For something celebrated everywhere from magazine covers to shareholder meetings, innovation remains an elusive concept. Can we define it in a way that is useful, and recognize what it is – and what it isn’t?
With this issue of Deloitte Review, we consider the strategic implications of getting that definition right (or wrong), and also explore opportunities for innovation in talent acquisition, data marketplaces, and technology.
By Jon Warshawsky
Is the art and craft that made the great names of twentieth century design giants still relevant—and more importantly, how does this brand of creativity live on?
Courting the candidate-customer
The unlikely art of attraction
By John Henry and Peter MacLean
Brand-conscious companies are beginning to interact with potential employees with the same care they would give to their customers. They are redefining the talent acquisition experience by making sure their candidate-customers both gain tangible value from the interview process, and have the capabilities to navigate and succeed within the organization should they be offered a position.
Data as the new currency
Government’s role in facilitating the exchange
By William D. Eggers, Rob Hamill, and Abed Ali
Government is one of the biggest producers of data—and one of the few that deliver data to the public free of charge. Governments already regulate how organizations may use personal data and myriad other issues related to data. The question, then, isn’t really whether government should get involved in the new data marketplace, but rather how it should take part.
How exceptional companies think
By Michael E. Raynor and Mumtaz Ahmed
In their recently published Three Rules: How Exceptional Companies Think, the authors suggest that such companies all follow the same recipe but use different ingredients, and that they deliver superior levels of performance for longer than anyone has a right to expect. Is persistent, exceptional performance a function of deep moats and thick ramparts, or agility and flexibility in response to competition?
Innovation: A chimera no more
By Michael E. Raynor and Heather A. Gray
Innovation is celebrated far and wide, but the lack of a shared, accurate definition has undermined our collective ability to manage it effectively. The implications are anything but academic. Companies that treat an attack based on differentiation as if it were breaking important trade-offs may overreact, but mistake a true innovator for the merely different and the pain can last for decades.
Disegno di Pininfarina
An hour with Paolo Pininfarina
By Scott Wilson
The chairman of the venerable Italian design house discusses creativity the Italian way, how to extend a luxury brand into new markets—and how to bring tradition forward into a technology-driven world. And of course offers his opinion on his company’s best-ever Ferrari design.
Making open innovation work in mobile
Insights from the semiconductor industry
By Scott Wilson and Craig Wigginton
Select semiconductor companies have taken the standard open innovation playbook and are evolving and shape-shifting critical elements in order to lead innovation in mobile—with a specific emphasis on five tactics that seem to have paid off. Turning our attention to prominent new markets in sectors undergoing rapid transition, we have seen growth opportunities flourish for those able to compete with innovative mobile business models.
Location, learning, and logistics
A framework for managing trade-offs in capacity location decisions
By Josh Timberlake, Mark Cotteleer, and David Uhryniak
Business leaders who misjudge the location of production relative to the location of product and process development resources may adversely impact the company’s long-term competitive position. We explore the link between production location decisions, the nature of the capabilities required to create a product, and the ability of a company to develop the next-generation technologies it may seek.
The open talent economy
Beyond corporate borders to talent ecosystems
By Jeff Schwartz, Andrew Liakopoulos, and Lisa Barry
What the open source model did for software development, the open talent economy is doing for work. Today’s younger, connected, and mobile workers are managing their careers on their own terms and often outside categories that have defined the workforce for decades. Organizations will need to reassess what they have to offer talent and even what it means to “have” talent in the first place.
The future of health care insurance: What’s ahead?
By Paul Keckley, Bill Copeland, and Greg Scott
The US health insurance industry plays a ubiquitous role in the nation’s economy. Major changes are afoot—from employer activism, to increased participation in government-sponsored health insurance plans, to the state-by-state implementation of the Affordable Care Act of 2010. The implications for products and services, costs—and the role of trust in the system—are worth a closer look.
The shifting business ethos
By William D. Eggers and Paul Macmillan
A growing number of influential companies are adopting the position that business should no longer cede the solving of social problems solely to government and nonprofits. When larger societal problems are seen not as just charity but as market opportunities, then actions by business are more scalable and viable over the long term.