100 Days of Innovation - #2 - Go Upside Down
When thinking about new product or service development, don't do it in isolation. Seek advice and guidance from your business partners -- or, even let them drive the innovation agenda.
This is the lesson I learned from a large company in the consumer goods/entertainment space. They had traditionally been responsible for an innovation plan that went like this:
- Get the assortment right, i.e. in terms of new product
- Figure out the merchandising plan
- Then do the marketing
They then realized that trends and consumer choice was evolving so fast, that they no longer had a truly good grasp on the innovation agenda that they should be pursuing. They also came to realize they were taking product to retailers -- but the depth of insight from retailers meant that they saw entirely different product and market opportunities.
So what did they do? They went out side -- and learned how to work with the retailers, by having the retailers do much of the product innovation. Soon, the innovation pipeline worked like this:
- Figure out the marketing plan, what unique ideas could be pursued in terms of consumer choice, attitude, brands
- From that, determine what merchandise, packaging and products to produce
- And then get the assortment right
Going upside-down is a powerful innovation concept -- it challenges you to do things differently. More important, it pushes you into a mindset where you are pursuing partnership oriented innovation, with the result that have better, fresh, unique, external insight.
All too often an organization loses its ability to innovate because it becomes very internally focused -- it can't see beyond its' own walls. People become narrow in their focus, and fail to see big opportunities.
Going upside-down changes this, in so many ways, and it's one of the most important innovation ideas that you can pursue.
More information:
- Can we talk - upside-down innovation?
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Innovation - act fast - empower people!
Empowering staff and partners to make quick decisions is an essential component of innovating in the high-velocity economy.
Particularly given that right now, optics are really important.
RBC Plaza's Grand Opening is on, but, Um, About Those Sky Divers ...Part of my consistent innovation message through the last several years -- "faster is the new fast" -- challenges organizations to think whether they can move at the fast pace required of them in today's high velocity world. Innovation isn't just about new products and design -- it's about challenging yourself as to how you operate, act, compete, change and do things differently to keep up with rapid trends.(from iStockAnalyst)
Oct. 2--RALEIGH -- A big building calls for a big celebration. But when the building is a bank -- and its grand opening comes amid a banking meltdown -- falling bodies send the wrong message. Therefore, the sky divers at today's RBC Plaza opening are canceled. Once again: The fabulous parachuting display is off. "Given the recent market activities, we just didn't think it was an appropriate time to have people jumping off of a bank building," said Jamie Averette Mitchell, a spokeswoman for RBC Bank, which is dedicating its downtown Raleigh headquarters, the 33-story RBC Plaza, today. The parachuters were to be part of a series of grand-opening events. They were to draw attention to the tower --the region's tallest -- at Fayetteville and Martin streets. But RBC nixed the jumpers after a week of Wall Street turbulence, which included the worst drop ever in the Dow Jones Industrial average and the sale of Charlotte banking giant Wachovia to Citigroup for a mere $2.1 billion. The celebratory leap might have reminded some of the bankers and stockbrokers who jumped from buildings during the Depression. They didn't wear parachutes. Mitchell said, "We wanted to be very respectful of our financial partners and Wachovia" -- a name emblazoned on another Fayetteville Street tower.
In this case, what could have been a PR disaster has turned into a smallish news story barely covered anywhere. That's great innovation.
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100 Days of Innovation - Get Out in Front
The last few weeks have seen a variety of keynotes for leadership meetings -- for a telecom company, food services organization, commercial real estate & property management firm, among others. These have involved audiences from 250+ to 800+ executives.
Obviously, the economy weighs heavily into my observations on stage, and in the questions in the Q&A.
The keynotes have been built around my theme of 7 Things You Need to Do Right Now: Aligning The Fast Future to Your Current Strategy.
One of the 7 Things that has stood out - in common with all these organizations -- focuses on the reality that with an economic correction underway, it is critical to keep existing customer/client relationships intact. Indeed, the CEO at the event yesterday noted that "customer retention" was one of the top 6 priorities for 2009.
What's the innovation issue here? There is a big opportunity in solidifying existing relationships by solving customer/client problems before they know they have them. This is BIG.
Think about these issues, and innovate from them in terms of what you do with your customers / clients:
- when times get tough, quality, service and relationships rule: operational excellence is more important than ever.
- focus on a new partnership with the customer, for example: "we've got the latest strategies to help achieve cost savings"
- stay ahead of fast paced change that you can utilize for the customer -- with the attitude being, "we're on top of fast paced developments that impact you, so you don't need to be!"
- make sure your customer understands that you are ahead of the pack in solving their problems.
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Thinking innovation: The Challenge for Education in the High Velocity World
I'm thrilled to learn that I've been selected as the opening day speaker for the College Board -- and specifically, a chance to speak with some of the leading minds in the university and college scene in the US on the issue of the future of education.
The audience for this invitation only event, to be held in January 2009, includes the Chancellors, Presidents, and senior admission officers for the largest colleges and universities in the US, including Duke, Cambridge, Harvard, Vanderbilt and the University of Texas, among others.
The group gets together annually to examine the challenges and opportunities facing higher education. This year, they determined that it was a good time to take a good, hard look at the education trends that will impact them in the future.
That's where I come in. My session description, recently written, addresses these issues:
The "velocity" of knowledge is leading us to a world of "just-in-time knowledge"; the result being the reality that the relationship between educational institutions and students is set to change; primarily, from a period of short term, concentrated knowledge delivery, to one more related to the lifelong, ongoing replenishment and rejuvenation of knowledge.In the last fifteen years, I've spoken to numerous groups on global education trends. Given that what we do in this area makes or breaks the future success of a nation, it's a critically important issue -- and I am honored that I will be able to share my thoughts with such a senior group of leaders.The challenge for institutions of higher learning is how to change their ingrained thinking, behavior, structure --and outcomes -- to adapt to this reality.
What's driving the future of education? At a fundamental level, ever more rapid scientific discovery; knowledge fragmentation due to rapid knowledge growth; massive skills specialization and ever more narrow career niches. Knowledge and careers are also being impacted by rapidly changing business models; increased volatility in industry; shortened careers (imagine 18-month micro careers); rapid emergence of new industries; more rapid knowledge obsolescence; and the rapid emergence of new careers.
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Freeze, innovate or panic? Innovation strategies for RIGHT NOW
Given the rapid pace of global economic developments, organizations are faced with a pretty stark choice.
The CEO of a company that is having me speak to an upcoming leadership meeting stated it this way: their choice going forward is to :
- Freeze: do nothing
- Innovate: respond to rapid market change through innovation, particularly with respect to strategies, struture, capabilities, markets, products, activities
- Panic: make rash decisions on structure, markets, investments.
But for others, panic will truly get you nowhere. And inaction - option 1 -- is not a good choice, because markets, customers behavior, cost inputs and just about everything else will change even faster now, and so you need to change faster.
Option 2 -- continuous innovation -- remains the only thing to focus on. Maybe that's why my phone has been quite busy in the last two weeks. There have already been several confirmed new events in October and November, where I will be coming into a corporate leadership meeting as part of an overall objective of keeping a company ahead in the game.
CEO's and executive staff are working hard to align their current strategies with fast paced economic events. I'm providing grist for the grill, with specific insight on how they might innovate within their particularly industry.
It's interesting that a lot of senior executives are all of a sudden looking for someone to bring their team this type of unique motivational innovation message. Two weeks ago, I helped to clarify for a commercial real estate / building management company leadership group where they could continue to find market opportunity right now, and how they needed to ensure they focus on enhancing existing customer/client relationships as a key strategy for going forward. We defined some strategies that they had not thought of; their team was inspired on focusing on opportunity rather than market upheaval, by thinking differently about what they do.
So what should you be doing from an innovation perspective?
I'll starting putting up quite a few new blog posts starting next week, summarizing the many methods to innovate, particularly through any economic correction or downturn. I'm going to call the series "100 Days of Innovation," and while I won't post each and every day, I do aim to have one hundred concise, succinct posts full of unique innovation insight.
In the meantime, if you need a high level, energetic message to get your leadership in the right frame of mind to deal with high-velocity economic change, call me. The details are on my contact page.
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Being an optimist: a keynote on economic development
So I'm in an airport, on my way to keynote a conference on economic development.
And of course, I saw the latest news on the 'bailout', and the plunge in the Dow.
And so I went to look up the definition of being an optimist, to reassure myself:
- Optimist: 1. One who usually expects a favorable outcome.
That's me! And my keynote is being adjusted on the fly before I get on stage tomorrow.
Here's the fascinating thing that is going on: I'm getting far more calls, and a lot of new business, from CEO's and senior executives who have determined that one of the ways to stay in front of this mess is to keep innovating. In other words, innovation -- adjusting business plans, tackling new markets, focusing on opportunity, seeking what to do next -- is now more important than ever before.
That's probably good news for the many folks who read this blog. There continues to be unparalleled opportunities out there. The short term might be rocky, but the longer term is very, very real.
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High velocity change in the food/consumer products sector
I'm in Manhattan tomorrow, speaking at an event for food, advertising and packaging companies on behalf of Readers Digest Food & Entertaining Division. 
I'll be offering a late morning wrap up of observations about the high-velocity change that continues to envelop the sector, particularly the following trends. Dig through the blog -- particularly, the retail or consumer product categories -- and you'll find a little bit more insight about each of them.
- the new consumer is faster -- and innovation isn't just about new product design -- it's about reaching and interacting with the consumer in new and different ways
- the new consumer is connected -- and interactivity is the new brand foundation
- the new consumer is no longer nuclear -- and hyper-nicheing is the new brand reality
- the new consumer is influenced differently -- and social-networks are the new brand influencers
- the new consumer is shifting their focus faster -- and faster paced preference change is the new reality
- the new product is rapidly re-defined -- and time to market and corporate agility are the new corporate capabilities
- the new product is up-side down as innovation changes -- and partnership is the key method to speed things up
Here's one of the statistics in my deck -- 71% of consumers are choosing to prepare meals at home rather than eating out; restaurant trips have declined from 1.5 times a week in 2006 to 1.2 times today.
These statistics, from the Food Marketing 2008 US Grocery Shopper Trends report, came out before the economic challenges of mid-September and the problems on Wall Street.
One of my key messages is that we live in a time when "volatility is the new normal" -- a mantra I've been using for years -- and food companies must learn to innovate faster to capitalize on such fast moving trends.
We'll probably see this particular trend pick up steam -- and there's opportunity for new advertising messages, branding campaigns, not to mention new product offerings!
Faster is the new fast!
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Interview - "Is it time to panic?"
The CBC contacted me for my thoughts on the events this week, and in particular, the impact on the Canadian economy.
They invited folks to write in with their questions. As you can see, many people are worried about the safety of their investments.
I take the first question -- about whether there is a panic out there -- and try and put things into perspective.
"I remain quite the optimist about the potential for economic growth worldwide. There are 650 million people worldwide entering middle class through the next decade, and there are a lot of growth markets that emerge with that. Health care, the environment, energy -- all of these industries are immersed in very rapid scientific advancement and fast paced innovation, with new discoveries, and hence new markets.Things are moving at light-speed out there, but remember -- when it comes to trends and the future, there are short term events but long term trends. The former can often by scary as heck; the latter are often calmer.I'm dealing with global manufacturing companies who are moving beyond market commoditization and the impact of Asia, by focusing on more sophisticated product and higher-value skills. I spend a lot of time with a variety of global companies that seek my guidance, and certainly see that despite financial market turmoil, there's a lot of growth out there. Think about it another way -- we've had quite a few "large scale economic hits" which have whacked the stock market over the last ten years. The Asian currency collapse in 1998 caused havoc with global markets.
Then there was the dot.com implosion in 2000. There was a lot of concern with the telecom meltdown a few years later -- remember Nortel and the hit to the pocketbook of many Canadians? Not to forget the huge market downturn which occurred with 9/11.
More information
- Read the transcript
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Financial meltdown? Or environmentally responsible reporting?
I don't want to distract from the seriousness of the events unfolding on Wall Street, but check out these headlines:
- American banks face financial meltdown if their reforms fail.
- Mortage Meltdown!
- Bloody and Bowed --- Money Managers Remain Badly Shaken by the Meltdown.
- Market Cap Meltdown --- Billions in Blue Chip Stock Values Have Been Blown Away.
- Congress caught in a bind over bank crisis.
- Crisis Looming As Realty Slump Becomes Global
- Banks face financial meltdown if their reforms fail, The Times, December 1990
- Mortgage Meltdown, Toronto Star, December 1989
- Bloody and Bowed --- Money Managers Remain Badly Shaken by the Meltdown, Barron's - December 1987
- Market Cap Meltdown --- Billions in Blue Chip Stock Values Have Been Blown Away, Barron's, October 1987
- Congress caught in bind over bank crisis, Independent, November 1990
- Crisis Looming as Realty Slump Becomes Global, American Banker, October 1990
The events as they are unfold are tragic, and there are people losing their jobs. We've yet to see where it will all go.
On the other hand, it needs to be put into the context of previous "meltdowns". We've been here before, folks. And at the end of the day, there will still be banks, insurance companies, investment organizations, and a financial system.
I wrote about this a few months ago, and put together a "Memo to the CEO" that examined the issue of innovation. Maybe it's a good time to resurrect for those organizations that are concentrating on getting through this mess and moving on to the next stage. As we come out of it, it will be those focused on innovating within the new marketplace who will come out on top.
More information
- Read the Memo to the CEO
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Ready, Set, Done: 2nd print run, review copies available!
Because of corporate demand, we've had to go to a second print run of my book, Ready, Set, Done: How to Innovate When Faster is the New Fast.
As a result, I now have more review copies available for media, and bloggers who focus on innovation, creativity, and fast market change.
If you would like a review copy, please contact me, and let me know who you write for, point me to a few of your columns or blog posts, and I'd be pleased to drop a complimentary copy of the book in the mail to you.
Note the Globe & Mail, in a review: "In the opening section of Ready, Set, Done (Oblio Press, 181 pages, $24.95), Toronto-based futurist Jim Carroll highlights some examples of the high-velocity change that is forcing companies to innovate faster than ever, and in the remainder of the book, he offers advice on the pitfalls to avoid and the proper steps to be taken. It's a high-level, strategic look, touching on concepts such as just-in-time knowledge, an up-to-date version of continuous learning we need to understand; 21st century capital; and why Band-Aid innovation doesn't work. It's broad in what it covers and briskly written, with some fascinating anecdotes from his own experiences as a consultant or odd things he has dug out about industries (did you know there's a new cadre of workers called manure managers?)
It's a great books, and I've had lots of comments from readers who have found that it has provided them some straightforward, to the point guidance on a huge variety of innovation concepts.
The other great news is that because of the size of the print run and economies of scale, we will shortly be able to offer the book for sale through this site at a lower cost of $14.95 plus shipping.
More information
- Contact Jim Carroll for a review copy of Ready, Set, Done: How to Innovate When Faster is the New Fast
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Change! What happens when change happens? Well, it seems that EVERYBODY is now talking about change. Given that, it's time to resurrect my original "change" video!
Need more on change? Read my 10 Great Words -- get inspired!
Want to share the video? Do it now -- it's on YouTube.
Can change happen? It can -- but it takes a lot of work! I spend my time on stage with audiences of 2,000 people -- or with CEO meetings -- focusing on how to get things to change. Even so, this video clip is inspiring -- when confronted with change -- JUST DEAL WITH IT!
Here's the story about the video. Outside my home office, I've got what my family has come to call the "squirrel highway." All day long, they scurry back and forth along the top of the fence, busy collecting and hiding food.
A few years ago, my sons and I wondered what would happen if we put up some highway signs for them to obey.
We set up a video camera -- taped for six hours running -- and edited out the best bits. It's a project we're still working on.
This clip was the funniest one -- and seems to tell a bit of a story as to the right way to deal with change. I spend a huge amount of my time in keynotes and workshops helping organizations adapt to the rapid rates of change that surround us. And it's certainly clear that lots of people just aren't good with change. This little fellow is!
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Economic panic? 7 Things to Do Right Now As the Upturn Begins!
I'm often providing detailed strategic guidance to senior executives and leaders on trends and the future, and certainly the economy has become a big part of what I address today. Much of time is spent putting into perspective the fact that we've always had downturns; there's still plenty of growth opportunities out there; innovation is even more critical now to ensure that you're ready to go as the economy starts firing on both cylinders again (which it will.)
What has become evident is that the most pressing issue for leaders today is focus. While volatility rocks global markets, there continue to be fundamental truths: your industry, products, competition, skills requirements, organizational capabilities, and ability to respond to rapid change will define your future success.
Here's my advice on what you should be doing right now to ensure that you are ready for what comes next, based, in part, on a blog entry I wrote last April!
- think growth: It's all too easy right now to lose your enthusiasm and sense of purpose. When economies contract, so too does your motivation. Don't let that happen -- now is the worst time to lose sight of the future! Think opportunity: study my "Where's the Growth" document, and think about what it implies
- check your speed: it's the high velocity economy. Markets, brands, products, industries, competition, and globalization are changing faster than ever before. Make sure you've got a team that can operate at the pace of change. Agility is the key word. Search this blog for insight on that!
- immerse in ideas. The global idea-cycle is collapsing. New ideas are launched, analyzed, and developed to concrete product at a speed that is astonishing. Rapid product change is the new norm: I'm dealing with the CEO of one organization that is involved in a rapidly emerging, multi-billion dollar market that will appear, go super-nova, and disapper, over the course of about 18-24 months, before it is superseded by the next generation of product. That's fast, and that's the new reality.
- check your bench strength. After the cutting begins, value goes out the door. Yet your abililty to access ever more scarce, specialized skills will define your future success. It's your ability to establish a fast, agile, quick-to-assembe collaborative team that will define your ability to grab all the opportunity that is emerging out there.
- assess your threats. where could emerging technologies, fast science, radical business models, new industry dynamics, new regulatory macroeconomic, political or social trends impact your bottom line in a way that you hadn't thought of before? Two years ago, China and quality wasn't an issue.
- invest in experience. Experiential capital -- the depth of capability that you have from exploring, taking risks, trying things out -- is the financial capital. It's a precious resource, and might be in short supply if you aren't working to build it up.
- set the tone. If you let the current economic headlines drive your corporate spirit, you're sunk. You have to keep people focused on the future -- otherwise, your team will smell your fear. Leadership is all about keeping your team focused on opportunity and goals, not on ongoing and regular ("new normal" volatility.
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Reaching the new travel consumer
I'm off to keynote Tourism Alberta -- and will speak to some 200+ tourism marketing professionals on trends within the sector.
Alberta, located in Canada, has an extremely hot economy -- globally, it stands as the home of the 2nd largest provable oil reserves in the world, just after Saudi Arabia. Most of this is tied up in the 'tar sands,' which costs quite a bit more than traditional oil reserves to bring to market. Hence,there is a flood of infrastructure investment and other spending going on.
Needless to say, even thought it's a hot economy, the economic 'correction' (and certainly volatility in the price of oil), as well as other issues, is providing for a bit of a challenge in the tourism sector.
What am I doing at the conference? Notes the brochure: " Jim will speak to the fact that travel product innovations occur today at such a pace that simply keeping up can be a challenge. A furious pace of technological innovation continues unabated, with the rapid emergence of new technologies that change the way the travel consumer plans theirtravels. The Web continues to make massive inroads into tourism planning and business model change. It's a fast paced world -- and that's whyleading edge organizations are focused on staying ahead of the trends that are impacting the high-velocity economy of today. Join international futurist, trends and innovation expert Jim Carroll as he puts into perspective how the world of tourism is changing -- and how organizations are innovating in order to keep up with it!"
What I am talking about? Quite a few trends:
- the new tourist is faster: 1/3 of all leisure travel is now last minute, and the average time for planning a trip is down to 15 days
- the new tourist is connected: 86% of all North American's now travel with a cell phone. They have expectations of finding data-heavy local tourism portals when they walk off a cruise ship looking for something to do.
- the new tourist is influenced differently: 79% of travelers trust reviews by other tourists over advertisements. Social network tourism sites and stalwarts like TripAdvisor continue to have the biggest impact on tourism decisions.
- the new tourism family is no longer nuclear: A grab bag of observations ... only 1 in 4 of the population live in heterosexual, two-parent families .... .one in three people now live alone ......urban Americans remain single for more than half of their adult lives, a radical shift...
- the new tourism product is faster to market: WhereI'veBeen started as a Facebook application that allowed people to post where they've travelled to. It exploded to 2 million users in a matter of weeks.
- the new tourism product is being rapidly redefined: Online tourist mashups that allow people to combine online maps with travel schedules, destination information, and social networks are redefining the concept of trip planning.
- the new tourism marketing is viral: Budget Rent A Car, Southwest Airlines and Sheraton Hotels are examples of 3 companies that are using blogs and Internet video to establish leading edge marketing campaigns.
- the new tourist is, well, different a grab bag of trends: we're seeing a lot more shorter term "pressure relievers," themed holidays, adventure, health or well-being vacations, "authenticity" as a new trend, and the "unplugged" vacation. Not to mention an "old" trend from 2007 which involves "debaucherism" as the new travel trend.
Bottom line -- innovate!
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Setting the table: rapid consumer trends in the food industry
We're witnessing hyper-innovation with packaging, design, in-store promotion, new product introductions, rapid change with branding, and perhaps most important, a massive and permanent shift of advertising and influence dollars from traditional media to the online world.
These are all themes that I will be exploring later in the month, when I provide my insight for the Food & Entertaining Division of Readers Digest, the group behind AllRecipes.com, and the magazine Every Day with Rachel Ray, among other properties, at an invitation only event in New York City.
Also sharing their insight during the Symposium will be Phil Lempert, who specializes in providing deep insight into supermarket trends, and Katie-Lee Joel, Top Chef judge and author of the book The Comfort Table.
A few years ago, I dug out the statistic that the typical shopper is so attention challenged that they are scanning some twelve feet of shelf space per second. That was a few years ago : today, their decisions on what to buy and what to eat are influenced by social networks, mobile messages, cutting-edge in-store display technology, and many other trends.
Food companies and packaging companies need to understand the rapidity and depth of the trends that are occurring -- and that's why Readers Digest chose to bring my "high-velocity change" message to the table.
It should be a fun day!
More information
- view the invite for Setting thee Table : Consumer Trends, insights and opportunities for food and packaged goods marketers
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Keynote: Financial management and high velocity healthcare
I provided the opening keynote yesterday for over 275 CFO's of the Ontario Hospital Association. Collectively, they manage over $15 billion in spending.
My topic was Innovating for Our Future Health: The Strategic Role of Financial Leadership in our Hospitals. The subtext: "A look at the new strategic role that financial professionals must play as health care comes to dominate overall GDP spending. Innovation is no longer just a fashionable phrase -- it's the new leadership focus for executives in the health care sector".
Every keynote carries one core theme, and the message of the day was: "as high velocity change envelopes the health care sector, you must transition from a tactical to a strategic role, to provide the analysis, insight, reporting, decision support tools and financial infrastructure that can help hospital leadership make ever more complex decisions."A few of the key themes that we explored:
- rapid scientific advance is resulting in a flood of new treatments, diagnostic tools, methodologies, pharmaceuticals, and bio-materials. There is an increased need for careful, diligent cost benefit analysis to stay at the leading, but practical, edge
- simple demographics suggest that the elusive EHR (electronic health record), which has not yet been quite successful, will emerge as Gen-Connnect comes to increasingly dominate the medical workforce
- business model change is coming -- and fast -- as retail environments come to dominate the medical space. A recent Healthcare Financial Management magazine article, in a reader survey, of the "most important people in healthcare", ranked Steve Case first, and Eric Schmidt, CEO of Google, second. Steve is involved in several initiatives which involve the opening of retail "health care stores". The survey shows that transformative, IT driven change will continue to have profound impacts in the health care sector.
- patient empowerment is leading to faster demand for cutting edge medical services, which increases the complexity of the careful balancing game underway in most hospitals
- there continues to be huge opportunity with tech in the sector; it's estimated that one medication mistake can cost a hospital upwards of $2,000 -- and Boston's Brigham and Women's Hospital reduced error rates by 55% over an eight month period using computerized order entry
- read Future Medicine: Prescriptions for 21st Century Health Care
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A truly staggering, transformative trend yet to unfold
It's been announced that I will be a keynote speaker at the World HealthCare Innovation & Technology Conference, to be held in Washington, DC in December. In particular, I'll be taking a look at the importance of one of the most significant trends that is just starting to unfold.
Twenty years from now, most people will look back and realize that right about now, we had three huge, transformative trends underway: device connectivity, geo-connectivity, and bio-connectivity
Essentially, everything around is about to become linked in -- every device that surrounds your life. My home thermostat is linked to the Internet, and that has changed the scope of how I interact with energy.
Layered on top of device connectivity is spatial intelligence for each device -- vis-a-vis Google Maps types of applications. Think about new forms of energy management built upon sophisticated geographic mapping applications.
Add to this the fact that this type of technology will migrate to devices that will help us better manage complex health circumstances.
I've been writing and speaking about the idea of bio-connectivity and the concept of "hyper-connectivity" for over a decade (before Nortel lamely built a lame marketing campaign around the latter phrase a year ago.) It remains one of the most significant trends that will yet unfold in the health care sector. Our concept of health care delivery will be forever transformed.
Simply put, link the scope of the looming health care crisis to the momentum that will come from Silicon Valley for medical device connectivity, and there are some pretty powerful things happening. Think about what happens as spatial device connectivity comes to everyday things around you -- such as a baseball bat! Read more below. There's a lot going on in this space, and you'd do well to understand it.
Opportunity through the next decade is going to be found by those who will adjust and adapt buisness models, attitudues, structures, methodologies and capabilities to this new reality.
More information:
- HealthCare Innovation & Technology Conference
- Read about what happens When Thermostats get connected
- Read the article about bio-connectivity, The Doctor is in around the clock
- Read the article Minds of their own
- Read "Bioconnectivity and the rapid emergence of new markets"
- Read the article Command and Control - Opportunity Awaits Companies that Master Hyperconnectivity
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High velocity globalization - massive markets, major trends
I'm hitting the ground running this week, with an opening keynote presentation for a global legal firm, who are holding their annual shareholders / partners conference in Las Vegas.
- Goldman Sachs has identified that the next growth sector will come from the "Next 11" economies -- those that are going to see a rapid transition and growth. These are Bangladesh, Egypt, Indonesia, Iran, South Korea, Mexico, Nigeria, Pakistan, Philippines, Turkey, and Vietnam
- Almost a billion new consumers will enter the global marketplace in the next decade .... with an income level that allows spending on discretionary goods - McKinsey
- By 2013, consumer spending power in emerging economies could match the spending power of Western Europe - McKinsey
- The ranks of the middle class will swell by 1.8 billion to become 52% of total population, up from 30% today - McKinsey
- 80% of sales are now from abroad
- they just had record sales of $3.59 billion
- 6-7% of sales is committed to R&D
- 30% of current sales comes from new products developed in last 3 years
- sales are up 8.5% year over year
- 59% of it sales are in Asia, and 2/3 of its 59 manufacturing facilities are abroad
In other words, if your clients are aggressively globalizing, as a legal firm you need to do so as well -- and do it fast.
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Is there a future for associations?
Association Magazine has published my article, Metamorphosis: A Defining Success Factor for Associations.
We know we live in a world in which new trends change everything we know at a furious pace. Rapid change envelopes us, consumes us, and pounds us with its reminders of its urgency every single day. There are many obvious trends that impact us; we often refuse or are incapable of assessing their impact. And so the future marches on, and many associations remain stuck in a rut of complacency. They deliver the same old program. They focus on the same old issues, generate the same old knowledge, plan the same old conference, and have their agenda managed by the same old membership has-beens. Meanwhile, they bemoan the fact that membership is declining; that the Millenials seem to have little time or inclination to join them; and that the world is just becoming, well, too complex to deal with. So they form a committee, hire a consultant, study the issue, and lull themselves into a false sense of future-security. By doing so, they are almost guaranteeing themselves a march into oblivion.This article is a must read for any association executive today. Quite often, the trends that will impact us are right in front of us. This article puts those trends into perspective. In doing so, it provides a good framework as to how to start some innovative thinking in order to deal with those trends.
Read the articles
- Metamorphosis: A Defining Success Factor for Associations
- Are you prepared for the new role associations will play
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Innovation -- in the most wonderful places
Well, I'm back from summer holidays, and the keynote in Australia was a particular bit of fun. Sydney is a dazzling modern and efficient city -- some of its' infrastructure put other global cities to shame.
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Why innovation thrives in the building of sandcastles
I'm off to keynote an event in Sydney, Australia; and after that, two weeks of family time in the tropics of Australia.
Years ago, inspired by similar times, I wrote about how innovation thrives in the building of sandcastles. It was a great post -- it made it into BusinessWeek. I thought it a fitting post to leave here while I'm away.
I will still be answering email and checking calls, but could just be a touch slow.
With that line of thinking,. here's my list of "10 Reasons Why Innovation Thrives in the Building of Sandcastles: and What We Can Learn From Such Creativity."
- Hierarchy has disappeared: In most cases, there isn't a boss, a reporting structure, or anything else that can cause organizational sclerosis. People just pitch in and do what needs to be done. The lack of a hierarchy is implicit to most successful teams.
- Creativity is implicit: Anyone can build a sandcastle. There are no rules or preconceived notions, other than some sand and water. The same thinking should drive corporate innovation efforts. Make do with what you've got and what you can find, and use creativity as your main asset.
- If it doesn't work the first time, do it again: It's inevitable that a rogue wave will destroy your work. This only encourages you to fix the design, or rebuild it altogether. Setbacks are meaningless, and indeed, are part of the plan.
- Experience doesn't cloud insight: Parents listen to kids, kids get bored and move on to another rampart and do something awesome. The key to sandcastle building is the combined insight of several different generations: likely one of the most important foundations for success in corporate innovation today. (See my 10 Ideas post for more on this theme.)
- Everyone picks up on the passion: People just join in and help to build. Eventually beach-neighbors join in, and the growing castle becomes a big collaborative effort. Organizations that can build similar levels of interest in the concept of innovation don't simply succeed: they exceed!
- Feedback is instant: You know right away how well your design works, particularly if it is at the waters edge, since everyone will make a comment on it as they walk by. That parallels' the instantaneity of today's markets: things are changing so fast, that you must have a constant ear tuned in to understand what your customers are telling you.
- Competition is easily scoped: Need new ideas? Want to learn from the competition? Spend a few minutes walking up and down the beach and check out the other sandcastles. Study their design, their assumptions, and see how you can improve upon them. Do the same in the corporate world: develop a finely tuned radar that signals to you how and where your world is changing.
- No idea is too dumb: There's not a lot of criticism and bias in the building of sandcastles. Any idea is welcomed. People can contribute the skills they have. Everyone is a designer, a builder and an owner. Somehow the combination just works.
- The reward is clear: At the end of the day, a great sandcastle provides a sense of accomplishment. Photos are taken, and the team talks about the experience. That's why every innovation effort needs to be celebrated, highlighted, and championed into the corporate record.
- It's fun: Enough said. If an organization approaches a problem the same way, innovation and creativity can thrive.
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Faster is the new fast -- also in auto
One of the key tenets of my book, Ready, Set, Done -- How to Innovate When Faster is the New Fast,is that organizational "agility" is a fundamental cornerstone for future success.
It doesn't matter who you are or what you do -- fast defines success.
A few years ago, I spent time with management of a big car company. I don't think they got the concept.
Then there's Honda. Read this story about one of their Canadian plants -- and ponder on this sentence:
"Honda's assembly lines can switch models in as little as 10 days, spokesman Sakae Uruma said. By contrast, it could take months for most rivals to make the same change."
While certain sectors of the auto economy are in turmoil, others are in growth mode. One of the defining reasons being, they've structured themselves to act and change quickly. As big truck sales plummet, fast movers like these pick up the slack.
There's some very important food for thought here. Faster is the new fast.
More information
- Read As others slow, Honda ramps up
- The new face of manufacturing : agility, insight and execution...
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Advice for a flat world - taking your skills to a global audience
One of my July columns takes a look at the idea of taking your skills to a global audience.
Years ago, I wrote about the concept of "nomadic workers," individuals who rejected the traditional concept of a job, and instead, carve out their own unique career path, mostly contingent, contract, short-term and invariably fascinating.
These are the modern day knowledge-Bedouins -- they roam the digital planet, offering their works and unique knowledge up to a global client base. I've been doing it for eighteen years.
One statistic I use in a number of keynotes observes that some 60% of engineers and architects are expected to be working on a contingent basis by 2012. That's a huge number -- and is indicative of our onward march to a massively nomadic workforce.
Read the article here
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Soccer moms, text messaging, and the inevitability of virtuality
A few weeks ago, I arrived in my hotel room, and connected back to my home office via Skype. I found my sons using my Mac (long story!), and proceeded to have a one-hour video conference with them.
Jim Carroll, a futurist, trends and innovations expert, said moms between 25 and 32 grew up right along with the technology that enables them to communicate via text. Edmonton, who lives in Ford City, is 31. "It's technology that's been around for between 10 and 12 years, so they probably started texting when they were kids in nightclubs, and now they're the parents with little ones," he said. For those who didn't grow up with it, texting might not ever catch on, Carroll said, and e-mail will remain the way to communicate electronically. Already, text messaging, which is known in the wireless world as SMS, or short message service, has been adapted for weather and safety alerts on college campuses in the U.S. as well as a violence prevention tool in Kenya, Africa. So much of this, Carroll contends, is a result of people such as his 12- and 14-year-old sons growing up using the technology and finding ways to apply it in the real world. "We're seeing this come into the work force and influence the way we think, act and communicate, and you'll see that these younger users won't think a thing about sending a text to a peer in the business community or even a young doctor preferring to send a text to a patient," he said.The key point is, anything is on the table, and were in for massive changes in the workplace because of simple demographic change.
More information:
- The reality of future trends: grab the What Comes Next trends overview
- Times Daily artilce Submit it in writing: Popularity of text messaging on rise
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