Abstract
The phenomenon of innovation growing rapidly and having a shorter lifespan is a structural change due to the development of ICT (Information and Communications Technology), diverse investment methods, and reduced pattern of innovation adoption. For ICT companies to survive and maintain their success in this ever-changing environment, they need to succeed in fulfilling both productivity and accuracy of innovation. To sustain their innovative success, ICT companies should consistently maintain the direction of innovation towards consumers. The present study analyzes various cases of ICT companies which succeeded or failed to maintain their prior innovative success, and suggests consumer-centric innovation as a solution. To create consumer-centric innovations, companies have to (1) predict the dynamically evolving demand of consumers and continuously transform; (2) proactively employ observation method and big data analysis to discover hidden demands; and (3) identify hassles such as wastes, inconveniences, and anxieties, and put effort in solving these hassles.
Highlights
The competition between existing companies and new companies is getting intense as the speed of technological development is very high and diverse technologies are integrated in the ICT industry
The morning newspapers are teeming with articles about new firms like Xiaomi, Tesla, and Zipcar that are growing with frightening speed and threatening existing companies. This can be seen as the structural change of innovation environment due to four main factors which are the development of innovative infrastructure by ICT, more diverse investment methods, the spread of open innovation strategy, and the decrease of levels in accepting innovation among consumers
Potential demand must be discovered through behavior observation and big data analysis
Summary
The competition between existing companies and new companies is getting intense as the speed of technological development is very high and diverse technologies are integrated in the ICT industry. Innovation is not in a necessary and sufficient relationship with the company’s success This means that even though a company can dominate the market with its innovation, it is only extending its period of survival, and the lifespan of innovation is gradually decreasing. Before long, Apple and Google App Store captivated Nintendo’s customers through the technology development of smartphones This happened in just 4 years after Nintendo took the lead. As companies have limited resources, establishing the direction of innovation and obtaining efficiency to achieve both productivity and accuracy are most important [13,14,15]. It provides guidelines to achieve consumer-centric innovation by analyzing multiple case studies.
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