The main theme at the IFS World Conference is innovation and how to invent the future of ERP. But innovation doesn’t come easy. Good ideas are often hampered by thoughts like “this is not unique” or “it’s just an idea, I don’t know how to build it”. But why not reward interesting concepts just for being good ideas and leave practical worries for the experts? That was IFS’s idea when launching the IFS Innovation Award a few months ago. The challenge: give IFS an idea for how to apply technology in an innovative way and we’ll give the winner a cash prize and the opportunity to see their idea made into a product prototype. The winning idea turned out to be a smart way of…
Creativity & Innovation
This blog is to be a source of inspiration for those of us who want to be more creative. In the blog you will find personal thoughts and experiences, interesting interviews, links to articles and creative people. The more brains that are involved the greater the creativity, so by sharing ideas and inspiration creativity flourishes.
Looking back over year, I can see how my behavior has completely changed. I have constantly had the radar switched on when it comes to learning and being influenced by my favorite subject—creativity and innovation. Writing blogs is also a fantastic way to process thoughts and ideas as you have to put them into words. I hope we have inspired you through the blogs to think and act differently when it comes to innovation and technology.
My brain does not have the capacity to remember everything I read, so I need to document it, but, it must not take more than 2 seconds, otherwise I won’t do it. Instead I hope I’ll remember…but I know I won’t. But now I have a tool that helps me.
The innovation process includes all stages from generating the idea to developing and selling the idea as a fully fledged product innovation to the market. In your company’s innovation processes, make sure that you stay at the junction where YOU flourish, based on your own personal prerequisites. Don’t waste your energy by assuming you are someone else and end up at a junction that doesn’t suit you.
As individuals and companies, we need to protect ourselves against distractions so as not to lose our focus and commitment to bringing ideas all the way to new innovations. Today, distraction can include the possibilities and opportunities we see around us but also our self-perceived limited skills and experience when we compare ourselves with other people or companies.
Many times I have asked myself why some people and companies seem to be more creative and innovative than others. Do some people have superior DNA or are they blessed with a bigger brain? I read a book during my summer vacation that shed some light on my question. I would like to share it with you here.
In a study of companies in the industrial, technology, and consumer goods sectors, a correlation can been seen between investment ratios and the distribution of innovation returns reflected in the share price. Among high performers that invest in all three levels of innovation, surveys reveal that the return ratio is the inverse of resource allocation. Companies that allocated according to the above investment ratios outperformed their peers, typically realizing a P/E premium of 10% to 20%.
Targeting a healthy balance of core, adjacent, and transformational innovation is a vital step toward managing a complete innovation portfolio. The challenge is that a company must be able to execute at all three levels of ambition. However, few companies are good at all three, and not entirely surprising, companies struggle the most with transformational innovation.
Many times I have asked myself what the best-in-class innovation portfolio would look like. How should you balance the different innovation ambition levels such as incremental innovations with transformational (breaking news) innovations? Are there any numbers you can benchmark against and what ratio will have the most impact on your financial results and share price? What areas of management will boost the different levels of ambition?
Now, IFS takes another leap forward by acquiring Metrix. With Metrix’s portfolio of mobile solutions for field service management on smartphones and tablets, IFS can now boast one of the world’s broadest solutions for the mobile workforce, including….