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4 Fundamental Innovation Approaches of Digital Transformation

Open Innovation:

Where companies use both internal and external ideas to advance technology with a willingness to consider both internal and external paths to commercialize the company’s offerings.

 

Customer Co-Creation:

Enables new products and services to be enhanced through an active, creative and social collaboration process between companies and customers – superseding the Schumpeterian model where the lone entrepreneur would bring innovations to markets.

 

Innovation Scouting:

Sees specialists tasked with identifying new opportunities for partnership, co-development, licensing, or acquisition. Commercially relevant technologies are more likely to be found if the scouting team comprises a combination of marketing and technical functions.

 

Design Thinking:

Involves a human-centred approach to innovation that draws from the designer’s toolkit to integrate the needs of people, the possibilities of technology, and the requirements for business success (Tim Brown – IDEO).

 

About The Digital Enterprise:

The Digital Enterprise is a web-only publication with a sharp editorial focus on the multiple facets of enterprise digital transformation.