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Cross-industry innovation as a competitive advantage
Alessio De Filippis • 7 September 2020
Someone else has already solved your problem
Vullings and Heleven:
… Cross-industry innovation is a clever way to jump-start your innovation efforts by drawing analogies and transferring approaches between contexts, beyond the borders of your own industry, sector, area or domain ...
Cross-industry innovation is not a new phenomenon, but we are experiencing an increasing attention mainly due to the combination of maturing industries and disruptive change that makes the traditional approach to innovation within the boundaries of an industry less effective.
Probably the best way to describe and lead enthusiasm in cross-industry innovation is by using inspiring case history:
- BMW iDrive has been transferred from video gaming industry
- Philips “Pay per lux”, Light as a service as the new business model for LED products
- In 2006 Norwich Union launched first Pay as you drive insurance service
- Circue du Soleil can be considered the mix of theatre and circus world, matching experiences and assets from both industries
Most businesses are deeply rooted in the conventional wisdom of their own industry. Managers and strategists do what had proved to be the best way of doing things in the past. They praise their expert knowledge of their industry as a strong foundation of their success. This approach effectively prevents the transfer of ideas from other industries and reduces the opportunity of generating value in a VUCA world.
Sometimes the answer is to look to best practices, sometimes is going beyond and find new paths, ideas and sources of inspiration. As Ramon Vullings writes: go from best practices to next practices!
Don’t be lazy, let’s start looking to the outside world: different sectors, art, nature, other companies …
Read More:
- M. Heleven, R. Vullings Not Invented Here: Cross-industry Innovation
- Marc Heleven: Cross industry innovation toolkit: 50 inspiring companies and industries you can learn from
- Ramon Vullings: Cross-industry innovation - How to innovate by learning from other sectors
by Alessio De Filippis, Founder and Cheif Executive Officer @ Libentium.
Founder and Partner of Libentium, developing projects mainly focused on Marketing and Sales innovations for different type of organizations (Multinationals, SMEs, - Start-ups).
Cross-industry experience: Media, TLC, Oil & Gas, Leisure & Travel, Biotech, ICT.
Lessons learned and suggestions.
Generative AI is developing fast, and companies will have to balance pace and innovation with caution.
Don't forget, historically it has taken about five to seven years for a disruptive firm to change industry models.
Don't approach investor relations as a marketing exercise.
It's all about soft vs. hard data.
Create value that’s hard to copy.
A digital and AI transformation cannot be done in “special project” mode. To pull this off, the entire organization must be able to deliver constant digital innovation, which requires a holistic set of capabilities. The effort is significant, but so is the reward.
Like any business-planning exercise, think about your AI strategy in phases. Embrace agility and change, and keep a continuous learning mindset, calibrating and adjusting your gameplan as you go.
The business advantages of scale and scope are widely recognized, but large, global enterprises often fail to fully realize them when it comes to innovation.
Today we find ourselves in a place that’s all too familiar: the unfamiliar.
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