20th May 2008

Live from Forrester – Your Role in Business Innovation

James Taylor Posted by James Taylor
Categories: Decision Management

Eric Browne and Mike Gilpin kicked it off and introduced the theme of the conference – Innovation. 80% of GDP growth comes from new products and more innovative companies have higher profit margin growth and stock returns. Innovation remains in the top 3 list of concerns for executives. They showed an interesting collection of definitions for “innovation” and these included

  • continually creating a desired future
  • creating new product ideas
  • a technology that is new to a given organization or location
  • a novel and beneficial change in practice

Business transformation is defined by Forrester as

Transforming a business process, marketing offering or business model to boost value and impact for the enterprise, customers or partners

This entry was posted on Tuesday, May 20th, 2008 at 1:12 pm and written by James Taylor. It is filed under Decision Management.
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3 Responses to “Live from Forrester – Your Role in Business Innovation”

  1. Dave Wright says:

    “continually creating a desired future “… really? getting a little new age-like for me….and I don’t think the definition of Business Transformation should have the word ‘transforming’ in it. I would like to see a little on what characteristics of a process are actually changed that indicates transformation.

  2. Mike Gilpin says:

    ?

    Dave, I agree that that definition of innovation (which is from John Kao) is “new age-y.” I used it in my session as one of several definitions out there, which I compared and contrasted (and criticized, lightly), in the build up to giving Forrester’s definition, which is:
     
    Business innovation = Transforming a business process, market offering, or business model to boost value and impact for the enterprise, customers, or partners
    To parse this a bit:
    – The subject of the transformation can be a business process, a market offering, and/or a business model
    – To qualify as business innovation, it has to deliver business value, and have measurable impact
    – The beneficiary of this value can be the enterprise (typically via its employees), its customers, or its business partners.
    Pretty concrete and non-squishy definition, I think.
     
     

Trackbacks/Pingbacks

  1. [...] Why the importance of innovation? After all, once you’ve found a working formula, does it pay to introduce risk? CXOs must keep organizations together, moving toward goals, working as a team (process, guidelines, best practices…) – but they also realize, as this list shows, that innovation helps them stay ahead of the pack. A tough balancing act, but a subject to be covered in depth this week at Forrester’s Forum. [...]

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