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The role of innovation
Importance of creativity and innovation
Why innovation is important in business
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Innovation has been around for many years in different environments, for example the invention of the telephone or the first TV set. Innovation is an important area of study for many business leaders today. Business leaders are able to use innovation to be competitive. Innovation needs to be constantly monitored and researched in order for any business to remain competitive. “The trouble is that innovation involves a moving target-not only is there competition amongst players in the game but also the overall context in which the game is played out keeps shifting”, (Tidd & Bessant, 2009) Organisations should need have a suitable strategic innovation plan in place to remain competitive. According to Freeman and Soete, 1997 innovation is “the first commercial application or production of a new process or product”, (Smith, 2006) Innovation can be closely identified as the invention of a new product. However this is not the only type of innovation. There are others which include: Radical, Incremental, Process and systems innovation.
Innovation can be a process that has been redesigned to improve performance on a good or a service. This is known as incremental innovation. “Incremental innovation is general understood to exploit existing forms or technologies”,(Harvard business school press,2003)Intel`s Pentium processors over recent years are a good example of incremental innovation. Organisations use research and development laboratories to create new incremental innovations. Toyota has been able to use such labs to build and create new car manufacturing processes. Innovation in one of the world leading car manufacturers has been a vital part of the organisations success. “However, fewer people know that Toyota began with a stron...
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The Myths of Innovation by Scott Berkun completely changed the way I view creativity. I noticed that we all have creativity inside of us; it is by means of expressing our deepest desires and ideas that we display our creativity to others. Burkun destroys myth after myth about innovation, which had me ready to start inventing my first million dollar idea! Berkun outlines ways to tap into innovation and pulls from history to guide us into the future. His simple and common prose gave me courage to tackle the tough problems. I now feel as though I have a firm grasp on what it means to be an effective creator.
Market Analysis Product Design Product Design Selection Detailed Product Design Build Prototypes Field Test Prototypes Finalized Product Design Final Manufacturing Process Order Production Equipment Install Production Equipment Celebrate
Innovation is connected to the three strategies described above but it often involves more important changes to the product or service. As a strategy, it can imply the replacement of existing products with ones which are actually new, as opposite to correction and which imply a new product
Utterback, A. M. (1996). Mastering the dynamics of innovation. United States of American: Harvard Business Press
Anthony Heard StudentIDHE63071797 MGT245 Assignment 1 1. Briefly summarize Jewkes’s findings regarding the importance of the following factors in stimulating high-impact innovation: a. Individuals working alone vs. working in teams (minimum response: 200 words) According to Jewkes on the article, ‘Source of Invention’ individuals have played an important role in bringing about many innovations in technology. On the other hand, Jewkes also credits different small and large firms and groups who made it possible to have some vital inventions.
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.
Relatively rapid product development processes that allow for timely updating and release of new products
Hamel G. and Breen B. (2007). The Future of Management: Aiming for an Evolutionary Advantage (Management Innovation in Action). Harvard Business School Press.
...tegic innovation without any reservation. This concerns not only mimic innovation, but also expanding and growing it to a mass market.
Moore, G. A. (2004, Jul/Aug). Darwin and the Demon: Innovating Within Established Enterprises. Harvard Business Review, 82(7/8), pp. 86; pp. 7.
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
1997). By reviewing the literature on learning and innovation, we try to answer the following
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. Pushed process is the one in which the organization uses its technology to discover profitable applications. Pulled process is the one in which the focus is mainly in developing the efforts to find the solutions. There are two phases in innovation management .First phase includes design of the innovation and second phase includes the implementation. Internal bench marking can be established to measure the innovation. Managers should focus on ones attention on innovation cause to be necessary to infer something from information received on the complexity.
The main challenges in the manufacturing companies are in the following stage of product development.