of Digital transformation
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- **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.
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- **Business Model Transformation** – aims to make fundamental changes in how a business or organization runs which can include personnel, processes, and technology.
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- **Digitisation** is :-> the process of converting information from analog to digital.
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- **Digitalisation** is :-> the process of using digitised information to make established ways of working simpler and more efficient.
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- **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
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- **Types** of Digital transformation #flashcard
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- **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.
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- **Business Model Transformation** :-> aims to make fundamental changes in how a business or organization runs which can include personnel, processes, and technology.
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- **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.
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- **Cultural/Organizational Transformation** -
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This is about redefining mindsets, processes, capabilities and skills for a digital world. It’s about driving digital transformation forward through growth initiatives that are grounded in a new culture and way of thinking.
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- **Guidelines** for a successful Digital
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Transformation
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- Understand your technology
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- Embrace Cultural Change
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- Ensure Collaboration
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- Top Management Support
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- Digital Product
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- Characteristics
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- no physical form, exist only in the digital realm,
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- _intangible_ items delivered _electronically_,
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- 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,
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- often come with a license that allows a customer to use them in unlimited ways.
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- Will everything become digital?
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- In practice, most products and experiences they are part of are _hybrid_.
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- **Why** digital products?
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- Customer happiness is how you win in business. Modern customer expectations are being driven by largely digital technology and digital innovations.
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- Low investment, (potentially) high returns
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- More profitable than physical goods
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- Serve a niche at scale
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- Digital products offer unique ways to communicate directly with the customers.
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- Digital Project Development
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- Phase 1. **Discovery**: the process of identifying the problem to be
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solved, making sure the problem is worth solving, and
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envisioning the solution to that problem.
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the feedback from the MVP launch, it’s time to consider
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the growth or scaling phase.
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- Digital Project Management
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- Terms
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- **Digital Project Manager**: the glue that brings
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together many facets of a successful digital product—
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customers, design, engineering, operations, sales,
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marketing, finance, compliance, legal, and more.
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- **Project Team for Digital Products**:
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A project team for digital product is made up of:
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- **Developers or engineers** – the people who will code, test and deploy the digital application that will be used by customers.
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- **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
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- **Sales and marketing experts**, who will actually get customers to use the product.
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- mistakes to avoid
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- Having the _wrong data_
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- _Resistance_ from staff
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- Underestimate _costs_
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