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That piece of language, that aspiration, is innovation. A recent article in the Wall Street Journal , which did not get nearly the attention it deserved, made the case that the word "innovation" has outlived its usefulness. But that doesn't mean the companies are actually doing any innovating. Ouch, that's gonna leave a mark!
In terms of people, processes and technologies, Toyota and Google's YouTube have little in common. As global innovators, however, they share a remarkable core value and best practice: they invest in the innovative capabilities of their suppliers. Access to innovation resources and skills matter far more than money.
Innovation isn’t always strategic, but strategy making sure as heck better be innovative. It is important, however, to understand the nuances and complexities of innovation as they relate to strategy. Not all innovation is created equal. Execution is essential to successful innovation and strategy.
Technological improvements in health care have given us the quality of life we enjoy today. Enter Henry Ford, who revolutionized the industry with his manufacturing innovations , lowering the price of cars from $2,000 in 1908 to just $260 by 1925 — an 87% reduction! But the most innovative Indian hospitals are doing much more.
Supposedly set to launch this July — and then September — New York City announced that its innovative bike sharing program would be delayed until at least next spring. But the importance and pace of innovation rollouts demand a different design sensibility. Until it works, we're not going to put it in. Jaws dropped.
In the 1980s, our organizations learned a great deal about how to improve productivity, quality, and costs from Japanese practices. And in the 1990s, our companies began to learn more from innovations at home, particularly in the area of high-performance work systems. It’s as if businesses have forgotten that they work.
Technologies like 3-D printing, robotics, advanced motion controls, and new methods for continuous manufacturing hold great potential for improving how companies design and build products to better serve customers. Why are older incumbent firms slow to adopt new technologies even when the economic or strategic benefits are clear?
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