Tag Archives: innovation

Six Effective Ways to Foster Innovation

Innovation within a company is a key tool in developing business solutions.  The article generally highlights the fact that employees who are engaged are more likely to make innovative contributions to a company. On a personal level, I find myself being more interested in my job functions once I understand the bigger picture and what my overall role in a specified task contributes to the entire puzzle. According to the article, a summary of the six effective ways to foster innovation are as follows:

1. Maintaining open dialogue

2. Organizing brainstorming sessions

3. Engaging employees by encouraging them to share creative ideas.

4. Not forcing people to be innovative

5.  Remaining flexible and forgiving

6. Keeping track of company innovations

I believe that maintaining open dialogue is probably the most important but perhaps the most challenging way to go about fostering innovation. It definitely sounds easier than it looks and I look to emphasize on this particular way of fostering innovation. It begins with management and their willingness to interact with subordinates they may not deal with on a regular basis. There are at least three major factors that companies may have to bear in mind when trying to create an open atmosphere.

First of all in many companies, certain parts of the fiscal year are a lot busier than others. During these seasons, managers tend to feel pressurized, sometimes moody and may not be in the best mental  capacity to deal with individuals they do not interact with on a regular basis. It thus becomes a challenge to create open channels of communication during certain stretches of the fiscal year.

Secondly, in a diverse work environment, there may be cultural barriers that make it a bit more of a challenge for individuals or minorities of a particular background to interact with others. Managers and team leaders should be mindful of this and should at times go the extra mile to ensure all workers feel comfortable enough to present ideas that might have been very effective in a completely different environment but may never be considered due to underlying barriers.

Thirdly, the architecture and set up of an office environment could be prohibitive in creating open dialogue. I once worked on a project with a major imposing deadline where all the stakeholders were located in different part of the office building. The project however took a dramatic turn when all key stakeholders were placed in the same room and were able to immediately communicate ideas throughout the course of the day.

I believe that maintaining open dialogue can be a prelude to the other five ways of fostering innovation as it encourages brainstorming and offers opportunity to reward innovation as well as track innovation. The article in full can be read from the link below:

http://www.businessdictionary.com/article/510/ways-to-foster-innovation/

Iron Maiden and Data Analysis: How one Heavy-metal band used data to profit from a revenue-stealing platform

Applying data analysis definitely isn’t always the most exciting field- certainly not as fun as seeing a heavy metal band say Iron Maiden live for instance. With the constant shrinking revenues from traditional album recordings many bands are increasingly reliant on live shows- especially older bands who’s catalog of albums can be easily downloaded in a matter of minutes at no profit to the band or label. This leads them down a road of never ending farewell tours in the same reliable but boring locations.

Enter Iron Maiden: The international super group undoubtedly has fans all over the world but has struggled with their selection of where to tour, despite being one of the most iconic acts in industry. In an innovative use of data analytics for the music industry the band now weighs illegal downloads by location to help determine demand. This has paid off huge in their recent South American tours whereas prior data say that it would have been a disaster and complete opportunity loss. Their most recent tour gained them the distinction of “One of six groups that outperformed the industry” including live documentary sales and one concert alone in Sao Palo that grossed them over $2.5 million. South American attendance and revenue also trumped their previous averages in NA and the EU too.

Hail the Iron Maiden data wonks!

http://www.rollingstone.com/music/news/iron-maiden-using-bittorrent-analytics-to-plot-tours-20131226