Mockery of innovation

Forecasting and innovations – challenges and pitfalls

When you have a new insight into say why the dollar is going to go down. It is very hard to keep this insight into meddling into my thinking on the way we are going to behave.

In other words, it is very hard to un-insight the insight.

It is very hard to un-innovate the innovation. And if we do not un-innovate; one the ills is that we do not know by when the next innovation should come to keep us alive.

The popular example how innovation can go totally off the whack is the remote control. Remote control was invented to be an easy way to manage task without having to reach out to the device every so often. The innovation was in giving the comfort to the user of doing it with minimum effort. But how many people actually use all the buttons on the remote. And since there are so many functions that are not routinely used or are one-time affairs. The actual use of the remote is obscured under the weight on needlessness of these functions.

Innovation cannot be useful unless it can be used.

An ivory tower innovation that cannot be used is needless innovation. An innovation can truly be defined as innovation when it fills the gap for the user directly or indirectly and make the experience of activity pleasant.

Perhaps the best example of this is Apple's Iphone. Iphone did not have anything path breaking innovations i.e. it was not the first phone with the camera, mp3 players etc. All the features that were available with other phones were incorporated into it. But what set it apart from other phones is it attention to user interface. Interface and experience of user is what determines if the technology/device/... would be supported or not. If User finds it hard to digest or is filled with unwanted functionalities making it more complex, user will more likely stay away from that.

As an analyst who has been studying the forecasting techniques for long time now, one stupidest question still haunts me: If we can forecast, like so many expert theorists and practitioners or companies that spend billions in their research, why has no body is richer than Bill Gates and Warren Buffett? Why is it that all these people get it wrong at some point or the other; bringing them back to square one.

More I think, more it baffles me that future is so good at eluding from even the smartest thinkers on this planet.

It’s an ancient saying and in my opinion best describes the scenario: the thing that we need most is something that eludes us. Future is always malleable but when ever a tiniest fraction of its causation is changed, the future itself changes dramatically. It’s like an uncontrollable horse that just runs to outwit you. Philosophers seem to have word for it - destiny.

The problem why we can is when we are stuck within the mentality of using a set of tools to arrive at the answers we also carry into the analysis room all the disadvantages and lacunae of these tools of analysis and hence the end result will be a reflection of capabilities and lacunae of these tools.

So, will making of effective tools help us? I guess, not. Brain is one of the best tools that we will ever have. It is unlikely to be surpassed in its utility anytime in far future.

Innovation is understanding that 99% of what we do are being done in very ineffective and inefficient way and there are huge opportunities in improving on these and reducing the efforts to do that.

Innovation is also bringing together various assets we have and combining them to form a better product.

One of the stark examples of innovation overload is Microsoft. You cannot blame Microsoft for innovating and adding more features to its products. Because no one including Microsoft knows what will work spectacularly. And what does not work can be taken out in the next version. Simple. But the problem lies in customer having to use that nagging software till the time it comes up for review.

Kaizen, the Japanese technique, which became the paragon of innovation in 1980s, means making small improvements in daily life.

Innovations do not occur in bombastic fashion. It is very rare that big-bang innovation comes to life.

And one of the killers of innovation or change in all walks of life is fear of failure. The fear of failure stifles the creativity. So to innovate you just have to go "full speed ahead". You may hit a few icebergs on the way, but you never know if there are icebergs on the way in first place. If you go slow on throttle on clear sea, you are way behind. If you go ahead, in dicey sea, there are risks. Navigate it effectively.

Till next time.