|The Management Roundtable||Next Challenge: How can virtual reality enhance the customer banking experience?|
Any good company knows that continuous innovation is essential if you want to stay competitive. This tenet applies to companies that create physical products, services – and the integrators of both. Without a constant focus on innovation, products and offerings become outdated and outmatched by more nimble competitors.
The challenge – and opportunity -- is that the potential of innovation is essentially infinite. Innovations can be made in any domain at any part of the process. It is not just technical innovation to improve the product (faster, better, cheaper), it is process innovation(figuring out better methods for getting something done), experience innovation (delighting customers holistically) and business model innovation (inventing new ways of doing business).
The digital economy adds yet another dimension to this challenge. New, unanticipated competitors can emerge at any time. Common examples of this include the cloud, social networks, and other tools that are available with a few clicks of the mouse. Your answer may focus on those tools, but solutions that address other areas of interest are welcome as well. This is the landscape of modern competition – it is disrupting innovation like never before (see No Ordinary Disruption).
How will these forces change the way companies operate in the future? What should those responsible for innovation do to stay competitive, starting now?
Please submit the following:
1) How will companies change the way they innovate, collaborate and perform corporate functions in the future? (ex. product development, R&D, project management, marketing, etc.)
Give a specific scenario of how a company could implement your idea(s) to complete these tasks (ex. product development, R&D, marketing, project management, etc.) more effectively than competitors.
2) Please reference any research sources you used in coming up with your solution.
|Top 5 share $750||Next 5 share $250|
|$150.00||Matthew Phillips University of Colorado|
|$150.00||Elorm Yevudza Amherst College|
|$150.00||Michael Ligier New York University|
|$150.00||Utkarsh Gupta University of California, Los Angeles|
|$150.00||Rochelle Purdy Southern New Hampshire University|
|$50.00||Luc Lavatai New York University|
|$50.00||B. Joshua Knight Georgia Gwinnett College|
|$50.00||Rachel Lauren New York University|
|$50.00||Victor Barbaros McGill University|
|$50.00||Patrick Gerard University of West Georgia|