Keys to Innovation - STM Conference
By Ravi Venkataramani
I had the opportunity to attend a panel discussion about the Keys to Innovation at the STM Frankfurt conference. It was quite interesting to hear the viewpoints of the various publishers and tech companies on the panel and I thought it might be useful to share my learnings with the Kriya community. The objective of the discussion was as follows:
Innovation is at the heart of our industry as new business models and (digital) technologies gain traction like never before, to the point of disrupting century-old foundations of scholarly publishing. The panel discussed how organizations of various purposes and sizes address these topics by managing commercial, technological and cultural change.
The panel was represented by the following people
Sam Herbert, Co-founder, 67 Bricks
Steven Inchcoombe, Chief Publishing Officer, Springer Nature
Jayne Marks, Vice President of Global Publishing, Wolters Kluwer Health Research, Learning & Practice
Pierre Montagano, Director of Business Development, Code Ocean
Moderated by: Daniel Ebneter, CEO, Karger Publishers
Here are some key insights shared by the members:
Springer Nature - They use the Objectives, Goals, Strategies, and Measures (OGSM) dashboard to facilitate their strategic planning. They have identified 4 different innovation areas
Adaptive - evolve current offering under the current model.
Disruptive - evolve current offering and reinvent the model.
Radical - reinvent offering with new capabilities under the current model.
Architectural - new offering with a new model.
Code Ocean - Change is hard in publishing especially large organisations. Startups are born in the cloud and can innovate more easily. Big publishing companies are focused on B2B and making money. Start-ups are focused on end-user and changing user behavior.
67 Bricks - The question that gets asked often is why now? It is important to work with your customers and engage with them in building solutions. Get in the race and try to catch up with your competitors who have already lapped you a few times. It is never too late!
Wolters Kluwer - Train your staff on how to engage your customers to understand how to improve your products. Training is important to encourage your staff to think differently.
Springer Nature - Engage with younger dynamic organizations externally to drive innovation within.
Wolters Kluwer - The traditional world has disparate teams. Editorial/publishing, production, and sales/marketing. The digital future is not just being digital. It is
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UX/UI
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Product management
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Product owners
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Technology
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Digital marketing
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Customer engagement
There is a need for lean product development, agile technology and to choose either incremental innovation or disruptive innovation. Pivot individual roles and bring the change in. It is harder to bring in agile in a traditional publishing organisation. Reward the experimentation, the risk-taking in your people. Innovation tournaments to allow people across disparate areas to ideate and drive the new ideas within your organization. How do you set up your organization, product-focused or customer-focused? Small self-directed teams are a great idea. Bring in people from outside who can be change agents.
Karger Publishing - Cultural change is necessary to bring in an innovation mindset.
Code Ocean - Publishing is not easy. You need to understand the ecosystem to build relevant solutions. Publishing has a lot of complexity that needs to be understood properly.
67 Bricks - Need to innovate at the intersection of user needs, business insights, and technology. Improve the user experience.
A lot of great insights for sure. What are the keys to innovation for you? Where do you want to take your business? Start the discussion internally, bring in an external agent to bring in perspective. Take small steps at first, learn from the experience. Be bold, learn quickly, involve everyone. A perfect recipe to transform your organisation.
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