Each week I scour articles, wading through the dogs, and bringing you the best insights to help product managers and innovators be heroes.
10 Takeaways from Mind the Product 2017. (1) You Have to Leverage New Technologies for the Next Generation of Customers. (2) Product Managers Need to be at the Heart of Their Products. (3) Get Out of the Build Trap. Read about these and seven more at https://www.productplan.com/mind-the-product-2017/
Time for your product management to add product lifecycle management software? Larger organizations have added PLM software along with ERP and CRM as their basic infrastructure. It’s being used to address all phases of a product along with suppliers who are involved. See what PLM systems do today at https://www.raconteur.net/business/how-digital-is-transforming-product-lifecycle-management#
5 key insights from the PWC Annual Innovation Report. (1) Strategy matters more than size in innovation spend. (2) Forget blind bets on innovation, focus on viable business models. (3) Innovative companies are tapping into a wider ecosystem. (4) Human meets technology: The X factor is human experience. (5) Technology is the driver, not just the enabler. Read about each at https://www.digitalpulse.pwc.com.au/report-pwc-innovation-benchmark-2017/
Co-creation and crowdsourcing are the leading innovation engines for a growing number of companies. Toymaker Mattel recently entered the co-creation space by accepting ideas from anyone who wishes to submit them. They expect to take time-to-market from 18 months per toy to 6-9 months. This will be one to watch to see if they achieve their plans. Read more at https://www.inc.com/stephen-key/in-a-strategic-shift-mattel-embraces-open-innovation.html
6 ways organizations use crowdsourcing to deliver innovation results. (1) Engage people across the enterprise. (2) Cultivate a culture of innovation. (3) Combat disruption with employee brainpower. (4) Invite customers to contribute ideas. (5) Revamp new product development. (6) Embrace new methods of driving growth through innovation. Read about each at https://www.forbes.com/sites/robertbtucker/2017/06/16/how-crowdsourcing-can-enhance-innovation-performance/#5627b84c54df
2-year study identifies 5 practices that enable breakout innovation. (1) Share power, (2) prioritize relationships, (3) leverage heterogeneity, (4) legitimize all ways of knowing, and (5) prototype early and often. Read how to apply the practices at https://innovationengineering.org/news/stanford-researchers-rate-innovation-engineering-as-breakout-innovation-system