The annual Singapore Innovation & Productivity Conference (SIPC), held on 25 October 2013 at the Grand Corpthorne Waterfront Hotel, attracted more than 400 participants from the manufacturing sector and the wider business community. Organised by the Singapore Innovation and Productivity Institute (SiPi), the theme for SIPC 2013 was “Business Model Innovation: Redefining Possibilities”.
Through the Keynote and presentations by 5 renowned experts, the attendees learned how to transform their businesses and companies with Business Model Innovation (BMI).
In last month’s SiPi Newsletter, we brought you the first part of the event highlights. In this month’s SiPi Newsletter, we continue to bring you the second part.
Creating Customer Value and Driving Business Performance via Business Model Innovation
Prof. Rajendra K Srivastava, Provost and Deputy President, Singapore Management University
Proj Raj began his presentation on the premises that innovation is how to do things better; and business model is how to create value for both the customer and the company. On creating customer value, one example that he shared, was how different local contexts in Singapore and India have influenced innovation in the development of business models for the taxi services. On driving business performance, he described how the business model Microsoft had developed for Windows may not seem “innovative”, but it has retained a lot of customers for more than twenty-five years. Proj Raj went on to talk about a framework he developed for business models that integrate creating customer value with driving business performance. He also shared how an innovation in risk management to improve customers’ level of trust, has enabled one Indian company to successfully develop a business model that transforms its traditionally local jewelry business into the first national-wide jewelry chain.
Innovation is the New Driver of Value
Jewelery Business – Different Business Models to Deliver Customer Value
The Productivity Tools Series – Failure Mode and Effects Analysis (FMEA)
Failure Mode and Effects Analysis (FMEA) is one of the oldest and best-known productivity tools in the world. It is primarily used for quality assurance and system reliability, by identifying potential failure occurrences, assessing the risk and effects of the failure, and preparing the necessary preventive actions. There are generally three types of FMEAs: Process, System, and Design; each being applied to a different segment of the business value chain.
This video provides a brief introduction to FMEA, and how is may be applied to different sectors and vertical industries. To find out more, please contact Singapore Innovation and Productivity Institute (SiPi).
Failure Mode and Effects Analysis (FMEA)