WOW! The first session of the Innovation: Taking a New Approach track, Customer-Driven Innovation – The Evolution of a Successful Product presented by Roy Rosin from Intuit was lively, entertaining, and full of interesting thoughts and stats! Some key ones include:
Innovation means the creation and capture of new value. I never heard it described that way before and it sounded so cool!
At Intuit, they have focused on innovating their products in a multitude of ways, whether by allowing for alternative payments, integrating with cell phone manufacturers, or starting their own debit card practice.
When it comes to innovation, they believe in following a mantra that is to change what you:
- Measure
- Make visible
When Intuit embarked on their new Health product line, they chose to focus on a niche market that needed an easier way to manage their medical and health bills from insurers and providers. Key steps that are followed:
- Utilize Research to gain emotional engagement and promoter passion, not insight.
- There is a need to have a narrow focus so you can be great for someone and get out to market fast
- Test new ideas quickly at low costs
- Make small bets rather than large ones so you don’t get caught off guard with a misguided bet and bad investment
- Consider innovation from End to End across the customer experience so that it results in a differentiated result
- Go broad…diverge quickly then focus narrowly so that your initiatives can consider big impact at first and then have pinpoint detailed attention upon execution
Intuit Health has seen their product change over time from a data entry system to an application that integrates information from other providers to eliminate data entry to being a universally accepted application for information capture.
I never knew that a swollen eyelid is known in the medical field as an “anterior blepharitis ” (what a mouthful)!
