As individuals and companies, we need to protect ourselves against distractions so as not to lose our focus and commitment to bringing ideas all the way to new innovations. Today, distraction can include the possibilities and opportunities we see around us but also our self-perceived limited skills and experience when we compare ourselves with other people or companies.
Creativity & Innovation
IFS is a company that encourages and promotes creativity and innovation. The more brains that are involved the greater the creativity, so by sharing ideas and inspiration creativity flourishes. Learn more about why IFS values creativity and innovation.
Many times I have asked myself why some people and companies seem to be more creative and innovative than others. Do some people have superior DNA or are they blessed with a bigger brain? I read a book during my summer vacation that shed some light on my question. I would like to share it with you here.
In a study of companies in the industrial, technology, and consumer goods sectors, a correlation can been seen between investment ratios and the distribution of innovation returns reflected in the share price. Among high performers that invest in all three levels of innovation, surveys reveal that the return ratio is the inverse of resource allocation. Companies that allocated according to the above investment ratios outperformed their peers, typically realizing a P/E premium of 10% to 20%.
Targeting a healthy balance of core, adjacent, and transformational innovation is a vital step toward managing a complete innovation portfolio. The challenge is that a company must be able to execute at all three levels of ambition. However, few companies are good at all three, and not entirely surprising, companies struggle the most with transformational innovation.
Many times I have asked myself what the best-in-class innovation portfolio would look like. How should you balance the different innovation ambition levels such as incremental innovations with transformational (breaking news) innovations? Are there any numbers you can benchmark against and what ratio will have the most impact on your financial results and share price? What areas of management will boost the different levels of ambition?
Now, IFS takes another leap forward by acquiring Metrix. With Metrix’s portfolio of mobile solutions for field service management on smartphones and tablets, IFS can now boast one of the world’s broadest solutions for the mobile workforce, including….
My advice is to always have your copycat glasses on and think how you can refine and evolve existing solutions on the market. Please bear in mind that many profitable innovations that have evolved from an existing technology or user behavior.
In my role at IFS, formulating and communicating product visions and strategies for IFS Applications, I am constantly on the lookout for new ideas. I seek inspiration from other industries that at first glance might seem unrelated to the business software industry. I want to understand their challenges and opportunities, the type of products and…
We discussed whether your fear of failure is due to the fear of losing your job or damaging your career. I asked if anyone has really lost their job due to that kind of failure, but the answer was ‘no’. So maybe the fear is just a perception? …. and they nodded in agreement.
Have a look at the movie (only 4 minutes) and then ask yourself the following two questions.
– Does my company have a space where ideas can mingle and swap?
– What makes me share my hunches with others’ hunches to get them to collide?