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Innovation propels companies forward. It's an unlimited source of new growth and can give businesses a distinct competitive advantage. Learn how to innovate at your own business using Systematic Inventive Thinking, a method based on five techniques that allow you to innovate on demand. In this course, author and business school professor Drew Boyd shares the techniques he's taught Fortune 500 companies to innovate new services and products. Drew provides real-world examples of innovation in practice and suggests places to find your own opportunities to innovate.
In the bonus chapter, Drew shares insights from his own career and answers tough questions on resistance to innovation, innovation and leadership, and the difference between generating vs. executing innovative ideas.
When you think about the parts of a business and different ways that you can ply you can apply innovation methods, it's an essential question to answer because companies are complex organisms right. There are a lot of moving parts. There are so many ways that you can bring value throughout an organization. And you know I hate to sort of state the obvious but you think, you want to think about innovation in just about every part of your business. Now clearly some parts of your business are more important than others.
But from my experience where I've seen innovation used let's let's go through kind of a list of things. There are for example some of our clients that are in the food manufacturing business. They manufacture food. They design foods. They use it to create new products. They want the to unlock more value out of their their recipes and their methods. And so they take the methods to create new products. Other companies like financial services companies. One of our clients is a financial service company that uses it to improve and innovate insurance processes.
How they take new clients and sign them up. It's a very tightly regulated process that has to be done without errors. And this company was able to systematically innovate it to bring new value not necessarily for the client but for them internally. That brought a lot of value. It was more productive, more efficient, and more accurate. So services, processes, you can also use it in operations in your manufacturing processes. At my company, my former company, we applied systematic innovation to an organization.
We wanted to innovate our market research function. And so we applied it to the market research function just like it was a product. And what we came out with was a new structure that helped our organization. We innovated the organization. So I'm pretty [boldish] on different ways to use it. You can certainly use it for business model innovation. One of our clients is a bank that wanted to get more aggressive and be more innovative in its strategies especially how it went out and acquired new banks to grow.
And it applied the method very successfully to help it frame the problems correctly and see the opportunities for acquisition in a different light. So yes you definitely have to experiment though. What we found is that the more aggressive we got the more surprised we were at different ways to use systematic methods and we were pleasantly surprised with the results.
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