ORIS Intelligence released the following update in mid-March, providing strategic information for Houseware manufacturers. Pricing Violations Heating Up in Housewares Industry: ORIS Intelligence Reveals New Insights […]
The Columbia Business School Executive Education program is, once again, partnering with SIT to bring Design Your Innovation Blueprint: Leveraging Systematic Inventive Thinking. Registration is now […]
Nielson released its 2015 BREAKTHROUGH INNOVATION REPORT that features best practices from winning brands – with 7 specific case studies from brands like Pepsico, Kraft, MillerCoors, Kellogg’s, Nestle Purina, Atkins and L’Oreal Paris.
The report is based on a two year study examining over 3000 products that were launched to consumers in the US. It debunks conventional wisdom that new product success is random. Instead, it shows that success in new product innovation is repeatable and scalable when the science of innovation is applied.
In Innovating Out of Crisis, How Fujifilm Survived (and Thrived) As Its Core Business Was Vanishing, published by Stone Bridge Press, Berkeley, California, Shigetaka Komori, FUJIFILM Holdings Corporation Chairman and CEO, recounts how he was inspired to lead Fujifilm’s journey from the brink of extinction to its current path of prosperity and growth – and a new direction.
I want you to imagine that you’ve been working on a string of projects, and they’ve all gone very well. You’re talented, hardworking, and ambitious, and you’re on a roll.
Then, your next assignment comes along. It’s a big challenge like the ones before. You’ve got a tight deadline, a limited budget, and lots of pressure to make it a big success. Then, something bad happens. You were faced with a critical decision. You knew ahead of time that you didn’t have all the information, but you made a decision anyway...and it was dead wrong.
So what happened? Well, you may have been guilty of a cognitive bias called overconfidence.
Think about the last time you bought a car or perhaps a computer. Now, think about the next time you’ll buy one of those items. Are you going to do it exactly the same way as before? If you’re like most consumers, the answer is probably not. That’s because you learned some things from the first experience that will improve your purchasing behavior on the next experience. That's especially true with new, innovative products.
So what happened here? You were guilty of a bias that we all have called The Hindsight Bias. Hindsight bias, also known as the “knew-it-all-along effect”, is the inclination to see events that have already occurred as being more predictable than they were before they took place. Hindsight bias causes you to view events as more predictable than they really are. After an event, people often believe that they knew the outcome of the event before it actually happened.
How does a company cope with change? It’s a question that looms large for many executives who are struggling to keep up with the breakneck pace of business. Those who fail to answer it may face loss of market share, or, in extreme cases, financial ruin. All too often, companies respond to these pressures by fixating on the future, not realizing that their greatest strength could be hidden in their past.
The Product Development and Management Association (PDMA), the premier global advocate for product development and management professionals, announced today that it has awarded the 2015 Outstanding Corporate Innovator (OCI) Award to BD (Becton, Dickinson and Company) (NYSE: BDX).
A great source of new sales growth is with your existing loyal customers. After all, they already understand the category, they trust your brand, and you have an existing relationship - meaning you’ve been given permission to interact with them. When I say loyal customer, I mean one that buys 100% of the product or service from you and no one else like your main competitors.
Confirmation bias is the tendency for people to only seek out information that conforms to their pre-existing viewpoints, and subsequently ignore information that goes against them. You overweight the good news, and underweight the bad news.
As a teacher of creativity, I agree that persistence is an important success factor when producing new ideas. As the researchers point out, when creative challenges start to feel difficult, most people lower their expectations about the performance benefits of perseverance, and consequently, underestimate their own ability to generate ideas. But other factors can boost...or inhibit innovation...motivation, hope, and anxiety (yes, you read it correctly - anxiety).