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I was thinking about two key words: "to invest” and “to innovate” so I decided to check in the dictionary. I took the Oxford Advanced Dictionary (7th Edition) and found the meaning of “to invest”:
To buy properties, shares in a company in the hope of making a profit. To spend time, energy, effort on something that you think is good or useful.
I verified the same word (verb) on Thesaurus and this is what I found:
Expend money with the expectation of achieving a profit or material result by putting it into financial schemes, shares, or property, or by using it to develop a commercial venture.
This is what Thesaurus says about “Investment”:
Act of devoting time, effort, or energy to a particular undertaking with the expectation of a worthwhile result.
I finally checked the meaning of “To innovate" in the Oxford Advanced Dictionary (7th Edition) to find this:
To introduce new things, ideas or ways of doing something.
This is what Thesaurus says about “To innovate":
Make changes in something established, esp. by introducing new methods, ideas, or products.
It seems that “investing” and “investment” are both activities that generate an expected worthwhile result, that create something useful, that develop something possibly good. While “innovation” is the ability of the investor to profitably use elements that are available in his/her daily life to redesign, to reimagine and to improve the reality. My final thought is that the true essense of “innovation” is made primarily by the act of reimagining, rethinking our simple daily reality in a much more meaningful way. The use and the deployment of technology (software, connections, hardware, ...) should remain be the secondary element which serves and supports the act of thinking and reimagining a new meaningful way of life. If this is so, I wonder why so many companies are buying technology just to continue to do business, to produce things, to provide services in the same old way? What would be your answer?
PDCA, PDSA, DMAIC, IDEA, classical approach are all different problem solving methodologies. Their use can fix and resolve many problems and compete a variety of projects. The PDCA cycle it’s a graphical and logical representation of how most individuals already solve problems. It helps to think that every activity and job is part of a process, that each stage has a customer and that the improvement cycle will send a superior product or service to the final customer. PLAN: establish a plan to achieve a goal DO: enact the plan CHECK: measure and analyse the results ACT: implement necessary reforms if results are not as expected
The PDSA or Plan-Do-Study-Act continuous improvment spiral is a team oriented problem solving technique. The team focus objective is to improve the input and the output of any stage. As the PDCA, the PDSA - by Edwards Deming - are very useful techniques in product/process improvement projects. PLAN: what change could be desirable? DO: carry out the change or test preferably on small scale. STUDY: observe the changes of what has been done. ACT: study the results; what lessons was learned? What can be predicted from what was learned? Results may indicate that at least for now, no change at all is needed. Repeat step 1 with the new knowledge accumulated. Repeat step 2 and onward.