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A company in a regulated industry can apply the innovative approaches discussed in the Blue Ocean Shift by embracing the concept of Fair Process. This involves redefining objectives and Key Performance Indicators (KPIs) to align with innovation, rather than just focusing on lowering risks. This shift in organizational culture can help the company to implement the changes required to make a Blue Ocean Shift, even in a regulated industry where innovation often adds risk.
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Taken together, these three elements make it possible for people not only to buy into the whole process of a Blue Ocean Shift, but also to be willing to actually implement the changes required to make it happen. For example, in many industries innovation creates added risk, which might not be welcomed by some individuals if their objectives or Key Performance Indicators are aligned only with lowering risks. This is typical of regulated industries. During the Fair Process implementation, objectives and KPIs might need to be re-written such that the organizational culture can shift.
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Released in early-October 2017 — Blue Ocean Shift — is the continuation of the award-winning Blue Ocean Strategy, a bestselling strategy book based on...
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