The innovation management efforts adopted by organizations and businesses are through new techniques and paradigms that serve existing and new markets efficiently including those with new and modified products and/or services. As part of radical innovation, the innovation management methods should consider global trends in planning for future contexts as well as products and services. The classification of drivers for innovation involves ... ... middle of paper ... ...ss is differentiating through balancing the ideas with certainty. It involves consideration of what makes the new product and/or service competitively unique and what it seeks to achieve in the lives of customers. The final process is using the innovation to enhance every aspect of the organization or business and not solely improving the product or service through taping brand equities and reinterpreting.
1. Introduction Knowledge management and innovation are interconnected. Good knowledge must be codified, combined and shared in order to achieve innovation. “Innovation distinguishes between a leader and a follower”, a quote made by Steve Job. Indeed, successful and unique innovation allows organization to stay ahead of competition, and allow them to be the market leader to shape the future of the industry.
According to Flynn, Doodley & Cormican (2003) innovation is an intentional introduction and application within organizations new ideas, process or procedures which is basically designed and adopted to significantly benefit the organizations or the society at large. Innovation may occur in product, process, market, design or services (Otero-Neira, Lindman, & Fernandez, 2009). Human resource management refers to any policies, practices and systems that are able to influence the behavior, attitudes and performance of employees (De Cieri, et al. 2008). Some of firm-specific factors that influence innovation are organizational design, management style and human resource management and strategy.
This study highlights the key role that both organizational innovation and technological innovation play in enhancing organization's competitive advantage, which reflects on organizations' performance. The core knowledge behind the aim of this study
Innovation is coming up with a new idea and turning it into an effective process, a new product or service. The implementation of creativity and innovation in business is likely to incorporate success and help you stand competitiveness in the market. Innovation can be referred to as something new or introduced differently and has impact on market or society. Organizations need development first to keep presence in the market, and second to be competitive. There are a lot reasons why you need innovation in your business.
Change and innovation has become one of the basic concepts in the modern organizations. An organization’s competitiveness is determined by its desire to embrace innovation or introduction of new and/or modified products in the market. Managers of the top performing organizations manage them in such a way that they are able to derive maximum gain from its human and technical resources though prompt and effective responses to the business challenges identified. Maximum utilization of the human resources implies that the company must be able to exploit the skills as well as the imagination of the personnel in order to promote innovativeness from all dimensions of the organization. Through this process, an organization will be in a place itself in a position that effectively promotes continued innovation of new products and services for the market.
1).Innovation Management:Innovation Management is the form of looking into future, of being creative, imaginative .It is used in the growth of product and also organizational innovation. It also includes tools which allows higher management & engineers to communicate with basic understanding of goals and its processes .Its main focus is to allow the organization to react quickly occurring within an organization, using its efforts to implement new ideas or its products. It also involves persons in contributing to the development of the companies manufacturing and also its marketing. Through development also innovation process can be done. There are two types of process involved in innovation management one is pulled and the other is pushed.
However, innovation activities are not only created by solitary geniuses, but also products that generate succeed on collaboration, a free exchange of ideas and regular interactions with customers and other stakeholders. The purpose in this report is to explain the innovation and growth, which is separated into two parts. Firstly, explaining the co-creation activities and then demonstrate through case study. Secondly, explaining the innovation performance in TORAY chemical industries and also shows the keys indicator that how TORAY chemical industries has been able to innovate to achieve sustained growth. Question one: Co-creation activities Co-creation activity refers to the emerged or co-operate as a business between company and end users.
Strategic management is concerned with a set of decisions and actions intended to improve the long-run performance of an organization (Boddy, 2009). It draws from the company’s will to adapt and survive in varying external and internal environments. Strategic management incorporates rationalization, planning ahead, setting clear goals, designing logical structures and monitoring systems for efficiency. It helps to determine a model of investment of resources, time, effort and capital. Thus it is a plan to reduce uncertainty about the future and to choose viable and potential solutions for growth.
For Bessant e Tidd (2009), the theory around innovation process (i.e. Cooper’s stage-gates) were developed based on technological innovations, particularly from the industrial sector. This article adopts the concept proposed by the Innovation Report (DTI, 2003) which define innovation as a successful exploration of new ideas, involving new technologies or applications and its importance to product and service generation, new production process, more efficient or cleaner business models. Other authors classify innovations according to its intensity, as basic, intermediate incremental, advanced incremental, architectural or radical (FIGUEIREDO, 2009). This differentiation is useful for organizations as they can model its internal processes and allocate its resources depending on the innovation type (BAGNO, 2014).