Innovative Unternehmer at Fachhochschule Westküste | Flashcards & Summaries

Lernmaterialien für Innovative Unternehmer an der Fachhochschule Westküste

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What service is Innosabi offering?

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Innosabi offers a service to organize and structure innovation processes (especially for larger companies)

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How will the competition in the following years be characterized?

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Product and company lifespans are shrinking

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How can a competitive advantage be achieved in the future?

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It is not enough to achieve economies of scale to gain a competitive advantage. Uncertain situations have to be managed and tough situations survived which requires new approaches. The logic of competition has changed—from a predictable game with stable offerings and competitors to a complex, dynamic game that is played across many dimensions: 

- Rate of Organizational Learning

- Ecosystems

- Connection of physical and digital world

- Imagination to create new ideas

- Resilience against uncertainties

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What 5 new imperatives of competition are there according to BCG?

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- Rate of Organizational Learning

- Ecosystems

- Connection of physical and digital world

- Imagination to create new ideas

- Resilience against uncertainties

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What does BCG say about the role of Organizational Learning in future competition?

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In former times learning was more static e.g. learning to do a certain task more effectively. Now dynamic learning becomes more important: learning to do new things, learning to learn by leveraging new technology. The dynamic, uncertain business environment will require companies to focus more on discovery and adaptation rather than only on forecasting and planning.


Helpful technologies to this end:

Sensors, platforms, algorithms, data, and automated decision-making; integrated learning architectures. And most important: AI

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What does BCG say about the role of multicompany ecosystems in future competition?


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Classical models of competition assume that discrete companies produce similar products and compete within clearly delineated industries.

Yet this is no longer true due to technology giving the opportunity to integrate many activities in a few vertically integrated firms.

This requires firms to be more adaptable but also gives them a chance to shape markets. This requires a good collaboration with stakeholders.


Ecosystems blur the company boundaries (e.g. Uber drivers are not employees but freelancers), they blur industry boundaries (e.g. connectivity and software become part of automobile industry) and they blur the distinction between collaborators and competitors (e.g. Amazon and the businesses selling on Amazon).

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What does BCG say about the role of competition both in the physical and in the digital world in future competition?


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New opportunities are likely to come increasingly from digitizing the physical world, enabled by the rapid development and penetration of AI and the Internet of Things. This causes tech companies to enter traditional markets.


→ Battles between younger digital native market entrants and traditional market incumbents that are now fairer as both young entrants and old incumbents have their particular advantageous knowledge. Such that there will be winners from both sides.


To succeed in hybrid competition, companies will need to: 

- Build strong relationships with actors on both sides of the ecosystem—customers and suppliers.

- Rethink existing business models in order to win the battle for new hybrid markets.

- Adopt good practices for governance of data and algorithms to preserve users’ trust.

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TESTE DEIN WISSEN

What do companies need to do to succeed in hybrid competition of physical and digital world?

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TESTE DEIN WISSEN

Companies will need to:
- Build strong relationships with actors on both sides of the ecosystem—customers and suppliers. --> ecosystem
- Rethink existing business models in order to win the battle for new hybrid markets.
- Adopt good practices for governance of data and algorithms to preserve userstrust.

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TESTE DEIN WISSEN

What does BCG say about the role of imagining and harnessing new ideas in future competition?


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TESTE DEIN WISSEN

Less economic growth leading to less persistent competitive success and shapeable markets make it necessary for companies to generate new ideas to create innovations.

To realize new possibilities, we first need inspiration (a reason to see things differently) and then imagination (the ability to identify possibilities that are not currently the case but could be). Imagination is a uniquely human capability—artificial intelligence today can make sense only of correlative patterns in existing data. As AI emerges the task of managers increasingly will include coming up with new ideas.


To compete on imagination companies should:
- Focus on anomalies, accidents, and analogies, rather than averages, in order to spark inspiration.
- Enable the open spread and competition of ideas—for example, by limiting hierarchy and empowering employees to experiment and make imaginative proposals.
- Become a “playful corporation” that is able to effortlessly explore new possibilities.

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TESTE DEIN WISSEN

How can companies compete on imagination?

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By:

- Focusing on anomalies, accidents, and analogies, rather than averages, in order to spark inspiration.
- Enabling the open spread and competition of ideas—for example, by limiting hierarchy and empowering employees to experiment and make imaginative proposals.
- Become a “playful corporation” that is able to effortlessly explore new possibilities.

Lösung ausblenden
TESTE DEIN WISSEN

What does BCG say about the role of resilience in future competition?

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TESTE DEIN WISSEN

There are uncertainties in many fields for the upcoming years: Technology, economy, society, planet. Under such conditions, it will become more difficult to rely on forecasts and plans. Business leaders will need to make sure that their companies can endure in the face of unanticipated shocks.


Building resilience is often contrary to traditional management goals like efficiency and short-run financial maximization. But to thrive sustainably in uncertain environments, companies must make resilience an explicit priority.

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How can companies make resilience an explicit priority?

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- Prepare for a range of scenarios to ensure that strategy is robust and risks are survivable.
- Build an adaptive organization that can rapidly adjust to new circumstances—for example, by constantly experimenting to identify new options.
- Proactively contribute to collective action on the biggest issues facing global economies and societies, in order to maintain a social license to operate.

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Q:

What service is Innosabi offering?

A:

Innosabi offers a service to organize and structure innovation processes (especially for larger companies)

Q:

How will the competition in the following years be characterized?

A:

Product and company lifespans are shrinking

Q:

How can a competitive advantage be achieved in the future?

A:

It is not enough to achieve economies of scale to gain a competitive advantage. Uncertain situations have to be managed and tough situations survived which requires new approaches. The logic of competition has changed—from a predictable game with stable offerings and competitors to a complex, dynamic game that is played across many dimensions: 

- Rate of Organizational Learning

- Ecosystems

- Connection of physical and digital world

- Imagination to create new ideas

- Resilience against uncertainties

Q:

What 5 new imperatives of competition are there according to BCG?

A:

- Rate of Organizational Learning

- Ecosystems

- Connection of physical and digital world

- Imagination to create new ideas

- Resilience against uncertainties

Q:

What does BCG say about the role of Organizational Learning in future competition?

A:

In former times learning was more static e.g. learning to do a certain task more effectively. Now dynamic learning becomes more important: learning to do new things, learning to learn by leveraging new technology. The dynamic, uncertain business environment will require companies to focus more on discovery and adaptation rather than only on forecasting and planning.


Helpful technologies to this end:

Sensors, platforms, algorithms, data, and automated decision-making; integrated learning architectures. And most important: AI

Mehr Karteikarten anzeigen
Q:

What does BCG say about the role of multicompany ecosystems in future competition?


A:

Classical models of competition assume that discrete companies produce similar products and compete within clearly delineated industries.

Yet this is no longer true due to technology giving the opportunity to integrate many activities in a few vertically integrated firms.

This requires firms to be more adaptable but also gives them a chance to shape markets. This requires a good collaboration with stakeholders.


Ecosystems blur the company boundaries (e.g. Uber drivers are not employees but freelancers), they blur industry boundaries (e.g. connectivity and software become part of automobile industry) and they blur the distinction between collaborators and competitors (e.g. Amazon and the businesses selling on Amazon).

Q:

What does BCG say about the role of competition both in the physical and in the digital world in future competition?


A:

New opportunities are likely to come increasingly from digitizing the physical world, enabled by the rapid development and penetration of AI and the Internet of Things. This causes tech companies to enter traditional markets.


→ Battles between younger digital native market entrants and traditional market incumbents that are now fairer as both young entrants and old incumbents have their particular advantageous knowledge. Such that there will be winners from both sides.


To succeed in hybrid competition, companies will need to: 

- Build strong relationships with actors on both sides of the ecosystem—customers and suppliers.

- Rethink existing business models in order to win the battle for new hybrid markets.

- Adopt good practices for governance of data and algorithms to preserve users’ trust.

Q:

What do companies need to do to succeed in hybrid competition of physical and digital world?

A:

Companies will need to:
- Build strong relationships with actors on both sides of the ecosystem—customers and suppliers. --> ecosystem
- Rethink existing business models in order to win the battle for new hybrid markets.
- Adopt good practices for governance of data and algorithms to preserve userstrust.

Q:

What does BCG say about the role of imagining and harnessing new ideas in future competition?


A:

Less economic growth leading to less persistent competitive success and shapeable markets make it necessary for companies to generate new ideas to create innovations.

To realize new possibilities, we first need inspiration (a reason to see things differently) and then imagination (the ability to identify possibilities that are not currently the case but could be). Imagination is a uniquely human capability—artificial intelligence today can make sense only of correlative patterns in existing data. As AI emerges the task of managers increasingly will include coming up with new ideas.


To compete on imagination companies should:
- Focus on anomalies, accidents, and analogies, rather than averages, in order to spark inspiration.
- Enable the open spread and competition of ideas—for example, by limiting hierarchy and empowering employees to experiment and make imaginative proposals.
- Become a “playful corporation” that is able to effortlessly explore new possibilities.

Q:

How can companies compete on imagination?

A:

By:

- Focusing on anomalies, accidents, and analogies, rather than averages, in order to spark inspiration.
- Enabling the open spread and competition of ideas—for example, by limiting hierarchy and empowering employees to experiment and make imaginative proposals.
- Become a “playful corporation” that is able to effortlessly explore new possibilities.

Q:

What does BCG say about the role of resilience in future competition?

A:

There are uncertainties in many fields for the upcoming years: Technology, economy, society, planet. Under such conditions, it will become more difficult to rely on forecasts and plans. Business leaders will need to make sure that their companies can endure in the face of unanticipated shocks.


Building resilience is often contrary to traditional management goals like efficiency and short-run financial maximization. But to thrive sustainably in uncertain environments, companies must make resilience an explicit priority.

Q:

How can companies make resilience an explicit priority?

A:

- Prepare for a range of scenarios to ensure that strategy is robust and risks are survivable.
- Build an adaptive organization that can rapidly adjust to new circumstances—for example, by constantly experimenting to identify new options.
- Proactively contribute to collective action on the biggest issues facing global economies and societies, in order to maintain a social license to operate.

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