Every business in the world started the same way: with an idea. Transforming an idea into a business is where the journey begins. Sometimes it is difficult to imagine corporate giants like Walmart opening their doors for the first time, but every business started small. No organization turns into such a large success overnight, and many of the most innovative companies have key characteristics in common. No matter how big or small your business might be, there are important lessons and solutions you can learn from other businesses. Another company may have found a solution to a similar problem that you face, or they may have made wrong decisions that you should avoid. This is why learning from innovation case studies can help you positively transform your business.
Today’s business landscape is fast-moving, requiring rapid adaptation and continuous learning. Employees must build multifaceted skills and remain flexible in order to keep up with how processes and technology change. Similarly, business structures must also remain more flexible and adaptable, which is why the agile methodology continues to grow more popular. Understanding how to prepare for the future of work is critical for future success. In the current business environment, being ahead of the curve and building a business that can easily adjust to changes is critical. However, there is a lot that can be learned from how other businesses are using technology to improve innovation and secure a competitive advantage. Powerful corporations are experimenting with new solutions every day, and case studies on these initiatives gauge the new technology’s effectiveness. Here are some examples of how companies are using technology to better serve employees and customers.
Nestle – Artificial Intelligence
Nestle uses machine-learning forecasting engines that apply algorithms and hierarchies to predict future needs with high accuracy. By using supply chain forecasting, Nestle has improved their forecasting accuracy on a global level. Artificial intelligence is often met with both excitement and fear, but machine learning is appearing more in new technologies and solutions. In Gartner’s Top 10 Strategic Technology Trends for 2018 study, every company expressed an intent to incorporate AI-driven solutions within their business. It is wise for your company to become more comfortable with machine learning as this new technology continues to develop.
Netflix – Analytics
Netflix uses analytics to develop advanced algorithms that predict whether content will be well liked and to pinpoint which specific users will enjoy it. Netflix reports that 80% of the viewed content results match their predicted algorithms. Data analysis is crucial for companies to truly understand performance. By utilizing data effectively, you can identify gaps within your business and leverage this information for a competitive advantage. There are a number of solutions that can help you collect data and keep track of your analytics throughout various departments and business aspects. Analytics have always been important, but now there are more effective ways to make the most of your data.
Everledger – Blockchain
Everledger uses blockchain technology to register diamonds and eliminate counterfeiting. This technology also allows all diamond industry participants to track where a diamond has been from origin to customer. Blockchain has gained fairly recent attention in association with cryptocurrency, but on a larger scale, blockchain is an encrypted secure system of record. This has applications in government, HR, and many other industries. Just as Everledger has used this technology to eliminate counterfeiting of their product, other companies are using blockchain for tracking and quality assurance amongst other things.
These are a few case studies that explore how large companies are using innovative technology to improve their business functions. In addition to other resources, Planbox has several innovation case studies available that explore how large, successful companies have grown through the power of innovation. For example, the Verizon Case Study explains how Verizon established a cohesive innovation culture to collect business insights, obtain employee feedback, and identify gaps in products and services that transformed their company. To view all of Planbox’s innovation case studies, click here.