{"id":22058,"date":"2024-04-23T14:16:27","date_gmt":"2024-04-23T14:16:27","guid":{"rendered":"https:\/\/www.frost.com\/events\/innovation\/?p=22058"},"modified":"2024-04-24T07:14:38","modified_gmt":"2024-04-24T07:14:38","slug":"takeaways-from-frost-sullivans-workshop-and-tour-at-the-wondry","status":"publish","type":"post","link":"https:\/\/www.frost.com\/events\/innovation\/takeaways-from-frost-sullivans-workshop-and-tour-at-the-wondry\/","title":{"rendered":"Essential Takeaways from
Frost & Sullivan\u2019s Workshop
and Tour at the Wond\u2019ry"},"content":{"rendered":"

Technology Innovation to Drive Growth <\/em><\/strong>was the theme of Frost & Sullivan\u2019s first Innovation Workshop & Tour: A Quarterly Series<\/strong><\/a> for 2024. The full-day event was sponsored by Frost & Sullivan\u2019s Growth Innovation Leadership Council<\/strong><\/a> and took place at Vanderbilt University\u2019s Center for Innovation and Design, The Wond\u2019ry, in Nashville, Tennessee.<\/p>\n

Thought leaders from Nokia, Asurion, HP, Vanderbilt University and others shared innovation strategies and insights while collaborating with peers in a truly inspirational setting. The event included a tour of the Wond\u2019ry innovation center, which offers state of the art makerspaces, virtual reality labs, workshops, training opportunities, and programs for entrepreneurs and changemakers. Read on for just some of the ideas and highlights discussed at the event, compiled to help fuel your organization\u2019s strategy and growth in the near and long term.<\/p>\n

HOW TO WIN IN THE AGE OF TRANSFORMATIVE TECHNOLOGY<\/strong><\/p>\n

Michel Oostwal, a technology and business leader with over twenty-five years\u2019 experience in global consumer and supply chain innovation, examined how some of the most successful companies develop an effective technology strategy and turn it into a commercial success. As he noted, digital transformation now touches every aspect of business: it brings disruptive technology, it requires deployment of technology strategies at scale and it enables businesses to transform performance. Yet it presents three major challenges:<\/p>\n

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  1. Digitally non-native businesses struggle to learn from digitally native businesses<\/li>\n
  2. Enterprises must determine how to create value beyond the tech tools<\/li>\n
  3. Success is largely dependent on partnerships and ecosystems<\/li>\n<\/ol>\n

    Digital transformation feels different; it fundamentally shifts the balance between human and machine impact in every aspect of life and business. It requires a new approach to win.<\/p>\n

    Disruptive technology ventures are often the first step towards transformation.\u00a0 But most fail to reach commercial success at scale. They typically challenge existing technology standards with radically new solutions and carry a high degree of risk.<\/p>\n

    Multi-functional collaboration is what the best teams do well. Transformation of P&Ls often involves optimizing and sometimes step-changing technology performance. This requires strong executive leadership and an environment where teams are allowed to be innovative and think out of the box without fear of failure or critique. Strong technical leaders act as sponsors. They delegate creativity and exploration to their teams -but own the risk of failure.<\/p>\n

    GENERATIVE AI: FROM BUZZWORDS TO BRASS TACKS<\/strong><\/p>\n

    Jim Cooper, thought leader, inventor, futurist, and technology evangelist for HP, articulated many of the challenges organizations face implementing artificial intelligence in the workplace. He offered guidelines for designing infrastructure and knowledge repositories and discussed key issues and best practices when working with AI.<\/p>\n

    AI has been adopted faster than the iPhone, but the potential of AI must be managed with caution and guile; addressing its complexities takes skill. Some of the guidelines and use cases shared included:<\/p>\n