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6 Ways Technology Can Help Companies Innovate Out of the Coronavirus Downturn

Strategy Driven

As our world deals with the COVID-19 pandemic, business leaders must understand that it’s going to be technology that determines which companies survive and build success from this unprecedented event. The pandemic makes those technologies more relevant now than ever. These technologies are: Artificial intelligence (AI).

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Everything You Need to Know About Oilfield Services

Strategy Driven

These include seismic testing, directional services for drillers, transport services, and more. They also offer specialized expertise in engineering, procurement and construction. They also offer technological solutions that improve upstream and downstream business processes.

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Innovation Requires a Bias Towards Action

LDRLB

There is often a huge lag between when we first see a new idea and when we really find out what it is good for – this is when we are working through business model innovation. The steam engine was initially seen as a device for pumping water from mines and only later as a power plant for movable ships or carriages.

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Reverse Innovation Starts with Education

Harvard Business Review

Reverse innovation is also a significant learning opportunity for students in engineering. Engineering graduates are good at solving problems. On a similar note, last week, I gave a keynote speech on reverse innovation to students at University of Alabama in the Science, Technology, Engineering, and Math (STEM) disciplines.

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To Go Digital, Leaders Have to Change Some Core Beliefs

Harvard Business Review

Today, the list of disruptive new entrants is expanding and the primary differentiator is clear: they bring new mental models to existing industries and create new business models that customers and investors love. ” In order to get there, he plans to “evolve our business model accordingly.”

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The Existential Question Facing the Auto Industry

Harvard Business Review

As a city dweller, the need to transport our dog is starting to feel like the only thing preventing me from ditching our station wagon. If the answer really is electric, autonomous ones, that will pose a huge challenge for an industry that has not fundamentally changed since the first Model T rolled off Henry Ford’s production line.

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How Industrial Systems Are Turning into Digital Services

Harvard Business Review

Yet even though SKF has a century-long track record of keeping the wheels of industry turning, this new vision of bearings with brains by no means assures that SKF will prosper in the changeover in technology represented by the internet of things, in which every conceivable object can become a node on the net. Growing Digital Business.