Innovation has become an imperative for society at large. Whether it be entrepreneurs starting new ventures, large established corporations trying to defend their market position, or countries facing increased global competition, everyone is attempting to innovate. What does this mean? It means they turn new ideas into widely used practice.
The reasons are clear: the benefits from innovation are highly promising.
At a macro-economic level, the capability to innovate fuels countries’ global competitiveness. According to academic research, between 2010 and 2020, roughly a quarter of US productivity will be generated by innovation. And, as the economist William Baumol points out in his book The free market innovation machine “virtually all the economic growth that has occurred since the eighteenth century is ultimately attributable to innovation”.
There is strong consensus among policy makers that innovation is a main driver of economic progress and social well-being. It is a powerful tool to tackle societal challenges from resource scarcity and global warming, to poverty and health. Indeed, innovation has become a central pillar of national and regional economic policies. Horizon 2020 is an example. The European Union settled nearly EUR 80 billion of funding over seven years to boost research and innovation across different industries. This will undoubtedly help strengthen Europe’s global competitiveness.
And if innovation is important for countries’ competitiveness, it is an imperative in the corporate world. From mature and regulated sectors to young and volatile industries, every company needs to engage in some form of innovation. In 2014, The Boston Consulting Group (BCG) surveyed more than 1500 global senior executives, and 75% of them reported that innovation is among the top three priorities for their companies.
There are many reasons behind this trend.
Innovation is a key source of current and long-term competitive advantage. Evidence shows that those companies who pursue innovation are likely to survive longer and provide higher returns to shareholders. Through different forms of innovation, companies can put competitors at bay, increase barriers to entry and better fulfill customers’ present and future needs.
Innovation poses big challenges
Given all the potential benefits, it does not come as a surprise that innovation has become an imperative. The bad news is that innovation is not easy: making it a replicable process is challenging and many companies struggle to make it work. According to the BCG 2014 Innovators report, three in four companies rate their innovation capabilities as average at best. Companies aim to innovate but they lack the capabilities.
One could argue that innovation has always been challenging. Since the Industrial Revolution, companies have been forced to think and reinvent the way they create new products and services in order to survive. The trouble with today’s innovation is that the overall context in which the game is played keeps changing. Shifts in how knowledge is produced, in how markets are virtualized or how consumers are engaged are posing further challenges to companies pursuing innovation.
Sharing best practices to spur innovation forward
Given the imperative to innovate in today’s world and the challenges around it, sharing best practices, trends and unique insights on innovation becomes highly valuable to advance innovation and fully capture the value from it.
The innovation section of Cisco’s blog will fulfill this need. We will share our views, collective experiences and unique insights on innovation. You’ll find best practices from our company, from IT and other industries that will support your work and inspire you as a leader and innovator!
Enjoy the reading!
Director, Corporate Strategic Innovation
Tags: competitive advantage, imperative, innovation
Much has been published in the industry about how automation will result in job loss e.g. the book, The Second Machine Age, as an example.
Further, the question is obvious as to whether or not the skills you have today will be relevant tomorrow?
Such discussions have been occurring for the past several years since the financial crisis of 2008; and the question now pondered by enterprises and governments is :
- How do we grow the middle class?
- How do we provide skills to under-served communities?
Read More »
Tags: Cisco, connected devices, Disruption, future of technology, innovation, inter-cloud, IoE, jobs, security
Whenever I hear about a serious train accident, mugging or shootout on the streets of a city, my thoughts often turn to Fog Computing. The same is true when I too am stuck idling in a traffic jam or at home and there’s a power outage during a winter storm or a summer heat wave.
Why do I think about Fog Computing? Well, my job at Cisco is to not only identify the latest disruptive Internet of Things (IoT) technologies, but also to validate where they might be applied to improve overall quality of life.. Whether it’s drones, artificial intelligence or robotics, my passion is to accelerate the art of the possible.
Consider Fog Computing. Fog extends cloud computing to the edge of the network. This provides a virtualized platform for compute, storage and network services between devices and data storage centers in the cloud. Because of its low latency, location awareness, real-time interactions and wide geo distribution, Fog Computing can sense and respond to situations in the real physical world almost instantly.
The speed and power of Fog to connect people, data, processes and things opens up a new world of practical solutions. For example, Fog Computing, when combined with sensors and wireless networks, can immediately alert the train operator as soon as there is trouble on the tracks, such as a slow-walking pedestrian or a stalled vehicle. With Fog, energy loads can be automatically re-balanced or re-routed to alternative sources during spikes in demand or low availability.
In a Smart+Connected Community, acoustic sensors deployed around streets that are connected to Fog Computing infrastructure can identify gunshots, perpetrators, victims, accidents, or even cries for help with high accuracy while also alerting appropriate authorities.
Read More »
Tags: Biren Gandhi, Cisco, cloud, Cloud Computing, Fog computing, innovation, Intel, Internet of Everything, internet of things, Smart Cities, Smart+Connected Communities
Once upon a time, the world’s greatest inventions always seemed to come from individual geniuses locked in a room day and night on their own. We often think of Alexander Graham Bell inventing the telephone by himself, Thomas Edison inventing the light bulb solo or Johannes Gutenberg working mostly alone to develop a mold that led to the first printing press.
Solo inventors will always play pivotal roles in developing “the next big thing” even as we we’re half way through the second decade of the 21st century. Think Mark Zuckerberg masterminding Facebook on his own in his dorm room at Harvard.
More and more, however, we’re discovering that in today’s Internet of Everything world, where complex technologies increasingly connect and converge, innovation hinges on all types of hyper collaborations. Today, innovation requires open interaction among businesses, universities, startups, incubators, developers and others. Now, collaboration makes innovation happen! Read More »
Tags: Alex Goryachev, Cisco, innovation, Internet of Everything, internet of things, IoE, IoE Innovation Center, IoT
ITD (Intelligent Traffic Director) is being deployed by a large number of customers, and it is saving them massive CAPEX and OPEX, while providing unprecedented scale and high availability.
Here is a 10 minute video that shows step by step ITD deployment.
ITD is shipping on Nexus 9k/7700/7k/6k/5k Series of switches. ITD won the Best of Interop 2015 in Data Center category.
Here is more information about ITD: www.cisco.com/go/itd
Please send email to firstname.lastname@example.org if you have any questions.
Tags: #BestofInterop, #CiscoITD, #CiscoLive2015, #CLUS, ACI, best of interop, Best of Interop 2015, Best of Interop Finalist, Big Data, Cisco, Cisco Nexus, Cisco Nexus 5600, Cisco Nexus 7000, Cisco Nexus 9000, Cisco Nexus Switches, ciscolive, cloud, Cloud Computing, data center, innovation, interop, ITD, load balancer, nexus, Nexus 7000, NFV, SDN, server load balancer, Service Provider, video