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Rapid Innovation is not an option

I’m reading the article on the challenge of innovation in organizations, and it again proven the lack of innovation culture and system in existing organization design. Particularly lack of proper human resources that are trained and organized to handle the needs of innovation in a sustainable and fast pace.

Differentiation Innovation for Premium Brands

We are in exciting era of innovation and people are seeking more creative product/services that are constantly exceed expectations. This phenomenon challenges the traditional scale model, that empathizes standardization and mass scalability, as consumers are no longer satisfied with industrial produced products that are identical to millions others.

Especially for premium products, companies must gear up their capabilities in innovation to catch up the ever-demanding customers, as they now have more choices and learned the true values of company offers.

Organization have choices to either to sell commodity with scale or constantly provide creative & unique products that attracts the premium customers.

Innovate more and faster is the key

The future economy is the competition of creativity and speed in value creation processes, only those companies who master the art and science of rapid & holistic innovation will survive the test of customer choices, and multidisciplinary designers and creative leadership are instrumental to success.

About the author:

Justin Tsui is a business innovation consultant specialized in holistic product design, brand strategy and digital marketing solutions. With 15+ years professional experience working with MNC consultancies and companies, Justin worked in wide range of projects in various industries like FMCG, Retail Marketing, Telecommunication, Licensing, Electronics, and Public Space Design. Justin have developed many products and brands with proven success, and has the privilege to worked with some of the renown brands & companies including P&G, Tide, Ariel, AT&T, VTech, Chicco, Kappa, 7-Eleven, Disney, Hello Kitty etc…
Artefactx Consultants (www.artefactx.net) (+852)29526328

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Product Development Organizations Risk Missing Growth Targets

Product organizations face significant and growing challenges in speeding innovation, according to more than 500 product development leaders who completed the Fourth Product Portfolio Management Benchmark Survey. Commissioned by Planview and conducted by Appleseed Partners and OpenSky Research, the survey found that product development organizations face more pressure to deliver timely, on-target products but lack key elements to drive a programmatic, repeatable innovation program in line with company goals.

Top Pain Points Persist: Survey participants indicated facing the same top pain points first reported in the 2009 survey results, and these are trending up: They have more opportunities than people to work on them and cannot drive innovation fast enough. Speeding the pace of innovation and delivering market-driven products requires the ability to measure the value of projects, secure the right resources at the right time, and make timely decisions, which are all key challenges for product development organizations.

Time to Market Risk Intensifying: Mounting pressure to meet product development targets caused time to market – missing important seasonal or competitive windows – to jump from the number five position in 2012 to the greatest risk conveyed by survey participants this year. The second highest areas of concern are developing the wrong products and not cutting lower value products and projects that take resources away from more strategic ones.

The Missing Elements for Speeding Innovation

What are the reasons for the persistent and escalating pain points around product portfolios and pipelines, which lead to critical failures in the creation and delivery of new products? The survey uncovered four missing elements:

A Defined Pathway: From 45 to 70 percent of product leaders (depending upon maturity level) conveyed that while maturing their innovation program is imperative, their companies lack a clear path on how to improve and develop in this area.
Data: More than 80 percent of companies are supporting decision making with poor and/or hard to access data. As a result, executives experience difficulty making timely decisions, such as what initiatives to discontinue.
Strategic Alignment: More than half of the survey respondents indicated that their product portfolios are not aligned well enough with company strategies and objectives, creating numerous pain points that include ineffective decision-making (53 percent).
Culture: More than 70 percent responded that their leadership is averse to risk and equates killing products with failure. In fact, overall risk aversion is growing steadily. Too few companies are celebrating early failures and taking calculated risks, which is the bedrock for delivering breakthrough innovations.
“The benchmark study results show that product organizations face increasing pressure to innovate but don’t have the right level of people, processes, and tools needed to achieve success,” said Carrie Nauyalis, new product development solution evangelist at Planview. “The good news is that there’s a lot of low hanging fruit to create quick wins, as well as established best practices to emulate from companies who are really walking the walk, instead of just talking the talk.”

Maturing Innovation Programs

The majority of organizations surveyed want to move up in innovation management maturity, according to the survey. For the first time, survey respondents were asked to rank themselves according to the new Innovation Management Maturity Model created by Planview. The model helps define a pathway to a sustainable innovation program, enabling product groups to compare their programs to other organizations.

Few organizations have achieved the highest level of maturity according to the survey results, but those who rated themselves higher up the scale revealed sophisticated usage of the missing elements: innovation is operationalized and embedded in their company cultures, with a supporting organization, well-defined processes, purpose-built tools, and better data.

The survey also showed a distinct separation between the lowest maturity organizations and the remainder, with better use of tools as the only way to jump that chasm. Of these lower maturity companies, 61 percent admit that they cannot effectively make decisions, and 44 percent are not even capturing data, signaling a need to leverage product portfolio management technology.

Watch the YouTube video highlighting the benchmark study’s finding. The full report is available here: Planview.com/benchmark. To review the Innovation Management Maturity Model and rank the maturity of your innovation program, visit Planview.com/InnovationManagementMaturity.

About Planview

Planview is a global leader in portfolio and resource management, helping organizations drive results by optimizing the capacity of their finite people and financial resources. Market leaders across every industry rely on the company’s cloud solutions to manage portfolios across IT, product development, services and finance. Planview’s singular focus fuels a deep commitment to innovation and customer success. For more information, visit http://www.planview.com.

SOURCE: BUSINESS WIRE

Nokia and Microsoft’s should consider Phoneblocks

I think Phoneblocks is a good idea at least Nokia and Microsoft worth to consider as a chance to compete vs Apple and Google.

Although hardware customization is NOT for everyone, but I’m sure there will be enough supporters who like the idea of tailor made hardware just like Android & iOS for software.

Help save the world

There were loads of electronic are made trash everyday, just because it was an old model or one of the parts fail to work. And it has created a huge problem for the environment, as well as a waste of resources.

Phoneblocks could help to solve a bit of that issue if it could be execute & market properly with some great supports from the industry.

Commercialisation Challenges

Although Phoneblocks is a great idea with good purpose, it fundamentally challenged the existing business models for the mobile phone players.

Realistically, Phoneblocks will be much likely to get supports from hardware and electronic component companies then the consumer brand names like Apple & Samsung… As it gives a chance for component suppliers to sell their components are consumer products, where less people will buy brand new phones.

Opportunity for Nokia and Microsoft

Although phoneblocks might challenge the current business model of selling phones, nevertheless, it gives a whole new customer experience that Apple and Google are currently NOT offering.

And strategically, Nokia and Microsoft has a better advantage to take the route of hardware customization with Nokia’s rich experience and connection with component suppliers, and Microsoft’s expertise in building software connection platforms, like it did for the Windows.

There is no easy win for Nokia and Microsoft on the mobile market, and phoneblock might just give them a good option to consider verse the new giants Apple and Google.

Mass Customisation is the Future

I strongly belief mass customization is the future, and products like phoneblocks will become more popular and comment in all industries.

With the help of technology, customers will no longer satisfy with mass products that all look the same and function the same. The future is the competition of Customization Services vs DIY hobbyists… which will dominate the luxury and premium markets, where pre-made products will soon become low cost commodities.

About the author:

Artefactx Consultants (www.artefactx.com) (+852)34263803

Augmented Reality Catalogue by IKEA

We’ve seen many augmented reality applications, and most of them are just for fun.

But how about business application?

IKEA has put the augmented reality to work for them in a practical and meaningful way. Working together with their printed catalogue, you could use the download AR app to preview and take pictures of your interested IKEA product on site!

Use innovative idea to help your business

One of the challenge when people buying furniture is in visualizing how the product fits in your home, and this augmented reality app doing just that.

Now you could try out all possible offers from IKEA, and boldly try out options at you wildest imagination.

This AR app not only provide a fun experience for consumers, and it also increase the opportunities of purchase and cross-sales!

With the help of technology, there are lot of new opportunities in creating innovative solutions to drive business growth, you just need to be open-minded and have guts in challenge yourself with bold changes!

About the author:

Artefactx Consultants (www.artefactx.com) (+852)34263803

Integrated Innovation from Nike+ FuelBand

I’m a practitioner of integrated innovation, and it is always to my delight to share exciting projects that brings true value & new experiences to enhance life; which also benefits the society and business development.

Innovation is Key to Business Success

Innovation is known as a key element to sustain business, social and economic development, and it often associate with scientific or technologic breakthroughs which require significant Research and Developments.

Integrated Innovation is about holistic collaborations

My idea of Integrated Innovation is more emphasis on holistic collaborations of multiple Micro Innovations from product design, to branding & marketing & sales strategy, that amplify the true consumer & social-economical potentials.

Nike+ FuelBand is a more typical case of technological integrated innovation, which leverage the latest technology in sports-tested accelerometer, Nike+ FuelBand tracks your running, walking, basketball, dancing and dozens of everyday activities. It tracks each step taken and calorie burned. It also tells the time of day.

Technology + Product Design + Brand + Marketing = SUCCESS

The FuelBand product is perfectly integrated anchored in Nike’s core business and brand position, it also integrated the idea of social gamification that brings the product and brand experience into another level. Not to mention that Nike nailed the marketing campaign with a great story to tell about “Life is a Sport. Make it Count.”

With integrated Innovation in Technology, Product Design, Branding, and Marketing Communication, FuelBand bring consumers a holistic and consistence brand experience that transform life and social behaviors. There is no surprise that FuelBand has a huge success since its launch!

Make Integrated Innovation a Common Practice

But how about those company with smaller budget in R&D and resources, are there cost effective way to do integrated innovations that help drive sustainable business growth? Artefactx’s mission is to help drive the practice of integrated innovation for every companies and even individuals, we believe integrated innovation could help companies to deliver faster and better business results with lesser resources and risk.

ad performance on Facebook.

This is an interesting article form eMarketer regarding the Facebook ad effectiveness.

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The sponsored check-in story—in which users are shown an ad in their newsfeed for a place where they had previously checked-in—achieved the highest clickthrough rate (CTR) by a significant margin. At 3.2%, the check-in story beat out the CTR for the sponsored “like” story by almost 1 percentage point. All sponsored story ad types performed far better than other ad units, save page post ads and ads inviting users to install mobile apps.

But the sponsored check-in story was also the most expensive, costing $6.27 per impression, while the sponsored “like” story cost $4.58 per impression. Still, despite the high impression cost, clicks on the sponsored check-in story were quite cost effective: At only 4 cents each, this was the lowest price by far of any of the ad types.

Industries also showed wide variation in Facebook ad performance. The study found that general retail and telecommunications had the most success generating page “likes,” at a rate of 0.11% and 0.10%, respectively. Clothing and fashion also performed well by this measure.

But many industries could not crack higher than a 0.03% page “like” rate, including technology, food and beverage, finance, entertainment, advertising and travel. Getting a strong page “like” rate is a product of both consumer interest and targeting, among other factors, and these industries may have more work to do to make sure they are reaching out to the right Facebook users.

For overall Facebook ads served by industry, sports cost by far and away the most per impression, at $9.08. Publishing ranked as the second most expensive ad by this measure, priced at $1.75 per impression, followed by telecommunications and general retail, tied for third at a price of $1.39 each.

Telecommunications and publishing garnered the highest CTRs, while sports, despite its high impression price, came in at around the average for CTR. This could reflect ad purpose, however. While many industries serve ads on Facebook to create engagement, some still use the site for branding.

Perhaps in response to accumulating data about which ads perform best and worst, Facebook has announced that it will begin simplifying ad offerings, reducing the number of types available and tying ad opportunities to a brand’s business goals.

eMarketer estimates that worldwide paid advertising on Facebook will reach $5.89 billion this year and continue rising by more than 20% annually through 2015, when spend will approach $9 billion. With so much money and consumer attention on the line, marketers have plenty of incentive to make sure they are putting out ads that maximize the channel’s assets.
Read more at http://www.emarketer.com/Article/Facebooks-Ad-Offerings-Show-Wide-Variation-Price-Performance/1009987#4GiHKbwSsxImSFas.99

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