This is a great read on a topic I find very interesting and relevant! Very good overview of the current trends, benefits, and risks. In addition to Nike’s challenge of distinguishing themselves from competitors, I wonder if they should also be concerned about potential counterfeit products. As additive manufacturing technology becomes more efficient, it may become cheaper for average people and smaller companies to purchase. This would increase the risk of counterfeiting especially in developing countries where intellectual property rights will be very difficult to enforce.
Loved this! Especially the part on how machine learning may help companies identify counterfeit products! That’s one aspect of machine learning in the fashion industry I had never thought about previously. The second question is particularly interesting. Although I’m not a fashion guru, I believe luxury products drive customer preference. This makes me wonder if Burberry dilutes its brand value by pushing its individual products on customers. Machine learning does provide some important insights on customer preferences but perhaps more subtle advertising may be more line with Burberry’s image. For example, instead of pushing particular products like sweatshirts to customers, Burberry could just customers a simple alert (for example, “Check out our new fall collection”). This fall collection would include products that were created using machine learning insights. This approach would also help Burberry avoid being perceived as pushing products on customers.
Very interesting article. As an end consumer, I’m personally in favour of using machine learning for more efficient package delivery. Although, I do admit I’m not fully across all of the risks that may be involved in the process. I’m not sure DHL will be able to gain a competitive advantage with machine learning. This seems like a technology that would be available to all package transporters soon and they may need it just to stay competitive.
This was a great read. Quite fun as well! Like with most open innovation initiatives, I’m curious to know what the competitor reaction is. Could a competitor simply copy the flavour after seeing it do well in the market? It would also be interesting to see what would happen if PepsiCo continued created product flavours derived from open innovation. For example, could winners start demanding royalties for each unit sold? Really curious to see how this develops in the future.
This is a very interesting concept! Loved how the benefits and potential issues were clearly articulated. I was wondering if the World Bank could potentially go straight to the private sector without dealing with champions in the government? For example, World Bank could create and implement “open innovation” hubs in countries that were only open to the private sector. The World Bank could then use the best ideas to influence government policies and initiatives. After all, a lot developing countries do rely on World Bank funds. This may give the bank some leeway to actively propose (and maybe enforce) ideas on governments. I realize other institutions like the IMF have been criticized for enforcing policies on nations. However, the difference with “private section open innovation” would be that the ideas come directly from a nation’s citizens.
This was a great and informative article! Loved reading it! I had no idea 3D technology was being used in the food industry, or indeed at Hershey. While it is a cool concept, I don’t think 3D printing at Hershey’s will be fully scalable until it takes less time to create one customized product. Developing the technology to be more efficient may take a while. I am curious to know whether Hershey has sole access to this technology, If not, it’s probable Hershey’s competitors have access to this technology and thus the capability to develop customization options themselves. This would eliminate any competitive advantage Hershey may have gained. And if that was the case, would it be worth it for Hershey to continue developing this technology?