With all the growing businesses in the world, it is important for leaders to always maintain an effective structure during the innovation process. To initiate the innovation process, experts have suggested that business owners should first establish the structure of innovation architecture. Through innovation architecture, leaders of businesses will design strategic plans in which portfolios are created that consist of diverse alternatives or potential action paths that will grow the company and set them above their competitors (Skarzynski & Gibson, 2008). Upon taking into consideration these insightful definitions and processes of innovation architecture, I conducted an interview with a local businesses owner of who established a Pediatrics …show more content…
With that being said, I have been able to identify some significant challenges I could face when it comes to suggesting and seeing innovations through in organizations. Some challenges that I believe I could face with innovation are ensuring that my team has developed high quality ideas. Also, I believe a major challenge that I may face is innovating a product or service that meets the needs of a local customer base. According to research, one of many reasons why innovations fail is due to, “Inadequate customer focus – or even innovation rejected by customers” (Balmaekers, 2013, p. 1). It is important to remember as an innovator that all individuals are unique in what they want and so it is imperative that innovators perform adequate research of what the general customer is looking for in a product or …show more content…
Prior to the interview I did understand that innovation architecture is an effective way to map out the potential paths that a company can take to gain success and uniqueness, but I did not realize how in depth those innovative portfolios should be. With this interview my new understanding of the innovative portfolios should consume of as many ideas as possible that will put the organization toward the projected goal and gain a competitive advantage. With this acquired knowledge from the interview, I now understand how businesses will suffer without the effective ideation process that builds the innovation architecture. Furthermore, I understand fully of the importance of teamwork and collaboration while constructing the innovations that will build the companies
On the issue how to link his idea to his organization or business, Kerr simply collected and gained quick feedback and recommendation about how to present or make use of the idea or creativity to his sixty-five top executives in GE; he would assessed and examined his idea with his top management team first before link it to GE (Davenport et al). Davenport, Prusak & Wilson (2003) analyzed and claimed that getting instant comment or criticism is very critical and vital for a idea, as Kerr in his interview argued: “Gaining quick feedback and translating it into action and results is what advocating ideas is all about” (p. 207). In strategic planning, management must measure or evaluate the courses of idea and creativity or development and expansion to ensure they obtain the best and maximum returns from platforms (Davenport). In ideas and organizational management, feedback, criticism and suggestion not only could turn or develop into the guidance, objective and direction or target and focus of innova...
Tidd, J., & Bessant, J. (2011). Managing innovation: integrating technological, market and organizational change. John Wiley & Sons.
It takes those who have innovation in their hearts to drive them towards this goal. It is important that staff on the units take time to assess innovators and brain storm areas in which they can empower and motivate the others to follow. The culture and environment of units must be that of being willing to be open to change and new ideas so they can be assessed during initial meetings.
The way Walgreens is sending innovation through its stores may be modern, yet it is no sci-fi. Its genuine development that is to driving its aggregate change along such a variety of zones of its business and its being created progressively. The organization introduced a slash all-inclusive purpose of-scale framework over its whole store base ; started the rollout of a typical electronic restorative wellbeing record stage stores by 2013 presented as dedication system, Balance Rewards, information which will advise huge numbers of the human services offerings right now being developed. Driving this work for Walgreens is Tim Theriault, Senior Vice President (SVP) and boss data officer. Innovation can empower a decent involvement with minimal effort and permit our kin to focus on the most critical angle and that is dealing with the patient. (www.drugstorenews.com). Theriault in a wide –ranging with DSN sketched out four key ranges in which innovation is changing Walgreens
Leaders of any health care organization who strive to be successful must have an understanding of its external environment in which they operate. Leaders must be able to anticipate and respond to significant changes happening within the organization and be able to incorporate strategic thinking and strategic plans for the organization. Ginter (2013) states that organizations that fail to anticipate change, ignore external forces, or resist change will find themselves out of touch with the needs of the market, resulting in antiquated technologies, ineffective delivery systems, and outmoded management (p. 36). Understanding issues happening within the external environment is what makes up strategic thinking and strategic planning in the external environment analysis to determine the implications of those issues in the organization. Ginter (2013) implies organizations and individuals create change, therefore, health
Teece, D.J. (2010) ‘Business Models, Business Strategy and Innovation’, Long Range Planning, vol.43, issue 2-3, pp.172-194 [Online]. Available at: http://www.sciencedirect.com/science/article/pii/S002463010900051X [Accessed 24th November 2013]
Innovation has rapidly assumed a position of prominence in world competition on a global scale. To compete in this environment, organizations need a level of innovation. As competition becomes more global and time-based, organizations must develop and deliver new and superior products or services in less time. The challenge for modern organizations is to revitalize them so they can successfully and continuously develop newer products and enhance business development.
Innovation is defined as generation of new ideas or application of new ideas to existing situations to improve productivity, quality of care, and outcomes. Some of the principles of innovation are creative problem-solving; open, assertive communication to empower
The book has used peer-reviewed resources to enhance the use of professional approaches to innovation and management strategies by the readers who uses the book. The authors have given different management strategies and their practical application in business fields. As the title states, a strategy in business require innovative strategies for efficient development of the firm. More importantly, the book offers modern innovative ideas that need to be integrated with management strategies to develop modern businesses. The innovative approach provides a practical guide to the management strategies easing the execution of the strategies in the respectful environment. The book has given the strong relationships between innovation and strategies. These relationships are known to increase profitability in business organizations that use them efficiently. It offers how business managers can create successful value through innovation. Value creation in companies is done through examining untapped markets, clients ' needs and investing in new businesses. Therefore, this remarkable book helps readers in innovating and managing business
Kelley,T. (2005, Oct.). The 10 faces of innovation. Fast Company, 74-77. Retrieved 6th March’ 2014 from http://web.ebscohost.com/ehost/detail?vid=9&sid=1d6a17b7-c5f7-4f00-bea4 db1d84cbef55%40sessionmgr10&hid=28&bdata=JnNpdGU9ZWhvc3QtbGl2ZSZzY29wZT1zaXRl#db=bth&AN=18386009
The strategic plan is highly correlated to the fundamental success of an organization and offers detailed guidance for achieving the mission and vision. The St. Mark’s Hospital (STMH) administration and leadership created a three year strategic plan in conjunction with employee contribution and feedback. The mission, vision and goals have not changed throughout the years, but the strategic goals have altered over time to adapt to the ever-changing field of healthcare. The purpose of this paper is to discuss STMH’s goals, strategic thinking and key stakeholders, organizational-level strategy, competitive analysis, directional strategies, adaptive strategy, and value –added services.
Strategic renewal is another desired outcome of corporate entrepreneurship. The new economic order and business environment has created a pace of change which requires businesses to adapt more frequently and rapidly than ever before. The changes could involve corporate structure, mergers and acquisitions, addressing new market opportunities, changing product portfolios, repositioning, adapting infrastructure, or adopting new technology. Managers in an organization must be able to take stock of its situation under changing market conditions and agree on a coherent new strategy that will meet the challenges of the present as well as of the future.
The main objective of writing this paper is in practice, the management of innovative process takes into account the most important criteria that reflect the substance of innovation and arising directly from the definition of "disruptive innovation". Such criteria include the degree of novelty and substantive content.
Giesen et al. (2007) «Three ways to successfully innovate your business model», Strategy and Leadership, vol. 35, pp. 27 33.
One of the most integral qualities of an entrepreneur as well as that of a successful business is the degree of innovation it possesses. Innovation refers to the creation of new ideas, improvement of existing production processes, and effective problem solving. Innovation allows for increased efficiency in a business, which in turn increases its supply potential and productive capacity. Being innovative may involve either improving upon old methods o...