Spotlight on:
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Leveraging existing products and services for business growth |
As the economy tightens, we're all looking for growth opportunities. I'm trying to avoid talking about AI, but with its extraordinary influence on business right now it's virtually impossible. If you zoom out and look at all the new AI apps and solutions, they’re essentially the same pattern repeating — and it’s working.
Alberto Savoia talks about Combinatorial Innovation — combining two ideas to create a new solution. All (most) new ideas are combinations of existing ideas, products or services with new technology applied, and AI is the perfect current example.
Take a spell checker and add AI? You
get Autocomplete or Grammarly. AI and images? Canva auto-generated images. AI and Notes? Writing suggestions and chatbots applied to your ideas. You get the picture.
Now, consider how this applies to your company. What existing products or services can you combine with new technology or new partners to create more value for your customers? It doesn't have to be AI — you just need to keep it simple! 😁
These are just some examples of Combinatorial Innovation success:
Cars + GPS + Google Maps = Uber
Cars + Pizza + GPS = Dominos
Airlines + Loyalty + Partners = Qantas Marketplace
Insurance + GPS = Pay only when you drive
Retail stores + Digital apps + Partners = Seamless customer experience
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What are the takeaways? |
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If you want to leverage Combinatorial Innovation in your business, these are the things you need to be thinking about:
What do you sell?
Who are your partners or suppliers?
What new technology is available?
What has changed in your favour? (For example, COVID driving the acceptance of remote work!)
Combine these, pretotype them using the infiltrator method, and pick a winner!
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