Using Innovation Labs can save your organisation time and money
As digital technology continues to disrupt traditional business models and change customer behaviours, innovation is more critical than ever. Many organisations are establishing Innovation Labs – in-house or with an innovation partner − to explore the potential of Big Data, Data Science, Blockchain, IoT and other disruptive technologies without putting the core operations of the business at risk.
Innovation Labs allow you to experience new technology, and find out if, and how it can be integrated with your existing business processes. At their best, they enable rapid experimentation, prototyping and launch; but success rates vary wildly. We offer ten tips to ensure your Innovation Lab becomes an incubator of ideas with real strategic and commercial value, and not a black hole into which you pour ever-more funding with little by way of return.