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The Future Of Innovation Management Add in library

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Question:

Discuss the five key seps for future success?
 
 

Answer:

Introduction:

In this technological trend and customer centric market approach, almost every organization is booming in this modern age. There are numbers of trends and technologies are in use to provide the ultimate customer satisfaction and utmost benefit for the company. On the other hand, it has become much more required to have required expertise within the organization those will understand the requirement of technology driven processes and train the others as per the required functions those are handled by the numbers of employees within the organization. In this document, I will be enclosing all the recommendation and viewpoints with the parallel criticism of author’s view point. To manage the higher revenue and to give the proper working environment, numbers of technological tools are in use. Other than all of these tools and methodologies numbers of approaches have been mentioned in the case study, those are, Customer based innovation, frugal innovation, proactive business model, low risk/ high speed innovation, 5 integrated innovation. Customer based innovation is all about finding new and more insightful ways to get indulged with potential customers and making intense relationship with them. Customer based innovation is mainly carried by achieving total customer experience along with heavy concentration on the emotional aspect to understand their customers. On the social networking sites provide ultimate customer satisfaction by communicating them through an open platform and helps to increase the B2C and B2B commerce model for the business growth. Frugal innovation refers to that approach where market expansion heavily relies upon developing innovation for the needy people or to the people with less income, these people are taken as the starting point to offer innovation and then focus are given for the applying and distributing them in a industrial markets. While author is talking about the business model innovation, he has defined some key points to capture the strategy and operations to form innovative business models.High speed or the low risk innovation is focused upon the reducing time to market products and instigate the speed of product cycle those do not have the possibility to slow down within next 10 years. On the other hand integrated innovation takes place, when the new plan or the idea for the development of new product are applied practically not only to increase the revenue but also to increase the competitiveness within the industry.On the other hand to have a bright future of innovation management every expertise in the organization required updating their knowledge of their particular domain and they need to give training to their subordinates also. While we are talking about the future of innovation management, it has become a part of the process to have strong infrastructure when an organization is dealing with some kind of changes in the field of change management, incident management and problem management. On the other hand not only the adaptation of innovative approach can bring the change towards positive outcome, but it is also required to have proper planning to execute overall task.

 

Background:

In this documentI will be presenting my viewpoint supporting author’s 5 steps of making future of innovation management (kearney, 2015). Numbers of technologies are evolving now a day to facilitate the future of innovation management. No doubt, for the growth of revenue and to have accurate outcome, it became necessary for almost all of the organization to welcome innovation in their tools and methodologies across the organization. Hence it became possible for organizations nowadays to take more customer centric decisions being aware about their preferences (Abbasi, 2015). On the other hand use of more advanced tools and methodologies has indulged havoc use of internet across the organization. Use of internet along with the concept of client server model has allowed handling numbers of task within the organization taking less amount of time. On the other hand use of security mechanisms along with the touch of innovation has introduced less number of risks while accomplishing a task (Annanperä, Liukkunen and Markkula, 2015). Sometime organizationstake number of steps to introduce innovative approach to accomplish a task. Managers or the higher authorities in organization look for the appropriate situation and make their employees convinced about why some innovative approaches are needed and moreover what is the purpose of innovation management. On the other hand to have a bright future of innovation management every expertise in the organization required updating their knowledge of their particular domain and they need to give training to their subordinates also (Barczak, 2012). While we are talking about the future of innovation management, it has becomea part of the process to have strong infrastructure when an organization is dealing with some kind of changes in the field of change management, incident management and problem management. On the other hand not only the adaptation of innovative approach can bring the change towards positive outcome, but it is also required to have proper planning to execute overall task (Bergendahl and Magnusson, 2014). It is required for owners of an organization to understand the life time of those innovative approaches, that how long these changes can serve desired service to customers. Sometimes managers eliminate the different management level controls and broaden the region of access of rights, methods and tools but within certain span of time all the expansions narrowed down. To overcome this situation it is required for the managers to focus on the root cause of the problem rather than only count of problems, higher authorities should focus on the capstone rather than corner stone. All the required information those are available in hand must be used to find the cause behind the use of the innovation driven solution (Bicen and Johnson, 2015).

Literature Review:

Birkinshaw&Hansen (2007) both the mentioned that there is no explicit solution to improve innovation in an organization. Both of them have mentioned that to have a grip for the end-to-end view of the innovation while identifying their innovation efforts and weakness and some best practices based on innovation to find out the deficiencies. As per the Birkinshaw&Hansen (2007) believe that it is required for managers to focus upon the weak points to strengthen those points. According to them Idea-poor companies generally fail to copy the quality links and potential networks those are outside of their departments (Bitpipe.com, 2015).

Hamel (2006) have sated the fact that over past 100 years, innovation management have performed all the companies to go through the performance thresholds.

 

According to the Prather (2010) the working climate that the leaders create is considered as the one of the biggest to govern the success of the whole organization towards the innovation effort. In order to offer right approach towards the innovation, it is required for the leaders to make their employees more involved and encourage taking challenges. Prather have shown that an innovation needs quality input from employees for decision making purpose (Brexendorf, Bayus and Keller, 2015).

Getz & Hamel (2004) has also suggested the need of goal oriented midterm innovation to understand how the company is pursuing the success. According to them a company need to go deep down to bring out the innovative idea that can focus upon changing customer behaviours and expectations, changing the base of getting advantage from the competitive market and last of all it is required to change the industry economics. For example, employees of whirepool are required to go through some courses those are mandatory to understand the fundamentals of business innovation (Caniëls and Rietzschel, 2015).

A study by Mane&Cerenkov in the year of 2005 has shown the importance of strategic innovation and executive cultural intelligence and concept of merging them.

In the year 2003, Chesbrough have argued that isolationism allows innovation. On the other hand open innovation is an approach that allows tools such as joint ventures, licensing and other strategic benefits that will allow trading for free and allow new ideas to flow (Chen, Zhao and Wang, 2015).

Hamel (2006) believes that innovation management is more than any kind of innovation that allows companies to cross new performance thresholds and allow finding new solutions to overcome 230 years of indigenous disadvantage that will need to turn back from the traditional approach of managing principles, practice and processes (Eagar, 2011).

Garnier(2008) believes that it is much more required to give back the power to the researchers by identifying the research and development into small to highly focused group lead by the people who are the leaders in their scientific fields and can guide and encourage their team to gain the vastness (Von Stamm and Trifilova, 2010). For example, GSK set the example by breaking the organizational pyramid into collection of highly concerned centres to provide the excellent design to improve the transparency, to increase the speed of decision making to emphasis the essence of innovation (Faridian, 2015).

As per the Baum (2006), innovation culture can be seen in the corporate world where businesses have their survival chances as they are producing products and giving services that are more reliable and customer centric than their competitors. While research and development results improve new products and services on the other touch of innovation make the product or services truly different from competitors’ product and let customers live better (Fay et al., 2014).

Newman, in the year of 2009 has put forth the acronym CREATIVE to develop an innovative research and development culture. CREATIVE stands for Customer-focused, Risk-tolerant, Entrepreneurial and Alignment with strategy, Technological and scientific excellence, Innovative, Virtual organization and Execution. At prior stage establishing innovative culture is challenging as long term task cannot be done with the help of only single program (Galbraith, 2015).

 

As per the Ulwick (2006) the traditional approach of asking customers for solution can weaken the innovation process as listening too closely can lead to the tendency for the incremental improvements rather than bold, customer keep asking for the missing features rather than concentrating on those products are already delivering preferred features, on the other hand customer do not need improved features (Gassmann, Enkel and Chesbrough, 2010).

While critical factors are concerned with respect to innovation of public goods in research organization, or the need of innovative goods at corporate sectors starts with the process of embedding innovation as the main value of within the organization. Organizational innovation is the consistent process that is spread across the organization (Souto, 2015).

Critical analysis from my viewpoint:

In this journal author has discussed five key steps for innovation. Though there are numbers of arguments to have been represented with all the necessary facts that can reflect the future of innovation management. It is obvious that the use of customer based innovation is much more liable as it helps to retain the existing customer and also helps to attract new customer. Now a day almost every organization is adopting online presence for better customer acquisition (Goepel, Hölzle and zu Knyphausen-Aufseß, 2012). Even with recent technological trend it became possible for almost every organization to adopt numbers of tools and methodologies in order increase level of performance and to achieve good will for the organization. For example, use go analytics tools and other highly advanced software have made it possible to make customer profiling, these tools have helped an organization to know their potential customer and their respective buying behavior (Siemens.com, 2015). These analytics tools segregates or classify customers as per their buying behaviour, i.e. what are the product ranges they are using, what are pair of products they choose most of time. On the other hand these analytics tool store fetches data from online forums or open blog, wherever organization’s link is associated (Innovation C-Scape: Looking to the Future: Gary Smyth, 2015). After fetching those data using mining tools organization segregates their customers and generates advertisement for more upcoming new range of products of customers’ preferable brand using short messaging services and also let them create their own account on company’s website and send some product suggestion of their preferable brand in respective customer’s account and give them updates regarding promotional pricing, value added services and all (Karlsson and Stetler, 2015). On the other hand these organizations now a day there are some tools to grow revenue across the organization. For example, use of RFID tags.RFID system allows tracking the physical location of products that in other term provide security and helps to estimate the shipping cost. Incorporation of RFID chips helps in effective supply chain management. On the other hand havoc use of internet has made it possible to have smooth flow of information among different parts of the organization. In the prior stage when a company start blooming, that is where they end up due to their low capacity of execution of their planning and lack of proper flow of information. With the time and gradually increasing ear of internet, it has become possible to connect different parts of organization and allows smooth flow information (kearney, 2015). For example, different parts of an organization nowadays are connected with the help of router, switch and through the wireless and wired medium. A CIO or chief security officer is responsible for smooth flow of the information and network administrator plays an important role to provide the utmost connectivity among different part of the organization located at different geographic location and advises security practitioners to impose hardware and software level security to restrict the unauthorized access from the remote location or being present in front of the system (Koren and Palcic, 2015). Even most of the organization do believe in using the central repository of data or prefer a particular data centre that is responsible to take automatic insert, update of organizational data, business data. This central repository in an organization is connected with several terminals within the organization. Central data repository fetches data from each and every terminal across the organization. This model is also known by client server model where a personal computer act as a server computer and other system connected to it are known as client system (Little, 2015). This client send request or data to server computer and request for access of some system resources, server system grant request of legitimate client user and the client system sends acknowledgement. Based on financial background and processing capabilities, some of the companies use big data technology nowadays (Service and McEwen, 2015). With growing density of the population, it became challengeable foralmost every organization to retain customer and business data and making use of those data in an effective way.  Managing data in an effective way provides an opportunity for knowledge management. Knowledge management provides the interface to classify data as per the similarity and allows customer profiling.On the other hand it provides managers and higher authorities to take effective customer centric decisions that can instigate profit for the organization and also can retain customers (Mariano and Casey, 2015). Using this knowledge management task, different data mining techniques have been introduced. For example, use of association rule mining techniques helped a lot to find customers’ buying behaviour that shows selling rate of particular product or the pair of products those are getting sold in a frequent rate. On the other hand almost every organization is heavily relied upon their online presence and provides opportunities for customers to rate products as per their satisfaction. On the other hand online presence of an organization provides organizations’ strategy to promote their products online and rating of particular product with respect to similar product under another brand or company indicates the most successful strategy across the industry (Matzler et al., 2014).Online market of organization has introduced the different e commerce strategies to reach their customers and allow their customers to compare and contrast among different brand by viewing their ratings and feedback of the existing customer. Hence customers do not require to shop by being present physically in the store. Even use of Google Adword has become a blooming trend across the organization to increase the revenue by every click for viewing product specification or different pages related to the official website of the company (Meifort, 2015). With the innovation of number of machine learning tools and methodologies across the organization, AI tools are evolving. These AI tools gather knowledge from the user given data about the problem and the solution also at the primary stage, later these AI tools automatically give suggestions on what should be done if there after giving some information about the present solution. Most of the organisations nowadays use some IT solution that provide the ITIL based iET ISTM solution that provide the ultimate solution by profiling problems to be addressed by the right level of management. On the other hand, ITIL based iET ISTM solution provide the inter-domain routing and intra-domain routing of network among the different department of employee and keep updating the activity log. There are process analyzer are attached with the system that are used to analyze the root cause of a particular problem (Nieves and Segarra-Ciprés, 2015). These kind of IT solutions are used to handle different solution as per their priorities as at a time there are numbers of problems take place from different department. These kinds of solution provide desk level assistance to all of the employees on daily basis. Hence with the touch of innovation and with an effective innovation management it became possible for almost every organization to venture their business across different geographic location (Parsons, 2015).On the other hand to have a bright future of innovation management every expertise in the organization required updating their knowledge of their particular domain and they need to give training to their subordinates also. While we are talking about the future of innovation management, it has become a part of the process to have strong infrastructure when an organization is dealing with some kind of changes in the field of change management, incident management and problem management. On the other hand not only the adaptation of innovative approach can bring the change towards positive outcome, but it is also required to have proper planning to execute overall task (Reid, Roberts and Moore, 2014).

 

Conclusions and findings:

To increase revenue and to give the proper working environment, numbers of technological tools are in use. Other than all of these tools and methodologies numbers of approaches have been mentioned in the case study, those are, Customer based innovation, frugal innovation, proactive business model, low risk/ high speed innovation, 5 integrated innovation.Sometime organizations take number of steps to introduce innovative approach to accomplish a task. Managers or the higher authorities in organization look for the appropriate situation and make their employees convinced about why some innovative approaches are needed and moreover what is the purpose of innovation management. On the other hand to explore the field of innovation management every knowledgeable person within the organization requires updating their knowledge in their own domain of knowledge and they should provide training to their subordinates. Being concerned about the future of innovation management, it has become a part of the process to have strong infrastructure when an organization is dealing with some kind of changes by incorporating innovative methods and tools. On the other hand not only the adaptation of innovative approach can bring the change towards positive outcome, but it is also required to have proper planning to execute overall task. For example, with recent technological trend it became possible for almost every organization to adopt numbers of tools and methodologies in order increase level of performance and to achieve good will for the organization. For example, use of analytics tools and other highly advanced software have made it possible to make customer profiling, these tools have helped an organization to know their potential customer and their respective buying behavior. As a critical factor we can say that innovative goods production and supply starts with the process of embedding innovation as the main value of within the organization. Organizational innovation is the consistent process that is spread across the organization. Beside all these of these organizational requirements, it is required to lead employees towards the innovation management process by motivating them and giving them proper guidance towards the innovation management processes.

 

References

Abbasi, E. (2015). Trends and Future for Enterprise Integration.International Journal of Innovation, Management and Technology, 6(1).

Annanperä, E., Liukkunen, K. and Markkula, J. (2015). Innovation in Evolving Business Ecosystem: A Case Study of Information Technology-Based Future Health and Exercise Service. International Journal of Innovation and Technology Management, p.1550015.

Barczak, G. (2012). The Future of NPD/Innovation Research.Journal of Product Innovation Management, 29(3), pp.355-357.

Bergendahl, M. and Magnusson, M. (2014).Creating Ideas for Innovation: Effects of Organizational Distance on Knowledge Creation Processes.Creativity and Innovation Management, 24(1), pp.87-101.

Bicen, P. and Johnson, W. (2015). Radical Innovation with Limited Resources in High-Turbulent Markets: The Role of Lean Innovation Capability. Creativity and Innovation Management, 24(2), pp.278-299.

Bitpipe.com, (2015).The Future of Innovation Management: The Next 10 Years. [online] Available at: https://www.bitpipe.com/detail/RES/1328031157_402.html [Accessed 23 Jun. 2015].

Brexendorf, T., Bayus, B. and Keller, K. (2015).Understanding the interplay between brand and innovation management: findings and future research directions.Journal of the Academy of Marketing Science.

Caniëls, M. and Rietzschel, E. (2015).Organizing Creativity: Creativity and Innovation under Constraints.Creativity and Innovation Management, 24(2), pp.184-196.

Chen, J., Zhao, X. and Wang, Y. (2015).A new measurement of intellectual capital and its impact on innovation performance in an open innovation paradigm.International Journal of Technology Management, 67(1), p.1.

Eagar, R. (2011). The Future of Innovation Management: 5 Key Steps for Future Success | Innovation Management. [online] Innovation Management. Available at: https://www.innovationmanagement.se/2011/10/25/the-future-of-innovation-management-five-key-steps-for-future-success/ [Accessed 23 Jun. 2015].

Faridian, P. (2015). Innovation in Public Management: Is Public E-Procurement a Wave of the Future? A Theoretical and Exploratory Analysis.International Journal of Public Administration, pp.1-9.

Fay, D., Shipton, H., West, M. and Patterson, M. (2014). Teamwork and Organizational Innovation: The Moderating Role of the HRM Context. Creativity and Innovation Management, 24(2), pp.261-277.

Galbraith, B. (2015). 9th European Conference on Innovation and Entrepreneurship: ECIE2014. 1st ed. [ebook] Available at: https://books.google.co.in/books?id=YU7tBAAAQBAJ&pg=PA383&lpg=PA383&dq=the+future+of+innovation+management+the+next+10+years&source=bl&ots=0zu6zJkEYL&sig=QqooWsq15XM9hnKqTs3NKDva1ow&hl=en&sa=X&ei=FD6JVea7JMe8ugSel6pw&ved=0CE4Q6AEwBg#v=onepage&q=the%20future%20of%20innovation%20management%20the%20next%2010%20years&f=false [Accessed 23 Jun. 2015].

Gassmann, O., Enkel, E. and Chesbrough, H. (2010).The future of open innovation.R&D Management, 40(3), pp.213-221.

Goepel, M., Hölzle, K. and zuKnyphausen-Aufseß, D. (2012).Individuals’ Innovation Response Behaviour: A Framework of Antecedents and Opportunities for Future Research. Creativity and Innovation Management, 21(4), pp.412-426.

Graner, M. and Mißler-Behr, M. (2015).Method Application in New Product Development and the Impact on Product Success.International Journal of Innovation and Technology Management, p.1550019.

Innovation C-Scape: Looking to the Future: Gary Smyth. (2015). Research-Technology Management, 58(1), pp.64-64.

Karlsson, A. and Stetler, K. (2015).Frequency Versus Effect — Obstacles to Innovation and Their Relationship to Innovation Self-Efficacy.International Journal of Innovation and Technology Management, p.1550025.

kearney, A. (2015). Innovation Management. 1st ed. [ebook] Available at: https://www.atkearney.com/documents/10192/23b911ad-0067-4c30-8fc0-c57ac7d1eef5 [Accessed 23 Jun. 2015].

Koren, R. and Palcic, I. (2015).The impact of technical and organisational innovation concepts on product characteristics.Advances in Production Engineering & Management, pp.27-39.

Little, A. (2015).Arthur D. Little - Publications: Prism Articles. [online] Adlittle.com. Available at: https://www.adlittle.com/prism-articles.html?&view=379 [Accessed 23 Jun. 2015].

Mariano, S. and Casey, A. (2015). Is organizational innovation always a good thing?.Management Learning.

Matzler, K., Veider, V., Hautz, J. and Stadler, C. (2014). The Impact of Family Ownership, Management, and Governance on Innovation.Journal of Product Innovation Management, 32(3), pp.319-333.

Meifort, A. (2015). Innovation Portfolio Management: A Synthesis and Research Agenda. Creativity and Innovation Management, p.n/a-n/a.

Meifort, A. (2015). Innovation Portfolio Management: A Synthesis and Research Agenda. Creativity and Innovation Management, p.n/a-n/a.

Nieves, J. and Segarra-Ciprés, M. (2015).Management innovation in the hotel industry.Tourism Management, 46, pp.51-58.

Parsons, R. (2015). The impact of age on innovation.Management Research Review, 38(4), pp.404-420.

Reid, S., Roberts, D. and Moore, K. (2014).Technology Vision for Radical Innovation and Its Impact on Early Success.Journal of Product Innovation Management, 32(4), pp.593-609.

Service, R. and McEwen, J. (2015). Innovation Creates the Future when it Exemplifies Clear Strategic Thinking over Reacting to Presenting Complaints. SMQ, 3(1).

Siemens.com, (2015).Innovation Management: Investigating Future Trends. [online] Available at: https://www.siemens.com/innovation/en/home/pictures-of-the-future/research-and-management/innovation-management-pictures-of-the-future-method.html [Accessed 23 Jun. 2015].

Souto, J. (2015). Business model innovation and business concept innovation as the context of incremental innovation and radical innovation.Tourism Management, 51, pp.142-155.

Von Stamm, B. and Trifilova, A. (2010).The Future of Innovation.Farnham: Ashgate Pub.

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