Christian Terwiesch, a Professor at Wharton’s Operations and Information Management department, dives into the dynamics of innovation and customer engagement. He discusses the concept of innovation tournaments, likening them to talent shows, and emphasizes the need for structured creativity in organizations. The conversation also highlights the crucial role of trust in customer relationships, especially around data sharing. Additionally, Terwiesch explores emerging business models in sectors like healthcare and education, advocating for continuous connection with customers to enhance their experiences.
30:48
forum Ask episode
web_stories AI Snips
view_agenda Chapters
menu_book Books
auto_awesome Transcript
info_circle Episode notes
volunteer_activism ADVICE
Innovation as a Process
Manage innovation as a process, not as a spontaneous activity.
Use the "innovation tournament" framework for a structured approach.
question_answer ANECDOTE
American Idol Analogy
Christian Terwiesch uses American Idol as a metaphor for innovation tournaments.
Many contestants start poorly, but a structured process refines talent and produces a star.
volunteer_activism ADVICE
Innovation in Traditional Companies
Introduce innovation tournaments even in "boring" companies accustomed to processes.
A structured process can make innovation appealing and inspire cultural change.
Get the Snipd Podcast app to discover more snips from this episode
Blue Ocean Strategy challenges traditional competitive strategies by advocating for the creation of new, uncontested market spaces. The authors, W. Chan Kim and Renée Mauborgne, argue that companies should focus on innovation to create 'blue oceans' of new demand, rather than competing in 'red oceans' of existing markets. The book provides a systematic approach and tools for successfully formulating and executing blue ocean strategies, including the strategy canvas and the six principles of blue ocean strategy. It highlights successful examples such as Cirque du Soleil and low-cost airlines, and offers guidance on overcoming organizational hurdles and aligning value, profit, and people propositions.
Connected Strategies
Connected Strategies
null
Christian Terwiesch
Nikolai Zigerko
Connected Strategies explores how companies can leverage digital technologies to create new business models and enhance customer relationships. It emphasizes the importance of continuous connection with customers, enabling firms to anticipate needs and provide more value. The book introduces four key approaches: respond to desire, curated offerings, coaching behavior, and automatic execution. It provides a framework for organizations to transition from episodic interactions to continuous engagement, building trust and personalization. The authors offer practical strategies for implementing these models, focusing on customer needs and deeper desires.
Innovation Tournaments
Innovation Tournaments
null
Nikolai Zigerko
Christian Terwiesch
Innovation Tournaments provides a process-based framework for managing innovation within organizations. It emphasizes a structured approach, drawing parallels to talent competitions like American Idol, to filter numerous ideas and identify promising ones. The book advocates for a systematic process to manage innovation, challenging the notion that innovation is solely reliant on spontaneous inspiration. It offers practical strategies for companies to implement innovation tournaments, fostering a culture of innovation through structured processes. The book's methodology has been widely adopted by various organizations.
Matching Supply with Demand
Matching Supply with Demand
Gerard Cachon
Christian Terwiesch
Welcome to the What's Next! Podcast with Tiffani Bova.
This week I’m giving another listen to a conversation I shared with Professor Christian Terwiesch and I'm eager to share it with you! Christian is a Professor in Wharton’s Operations and Information Management department, co-director of Penn’s Mack Institute for Innovation Management, and also holds a faculty appointment at Penn’s Perelman School of Medicine. He is the co-author of Matching Supply with Demand, a widely used textbook in Operations Management. He launched the first Massive Open Online Course (MOOC) in business on Coursera based on the book and since its inception, more than half a million students have enrolled. His first management book, Innovation Tournaments, details a new process-based approach to innovation and has inspired innovation tournaments around the world. His latest book, Connected Strategies, combines his expertise in the fields of operations, innovation, and strategy to help companies take advantage of digital technology leading to new business models. In addition to his teaching and his research, Professor Terwiesch is the host of “Work of Tomorrow,” a national radio show on Sirius XM 132.
THIS EPISODE IS PERFECT FOR… anyone wanting to become more innovative or bring a culture of innovation to their organization, as well as those wanting to get a pulse on new business models shaping how organizations interact with customers today.
TODAY’S MAIN MESSAGE… we have to find different ways of delighting our customers. How do we do that? Through innovation and continuous connection. Professor Terwiesch maintains that innovation is a cultural process that can be managed. That is the power of the Innovation Tournament, it leaves room for that magic spark to fly while giving it direction and structure. Beyond Innovation Tournaments, it’s about becoming continuously connected. This connection enables new ways of delighting the customer and also allows organizations to provide more value to the customer, potentially at a lower cost. The purpose of a connected strategy and a continuous relationship is not only to get data but also to do a better job for the customer.
WHAT I LOVE MOST… I love that Christian has identified these new business models that are fundamentally changing the way organizations interact with their customers.
What's Next! with Tiffani Bova 