Largentum Consulting

blog - Lean Revenue Optimization LRO

INNOVATION

Innovation is the difference between market erosion and market dominance. This is the core to attracting and retaining customers on a continual basis and impacts all aspects of your business. Here are some additional insights on how to turn your company into an innovation powerhouse. Innovation is driven throughout your company with the Lean Revenue Optimization LRO approach provided by Largentum.

It may be a new trend: “Could you help us conduct an ideation session?” What used to be called “brainstorming” now seems to be coined “ideation.” We think there’s more to the trend than selling old wine in a new bottle. Over the past several years, we have responded by experimenting with what has become one of our standard offerings: a “Facilitated Ideation Session.” This article lays out the principles and foundations in order to share them with other problem solving practitioners. We also add practical hints for how to conduct such sessions successfully.

Disruptive innovation, a term of art coined by Clayton Christensen, describes a process by which a product or service takes root initially in simple applications at the bottom of a market and then relentlessly moves up market, eventually displacing established competitors.

"Open innovation is a concept I originated that falls directly in that gap between business  and academe.  Conceptually, it is a more distributed, more participatory, more decentralized approach to innovation, based on the observed fact that useful knowledge today is widely distributed, and no company, no matter how capable or how big, could innovate effectively on its own.  Yet at the same time there is a critical role for an overarching architecture that connects these seemingly disparate activities together."

 

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