360° Coverage : A New Way Of Looking At The World's Most Innovative...

10 Updates
A New Way Of Looking At The World's Most Innovative Companies

A New Way Of Looking At The World's Most Innovative Companies

Jan 13 2014, 9:08am CST | by

Over the past six months I’ve been involved in creating a new innovation benchmarking index. I’m really happy to say it has launched today. You can see the inaugural Elastic Innovation Index here....

Filed under: news

 
 
 

28 weeks ago

A New Way Of Looking At The World's Most Innovative Companies

Jan 13 2014, 9:08am CST | by

Over the past six months I’ve been involved in creating a new innovation benchmarking index. I’m really happy to say it has launched today. You can see the inaugural Elastic Innovation Index here. It covers all the attributes of digital transformation.

Still, the term “Elastic Innovation” needs a word of explanation. The idea is to indicate a range of competencies that let companies respond quickly to new opportunities and threats. It is a reference to elasticity in the economic sense of being able to respond to fluctuations in demand, but with a bit extra – being able to create and manage demand at scale, quickly. Our contention is that any company with these elasticity skills is going to be a winner, so we measure those characteristics. It also means they have the kind of fluidity that I covered here.

My partner in the index is strategy company Bluefin Solutions and I have had some great interaction with, and searching questions from, Lance Mercereau there, along with Ayisha Ali who has helped keep the process on track. Bluefin covered some of the cost of my involvement.

The debate around innovation and metrics, however, has generally overlooked the broad competencies of an enterprise in favor of things like the new gadget or the new product.

In fact when we talk about innovation we’re generally referring to one of two things. The first is the output – that shiny new object, that iPad or Nexus 7, or Mercedes Benz, that engaging new service or that handy new patent that gives you decent protection from competition.

The second is the specific innovation process. When we talk about that we get a little tongue-tied over creativity issues and we get seriously confounded by the innovation process: how to generate new ideas, evaluate them, move them through some kind of funnel and hit a market with expert timing.

There is a third way and that is to look at the overall competencies in an enterprise and the power to brig those competencies together with powerful new processes like platforms and ecosystems.

When you see innovation top 100 lists or top 50s they tend to be built around our understanding of the first of these three – the output.

It is very difficult to manage your business by looking at someone else’s outputs. You really need to be thinking about competencies and process. The Elastic Innovation Index has been built more from these two features.

In all we used five categories of competency and process to benchmark companies.

1. Social – the communications and marketing skills, and associated data, that help companies to build more powerful relationships with customers;

2. Platform and data – the combination of software, hardware, data and analytics that allows companies to develop and manage an ecosystem of customers, partners, or developers;

3. Leadership – the new approach to partnerships, creativity and peer-based leadership that allows the best  companies to make dramatic moves  into new markets;

4. Strategy – the collection of  innovation methods and intent that  marks companies out as pioneers;

5. Business process – the ability and willingness to adapt a company’s core  processes by externalizing many key skills requirements, or by sharing IP with partners and creating new services quickly.

In all we used 35 criteria to judge competency and process across these five pillars. I’ll come back with more in a later post but for now these are the winners, followed by a note on the overall number 1 company in the elastic innovation index Nike. Here are the top 20. You can find the top 50 here


Nike was an early adopter of a platform approach to its business, incorporating the iPod into Nike + back in the early 2000s and has now reinvigorated that with Fuel band. Nike is also blazing  a trail in 3D printing, with its prototyping of athletic shoe variants like the Le Bron X. More recently it began incorporating 3D printing into its finished products, with deeper levels of customization, particularly for elite athletes. As wearable computing becomes more ubiquitous, Nike is well placed to reap the benefits of experience./>/>/>

Fuelband allows Nike to dive deeper into data and to provide feedback to customers on their exercise regimes, taking the company across the chasm from product to service. It is also teaming with developers who will be increasingly able to develop for the Nike + Platform, taking Nike from apparel into the realm of high tech, platform, data analytics and constant responsiveness and change.

For all these reasons but also because the Nike executive team act like founders, because they know social, and because they carefully cultivate their intellectual property, they outscored every other company across the total 35 categories and became the benchmark company in the list. Nike is the one to follow, unless you really feel competitive in which case Nike is the one to beat.

Source: Forbes Business

 
Update
10

7 weeks ago

RM47mil KWSG contributions still unclaimed

Jun 9 2014 7:54am CDT | Source: Business Times Malaysia

KUALA LUMPUR: About RM47 million of contributions in the Teachers Provident Fund (KWSG) still remain unclaimed, the Dewan Raky ...
Source: Business Times Malaysia   Full article at: Business Times Malaysia
 

 
Update
9

7 weeks ago

Gold shop lost almost RM1mil

Jun 9 2014 3:50am CDT | Source: Business Times Malaysia

KANGAR: A gold shop owner lost almost RM1 million after after the safe on in his shop was broken into ...
Source: Business Times Malaysia   Full article at: Business Times Malaysia
 

 
Update
8

7 weeks ago

Motion to debate MAS losses in Dewan Rakyat rejected

Jun 9 2014 3:39am CDT | Source: Business Times Malaysia

KUALA LUMPUR: AN emergency motion to debate the losses incurred by Malaysia Airlines last year, amounting to RM1.2 billion was rejected by the Dewan Rakyat toda ...
Source: Business Times Malaysia   Full article at: Business Times Malaysia
 

 
Update
7

7 weeks ago

MH370 Tragedy: Hisham: RM27.6 mil spent on 1st phase of SAR

Jun 9 2014 2:11am CDT | Source: Business Times Malaysia

KUALA LUMPUR: Malaysia spent some RM27.6 million in its first phase of the search operations for missing Malaysia Airline flight MH370, said Acting Transport Minister, Datu ...
Source: Business Times Malaysia   Full article at: Business Times Malaysia
 

 
Update
6

7 weeks ago

9.1m litres of diesel seized in a month

Jun 8 2014 1:11am CDT | Source: Business Times Malaysia

PUTRAJAYA: The Domestic Trade, Cooperatives, and Consumerism ministry has seized some 9.1 million litres of diesel and property worth RM58 million since mounting ‘Operasi Diesel Selatan’ in the southern states last month. ...
Source: Business Times Malaysia   Full article at: Business Times Malaysia
 

 
Update
5

7 weeks ago

Girl, 9, awarded RM2.78m compensation for medical negligence

Jun 6 2014 4:56am CDT | Source: Business Times Malaysia

KUALA LUMPUR: A nine-year-old girl who suffered brain damage during her birth at a government hospital was awarded over RM2.78 mill ...
Source: Business Times Malaysia   Full article at: Business Times Malaysia
 

 
Update
4

7 weeks ago

Malaysia's total trade in April up 12pc

Jun 5 2014 11:52pm CDT | Source: Business Times Malaysia

KUALA LUMPUR: Malaysia's total trade in April 2014 rose by 12 per cent from a year ago to RM123.86 billion due to growing trading activities, International Trade and Industry Minister Datuk ...
Source: Business Times Malaysia   Full article at: Business Times Malaysia
 

 
Update
3

8 weeks ago

Works Ministry to spend RM20m for upgrading works at 50 accident black spots

Jun 4 2014 11:35pm CDT | Source: Business Times Malaysia

JOHOR BARU: The Works Ministry will implement upgrading works at 50 accident prone locations in the country that have been identified this year involving an allocation of RM20 mi ...
Source: Business Times Malaysia   Full article at: Business Times Malaysia
 

 
Update
2

8 weeks ago

Najib launches loan scheme for Ramadan traders

Jun 4 2014 10:24pm CDT | Source: Business Times Malaysia

PUTRAJAYA: Prime Minister Datuk Seri Najib Razak today launches RM45 million Ramadan Bazaar S ...
Source: Business Times Malaysia   Full article at: Business Times Malaysia
 

 
Update
1

8 weeks ago

Residents bring up objection against Kidex to Suhakam

Jun 4 2014 4:49am CDT | Source: Business Times Malaysia

PETALING JAYA: A group of 20 Petaling Jaya residents held a meeting with the Human Rights Commission of Malaysia (Suhakam) over their objection against the proposed RM2.2 billion Kinrara Damansara Skyway ( ...
Source: Business Times Malaysia   Full article at: Business Times Malaysia
 

 

Don't miss ...

 

<a href="/latest_stories/all/all/30" rel="author">Forbes</a>
Forbes is among the most trusted resources for the world's business and investment leaders, providing them the uncompromising commentary, concise analysis, relevant tools and real-time reporting they need to succeed at work, profit from investing and have fun with the rewards of winning.

 

blog comments powered by Disqus

Latest stories

OPEC daily basket price closes lower
Vienna, July 31 (IANS) The basket of 12 crude oils of the Organization of Petroleum Exporting Countries (OPEC) stood at $105.21 a barrel Wednesday, against $105.44 Tuesday, according to the OPEC Secretariat.
 
 
Ebola outbreak not a global threat: Report
London, July 31 (IANS) The deadly Ebola virus does not pose a global threat, a latest report has claimed, adding that as long as the virus continues to infect people in Liberia, Guinea and Sierra Leone, there is small risk of more long-distance export of the disease.
 
 
Getting chatty with meow chat
New York, July 31 (IANS) A new chat app is on the prowl, stalking users on social networks like a cat.
 
 
Mexican journalist murdered at home
Mexico City, July 31 (IANS/EFE) A Mexican journalist was found stabbed to death in his home in the town of Guadalupe in the country's north central Zacatecas, sources said Thursday.
 
 
 

Latest from the Network

Indian wrestler Geetika gets silver
Glasgow, July 31 (IANS) India's Geetika Jakhar had to settle for the silver medal after she lost the women's freestyle 63 kg final to Canada's Danielle Lappage in the 2014 Commonwealth Games at the SECC Hall here...
Read more on Sport Balla
 
Yogeshwar wins fifth wrestling gold for India
Glasgow, July 31 (IANS) Olympic bronze medallist Yogeshwar Dutt won the fifth wrestling gold medal for India beating Jevon Balfour of Canada in the final of the men's freestyle 65kg category in the 2014 Commonwealth...
Read more on Sport Balla
 
China launches fresh drive against corruption
Beijing, July 31 (IANS) China's top anti-graft agency has sent 13 inspection teams across the country in its fresh crackdown on official misconduct. Inspectors will oversee the performance of officials in the...
Read more on Politics Balla
 
Dipa first Indian woman to clinch CWG gymnastics medal
Glasgow, July 31 (IANS) Dipa Karmakar became the first Indian woman and the second person from the country to clinch a historic Commonwealth Games medal in artistic gymnastics when she won the women's vault bronze at...
Read more on Sport Balla
 
Drew Barrymore's half-sister death an accident?
Drew Barrymore's half-brother doesn't believe their half-sister committed suicide. Jessica Barrymore was found dead in her car by a neighbor on Tuesday (07.29.14) with pills reportedly scattered around her but John...
Read more on Celebrity Balla
 
Kate Hudson: 'Heath Ledger was best kisser'
Kate Hudson says Heath Ledger was her best ever on-screen kiss. The 35-year-old actress - who has sons Ryder, 10, from her marriage to Matt Bellamy, and Bingham, three, with fiance Matt Bellamy - has shared smooches...
Read more on Celebrity Balla
 
Cameron Diaz and Benji Madden considering marriage?
Cameron Diaz and Benji Madden have ''already discussed marriage''. Although the 41-year-old actress and the 35-year-old musician have only been dating for a few months, they are already practically living together and...
Read more on Celebrity Balla
 
Conan O'Brien won't follow celebrities
Conan O'Brien refuses to follow celebrities on Twitter. The 51-year-old talk show host randomly selected one person to follow in 2010 - fan Sarah Killen - and has yet to add to his list, often refusing celebrity pals...
Read more on Celebrity Balla
 
Indian wrestler Babita wins gold
Glasgow, July 31 (IANS) Indian wrestler Babita Kumari put on a stunning show to win the gold medal beating Canada's Brittanee Laverdure in the final of the women's 55kg freestyle category in the 2014 Commonwealth Games...
Read more on Sport Balla
 
Muslim priest killed in China, two arrested
Beijing, July 31 (IANS) At least two suspects were shot dead and another arrested after an imam of China's largest mosque was murdered in a city in the country's restive Xinjiang region, police said Thursday. Jume...
Read more on Politics Balla