Digital Innovation and Strategy Flashcards
What is Digital Innovation/
Use of technology to improve existing business processes and workforce efficency, enhance customer experience etc.
Give examples of the newest forms of digital innovation.
- wearable devices
- chat bots
- AI
What is technology push innovation?
- driven by research and technology
- qualified as offering quality to be developed as successful market offering
What is market pull innovation?
- driven by observed need, problem, opportunity in a market
Give an example of market pull innovation,
Snapchat addressed need of implementing photos that disappear
What is vertical market innovation?
- addresses industry specific problems
- energy, education, retail healthcare
Give an example of vertical market innovation
AR offering - learn about anatomy w/ out cutting open body
What is horizontal innovation?
- addresses needs of many industries
- includes techonlogies such as cloud authentication services that provide technical platform for range offerings
Give an example of horizontal innovation.
Apple Pay, google wallet
What is product innovation?
- brings change in the way things are created, performed or delivered
Give an example of product innovation.
Secure online payments
What is paradigm innovation?
- brings about change through underlying mental model about how one thing is dome
Give an example of paradigm innovation.
Software applications
Define the innovation process.
Process through which a new product, technique, useful service is obtained from generation of new ideas and their development
Ideas and their origin
Association
Bringing together of previously unconnected ideas to solve a problem or open a new market
Give an example of ‘association’
Phone - only to make calls
Cameras - only to take photographs
- Idea to “associate” these functions contributed to creation of iPhone
Adaption/analogy
Adaption go existing solution for different purpose
Example of adaption
Platforms such as Uber now underlie collaborative consumption
- consumers pay to access someone else’s goods or services
Serendipity/chance
New idea arises by accident
Give an example of serendipity
1945 - Percy Spencer worked with magnetrons
- melting chocolate when standing near one
- test - fault preventing current from passing to motherboard and ultimately chip - chip still working
Exploitation of DIeas via product/service offering
Why can an idea not be taken into market in its pure form?
Must be wrapped into product/service offering w/ associated business model
What is the business models role?
Set of propositions, analyses, designs that embrace offering into new ,racket
Embodied in —> empowered by business structure
