In this webinar, Dr Nils Fonstad of MIT’s Center for Information Systems research shares the key findings from his research into the factors that lead to successful investment in digital innovations.
He argues that many companies have traditionally invested in innovation without a clear idea of the business benefit that will ensue, effectively taking the rule that “it’s ok to fail” too far, and ending up with a series of wasted investments. Instead, he recommends that innovation should be strictly hypothesis-based, so that the emphasis is on learning. In this case, even if the investment ultimately fails, the organisation has at least acquired some new knowledge.
Building on this, and based on an in-depth analysis of over 200 enterprises which follow this approach, his research has identified four key areas which innovation investment typically focuses on:
- Employee Experience
- Business Operations
- Customer Facing
- New Business Models
Furthermore, and most importantly, he reveals the optimum balance of investment across these four areas to maximise both customer satisfaction and revenue growth. Download the presentation and discover the answer!