How to Innovate #KMWorld

KMWlogo_Stacked_Session Title and Description: Hacking KM or How to Innovate!

Speakers: Jeffrey Phillips, VP & Lead Consultant, OVO Innovation Co-Author, OutManeuver: OutThink, Don’t OutSpend

[These are my notes from the KMWorld 2016 Conference. I’m publishing them as soon as possible after the end of a session, so they may contain the occasional typographical or grammatical error. Please excuse those. To the extent I’ve made any editorial comments, I’ve shown those in brackets.]

NOTES:

  • Maneuver.  
    • We need to learn how to compete by increasing agility and responsiveness.
    • Business tends toward standardization and efficiency. This makes it possible for an organization to “do a slow grind” but does not allow an organization to pivot quickly or course correct.
    • The secret to success is to outmaneuver your competition rather than trying to compete with them head on.
  • Ways to Attack your competitor.
    • Preemption
    • Dislocation
    • Disruption
  • How to compete. Find the weaknesses in your competitor’s business and then compete there.
    • What are the vulnerabilities in your competitor’s strategy?
      • is your competitor locked into a particular way of working? For example, AirBnB needs a supply of privately owned bedrooms. Can you make it difficult for them to operate that way? Can you operate that way, but better.
    • Are there tangible business requirements you can compete against?
      • Does your competitor need specific laws and regulations? Is your competitor violating specific laws and regulations? Can you hold them accountable for this? (This is a tactic some cities (and hotels) are using against AirBnB.
    • Are there intangible business requirements?
      • can I beat you by creating a better culture, hiring better talent, etc.
    • Can you compete strictly on product? This is the most common arena for competing.
  • Maneuver Tools.
    • Temporal competition. If your competitor brings our new product on a fixed schedule, can you come to market on a different schedule, at a different time? Can you compete on speed?
    • Psychological competition. Can you use psy
    • Positional competition. Does your competitor have a position (or market share) I need to take or can I make that position/market share irrelevant? Amazon and Netflix made the prime real estate location of Barnes & Noble and Blockbuster irrelevant.
    • Informational competition. How do I use information more effectively than my competitors? Can I use information to beat my competitors? We need insight = see opportunities before they emerge
  • Maneuver Strategy Relies on Speed, Agility, Insight and Innovation.
    • Speed. Can I act before my competitors do? This is pure speed. (Most companies are set up for the slow-grind, not the fast sprint.)
    • Agility. Can I course correct at speed? This agility.
    • Insight. Insight is the ability to see opportunities before they emerge, before they are obvious to your competitors.
    • Innovation. Can I bring to the market something new that has commercial value?
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