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Unlike some other reproductions of classic texts (1) We have not
used OCR(Optical Character Recognition), as this leads to bad
quality books with introduced typos. (2) In books where there are
images such as portraits, maps, sketches etc We have endeavoured to
keep the quality of these images, so they represent accurately the
original artefact. Although occasionally there may be certain
imperfections with these old texts, we feel they deserve to be made
available for future generations to enjoy.
Unlike some other reproductions of classic texts (1) We have not
used OCR(Optical Character Recognition), as this leads to bad
quality books with introduced typos. (2) In books where there are
images such as portraits, maps, sketches etc We have endeavoured to
keep the quality of these images, so they represent accurately the
original artefact. Although occasionally there may be certain
imperfections with these old texts, we feel they deserve to be made
available for future generations to enjoy.
The only measure of innovation is the value it creates. The
challenge is to generate value today and be able to sustain it when
you can't predict change. The starting point is to take a fresh
look at "value." It isn't fixed but a moving target that is a
function of an expanding choice space for customers and providers.
"Innovate or Die" is the mantra of our times. But can your firm be
sure that it will not innovate and die? Why do companies like
Amazon, Li & Fung, Google, Bharti Airtel, Apple and Tesco
thrive in a changing environment while others like Dell, Nokia,
Sony and Gap, once as much the competitive stars as these, find
themselves struggling? The explanation is deceptively simple; it's
all about how firms view and target value. The Value Path reviews
companies like Amazon, Google, Tesco, Bharti Airtel, FedEx, Zara,
Apple, and Ryanair in detail. We show the common patterns in how
such leaders manage their resources that you can apply to your own
business to make innovation part of everyday business life rather
than special and high investment/high risk initiatives. These
archetypes all have a value architecture built for delivery today
and adaptation for tomorrow: (1) a value narrative about how and
where it plans to create value both for the customer of today and
of tomorrow; (2) a value engine that makes sure it can deliver and
balance value for both customers, the company, partners and
investors; and (3) an opportunity platform that enables the company
to adaptively exploit the forces of change through innovation.
Every firm needs such a value architecture, but most have only
business models about what they want to be with no clear value path
for getting there and moving on beyond the model. We detected a
common set of resource blueprints from these archetypes that we
have depicted on the six faces of what we call the Innovation Cube.
Effective value architectures keep these in balance. Branding: they
brand the customer experience and add new dimensions of value -
something different from competitors, not just better in terms of
existing dimensions like price or features. They avoid the
Commodity Trap that marks the consumer electronics market and most
markets where leading competitors have the same products,
technology and prices. Apple brands design, Amazon brands the
shopping experience, and FedEX first branded on-time guarantees.
Finance: they focus on capital efficiency and substitute
relationships for assets. They avoid the Asset Trap, where
companies are locked into their manufacturing, distribution and
R&D fixed base. They keep costs low on behalf of the customer;
they can then afford the best service at the lowest prices, as
Southwest Airlines has done for so long. Human Capital: they source
capabilities rather than just build in-house core competences. They
hire the best and focus incentives and metrics to foster innovation
centered on creating new dimensions of customer value. Technology:
They build their information technology architecture to provide
innovation through interface to a wide range of ecocomplex
partners, often frenemies - friends who are also competitors. They
adopt standards that allow direct electronic connection as the base
for all aspects of their operation today and their innovation
opportunities for tomorrow. Corporate assets: They are asset-smart,
owning only what they can be sure they will continue to need. Li
& Fung has made continuing very high returns on capital by
coordinating the global manufacturer-retailer apparel supply chain.
It doesn't need to own factories. Ecocomplex relationships:
Entrepreneurs increasingly build ultrasuccess through partnering.
The pharmaceutical industry thrived in the old environment on fixed
assets, R&D and market control. That doesn't work and the new
priorities are collaboration and coordination in win-win
relationships.
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