Strategies for Managing Your Business
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Strategies for Managing Your Business
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7 Essential Lessons From The Harvard Innovation Lab

7 Essential Lessons From The Harvard Innovation Lab | Strategies for Managing Your Business | Scoop.it

Over the years, Goldstein has learned some important lessons about how to create an environment where innovation thrives. Here are seven essentials.

 

Be A Sponge

 

Innovators are intellectually curious and thrive on absorbing new information that may help their ideas. The I-lab holds regular programming and has a mentoring program to help innovators learn as much as they want to learn. Even if you don’t have the benefit of the I-lab, continually seeking out the information you need and people who can teach you essential skills and information is an important part of being innovative, she says.

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The Learning Factor's curator insight, April 14, 2016 6:26 PM

Here's what Harvard students learn about how to create an environment where innovation thrives.

Lisa Gorman's curator insight, April 16, 2016 4:21 AM
It's a year for creativity and innovation is also on my horizon.  This quick read provides some insight into a few ways into this important space!
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The Ten Most Innovative Companies In America

The Ten Most Innovative Companies In America | Strategies for Managing Your Business | Scoop.it

The most innovative companies in America are diverse, hailing from different coasts and leading in industries ranging from open source software to health care. What all ten share is a desire to keep evolving, often even after setting industry standards. Inside these headquarters, innovation is anything but passive.


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Outsourcing Business Processes for Innovation

Outsourcing Business Processes for Innovation | Strategies for Managing Your Business | Scoop.it
Many companies pursue business process outsourcing to trim costs. But it can evolve into much more.


The number of companies that outsource critical business processes to outside suppliers has been growing significantly worldwide. In 2012, companies outsourced some $309 billion of services — activities including finance and accounting, human resource management, procurement and legal services — and the overall volume has been growing at a rate of around 25% annually.


Although many organizations initiated business process outsourcing (BPO) as part of an effort to reduce costs or acquire new skills, it has since evolved into much more. In relationships companies classify as high-performing, service providers deliver substantial long-term improvements to the client’s operating efficiency and strategic performance.


These types of innovations require companies and service providers to work together. BPO providers do not need incentives to improve their own revenue or margins, but they do need them to focus on the client’s performance. While partners may incentivize innovation by using mechanisms such as productivity targets, allocating innovation days and agreeing to gain share on innovation projects, innovation won’t happen unless clients and providers implement a more comprehensive process that combines acculturation across different organizations, an engaging method for generating ideas, adequate funding and a system for managing change.


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MTD's curator insight, April 29, 2013 7:11 AM

Can you ever truly outsource innovation? Should you? 

The Learning Factor's comment, April 30, 2013 7:55 PM
Good question. Dynamic innovation in BPO is an intensely collaborative endeavor. In high-performing business-process outsourcing relationships, companies and service providers work together to foster innovation.
MTD's comment, May 2, 2013 5:17 PM
You're absolutely right, of course. The target of pure savings is ultimately a short-term goal and often backfires. If you're outsourcing processes that are core to your business, you had better be certain you'll achieve those savings as well as topline growth - as you say, through real innovation and positive change.