It Is Not Just All About Money...
by Nick Ashton, Founder, Tracometry People
CEOs and the
C-Level suite of large companies face a puzzle: they are challenged with a
growing number of frugal consumers clamoring for affordable solutions, yet
their existing corporate culture and incentive systems are designed to support
a “bigger is better” business model —
not to deliver more with less. As the Age
of Austerity begins, however, corporate leaders will have no choice: they
will have to bite the bullet and infuse their organizations with a frugal
mindset. In sum, CEOs and the C-Level suite with the Board and the blessing of
the shareholders need a frugal innovation agenda.
Frugal
innovation is the ability to innovate cost-effectively and sustainably under
severe resource constraints. We have spoken of “frugal engineering”, which is
reinventing your entire company so it can innovate faster, better, and cheaper
in a complex and resource-scarce global environment.
Visionary
CEOs aren’t caving in to Wall Street’s demands for short-term gains. Rather,
they are boldly restructuring every function in their organizations to boost
their firms’ long-term ability to deliver affordable and sustainable solutions
to increasingly cost-conscious and eco-aware consumers.
Frugal Innovation
is not new and there are those of us that embraced the needs and developed the
steps to do so.
Tracometry
People suggest that CEOs eager to do more with less drive systemic changes
across their entire organization — focusing their change management efforts on
three functions: R&D, marketing, and sales.
CEOs who are
bold enough to implement this frugal innovation agenda — as leaders at P&G,
Renault-Nissan, Siemens, and Unilever are doing — will be able to deliver
significantly more value to customers while saving on costs and reducing
environmental impact. According to the World Economic Forum, corporations can
save a whopping $2 trillion by 2030 by implementing frugal innovation
strategies that do a better job of utilizing resources.
It is not
only your own R & D, which would take time, investment and shareholder
approval to ramped up, it is turning to out-sourced companies that have all
embraced, developed, designed and tested the marketplace reactions that must be
allowed to present their products and findings.
Listening and
allowing these out-source companies to share their expertise under NDA
agreements, will save you creative time, production costs and that visit to the
Board and shareholders to secure the extra funds.
When
companies like Tracometry &
Infobricks install Beta Testing, they do not do it by half. Our latest was in Germany with 9,000,000
subscribers. That is knowing your
product and A-List companies can share with us.
Joint ventures are an excellent means to a frugal innovative end.
Tel: +1 (614) 655-1247
WE ARE IN THE NOW AND KEEP YOU; IN THE KNOW...
copyright 2015
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