Without investing in innovation, you will always be susceptible to competition, but the right strategy requires time, funding and a process to create the innovation required for future growth, says PIERRE AUREL, Strategic Project Manager, e4.
That innovation is important and necessary for survival goes without saying. While there is no universal solution for organisations looking to improve their ability to generate, develop, and disseminate new ideas, some strategies are superior to others.
“The process of innovation should continuously introduce new value or benefits to your customer. If you’re not doing that, you can expect to be disrupted,” says Pierre Aurel, Strategic Project Manager, e4. “Without investing in innovation, you will always be susceptible to competition. The right strategy requires time, funding and a process to create the innovation required for future growth.”
Securing a competitive edge is one goal of innovation; the other is finding new markets as well, allowing a business to move both vertically and laterally across markets. Aurel notes that in order to future-proof themselves, organisations need to objectively evaluate their strengths and weaknesses before embarking on a strategy of innovation. “So instead of the tired old SWOT analysis, an evaluation of how well the business performs in three stages of innovation: Ideation, Creation and Diffusion. A business needs to understand its own internal dynamics first and ultimately where it wants to go.”
An innovation value chain offers a comprehensive framework for doing just that. By breaking innovation down into the three phases of idea generation, conversion, and diffusion, the strategy encourages organisations to look at ways to improve their weaker areas first, either through collaboration, outsourcing or acquisition. Aurel points at Google’s approach to managing the innovation process and budget allocation operating on the 70/20/10 model. “70 percent of projects are dedicated to core business, 20 percent of projects are related to core business, and 10 percent of projects are unrelated to core business. This staggered approach ensures they are able to keep the lights on while searching for the next breakthrough.”
Crucially, businesses should look at innovation as a long-term process rather than a knee-jerk reaction to a changing environment. A helpful starting point is listening to customers and beginning the innovation process from there. “Customer centricity is key, so talk to your customers, listen to their needs and views. Don’t create an exclusive innovation team that operates in isolation. If they are not collaborating with the rest of your organisation, it’s a major problem,” Aurel explains adding that innovation shouldn’t be the exclusive function of one team or executive, rather it should be inclusive, transparent and allow ideas to come from anyone. “Don’t shoot down ideas without using some metric or model to validate the potential of the idea,” he says.
To be sure, finding the right balance for innovation to succeed is a challenging prospect for organisations. Aurel suggests looking for external help while ensuring the innovation process is funded and staffed appropriately. “I think every organisation has the ability to be innovative. Partner with a company in a different industry and create an innovation exchange programme. Swap employees for a couple of days, let them become immersed in different world – their new perspectives and opinions may surprise you.”
AppDate: A security boost for schools
In his latest app round-up, SEAN BACHER features Karri, ChatBack, Charge Running, Bookings Africa and HomeChoice.
With large amounts of cash and very little security, schools are now becoming an easy target for criminals. Numerous schools across the country have already been raided, with several serious incidents and even fatalities.
In partnership with Nedbank, Karri has introduced a mobile payment app to address this growing problem. The app enables parents to send money securely to their child’s school. Hundreds of schools countrywide are using Karri, with most now refusing to accept cash payments from parents.
The app offers a simple alternative to children bringing cash to school by allowing parents to make payments via an app on their smartphone. It is free for parents to use and there are no hidden costs or sign-up fees for the school.
Platform: Android and iOS
Expect to pay: A free download
Stockists: Visit Karri here for downloading instructions.
Visit the next page to read more about ChatBack, Charge Running, Bookings Africa and HomeChoice.
ParkUpp is here to sell your unused parking spot
Prop-tech startup ParkUpp is helping residents and property owners to make some extra cash from their unused parking. This is proving to be a winner for JanuWorry, the month that often brings financial stress post the December holidays for many individuals and businesses across South Africa.
ParkUpp already has over 4500 listings on its platform, predominantly in Johannesburg and Cape Town. They include The Union Castle building owned by Izandla Properties, Design Quarter on William Nicol Drive, along with other commercial and residential parking facilities.
The app has also been awarded some accolades from property industry incumbents such as the Women’s Property Network (WPN) for Young Achiever’s category and South African Institute of Black Property Professionals (SAIBPP) for Disruptor of the Year. Also headed to Silicon Valley for a two week bootcamp with Kingson Capital, a South African based Venture Capital firm.
This award winning platform not only creates extra income from empty parking spaces, it also decreases drivers’ anxiety of parking in unsafe space and also saves them a buck. In the Cape Town CBD, with over 45% cars parked on-street: paying an average of R18/hour, amounting to R2880 a month, ParkUpp users are able to save up to 50% by renting out a parking for R1500.
ParkUpp co-founder Michael Savvides says home owners or businesses often get frustrated when they find someone illegally parked in their bay. “Instead of being frustrated, list your parking during the times it is unused for people to park in your space legally. No one really wants to knock on someone’s door to ask for parking so our platform is removing that uncomfortable feeling.”
“We create trust between owners and drivers through our vetting processes. We save drivers 50% on parking costs and generate extra income for the owners and we also provide access to spaces that were previously inaccessible,” he explains.
“Our current focus is to increase occupancy rate for the listing parking bays, businesses and individuals who need parking can visit the platform to make a booking or suggest a location where you need parking,” he concludes.
As a driver, should you not find your preferred parking, email the team with suggested locations at firstname.lastname@example.org in order for them to find you safe, secure and affordable parking for you.