Elias Tefarikis’ Post

🚀 Boost Innovation & Cut Costs: How to Scale Challenge Platforms 🚀 Is your company looking for fresh ideas and ways to save money? 🤔 Innovation challenge platforms are like online idea factories! They help you get great solutions from your team, customers, and partners. But how do you make them work really well? Let's break it down! 👇 The Problem: Many companies struggle to keep innovation going and often waste time and money on inefficient processes. 😩 The Challenge: How can we create a system that consistently generates new ideas, reduces errors, and saves time and money? 💡 The Opportunity: By using innovation challenge platforms effectively, we can unlock hidden potential, streamline operations, and drive growth. 📈 The Solution: Let's make innovation easy and effective! Here's how: 1️⃣ Clear Goals: Know exactly what problem you're solving and who will benefit. 🎯 2️⃣ User-Friendly Platform: Choose a platform that's easy to use and fun for everyone. 💻 3️⃣ Engaging Challenges: Make the challenges exciting and rewarding. 🎉 4️⃣ Active Management: Keep the platform running smoothly and support participants. 🧑💻 5️⃣ Measure & Share: Track your results and celebrate your wins! 🏆 Key Benefits: 1️⃣ Reduce Human Errors: Automate tasks and processes, cutting down on mistakes. 🤖 Unit: Number of errors Frequency: Monthly Goal: Reduce errors by 20% 2️⃣ Save Work Hours: Automate repetitive tasks, freeing up time for more important work. ⏰ Unit: Hours saved Frequency: Monthly Goal: Save 1000 hours per month 3️⃣ Cut Costs: Streamline processes and reduce waste, saving money. 💰 Unit: Dollars saved Frequency: Annually Goal: Save $100,000 per year Tools & Resources: 1️⃣ IdeaScale, OpenIDEO: Platforms for running innovation challenges. 🌐 2️⃣ Agile Methodologies: Use Agile to manage projects and keep things moving. 🏃 3️⃣ Data Analytics: Use data to track progress and make smart decisions. 📊 KPIs to Measure Success: 1️⃣ Participation Rate: (Number of participants / Total eligible) 100 Unit: Percentage Frequency: Monthly Goal: Achieve 70% participation 2️⃣ Idea Implementation Rate: (Number of implemented ideas / Total ideas submitted) 100 Unit: Percentage Frequency: Quarterly Goal: Implement 25% of ideas 3️⃣ Cost Savings: (Total cost before - Total cost after) Unit: Dollars Frequency: Annually Goal: Save $100,000 per year OKRs to Drive Results: 1️⃣ Objective: Increase innovation output. Key Result: Generate 500 new ideas through the platform. 2️⃣ Objective: Improve operational efficiency. Key Result: Reduce process time by 15%. 3️⃣ Objective: Reduce operational costs. Key Result: Achieve $100,000 in cost savings. Let's make innovation a part of our everyday work! 🚀 #Innovation #Efficiency #CostSavings #DigitalTransformation Specialized in Supply Chain, logistics, Transport & Distribution 📦 | BI Lead and Data Architect 📊 | Data Analyst and Data Scientist 📈 | Data Engineer, BI Developer, and Automation Developer 🤖.

🚀 BUSDEV 723 Module 2 - New product development processes Ever wonder why some companies seem to effortlessly launch successful products while others struggle to break the innovation barrier? This week's module in BUSDEV 723 addresses this puzzle, offering insights for entrepreneurs and business leaders alike. This quarter, I have the privilege of guiding students in the Master of Business Development program through the process of new product development, and I am sharing weekly highlights from each module so you can follow along and consider joining the program. 🔍 This Week: Module 2 – New Product Development Processes Imagine a software company bursting with potential yet finding itself at a crossroads, unable to prioritise product development due to the incessant demands of daily operations. This scenario encapsulates the challenge Module 2 addresses. By examining the journey of "BetaSoft," we uncover practical strategies to navigate this common pitfall, emphasising the importance of innovation governance and identifying the critical business-level factors that underpin NPD success. 🌟Key Takeaways -Innovation Governance: Understand its pivotal role in steering companies towards successful product development. - Business-Level Factors: Learn to identify the elements essential for NPD success. - Waterfall vs. Agile: Differentiate between these approaches and select the one that aligns with your project's needs. - Design Methods: Choose the most effective NPD design methods based on specific criteria. - Analysis: Critique and improve your firm's approach to innovation governance and NPD methodology. Through interactive exercises and engaging case studies, we explore these topics, enabling students to apply their insights. For anyone passionate about mastering the art of new product development and driving innovation within their organisation, this course is packed full of strategies, frameworks, and real-world applications. 📈 Stay Tuned for Weekly Insights! Next week, we'll talk about identifying opportunities and laying the groundwork for product development. If you're intrigued by the prospect of transforming challenges into opportunities and ideas into market-ready products, this journey is for you. 💡Want to learn more about the Master of Business Development program and how it can empower you to lead innovation within your organisation? Visit the Auckland Online website for more information. #Innovation #NewProductDevelopment #BusinessDevelopment #AucklandOnline #BUSDEV723

Innovation is not random but a result of deliberate actions that can be planned, organized, and measured. https://lnkd.in/eHaUVCRF #CSR #Innovation #Process #Processus #Ideation #Agile #BusinessTransformation

To foster innovation and effectiveness, you can follow these strategies: 1. Encourage Creative Thinking: • Promote a culture that values creativity. • Allow brainstorming sessions without judgment. • Encourage diverse viewpoints and ideas. 2. Invest in Research and Development: • Allocate resources to explore new technologies and methodologies. • Stay updated on industry trends and advancements. 3. Empower Your Team: • Give team members autonomy to experiment and take risks. • Provide the necessary tools and training to support innovation. 4. Foster Collaboration: • Create cross-functional teams to combine different expertise. • Encourage open communication and idea sharing. 5. Embrace Failure: • View failures as learning opportunities. • Analyze what went wrong and iterate on the process. 6. Implement Agile Methodologies: • Use agile project management to adapt quickly to changes. • Break projects into smaller, manageable parts and continuously improve them. 7. Focus on Customer Needs: • Understand customer pain points and preferences. • Involve customers in the development process through feedback and testing. 8. Set Clear Goals: • Define specific, measurable objectives for innovation. • Align these goals with the overall business strategy. 9. Leverage Technology: • Utilize data analytics, AI, and other technologies to gain insights and improve processes. • Automate routine tasks to free up time for creative work. 10. Measure and Iterate: • Continuously assess the effectiveness of your innovations. • Be willing to pivot or refine ideas based on performance data and feedback.

Due to current volatile circumstances, what is the future in term of accelerate innitiatives ? Why asked ? The future of accelerated initiatives is poised for significant growth and innovation. Here are some key trends and predictions: 1. Hyper-Acceleration: • AI-Driven Optimization: Artificial intelligence will play an increasingly crucial role in identifying bottlenecks, optimizing processes, and predicting potential challenges, leading to faster execution and improved outcomes. • Real-time Data Analytics: Advanced analytics tools will enable organizations to make data-driven decisions in real-time, accelerating response times and adapting to changing circumstances swiftly. 2. Collaborative Innovation: • Cross-Functional Teams: Breaking down silos and fostering collaboration between diverse teams will lead to more innovative solutions and faster problem-solving. • Open Innovation: Engaging with external partners, including startups, academia, and customers, will accelerate the development and adoption of new ideas. 3. Agile Methodologies: • Continuous Improvement: Agile frameworks like Scrum and Kanban will continue to be adopted and refined, allowing for rapid iteration and adaptation to changing requirements. • Micro-Iterations: Breaking down large projects into smaller, manageable chunks will enable faster delivery of value and reduce the risk of project failure. 4. Digital Transformation: • Cloud-Based Tools: Cloud technologies will empower teams to work remotely and collaborate seamlessly, accelerating project timelines. • Automation: Automating repetitive tasks will free up human resources to focus on higher-value activities, driving efficiency and innovation. 5. Human-Centered Design: • Empathy-Driven Innovation: Understanding user needs and preferences will lead to the development of solutions that truly address pain points and deliver value. • User-Centric Testing: Involving users in the development process will ensure that solutions are fit for purpose and readily adopted. Specific examples of accelerated initiatives in the future include: • Rapid Product Development: Leveraging AI-powered design tools and 3D printing to accelerate the development and launch of new products. • Agile Healthcare: Using data analytics and AI to identify and address health risks proactively, leading to faster and more effective treatments. • Sustainable Cities: Employing smart city technologies to optimize energy consumption, reduce traffic congestion, and improve quality of life. • Personalized Education: Tailoring educational experiences to individual student needs using AI-powered learning platforms. By embracing these trends and adopting innovative approaches, organizations can unlock the full potential of accelerated initiatives, driving growth, efficiency, and competitive advantage in the years to come. Lita Hendranata , we are in prompt 👍

Is traditional strategy a thing of the past? Some claim that traditional strategy has become an ancient relic. Like a typewriter in a world dominated by voice-activated AI. 𝐌𝐲 𝐏𝐞𝐫𝐬𝐩𝐞𝐜𝐭𝐢𝐯𝐞: Traditional strategy is far from outdated. It’s just not the solution to every problem. Agility and adaptability are essential, but they aren't universally applicable either. 𝐊𝐞𝐲 𝐈𝐧𝐬𝐢𝐠𝐡𝐭𝐬: 🎯 Context Matters The effectiveness of a strategy often depends on the context in which it’s employed. Factors such as predictability of the market, competition, and your ability to shape outcomes all play crucial roles. 🔮 Predictability vs Adaptability On one end, we have high predictability: markets or industries where trends don’t change overnight. Here, traditional strategy often excels. On the other, sectors like blockchain represent a VUCA world—Volatile, Uncertain, Complex, and Ambiguous—where adaptability reigns supreme. 🌐 Visionary vs Incremental Thinking Businesses can and often do shift between visionary and incremental thinking. A visionary approach aims to change the market landscape, while incremental improvements maintain and improve a stable business model. 🔄 The Iterative Cycle Strategy is not set in stone; it's a fluid entity. An effective approach combines elements of both traditional and Agile strategy in an iterative cycle, adapted according to real-world outcomes. (note - Agile with an initial cap refers to a specific way of working that accelerates learning.) Let's stop treating traditional and Agile approaches as sworn enemies. They are more like allies in a grander scheme, each with unique advantages waiting to be leveraged for success. Agree? Disagree? --------------- I'm Alex Nesbitt. I help CEOs build more effective companies. Better strategy -> better performance. PS. Like this kind of thinking? Check out my masterclass on creating Advantage with Strategic Thinking: https://lnkd.in/gKmEP-ge

Curiosity fuels breakthrough ideas and drives innovation in businesses. When a business adopts a curious mindset, its strategy undergoes significant transformations. Here are the key changes that occur: 1. Embracing Exploration and Discovery: A curiosity-driven approach encourages businesses to explore new ideas, perspectives, and possibilities. The strategy shifts towards fostering a culture of exploration and discovery, where employees are encouraged to ask questions, challenge assumptions, and seek novel solutions. This promotes continuous learning and keeps the business ahead of the curve. 2. Customer Insights and Empathy: Curiosity-driven innovation emphasizes understanding customer needs and desires. The strategy focuses on gathering deep customer insights, empathizing with their pain points, and identifying unmet needs. By adopting a curious mindset, businesses uncover valuable insights that shape product development, marketing strategies, and customer experiences. 3. Human-Centered Design: Curiosity-driven innovation prioritizes human-centered design principles. The strategy involves involving end-users early in the design process, seeking their input, and incorporating their feedback iteratively. This ensures that products and services meet the specific needs and preferences of customers. 4. Agile and Iterative Approach: Curiosity-driven innovation acknowledges that not all ideas lead to immediate success. The strategy embraces an agile and iterative approach, where ideas are tested, refined, and adapted based on continuous feedback and learning. 5. Collaboration and Co-Creation: Curiosity-driven innovation recognizes the value of diverse perspectives and collaboration. The strategy fosters partnerships, both internally and externally, to leverage collective knowledge and expertise. 6. Embracing Uncertainty and Risk: Curiosity-driven innovation acknowledges that innovation involves uncertainty and risk. The strategy evolves to embrace calculated risks, encouraging experimentation, and learning from failures. 7. Continuous Learning and Skill Development: A curious mindset fosters a culture of continuous learning and skill development. The strategy focuses on providing resources, training, and development opportunities for employees to enhance their knowledge, creativity, and problem-solving abilities. 8. Emphasizing Serendipity and Unexpected Discoveries: Curiosity-driven innovation recognizes that breakthroughs can come from unexpected sources. The strategy encourages serendipity and creates opportunities for employees to explore diverse interests, engage in open discussions, and expose themselves to new ideas and experiences. In summary, adopting a curious mindset in innovation leads businesses to embrace exploration and discovery, understand customer needs, prioritize human-centered design, adopt an agile approach, foster collaboration, embrace uncertainty and risk, promote continuous learning, and emphasize serendipity.

Curiosity fuels breakthrough ideas and drives innovation in businesses. When a business adopts a curious mindset, its strategy undergoes significant transformations. Here are the key changes that occur: 1. Embracing Exploration and Discovery: A curiosity-driven approach encourages businesses to explore new ideas, perspectives, and possibilities. The strategy shifts towards fostering a culture of exploration and discovery, where employees are encouraged to ask questions, challenge assumptions, and seek novel solutions. This promotes continuous learning and keeps the business ahead of the curve. 2. Customer Insights and Empathy: Curiosity-driven innovation emphasizes understanding customer needs and desires. The strategy focuses on gathering deep customer insights, empathizing with their pain points, and identifying unmet needs. By adopting a curious mindset, businesses uncover valuable insights that shape product development, marketing strategies, and customer experiences. 3. Human-Centered Design: Curiosity-driven innovation prioritizes human-centered design principles. The strategy involves involving end-users early in the design process, seeking their input, and incorporating their feedback iteratively. This ensures that products and services meet the specific needs and preferences of customers. 4. Agile and Iterative Approach: Curiosity-driven innovation acknowledges that not all ideas lead to immediate success. The strategy embraces an agile and iterative approach, where ideas are tested, refined, and adapted based on continuous feedback and learning. 5. Collaboration and Co-Creation: Curiosity-driven innovation recognizes the value of diverse perspectives and collaboration. The strategy fosters partnerships, both internally and externally, to leverage collective knowledge and expertise. 6. Embracing Uncertainty and Risk: Curiosity-driven innovation acknowledges that innovation involves uncertainty and risk. The strategy evolves to embrace calculated risks, encouraging experimentation, and learning from failures. 7. Continuous Learning and Skill Development: A curious mindset fosters a culture of continuous learning and skill development. The strategy focuses on providing resources, training, and development opportunities for employees to enhance their knowledge, creativity, and problem-solving abilities. 8. Emphasizing Serendipity and Unexpected Discoveries: Curiosity-driven innovation recognizes that breakthroughs can come from unexpected sources. The strategy encourages serendipity and creates opportunities for employees to explore diverse interests, engage in open discussions, and expose themselves to new ideas and experiences. In summary, adopting a curious mindset in innovation leads businesses to embrace exploration and discovery, understand customer needs, prioritize human-centered design, adopt an agile approach, foster collaboration, embrace uncertainty and risk, promote continuous learning, and emphasize serendipity.

Curiosity fuels breakthrough ideas and drives innovation in businesses. When a business adopts a curious mindset, its strategy undergoes significant transformations. Here are the key changes that occur: 1. Embracing Exploration and Discovery: A curiosity-driven approach encourages businesses to explore new ideas, perspectives, and possibilities. The strategy shifts towards fostering a culture of exploration and discovery, where employees are encouraged to ask questions, challenge assumptions, and seek novel solutions. This promotes continuous learning and keeps the business ahead of the curve. 2. Customer Insights and Empathy: Curiosity-driven innovation emphasizes understanding customer needs and desires. The strategy focuses on gathering deep customer insights, empathizing with their pain points, and identifying unmet needs. By adopting a curious mindset, businesses uncover valuable insights that shape product development, marketing strategies, and customer experiences. 3. Human-Centered Design: Curiosity-driven innovation prioritizes human-centered design principles. The strategy involves involving end-users early in the design process, seeking their input, and incorporating their feedback iteratively. This ensures that products and services meet the specific needs and preferences of customers. 4. Agile and Iterative Approach: Curiosity-driven innovation acknowledges that not all ideas lead to immediate success. The strategy embraces an agile and iterative approach, where ideas are tested, refined, and adapted based on continuous feedback and learning. 5. Collaboration and Co-Creation: Curiosity-driven innovation recognizes the value of diverse perspectives and collaboration. The strategy fosters partnerships, both internally and externally, to leverage collective knowledge and expertise. 6. Embracing Uncertainty and Risk: Curiosity-driven innovation acknowledges that innovation involves uncertainty and risk. The strategy evolves to embrace calculated risks, encouraging experimentation, and learning from failures. 7. Continuous Learning and Skill Development: A curious mindset fosters a culture of continuous learning and skill development. The strategy focuses on providing resources, training, and development opportunities for employees to enhance their knowledge, creativity, and problem-solving abilities. 8. Emphasizing Serendipity and Unexpected Discoveries: Curiosity-driven innovation recognizes that breakthroughs can come from unexpected sources. The strategy encourages serendipity and creates opportunities for employees to explore diverse interests, engage in open discussions, and expose themselves to new ideas and experiences. In summary, adopting a curious mindset in innovation leads businesses to embrace exploration and discovery, understand customer needs, prioritize human-centered design, adopt an agile approach, foster collaboration, embrace uncertainty and risk, promote continuous learning, and emphasize serendipity.