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Innovation a driver for value creation by QMD

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Innovation a driver for value creation by QMD
Innovation
A Driver for Value Creation by QMD
Innovation and Value Creation Technical Committee

http://www.asq-qm.org/innovation-and-value-creation

What Is Innovation?
In – nova – tion means
…..doing things…..
In - a new – way
So, how can we define innovation? >>>

Quality Management Division
Innovation and Value Creation Technical Committee

What Is a Definition of Innovation?
Innovation is:
The successful conversion of new concepts and knowledge into new products and processes that deliver new customer value in the marketplace
So, why is this important? >>>

Quality Management Division
Innovation and Value Creation Technical Committee

Innovation is Quality for Tomorrow

Innovation Creates Value
• Innovation is Profitable…IBM
– Companies with fastest profit growth

• Innovation must be Radical…Morgan
Stanley
– Create ten times more shareholder value

• Innovation needs Speed…Accenture
– Commercialize patents fast and outperform by 1000%
Quality Management Division
Innovation and Value Creation Technical Committee

We Need Innovation Because…
• The World is Changing – for example
– In the Market Place, Asia is growing
– Our population is Aging
– Technology is becoming Digital
– The environment is warming
It is not the strongest of the species that survive, nor the most intelligent, but …. the one most responsive to change.- Charles Darwin

So, how do we respond to change ? >>>
Quality Management Division
Innovation and Value Creation Technical Committee

Innovation Must be Radical
• Photographic Film >>>> Digital Photography
• Notebook Computers >>>> BlackBerry
• Electricity Companies >>>> Fuel Cells
• Open Surgery >>>> Arthroscopic Surgery
So, is there a process for radical change?
Quality Management Division
Innovation and Value Creation Technical Committee

What Is the Innovation Process?
• The Innovation process is
• The conversion of
New Knowledge into
New Products and Services to
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