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Showing posts from October, 2022

Feature Fatigue and the Pareto Principle

Feature fatigue refers to the phenomenon where users experience overwhelming or unnecessary features in a product or service, which can lead to a decrease in satisfaction and usage. It happens when a product has too many features that are not essential to the user, which can make it difficult for them to find and use the features they actually need. This can lead to frustration and confusion, causing users to stop using the product or service altogether. In the context of new product development, it's important for companies to strike a balance between adding new features and maintaining a user-friendly interface. Feature fatigue can be mitigated by conducting user research and testing to identify what features are essential to users, and which can be removed or simplified. Additionally, implementing a clear and intuitive navigation, providing in-app guidance and tutorials, as well as offering options for personalization can help to reduce the risk of feature fatigue. Pareto Princ

Innovation Standards : A Necessary Evil or a Blessing in Disguise?

Innovation is a critical driver of business success, and organizations must continually seek out new ways to improve their products, services, and processes. However, the pursuit of innovation can be difficult and unpredictable, and organizations must find ways to balance the need for structure and discipline with the need for flexibility and adaptability. One way that organizations can achieve this balance is by adopting innovation standards. Benefits of Innovation Standards Innovation standards provide organizations with a framework for innovation that balances the need for structure and discipline with the need for flexibility and adaptability. These standards can help organizations to identify and address unmet customer needs, increase their business opportunities, reduce time to market, and improve the efficiency and effectiveness of their innovation processes. In addition to the practical benefits of innovation standards, there are also cultural and organizational benefits. Adopt

Bioinspired Optimization Techniques

Bioinspired optimization techniques are a class of algorithms that are inspired by the behavior of biological systems and are used to solve optimization problems. One such technique is ant colony optimization (ACO), which is based on the behavior of ants searching for food. In ACO, a group of virtual ants are used to search for a solution to a problem by building a network of paths between the different solutions. Each ant makes a series of decisions about which path to take based on the pheromone levels on the paths, which are chemicals that ants use to communicate with each other. Pheromone levels are updated based on the success of the ants in finding a solution to the problem. ACO has been applied to a wide range of optimization problems, including routing, scheduling, and resource allocation. It has been found to be particularly effective in problems with large search spaces and complex objective functions. One of the main advantages of ACO is that it is able to find good solutio

Classic Ideas: 3D Printing Technology

The first recorded concept of a 3D printer appears in a science fiction story published in 1945 called " Things Pass By " by Murray Leinster . In this story, Leinster described a device that could create physical objects from digital designs, similar to the way that modern 3D printers work. While the technology did not yet exist at the time, this concept laid the foundation for the development of 3D printing in the decades that followed.  The early history of 3D printing can be traced back to the 1980s in Japan, where Hideo Kodama was working on developing a rapid prototyping system. In 1981, Kodama came up with the idea of using a layer-by-layer approach to manufacturing, in which a photosensitive resin was polymerized by UV light to create a physical object.  In 1986,   Chuck Hull  invents the process of stereolithography (SLA) , which become an important 3D printing technology. Stereolithography is a process that uses ultraviolet light to cure layers of photopolymer resin

The Innovation Manager

An innovation manager is responsible for leading and managing the innovation process within an organization. In the fast-paced and constantly evolving business landscape of the future, innovation will be key to an organization's success. Innovation managers will play a crucial role in driving this process, leading and managing the innovation efforts within the organization to ensure that it remains competitive and stays ahead of the curve. Some specific roles and responsibilities of an innovation manager may include: Developing and implementing a strategy for innovation: This may involve identifying areas where innovation is needed, setting goals and targets for innovation, and creating a roadmap for achieving those goals. Facilitating the ideation and creative problem-solving process: Innovation managers may lead workshops and other sessions to encourage employees to generate and explore new ideas, and to identify and solve problems in creative ways. Managing and fostering a cult

Innovative Pricing Models

Here are a few innovative pricing models that companies might use: Value-based pricing: This pricing model involves setting prices based on the perceived value that a product or service offers to the customer, rather than on the cost of producing the product or the competition. For example, a luxury brand might use value-based pricing to charge a higher price for their products because customers perceive them as being of higher quality and worth the extra cost. Subscription-based pricing: This model involves charging customers a recurring fee, typically on a monthly or annual basis, in exchange for access to a product or service. This model is commonly used by software companies and other businesses that offer ongoing services or products. Freemium pricing: This pricing model involves offering a basic product or service for free, while upselling additional features or functionality for a fee. This model is often used by companies that offer a basic product or service that serves as a

Market Research in Innovation

Market research plays a crucial role in new product development and innovation. It helps companies understand the needs and preferences of their target market, identify potential opportunities for new products, and gather valuable insights that can inform the development process. The Marketing Research Process There are several steps involved in the market research process: Define the research objectives: This involves identifying the specific information that the company wants to gather through the research, such as the size and demographics of the target market, their needs and wants, and any potential barriers to adoption. Determine the research design: This involves deciding on the methods and techniques that will be used to collect data, such as surveys, focus groups, or online research. Collect and analyze data: This involves gathering data from various sources, such as primary research (e.g. interviews, surveys) or secondary research (e.g. industry reports, government statistics

Redesigning Expiration Dates to Curb Foodwaste and Enhance Consumer Health

By Tojin T. Eapen The current expiration date system is based on an uncertain relationship between the quality of a product and the passage of time. This system has potential drawbacks, as it may not accurately reflect the true shelf life of a product and can lead to unnecessary food waste. In this paper, we suggest new approaches to expiration dating that aims to improve consumer health and reduce food waste. One of our proposed solutions involves dividing expiration dates into distinct segments, allowing for a more nuanced understanding of a product's shelf life and enabling a more accurate prediction of when it may no longer be safe to consume. By implementing this segmented expiration dating model, we hope to alleviate some of the issues with the current system. INTRODUCTION Expiration dates are an important factor that consumers consider when making purchasing decisions in a variety of product categories, including food, beverages, and medicine [Endnote 1]. In fact, research h

Garbage in, Garbage Out (GIGO) in AI Models

Garbage in, garbage out (GIGO) is a well-known concept in the field of Computer Science. In the context of AI, it refers to the idea that if a machine learning model is trained on poor quality data, it will produce poor quality results. In other words, the quality of the output is directly proportional to the quality of the input. The GIGO principle is particularly relevant in the field of AI and machine learning because these technologies rely heavily on data. In order to produce accurate and useful results, a machine learning model must be trained on a large and diverse dataset. If this dataset is biased, incomplete, or otherwise flawed, the model will be unable to accurately represent the real world and will produce incorrect or misleading results. One way to mitigate the effects of GIGO is to carefully curate the dataset used to train a machine learning model. This may involve cleaning and preprocessing the data, removing outliers or errors, and ensuring that the data is represent

How to Build Online Engagment? Nine Proven Strategies

Online engagement refers to the interactions and communication that take place between a company and its customers or audience through digital channels, such as social media, websites, and email.  Here are nine ways that companies can build online engagement: Create valuable and relevant content: Providing valuable and relevant content can help to engage and retain customers, as it shows that the company cares about their needs and interests. Use social media: Social media platforms, such as Facebook, Twitter, and Instagram, can be great ways to connect with customers and build online engagement. Companies can use these platforms to share updates, news, and other content, and to respond to customer inquiries and feedback. Run contests and promotions: Contests and promotions can be a fun way to engage customers and encourage them to interact with a company's brand. Use email marketing: Email marketing can be an effective way to reach out to customers and engage them with special off

The Lemonade Principle of Innovation

The Lemonade Principle in Innovation is a way of thinking about how to turn negative aspects of a product or system into positive opportunities. The principle is based on the idea that "when life gives you lemons, make lemonade," meaning that even though something may seem like a negative at first, it can be turned into something valuable with a little creativity and resourcefulness. One example of the Lemonade Principle in action is the use of waste heat as a source of energy. Many industrial processes generate heat as a byproduct, and this heat is often considered to be wasted energy. However, with the right technology, this heat can be captured and converted into a useful source of energy, such as electricity. This not only helps to reduce waste, but also provides a new source of energy that can be used in different settings. Another example of the Lemonade Principle in action is the use of a drug's side-effects as a treatment for a different ailment. Many drugs have s

Standardization Versus Personalization in Innovation Models

Standardization and personalization are two different approaches to innovation that have their own advantages and disadvantages. Standardization is the process of creating consistent, uniform products and services that conform to a set of established standards. The main advantage of standardization is that it can reduce costs, increase efficiency and ensure compatibility between different products and systems. This makes it especially useful for industries that rely on mass production such as manufacturing, healthcare and transportation. On the other hand, personalization is the process of tailoring products and services to the specific needs and preferences of individual customers. The main advantage of personalization is that it can increase customer satisfaction, loyalty and engagement. Personalization is a key element of the service industry and e-commerce, and it has been made possible by the rise of technologies like artificial intelligence and big data.

Learning Tools: Method of Loci or the Memory Palace Method

The Method of Loci, also known as the Memory Palace method, is a mnemonic technique that involves using visualization to encode and recall information. This technique was developed by the ancient Greeks and has been used for centuries to help people remember complex information. It is thought that ancient Greek orators would create a mental map of a familiar location, such as a temple or public square, and place specific pieces of information at different locations within this map. They would then use this mental map to help them recall the information they needed to deliver in their speeches. The Method of Loci was later adopted by the Romans and became widely used throughout the ancient world. It was also practiced by medieval scholars and became a popular memory technique during the Renaissance. In modern times, the Method of Loci has continued to be used as a mnemonic technique for remembering complex information. It is often taught as a memory improvement technique in schools and

Timeline of Psychometrics

Credit: NLE/TTE In the following post, we survey some key milestones in the field of psychometrics. In the late 1800s, Francis Galton introduced the concept of using intelligence tests as a means of measuring a person's mental aptitude.  In 1890, James Cattel, who had trained under Wilhelm Wundt, the father of experimental psychology, at the University of Leipzig, introduced the concept of psychological testing. In the early 20th century, psychometric testing began to be used more widely in a variety of settings, including education, employment, and the military.  Galton's protégé, Karl Pearson, continued this work between 1893 and 1904, developing several key statistical concepts such as the correlation coefficient, chi-squared test, standard deviation, and regression. In 1904, Charles Spearman develops the method of factor analysis, the workhorse of modern psychological techniques. In 1905, Alfred Binet and Theodore Simon create a measurement instrument to identify children w