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| 2017 LGO Alumni Conference |
Last week, I attended the Digital Manufacturing Conference for the Massachusetts Institute of Technology Leaders for Global Operations alumni inside Chicago's Digital Manufacturing Design and Innovation Institute (DMDII). One key question that resonated was posed by notable speaker and author Professor Robert Wolcott of Kellogg: "What will happen to my business when people stop buying (whatever it is we are selling)?" How can companies maintain that entrepreneur-like sense of urgency and avoid resting on their laurels? Don’t let what happened to Blockbuster, PanAm, and Kodak, happen to you! Stay ahead of the curve and BE the disruptor to your own industry!
Dr. Wolcott provided advice on how companies can come up with these disruptive ideas, as well as how to select which among them to pursue. The most important foundational aspect, however, is to Open Your Mind to New Ideas, and be sure that everyone participating in this process is also open. There is a 10- step process for evaluating ideas, and considering constraints is part of the process itself (so don't let it stop you before you even begin!). Note that Steps 2-6 can be consolidated in AJC’s Prioritization Matrix, which was emailed to the Newsletter list last January. If you need another copy, let me know! AJC also has an Implementation Plan template as described in Step 10.
This effort is best undertaken with a professional Facilitator, and AJC is available to lead you through the process.
1. Select a subset of employees to generate ideas (and write them down) in multiple ways. Suggestions:
a. Attend an industry conference
b. Speak with customers
c. Research disruptors to your industry ALREADY occurring
d. Buy and use your competitors’ products
e. Talk to users of your competitors’ products
f. Use your own product as though you were a new customer
g. Write down various ideas which have been “kicked around the office” for a while
h. Watch some TED Talks
2. Gather the group together and Define the Selection Criteria
a. 3-5 aspects on which EVERY idea will be evaluated (Potential Revenue, Uniqueness in the Market, Ability to Address Customer Needs, Cost to Pilot, Fit with Brand, “Cool” factor, etc.)
b. Develop an objective numerical scoring system (e.g. 1, 3, 5) with highest number being most desirable
3. Write down all the ideas – Table the “Constraints” at this time!
4. Evaluate each idea against the Criteria, giving a numerical score to each
5. Multiply the numbers by each other
6. Sort Scores Highest to Lowest
7. For Top 10 Ideas: List Constraints (Time, Cost, Internal Know-How, Challenge to Convince Customers, Fear of Failure, Already available from competition, etc.)
8. Discuss Potential Customers: Are there are any customers who “just don’t care” about some of these constraints, ways that you can mitigate these concerns, whether there are clients for whose paint points these ideas would materially improve, or how competition will win if you don’t have this. Write all that down!
Dr. Wolcott provided advice on how companies can come up with these disruptive ideas, as well as how to select which among them to pursue. The most important foundational aspect, however, is to Open Your Mind to New Ideas, and be sure that everyone participating in this process is also open. There is a 10- step process for evaluating ideas, and considering constraints is part of the process itself (so don't let it stop you before you even begin!). Note that Steps 2-6 can be consolidated in AJC’s Prioritization Matrix, which was emailed to the Newsletter list last January. If you need another copy, let me know! AJC also has an Implementation Plan template as described in Step 10.
This effort is best undertaken with a professional Facilitator, and AJC is available to lead you through the process.
1. Select a subset of employees to generate ideas (and write them down) in multiple ways. Suggestions:
a. Attend an industry conference
b. Speak with customers
c. Research disruptors to your industry ALREADY occurring
d. Buy and use your competitors’ products
e. Talk to users of your competitors’ products
f. Use your own product as though you were a new customer
g. Write down various ideas which have been “kicked around the office” for a while
h. Watch some TED Talks
2. Gather the group together and Define the Selection Criteria
a. 3-5 aspects on which EVERY idea will be evaluated (Potential Revenue, Uniqueness in the Market, Ability to Address Customer Needs, Cost to Pilot, Fit with Brand, “Cool” factor, etc.)
b. Develop an objective numerical scoring system (e.g. 1, 3, 5) with highest number being most desirable
3. Write down all the ideas – Table the “Constraints” at this time!
4. Evaluate each idea against the Criteria, giving a numerical score to each
5. Multiply the numbers by each other
6. Sort Scores Highest to Lowest
7. For Top 10 Ideas: List Constraints (Time, Cost, Internal Know-How, Challenge to Convince Customers, Fear of Failure, Already available from competition, etc.)
8. Discuss Potential Customers: Are there are any customers who “just don’t care” about some of these constraints, ways that you can mitigate these concerns, whether there are clients for whose paint points these ideas would materially improve, or how competition will win if you don’t have this. Write all that down!
9. Pick 1-3 to DO
10. Develop written high level Implementation Plans for the top 1-3, listing owners and metrics and GET TO IT.
10. Develop written high level Implementation Plans for the top 1-3, listing owners and metrics and GET TO IT.
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