Importance Of Innovation Architecture

The Importance of Innovation Architecture

Innovation is an extremely important piece of a successful business. Innovation itself is defined as “the process of translating an idea or invention into a good or service that creates value or for which customers will pay… [The] idea must be replicable at an economical cost and must satisfy a specific need” (Business Dictionary, 2017). Furthermore, when we look at the definition of the more specific innovation architecture, we learn that it is the process when a “company defines the three or four vectors of innovation along which it intends to transform its existing business model or reinvent the rules of its industry” (Skarzynski and Gibson, p. 151). Innovation Architecture can be thought of in terms

Starting broad and working down to a more detailed plan allows for a company to have a clear and succinct business model. Beginning with the managers and leaders, then working down to the employees allows ideas to flow south allows for innovation architecture to take full effect within a company. Apple, P&G, and Amazon have been able to capitalize on innovation thus leaving their competition in the dust. As an innovation architect, it is important to solve the problems of the customers and continually change the market.

References

Business Dictionary. (2017). What is Innovation? Retrieved from http://www.businessdictionary.com/definition/innovation.html

Hamel, G., & Tennant, N. (27 April 2015). The 5 Requirements of a Truly Innovative Company. Retrieved from https://hbr.org/2015/04/the-5-requirements-of-a-truly-innovative-company

Robischon, N. (13 February 2017). Why Amazon Is The World’s Most Innovative Company Of 2017. Retrieved from https://www.fastcompany.com/3067455/why-amazon-is-the-worlds-most-innovative-company-of-2017

Skarzynski, P., & Gibson, R. (2008). The New Innovation Challenge. Boston, Massachusetts: Harvard Business