THE NEXT PERFORMANCE EXCELLENCE FRONTIER BALANCING INNOVATION TYPES, RISKS AND PAYOFFS

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1 THE NEXT PERFORMANCE EXCELLENCE FRONTIER BALANCING INNOVATION TYPES, RISKS AND PAYOFFS Professor Emeritus, University of Piraeus Vas. Mela 35, Holargos 15562, Athens, Greece Tel , Keywords: innovation process, incremental vs. radical innovations, technology vs. business model innovations The present rate of change in the business environment is leading not only to new or revised customer preferences but also to dramatic developments, such as the present global economic crisis. Under such conditions, innovation in many industries is replacing quality as the primary source of differentiation and competitive advantage. Quality remains paramount as a priority, but it is now a necessary rather than sufficient condition for survival and success. It is relevant to what exists, whereas innovation anticipates what is forthcoming. Despite a widespread acceptance of innovation s importance by the leadership of most companies, there is general dissatisfaction with the results realized from their innovation investments. Today nearly 95% of firms focus their innovation efforts on new products and services, the obvious outputs of the innovation process. A more effective approach must address all aspects of the innovation system, i.e. the outputs, the inputs and the innovation process itself. Improving the quality of innovation requires that we manage it as a core process, in the same way we do it for quality and finance. In fact, the secret of success with innovation is to institutionalize it, as was done with quality and TQM. In addition to innovation relevant to new products and services, it is critical to innovate on a firm s business model, i.e. the way a firm chooses to do business. DELL Computers provides a good example of business model innovation, in which the firm eliminated intermediate delivery channels and addressed customer needs directly. To manage the quality of the innovation process effectively we must continually strive to maintain a balance in the input/output flow of new ideas for new products or services, and a balance in innovation types (incremental vs radical), so that we optimize the associated risks and rewards. This critical balancing act is enabled with sound innovation metrics which track key operational and strategic-for-innovation issues. Included basic metrics must include process performance indicators and leadership-related and financial or cash curve -related metrics. The first monitors innovation outputs, inputs (promising ideas and investments), and the innovation process itself, while strategic innovation

2 metrics evaluate leadership initiatives, the extent and quality of people participation, along with financial metrics, such as the percentage of budget for innovation projects.

3 53 rd EOQ Annual Congress Quality in An Age of Transition 12 th -14 th May, 2009 DUBROVNIC-CROATIA The Next Performance Excellence Frontier: INNOVATION Kostas N. Dervitsiotis

4 Emerging as as a Global Global Process Process

5 From From The The Industrial Era Era To To The The 21st 21st Century Environment Key Environmental Indicator, i.e. demand Environmental disturbance: i.e. the internet Stable Period Industrial Era Rapid Change Period Globalization Era Time Key Assumption in Mental Model : Key Strategic Goal : Management Mode: Continuity (The future will be like the past! ) Operational Excellence in present Environmental Context Top-down (Command &Control) Discontinuity (The future will be unlike the past!) Adaptation Excellence with Value- for new Environmental Context Periphery to Center ( Emergent- Adaptive)

6 Decline DeclineWith Time Timeof of Business Model s Accuracy A Firm s Business Model Energy Assumption about Customers Assumption about Competitors Assumption about Suppliers Assumption about Needed Resources: Availability Prices Materials Skills Needed Assumption about Talent Market Assumption about Legal Framework Assumption about Technology advances Assumption about Own Capabilities Capital Relevant reality Accuracy Initial model accuracy based on assumptions Declining validity of model assumptions, as environmental conditions change Accelerating decline of business model accuracy as time increases from its initial formulation Time

7 Key Key Dimensions Dimensions and and Types Types of of Degree of Novelty and Risk Radical (cell phone, PC ) Semi-radical (Mini steel mills ) (DELL Computers, ipod & itunes ) Incremental ( autos, airlines, etc. Value Proposition Supply-Chain Target Customers Business Model Related Types of Integrator Orchestrator Licensor Product Process Technology-based s Enabling Technologies

8 Developing Developing An An Organization s Organization s Profile Profile By By the the Value-Chain Value-Chain Activity ActivityChange and and the the Degree Degree of of Novelty Novelty Degree of Novelty and Risk Value Proposition Business Model s Supply-Chain Production Distribution Target Customers Technology-based s Product Process Enabling Technologies Radical (cell phone, PC ) Semi-radical (Mini steel mills ) (DELL Computers, ipod & itunes ) Incremental (autos, airlines, etc.

9 The The Pipeline Excellence in innovation begins with excellence in creativity management. Most Value is created and most value waste occurs in the early innovation stages Products/ Services Business models Cash from New Revenue Streams INPUTS Idea Generation Project Selection Development Taking to Market OUTPUTS 1. Promising ideas 2. Needed investments 3. Needed innovation teams 4. Leadership support 5. Effective infrastructure The Process Stages Performance Metrics: 1. Quantity 2. Quality 3. Cost 4. Time to Develop 5. Time in Use

10 The The System System 50 to 70 percent of all new product introductions fail. Deloitte Study " Paradox", 2/23/04 Cash from New Revenue Streams INPUTS New Ideas Value Cost Customer Demand s Process Products/Services Sustaining s OUTPUTS Investments Disruptive s Idea Generation and Generation Capture Project Selection Development Taking to Market

11 The The Key Key Factors Factors Affecting Affecting Performance Performance 1.Communicates the vision 2. Determines direction 3. Sets goals and priorities 4. Ensures balance of activities 5. Ensures alignment of parts Leadership Defines context in which relations develop: 1. Shared Values 2. Special Language shaping thoughts and actions 3. Behavioral Norms in dealing with others People Sustainable Capability Culture Determine available : 1. Knowledge, 2. Skills 3. Talents 4. Informal networks 5. Beliefs 6. Attitudes 7. Motivation Infrastructure Systems Hard and Soft processes facilitate the performance of all activities necessary to implement the strategy

12 Need Need for for a a Comprehensive Comprehensive Approach Approach to to Leadership People Culture Infrastructure Systems Pipeline Bandwidth Goal 1: Increase Bandwidth Idea Generation and Capture Project Selection Development Taking to Market Products/ Services Business models Goal 2: Maintain Balance in: 1. Input / Output Flow 2. Types ( Incremental vs Radical ) 3. Risks vs Rewards

13 Experimenting Experimenting With With Actions Actions on on the the Margin Margin To To Develop Develop Emerging Emerging Strategy Strategy SD i = Strategy Domain i, defined by selection of products, markets, technology, etc. Current Strategy Domain Seek Operational Excellence Experiments to explore new opportunities Offer a new product MA 1 SD 1 MA 3 SD 3 Current Strategy Execution Try a new technology Markets Seek Adaptation Excellence Reflection on results of MA s SD C Products Technology To ensure short-term earnings MA 2 SD 2 Penetrate a new market MA = Action on the Margin, as an initiative explored with staged-investments (risk small gain big strategy) Time

14 Keys Keys to to Successful Successful Strategy Strategy Evaluation of innovations must be done not on individual ideas but on the basis of the proposed portfolio, as by venture capital firms The critical variables for the quality of the innovation process are 1. A firm s innovation portfolio in terms of the size and degree of balance of of projects determined by : degree of failure risk, size of investments and timing of expected rewards projects are classified as sprinters and marathon runners 2. The innovation process bandwidth measuring the rate of transfer of new ideas to commercialized products and services sold for cash

15 The The Keys Keys To To Success Success :: Balance 1. Balance of innovation supply and demand It is not enough to have just a large number of promising ideas entering the innovation pipeline, it is also important for those in position to use them. 2. Balance in risks of innovation types 95% of the creative ideas selected by most firms represent incremental innovations that help sustain existing successful products in the marketplace. To maintain a competitive edge a firm also needs to introduce periodically a few radical or semi-radical innovation ideas that can increase market share and command high profit margins. Example : Apple computers Frequent small improvements on hardware and firmware Introduction of novel products every 2-3 years (ipod, iphone, etc.)

16 Connecting Connecting Portfolios Portfolios with with Performance Performance Improvement Improvement Risk Level High (Uncertain) Medium (Unfamiliar) Low (Familiar) Immediate I 1 I 2 I 5 Medium-term, ( 2-3 years)long-term, ( > 3 years) I 6 I 11 I I 10 7 I 3 I 8 I 4 I 9 Timing of Rewards Radical or Semi-radical s for: New Products New Processes New Business Models Value created Small Improvements on Existing: Products Processes Business Models Infancy Rapid growth Maturity Infancy Rapid growth Time

17 Assessment of of Performance Successful New Total Value Created * By New Revenue Streams Amount of Value Captured by Innovating Firm Amount of Value Lost to Market * Net value added Examples: Effectiveness = Amount of Value Captured Amount of Value Created Napster Low Xerox Low DELL High Apple s itunes High

18 THANK YOU!

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