This briefing includes key take aways from the Innovation Pioneers tank meeting # 1, 2015 on connectivity, hosted by SKF in Gothenburg. The meeting included presentations and a field trip to the SKF factory to give insights on how the company has incorporated connectivity in their business practice. SKF facilitated the afternoon’s workshop with 44 representatives from the iP initiating team and corporate members.
The day at SKF
SKF invited Innovation Pioneers to join them in a presentation of their journey from bricks-and-mortar to high tech opportunities. Where they have once implemented technologies to achieve cost saving, process enhancing and efficiency seeking changes, they now see business opportunities arising.
The presentation and field visit to the SKF factory visualized how they have brought smart devices with production and maintenance apps into their factories to enable a better, faster and more accurate collection of data and ensure a collaborative and efficient way of working.
The purpose of the workshop was to investigate and understand how to achieve operational efficiency, find new revenue streams and business models through connectivity. Also, to consider how connectivity is related and can be incorporated in ones own business practice.
Business Model Canvas
The afternoon followed by a workshop with a business model canvas based methodology to explore various options in seeking the capturing of stakeholder values and business opportunities in a new technology. Innovation Pioneers participants discussed how to create a business model around a new product that could potentially sell in volume. The discussions also aimed at giving and sharing insights to all participants about their own potentials and how to visualize those for internal use.
Over the day, the Innovation Pioneers have seen enthusiastic participants receive inspiration from one another through networking. We have also witnessed how connectivity can be used to achieve operational efficiency, new business opportunities and utilize support for coworkers in companies.
- How connectivity can improve the efficiency and productivity.
- Emphasize the importance of early prototyping.
- The benefits of utilizing the network to share knowledge and experiences.
Innovation can drive us towards more bold moves than we expect. Capturing the full value of these, sometimes technology or efficiency moves, can be of significant impact. As emphasized in the report Digitizing the Value Chain from McKinsey & Company, that connecting individuals and machines in the new “digital thread” or “industry 4.0” can create great value for organizations since it makes it possible to generate, organize and draw insights from new oceans of data.
A critical factor to navigate is how this data is managed, transferred, used and commercialized. Who really owns it, and what do our clients, society and users allow us to do with it? We must incorporate these matters as we build models around data.