Category Archives: Strategy

Scenario Planning for Business Success

Scenario Planning for Business Success

GUEST POST from Art Inteligencia

Scenario planning is an important tool for organizations to use in order to prepare for the future. It is a strategic planning process which uses structured techniques to help organizations anticipate the potential impacts of external events and trends on their operations and strategies. The process involves creating a series of alternative scenarios and then using them to explore the consequences of each potential future, allowing organizations to identify opportunities and risks, and develop strategies to create a competitive advantage.

Scenario planning can be used to help organizations anticipate changes in the external environment, such as:

  • new technologies
  • changes in customer preferences
  • or shifts in the competitive landscape

By creating multiple scenarios and considering their consequences, organizations can identify potential risks and opportunities, and develop strategies to capitalize on them. This can help organizations become more resilient and better prepared for the future.

Scenario planning can also help organizations identify new opportunities and develop strategies to capitalize on them. By exploring alternative scenarios and the potential consequences of each, organizations can identify areas of potential advantage and develop strategies to take advantage of them. This can help organizations stay ahead of their competitors and create a competitive advantage.

Scenario planning is often used by organizations to develop strategies that manage risk. By developing scenarios which identify potential risks and their associated consequences, organizations can develop strategies to mitigate or avoid them. This can help organizations become more resilient and better prepared for the potential impacts of external events and trends.

Ultimately, scenario planning is a useful tool for organizations to use in order to prepare for the future. By creating multiple scenarios and considering their consequences, organizations can identify potential risks and opportunities and develop strategies to capitalize on them. This can help organizations stay ahead of their competitors and create a competitive advantage.

Bottom line: Scenario planning is not the same thing as making predictions. Scenario planners use a formal approach to achieve their outcomes, but a methodology and tools like those in FutureHacking™ can empower anyone to do scenario planning faster and cheaper.

Image credit: Pexels

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Nominations Closed for the Top 40 Innovation Bloggers of 2020

Nominations Open for the Top 40 Innovation Bloggers of 2020Business Strategy Innovation loves making innovation insights accessible for the greater good, because we truly believe that the better our organizations get at delivering value to their stakeholders the less waste of natural resources and human resources there will be.

As a result we are eternally grateful to all of you out there who take the time to create and share great innovation articles, presentations, white papers, and videos with Braden Kelley and the Business Strategy Innovation team. As a small thank you to those of you who follow along, we like to make a list of the Top 40 Innovation Bloggers available each year!

Our lists from the ten previous years have been tremendously popular, including:

Top 40 Innovation Bloggers of 2012
Top 40 Innovation Bloggers of 2013
Top 40 Innovation Bloggers of 2014
Top 40 Innovation Bloggers of 2015
Top 40 Innovation Bloggers of 2016
Top 40 Innovation Bloggers of 2017
Top 40 Innovation Bloggers of 2018
Top 40 Innovation Bloggers of 2019

Do you just have someone that you like to read that writes about innovation, or some of the important adjacencies – trends, consumer psychology, change, leadership, strategy, behavioral economics, collaboration, or design thinking?

Business Strategy Innovation is now looking for the Top 40 Innovation Bloggers of 2020.

The deadline for submitting nominations is December 31, 2020 at midnight GMT.

You can submit a nomination either of these two ways:

  1. Sending us the name of the blogger and the url of their blog by @reply on twitter to @innovate
  2. Sending the name of the blogger and the url of their blog and your e-mail address using our contact form

So, think about who you like to read and let us know by midnight GMT on December 31, 2020.

We will then compile a voting list of all the nominations, and publish it on January 1, 2021.

Voting will then be open from January 1-7, 2021 via comments and twitter @replies to @innovate.

The ranking will be done by me with influence from votes and nominations. The quality and quantity of contributions by an author will be a contributing factor.

The official Top 40 Innovation Bloggers of 2020 will then be announced on here in early January 2021.

We’re curious to see who you think is worth reading!


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Five Keys to Good Strategic Thinking

Five Keys to Good Strategic Thinking

GUEST POST from Art Inteligencia

Strategic thinking is an invaluable skill in any organization, from large multinationals to small startups. It’s the ability to think through the bigger picture, to envision where the organization should go and how to get there. To be a successful strategic thinker, you need to have certain qualities and use certain techniques. Here are the keys to good strategic thinking.

1. Develop a Vision

You need to have a clear vision of where you want the organization to be in the future. This vision should encompass the organization’s values and goals, and should be communicated to everyone in the organization.

2. Analyze the Situation

Before you can make any decisions, you need to have an understanding of the current state of the organization. This means taking an honest look at the strengths, weaknesses, opportunities, and threats that the organization faces.

3. Set Goals

Once you have a vision and understand the situation, you can start to set goals. These goals should be realistic, achievable, and measurable.

4. Make Plans

After setting goals, you need to create plans that will help you achieve them. These plans should be detailed, actionable, and flexible enough to accommodate changes in the environment.

5. Monitor and Adjust

Even the best plans can’t account for every eventuality. You need to be able to monitor the progress of the plan and adjust it as needed. This means constantly evaluating the situation and making changes when necessary.

By following these five keys to good strategic thinking, you can ensure that your organization is headed in the right direction. It’s not an easy task, but it’s essential for success. With the right vision, analysis, goals, plans, and monitoring, you can ensure that your organization is headed in the right direction.

Image credit: Pexels

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Companies Need to Double Down on Dual-Factor Authentication

Companies Need to Double Down on Dual-Factor Authentication

Unfortunately there will always be bad actors in this world, people who don’t restrain themselves from trying to steal from others or to harm them. Because of this we need to accept the fact that hacking is here to stay and enhanced security measures will be required to protect ourselves from theft in our digital lives that can impact our real lives.

Some of my recent research in the hospitality industry identified that fraud is a large and increasing problem for hotels, resulting in unfilled inventory, credit card chargebacks, and loyalty point thefts from customers.

Personally, my Starbucks card account has been hacked – twice.

According to Chargeback.com:

“The percentage of cyber attacks targeting loyalty and rewards accounts nearly tripled from 2016 to 2017, with 48% of businesses being hit by ATO (Account Takeover) attacks. This has cost companies more than $2.3 billion worldwide.”

The most recent hack was foiled by a 24 hour cooldown period, preventing (or discouraging) thieves from being able to move about $25.00 off my Starbucks card onto theirs. But as I was setting up dual-factor authentication on my account and changing my password to keep the thieves from getting back into my account I noticed that the system was not set up well for a simple nuclear family – let alone a complicated family. Users are only able to enter a single phone number for the dual-factor authentication code to be sent to. I assume this is to make the system simple but it then makes it so that my wife can’t access the account.

Dual-factor authentication is going to become a mandatory requirement for logins to financially-linked accounts (including any site where you store your credit card details) and companies need to design their systems to accommodate spouses and potentially even children.

Companies should consider incorporating biometric methods of identity verification as the primary or secondary method of authentication as well, not just for security reasons but for ease of use/customer experience reasons too.

So, protect your customers folks, but remember how people live their lives as you’re designing your systems to keep them (and their money) safe.

Keep innovating!


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Five Key Components of a Successful Digital Transformation Strategy

Five Key Components of a Successful Digital Transformation Strategy

GUEST POST from Art Inteligencia

Digital transformation is an ongoing process of leveraging technology to improve business operations, customer experience, and organizational success. It can involve a wide range of initiatives, from adopting cloud computing to introducing artificial intelligence (AI) into the workplace. To be effective, any digital transformation strategy should address certain key components:

1. Understanding the Business Objectives

Before embarking on a digital transformation journey, it’s essential to understand the specific business objectives that need to be addressed. This includes considering how technology can help to meet those objectives and identify areas where improvement is needed.

2. Identifying the Right Technology

Once the objectives have been established, the next step is to identify the right technology to help achieve them. This could include cloud computing, big data analytics, AI, blockchain, and other digital tools. It’s important to carefully evaluate all potential solutions to ensure they are the best fit for the business.

3. Establishing a Roadmap

A clear roadmap should be established to guide the digital transformation journey. This should include specific objectives, timelines, and milestones to measure progress. It’s also important to set up a governance structure to ensure that all stakeholders are aligned and accountable.

4. Building a Culture of Innovation

A successful digital transformation strategy should be supported by a culture of innovation. This means encouraging a mindset of experimentation and risk-taking, as well as providing the right tools and resources to empower employees to embrace new technologies.

5. Securing Data

Digital transformation initiatives often involve the collection and use of sensitive customer data. It’s therefore essential to ensure that appropriate security measures are in place to protect this data from loss or misuse.

By taking the time to address these key components, organizations can ensure that their digital transformation strategies are effective and successful. With the right technology and processes in place, organizations can drive innovation and gain a competitive edge in their respective markets.

The Human-Centered Change methodology leverages more than 70 tools and is a great way to plan a digital transformation.

Image credit: FreePik

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Applying Design Thinking to Business Strategy

Applying Design Thinking to Business Strategy

GUEST POST from Art Inteligencia

Design thinking is a powerful approach for driving innovation and impacting business results. By combining a creative mindset with business strategy, design thinking is transforming the way companies go to market and strike competitive advantage. With design thinking, business leaders can rethink processes, products, and services, identify customer needs, and better serve their customers. For example, car companies are leveraging design thinking to focus on developing a user-driven customer experience in order to stay competitive and differentiate. Here, we’ll explore how design thinking techniques are being utilized in a business context and how they’re changing the way business leaders drive success within their companies.

Design Thinking in Action: Two Case Studies

Case Study 1 – BMW: Design Thinking Enhances Customer Experience

When BMW launched its “My BMW” app in 2012, the company sought to create a groundbreaking user experience that was centered around the customer. BMW was not only looking to move away from conventional thinking but also to go beyond its own customer segmentations and brand loyalty programs. BMW’s design thinking focused on creating a new way for customers to interact with the car, using features such as remote operation of the windows and lights, and other service information and booking features. With design thinking, BMW changed the customer experience, transforming the car from a reactive device to an active member of a connected lifestyle.

Case Study 2 – Microsoft: Design Thinking to Stave off Disruption

As cloud-based products started to gain traction, Microsoft faced the challenge of staying ahead of the game in a disruptive environment. Microsoft’s design thinking focused on creating customer-centric solutions to meet customer needs while keeping close to the technology trends. Teams at Microsoft decided to focus on user experience and initiated programs to create a “design language” focused on creating a consistent and user-friendly experience across devices and products. This language was applied to popular products such as Office 365, Skype, Teams, and Xbox, creating an ecosystem of connected products and services across devices and across platforms.

Conclusion

Design thinking is transforming the way business leaders drive success in their companies. By applying creative techniques to traditional business strategies, companies can identify customer needs and develop solutions that are tailored to customer requirements. In this article, we explored how BMW and Microsoft achieved success by integrating design thinking into their business strategies. With these examples, one can see how design thinking is changing the way business leaders interact with their customers and their organizations. With a focus on user experience, design thinking is helping companies stay ahead of the competition in an ever-changing technology landscape.

SPECIAL BONUS: Braden Kelley’s Problem Finding Canvas can be a super useful starting point for doing design thinking or human-centered design.

“The Problem Finding Canvas should help you investigate a handful of areas to explore, choose the one most important to you, extract all of the potential challenges and opportunities and choose one to prioritize.”

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Overcoming Innovation Roadblocks: Strategies for Moving Forward

Overcoming Innovation Roadblocks: Strategies for Moving Forward

GUEST POST from Chateau G Pato

Innovation is key for businesses looking to stay competitive and relevant in today’s fast-paced business world. However, many companies can struggle to successfully innovate due to common roadblocks that can get in the way of successful innovation. Whether it’s a lack of resources, time, or a lack of executive buy-in, there are many common issues that can cause roadblocks in the innovation process. In order to move past these roadblocks and foster a culture of successful innovation, it’s important to develop strategies that will help you move forward.

The first step to overcoming innovation roadblocks is to identify the root issue. There can be many different types of barriers, ranging from financial to cultural, so it’s important to take the time to identify where exactly you’re struggling. Once you’ve identified the obstacles in your way, you can develop strategies to move past them.

The next step is to address potential cultural barriers. Leaders should continue to communicate the importance of innovation throughout the organization and emphasize the use of new ideas and solutions in order to streamline processes. To further foster innovation, you can look to external sources such as pop-up shops, accelerators, and idea competitions. Collaboration with an external source will open up new channels of creativity and provide new perspectives on existing problems.

Build a Common Language of Innovation on your team

It’s also important to consider how you can best allocate resources to foster innovation. While innovation can take up a significant portion of resources, it’s important to invest in resources that will yield the best results. This could involve investing in personnel, technology, materials, or anything else that can help you produce innovative solutions.

Once you have a strategy in place, you should put metrics in place to measure the success of your efforts. This can help you articulate the success of your innovation projects and further convince stakeholders to invest in the process.

Case Study 1 – BSH Home Appliances

To better demonstrate successful innovation strategies, consider the example of BSH Home Appliances. After encountering a few organizational roadblocks, the company decided to invest in a pop-up shop and challenge local students to come up with new ideas for their products. After seeing tangible results, they have decided to make this a part of the company’s annual innovation strategy.

Atlassian

Another example is that of Atlassian, a software company. To overcome executive buy-in roadblocks, they established an internal innovation program that allowed employees to submit ideas and vote on which ones to pursue. This program has allowed the company to not only generate new ways of working but also measure the success of their efforts.

Conclusion

Ultimately, overcoming innovation roadblocks can be difficult, but it’s not impossible. By taking the time to identify the root issue, creating a strategy to foster innovation, and putting metrics in place to measure successes, your organization can move past the roadblocks and foster a culture of innovation. With the help of these strategies and case study examples, you can begin to effectively innovate and stay competitive in today’s business landscape.

Image credit: Pixabay

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Are Gas Stations the Future of Starbucks?

Are Gas Stations the Future of Starbucks?

Recently the Seattle Times published an article from the Washington Post highlighting a gas station in Maryland that has made the bold move of turning off its gas pumps and installing electric charging stations in their place. Which got me thinking…

Given that in the early days of automobiles you had to go to the pharmacy and buy gasoline in open containers before an evolution began to curbside gas pumps before finally arriving at the drive thru format we have today, why would it be crazy to think that we are due for the next reinvention of refueling now that electric vehicles are beginning to catch on?

And what might a “gas” station v5.0 look like?
(the first four generations being pharmacy, curbside, drive thru full serve, and self serve)

Curbside Gas Station

Given that it takes 15-30 minutes to quickly recharge an electric car, a “gas” station v5.0 may very well end up looking like a Starbucks.

Are people going to want to hang out in their cars while they recharge?

Wouldn’t they rather chill out in a Starbucks sipping on a latte (or a hot chocolate) while they wait for enough juice to keep rolling down the road?

So shouldn’t Starbucks be considering entering the “gas” station business?

Or is the somewhat random growth of electric charging likely to continue?

The answer for me is of course both…

In urban environments I would imagine the trend of a lot of one-off charging stations to continue.

But if I were Starbucks I would look at the interstate highway system and consciously set up Starbucks locations next to gas stations and install electric vehicle charging stations as part of the design. That way you get business from the large number of internal combustion drivers and the small number of electric vehicle drivers now, while those numbers gradually invert over time.

Starbucks Electric Charting Station

Maybe Starbucks could even do a deal with Tesla Motors like they did with Fred Meyer (a small superstore chain with groceries that is part of the Kroger family). Or maybe Nissan or GM want to get in on the action instead.

What do you think?

Image credits: Starbucks, American Oil & Gas Historical Society, Chargepoint


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How Futures Research Can Help Organizations Develop Long-Term Strategies

How Futures Research Can Help Organizations Develop Long-Term Strategies

GUEST POST from Art Inteligencia

The development of long-term strategies is a key element of success for any organization, but it can be a difficult process. Futures research is a powerful tool that can help organizations understand the future and develop strategies that are based on current and future trends. This article will explore how organizations can use futures research to develop long-term strategies and provide two case study examples of organizations that have successfully used futures research.

Futures research, also known as strategic foresight or scenario analysis, is an interdisciplinary approach that combines elements of social science and technology to explore possible future scenarios. It involves using a variety of methods and tools to evaluate the impact of existing and emerging trends on an organization. This approach can help organizations identify potential opportunities and threats, assess risks, and develop strategies to navigate an uncertain future.

Organizations can use futures research to develop long-term strategies in a variety of ways. Firstly, it can be used to identify potential future trends that may impact the organization’s operations and strategies. This can include identifying demographic trends, technological advances, and global events that may affect the organization. Secondly, futures research can be used to develop scenarios that explore how different trends may interact with each other and shape the organization’s future. These scenarios can help the organization understand the potential risks and opportunities associated with each possible future. Finally, futures research can be used to identify strategies that can help the organization navigate the future.

To illustrate how futures research can help organizations develop long-term strategies, here are two case studies of organizations that have successfully used this approach.

Case Study 1

The first case study is of the City of Melbourne, Australia. The city council used futures research to develop a 20-year vision and strategic plan that focused on creating a vibrant, sustainable, and prosperous city. The council used a variety of methods to identify future trends and assess their impact on the city. They developed scenarios that explored different possible futures, and identified strategies to help the city adapt and thrive in the face of these emerging trends. As a result, the city council was able to develop a comprehensive long-term plan that addressed the challenges and opportunities of the future.

Case Study 2

The second case study is of the US Navy. The Navy used futures research to develop a strategy to identify emerging technologies and develop new capabilities that could be used to protect US interests. The Navy used a variety of methods, including scenario planning and trend analysis, to identify potential technological advances and assess their impact on naval operations. As a result, the Navy was able to develop a long-term strategy that focused on developing new capabilities and technologies to ensure the Navy’s continued success.

Conclusion

These two case studies demonstrate how futures research can be used to develop long-term strategies. By using a variety of methods and tools to identify future trends and assess their impact on an organization, futures research can help organizations develop strategies that are based on current and future trends. This approach can help organizations prepare for the future and ensure their long-term success.

Bottom line: Futurists are not fortune tellers. They use a formal approach to achieve their outcomes, but a methodology and tools like those in FutureHacking™ can empower anyone to be their own futurist.

Image credit: Pexels

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Going Beyond the Business Model Canvas

Going Beyond the Business Model Canvas

For decades when business people and aspiring entrepreneurs came up with an idea and became serious about commercializing it, they would, by default, create a business plan. Anyone who has ever created a business plan knows they are a LOT of work. And as any innovator knows, most ideas turn out to be garbage. As a result, the creation of most business plans ends up being a waste of time.

All of this wasted time and money in the universes of both corporate innovation and startups was definitely an area of opportunity.

This pain has been solved in part by the Business Model Canvas created by Alex Osterwalder and Yves Pigneur, the Lean Canvas created by Ash Maurya, and by minor variations created by others.

Purpose of the Business Model Canvas

The purpose of both at their core is the same. The Business Model Canvas and the Lean Canvas seek to help entrepreneurs, intrapreneurs and innovators quickly explore the desirability, feasibility and viability of their ideas in a more visual and collaborative way, while also supporting much quicker iterations and revisions to both the value proposition and its path to market.

Where a business plan may take weeks to create, a Business Model Canvas or Lean Canvas can be created in an afternoon.

Where a business plan is often created by one person and revised by others in a serial manner, a Business Model Canvas or Lean Canvas is a group activity, informed by a collection of diverse perspectives and experiences, and challenged, evolved and revised in a real-time, parallel manner.

What excites me most as someone who conducts workshops all around the world and teaches people how to use the Business Model Canvas and other innovation & change tools, is that the Business Model Canvas and Lean Canvas have helped to accelerate a transformation in not only how people are taught, but also how they are permitted to conduct business.

Creating a Business Model Canvas as a Team

The Visual and Collaborative Workplace Transformation

This transformation is a game changer because it represents a growing integration of methods into workshops and meetings that enable facilitators to engage not only auditory learners, but visual, kinesthetic and social learners as well.

This more human approach to prototyping a business helps to add a bit more structure around an idea, in a collaborative way that will more quickly surface gaps and flaws while also testing assumptions, collecting idea fragments into a more holistic value proposition and creating a vision for how to make it real.

But, as we all know, any new business or any potential innovation will create an abundance of required and necessary changes. Unfortunately, whether you are using the Business Model Canvas or the Lean Canvas, the truth and the limitation is that they are but a single tool and can’t help you walk the rest of the path to reality. To create the changes necessary to realize your vision, you will need many more tools.

“When what people do aligns with what they think and feel, then and only then, will you achieve the outcomes you’re looking for.”

The good news is that this more visual and collaborative way of working helps with two of the most important keys to success – buy-in and alignment – and also helps to align mind, body, and spirit to harness the whole brain and its three constructs:

  1. Cognitive (thinking)
  2. Conative (doing)
  3. Affective (feeling)

Outcome-Driven Change Framework by Braden Kelley

Beyond the Business Model Canvas and the Lean Canvas

Visual, collaborative tools like the Business Model Canvas, Lean Canvas, Empathy Map, Value Proposition Canvas, Experience Maps, Service Design, and even Customer Journey Maps have laid the groundwork for a more modern, more powerful way of working that leverages the whole brain of the individual, and all three learning styles of the collective.

And where these tools all represent the beginning of a visual, collaborative endeavor to create change, they are missing the tools to help plan for and execute the changes that are being proposed.

Making the Shift to Human-Centered Change

This is where the Change Planning Toolkit™ powering the Human-Centered Change methodology comes in. It has been designed with the Change Planning Canvas™ at its core to feel familiar to those already using the aforementioned tools and empower teams to take the next steps on their journey to be successful:

  1. Innovation and Intrapreneurship
  2. Startup Creation
  3. Digital Transformation
  4. Design Thinking
  5. New Product Development (NPD)
  6. Service Design
  7. Experience Design
  8. Customer Experience (CX) Improvement Efforts
  9. Projects (make sure you also get the Visual Project Charter™)
  10. Change Initiatives

Charting Change is Number OneSo, if you’re already familiar with the Business Model Canvas, Lean Canvas, Empathy Map, Value Proposition Canvas, Experience Maps, Service Design, or Customer Journey Maps then you should get a copy of my latest book Charting Change and it will show you the thinking behind the Change Planning Toolkit™, how to use it to maintain the momentum of your team and the energy behind your idea, and how to leverage both to push it forward towards reality.

The Change Planning Toolkit™ will help you beat the 70% change failure rate, create more efficient and effective change initiatives (and even projects), and accelerate your pace of successful change in order to keep up with the accelerating pace of change all around us and to be more nimble, agile, and responsive than your competition.

Three Steps to Human-Centered Change Success

There is a simple three step process for people who want to start saving time and get the jump on their competition today by familiarizing themselves with the Human-Centered Change methodology:

  1. 10 free tools available to download now
  2. 26 free tools when you buy the book
  3. 70+ tools when you license the toolkit

I’ve invested more than $1 million into the Change Planning Toolkit™ so you don’t have to, and so you can leverage this investment to gain all of the benefits above while also saving yourself thousands or millions of dollars in consulting fees – every year.

And for a limited time, there are some exciting FREE training opportunities available to a handful of organizations who contact me.


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