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  • feedwordpress 17:01:55 on 2018/02/07 Permalink
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    Research: Measurements Critical For Corporate Innovation Success 

    As part of my continued research stream on corporate innovation at Catalyst Companies, an Innovation Council, we’ve completed 3/4 research reports on how large companies are acting more like startups. Here’s some of the findings of how companies formalized innovation programs are shaping up. In this latest research effort, which I partnered with Jaimy Szymanski, looks at how companies are measuring their innovation efforts.

    Success of Innovation Programs Depends on Metrics
    We’ve identified the most common innovation programs in previous research. However, these programs – and innovation efforts themselves – will fail if metrics are assumed to be equal across all domains. Challenge: Early innovation efforts shouldn’t be measured by revenue –especially when compared to billion dollar product lines. So how should companies measure? Here’s what we found:

    Fallacy: Revenue is King
    At a high level the typical metric most often discussed at corporate is return on investment (ROI) or what shareholders prefer to hear, revenue. This mindset has, and will, condemn any formalized innovation efforts and undermine the success of innovation leaders themselves. Organizations with successful innovation programs reveal specific metrics for success – which may not include revenue, yet.

    Recipe for Success
    For any innovation program to mature it must have appropriate metrics aligned at the onset which will ultimately result in the organization’s goal of increased revenue in the long term. The metrics below were gained through qualitative analysis of Fortune 500 companies within the Catalyst Companies Council, as well as outside corporate executives, startup innovators and ecosystem experts.

    Programs and their Success Metrics

    • Dedicated Innovation Team
    • Metrics are indistinguishable between these programs. Ideation is the key for these programs and should be accounted for accordingly.
    • Amount of ideas generated to “top of funnel”, incubated, prototyped or meaningfully launched to market.
    • Speed and efficiency for each of the aforementioned
    • Return on marketing investment or product development expense
    • Increase of customer satisfaction through specific metrics like NPS, testimonials or another identified metric
    • Effectiveness of a new product or service through measurements like adoption, growth, retention etc
    • Percent of leadership time spent on innovation vs daily operations.

    Intrapreneur Program
    Engagement is key for this program’s success. As such metrics should be assigned to measure overall involvement. Things like:

    • Employee participation, trained or engaged
    • Role or rank of participants
    • Amount of workshops, training and attendance
    • Amount of ideas submitted or generated
    • Amount of ideas generated by innovation sponsors BU as compared to others
    • Conversion rates of ideas
    • ROI from ideas to market
    • Efficiency of time to market
    • Customer satisfaction

    Open Innovation
    Allowing external parties into corporate provides a symbiotic relationship which must be measured. Participating parties look to their benefits of things like potential funding or corporate support. Corporations must measure;

    • Amount of ideas generated or participation through votes, comments or engagement
    • Quality of start-ups participating in challenge/contest
    • Amount of ideas that generate minimum viable product (MVP), measured per quarter
    • Amount of ideas to production
    • Efficiency from idea to MVP to production
    • Development costs MVP or POC
    • ROI and use of products resulting from challenge, contest or program

    Metrics Tell Your Story and Prove Your Worth!
    Aligning the innovation groups goals to corporate initiatives has never been more important. Revenue cannot be the only measurement, or the group and its leaders & personnel, will fail miserably. Identification of metrics at the start – including desired business outcome – will help determine which program is best suited for your organizational goals.

    To learn more about this research, please send me an email at jko@cataylstcompanies.co

     
  • feedwordpress 17:13:04 on 2018/01/31 Permalink
    Tags: Content Marketing   

    Global Content Strategy: This is Going to Be Big! 

    Our latest research at Kaleido Insights from my colleague Rebecca Lieb

    Download here: Global Content Strategy: This is Going to Be Big!

    Enterprises are still in the early stages of integrating content strategy as a discipline, not only into the marketing mix, but also into operations and technology. Multinationals face a much more complex challenge: scaling content across borders, languages, cultures, and teams.

    This report examines the specific challenges of creating an effective global content marketing strategy, as well as best practice recommendations.

    Global content operations tend to operate either top-down, or bottom up. We learned neither approach works in isolation. Global content groups must enable local territories, but local (regions and/or countries) must be provided with sufficient autonomy to make decisions that will make content appropriate and meaningful within their geographic region. Global, regional, and local should, and must, inform the other.

    This report was based on interviews with global content executives from companies including Intel, Visa, Save the Children, DuPont, Cisco, Intel, 3M and many more. It was additionally informed by the work we’ve done crafting global content strategies for some of the world’s leading brands.

     

     
  • feedwordpress 19:47:52 on 2018/01/08 Permalink
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    Report: Blockchain + Internet of Things = Trusted Automation 

    Download the full Kaleido Insights report.

    Our latest report is out, led by my colleague Jessica Groopman and building off prior blockchain research I’ve conducted. Beyond the cryptocurrency hype, how will Blockchain actually impact business models? When it’s combined with IoT technology, it will give a rise to autonomous systems working strongly.

    Here’s the report “The Internet of Trusted Things: Blockchain as the Foundation for Autonomous Products & Ecosystem Services” where we outline specific business use cases, and how it can impact supply chain, IoT network management, end user authentication, on-demand asset sharing networks, and finally, smart contracts.

    This report is for forward-thinking executives and innovation leaders interested in exploring how distributed ledger technologies support IoT and automation strategies

     

     

     

     

     
  • feedwordpress 16:35:26 on 2017/12/01 Permalink
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    Self Driving Cars will save you Time and Money 

    Mercedes Self driving car concept: Let’s look at each other!

    With a self driving car, what will you do with that extra time and money? Plan now, they arrive in 2–3 years.

    Time Savings:
    The average American commuter spends 50 minutes a day going to work and back. With self driving cars emerging in just 2–3 years, what will you do with your reclaimed time?

    Me? I sometimes take an Uber or Lyft to downtown SF from Silicon Valley, traffic is gnarly, parking is frustrating and expensive. I use this downtime to: catch up on emails, listen to audiobooks/music and relax or take a nap — it’s already like a self driving car.

    BMW’s self driving car concept, I’ve seen this first-hand, impressive.

    Economic Savings:
    I live on the Peninsula near Facebook/Box/Oracle. My Uber or Lyft costs to 1 Market in SF which is 24 miles away, is $42–100 depending on time of day or type of ride, one way. I don’t have to pay $25 parking, gas or wear or tear (which is $13.20, calculated on 55 cents per mile write off per us tax code, a total of $38.20) so my actual cost is a mere $4 if I take the least expensive ride.

    Once self-driving Uber’s and Lyft’s emerge (Uber just agreed to buy 24,000 Self driving Volvo’s) the cost of my ride will plummet as there’s no human, it’s possible the overall economics would be a net positive.

    Some economic models (link in comments) predict that the cost of a self driving ride as a service could be as low as 35 cents a mile. Which mean my ride would go from $42 with a human driver, down to $8.20 one way, which is still tax deductible. That’s cheaper than parking at Caltrain and taking the train in, which would also take longer, and still require a transfer, you’ll be lucky to get a seat, during rush hour.

    Social Impact:
    Of course there are significant impacts, as the most common job code in most American states is “professional driver” we will need to offer either updated skills and roles for them, or switch to an economic model that enables care for all. It’s worth noting most of these vehicles will be electric, reducing emissions.

    My prediction: some rides will eventually be free as unit economics drop, in exchange for advertising, marketing or even data provided. Marketers will pay top dollar for a truly captive audience.

    Photos: Volvo self driving car recliner, Mercedes seats face each other, BMW (Bronze sedan) which I’ve seen and touched multiple times.

    Volvo’s luxury image offers a laid back experience
     
  • feedwordpress 12:03:51 on 2017/11/26 Permalink
    Tags: , Consumer, Future-Proofing   

    The Future of Shopping Does Not Involve Carts 

    It’s Thanksgiving weekend, and crazed consumerism is the top activity, both on Black Friday, Cyber Monday, and everywhere in between. Many shoppers are filling up physical shopping carts (hopefully avoiding a nasty elbow or two) and online shoppers are filling up digital shopping carts. Shopping carts (both physical and digital) will be an anachronism in just several years.

    In the near-distant future, goods will be delivered before we realize we want them, in a predictive manner. As we interact with products at physical showrooms or online, samples will arrive to our homes within hours, enabling us to try-and-buy, in a fremium model, that we’re already used to with online web services, like online photo sites, online storage, or email applications.

    Imagine liking a jacket on Facebook, Instagram, or Twitter a photo from your favorite clothing brand, or maybe you engaged with the product while at the actual physical showroom. The future marketing platforms will realize you’re a target customer, perhaps one that has purchased before, or that of a competitor, and you may have appear to be in the right geography, or indicate you’ve a job or cash.

    Within a few hours, the jacket would have arrived at your doorstep, before you realized that you really wanted to try it on. It would intuitively know your height, size and weight, providing the ideal fit. Perhaps if they didn’t know, multiple sizes of the same product would be sent to you.

    Automation enables this. Self-driving cars and trucks are emerging in just a few years, so the cost of the supply chain and home delivery will plummet, with less dependency on human labor costs. Also, it’s possible a drop box of clothes may have emerged in your garage that you granted commerce companies access to, or a drone may have air dropped it to your backyard.

    Of course, this won’t be for everyone, marketers will be sophisticated and vet out real shoppers from those that endlessly try on, without purchasing. Or perhaps you’ve already signed up for a subscription model at Trunk Club, Amazon Prime, or Stitch Fix.

    This model will even be cost-effective for consumable items too, your smart fridge, and smart kitchen will know what you want, before you do, and appropriate products will be delivered to your house, or your self-driving car will automatically pick them up while you’re sleeping or at work.

    The business model: For products that are un-wanted, the same courier systems would pick them up, return them to the warehouse, replacing stock. For some items, there may be some loss from damage, spoil, or loss. This margin will easily be offset by the opportunity to get products into customers hands, before competitors do, solving a need before customers realize they needed it.

    So there’s a glimpse into the future, marketing systems will be so intelligent, they’ll be able to predict what we want, and a whole host of products will be shipped to you. Imagine, all your Christmas presents come pre-wrapped and with holiday cards, event anticipating what your friends will want, based on social graph analysis.

    If this topic interests you, I recently gave a similar speech at TED, where I made predictions that cars will become “alive” as they’ll predict what we want, and need.

    (photo from Unsplash)

     
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