Innovation (Essential Managers)

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2. The Business Imperative

Innovation is often a technological change that outperforms a previous practice. To lead or sustain with innovations, managers need to concentrate heavily on the innovation network, which requires deep understanding of the complexity of innovation. Collaboration is an important source of innovation.

Woody Wade: "Scenario Planning" - Thinking Differently about Future Innovation

Innovations are increasingly brought to the market by networks of organizations, selected according to their comparative advantages, and operating in a coordinated manner. When a technology goes through a major transformation phase and yields a successful innovation, it becomes a great learning experience, not only for the parent industry but other industries as well. Big innovations are generally the outcome of intra- and interdisciplinary networking among technological sectors, along with combination of implicit and explicit knowledge.

Networking is required, but network integration is the key to success for complex innovation.

The Why, What, and How of Management Innovation

Social economic zones, technology corridors, free trade agreements , and technology clusters are some of the ways to encourage organizational networking and cross-functional innovations. Antonio Hidalgo and Jose Albor proposed the use of typologies as an innovation management tool. These typologies were found by looking at 32 characteristics [11] that classify Innovation Management Tools. Hidalgo and Albors were able to narrow the list down to 8 criteria knowledge-driven focus, strategic impact, degree of availability, level of documentation, practical usefulness, age of the IMT, required resources for implementation, measurability , that are especially relevant for IMTs in the knowledge-driven economy knowledge economy.

The advantage of using typologies is the easy integration of new methods and the availability of a broader scope of tools. Criteria for selection of tools: IMTs that were sufficiently developed and standardized, that aimed to improve the competitiveness of firms by focusing on knowledge and that were freely accessible on the market and not subject to any copyright or licensing agreement. In economic theory, the management of innovation has been studied by Philippe Aghion and Jean Tirole According to this theory, the optimal allocation of property rights helps to alleviate the hold-up problem an underinvestment problem that occurs when investments are non-contractible.

In contrast, Aghion and Tirole argue that in the relationship between a research unit and a customer the parties might not agree on the optimal ownership structure, since research units are often cash-constrained and thus cannot make up-front payments to customers.

Innovation management - Wikipedia

From Wikipedia, the free encyclopedia. Business administration Management of a business Accounting. Management accounting Financial accounting Financial audit. Business entities. Corporate group Conglomerate company Holding company Cooperative Corporation Joint-stock company Limited liability company Partnership Privately held company Sole proprietorship State-owned enterprise. Corporate governance.

The Five Bases

Annual general meeting Board of directors Supervisory board Advisory board Audit committee. Corporate law. Commercial law Constitutional documents Contract Corporate crime Corporate liability Insolvency law International trade law Mergers and acquisitions. Corporate title. Commodity Public economics Labour economics Development economics International economics Mixed economy Planned economy Econometrics Environmental economics Open economy Market economy Knowledge economy Microeconomics Macroeconomics Economic development Economic statistics.

Team leaders often begin innovation efforts by looking at themselves, thinking that if they as an individual become more creative, these skills will somehow translate to their team. Fortunately, there are many resources available on developing these capabilities. Volumes have been written on the acquisition of creativity skills, and adult education courses on the subject abound.

Should Innovation Be an Important Element in Your Workplace?

Organizational development consultants can be cost effective, and some large consulting companies have years of experience and powerful techniques in the area. A web search will identify many of these resources. This is probably the most important and, in my experience, under addressed base.

A strategic vision is necessary in which innovation is a must have, not a nice to have. Otherwise innovation is just another initiative du jour. The financials must confirm the necessity and show that you will not be successful in the long term without innovation. In establishing and articulating this imperative, managers must be explicit, because the territory is generally unfamiliar. Some strategy consulting firms have been effective with this task. The backbone of the classic process for new product innovation begins with the marriage of a market need with a technical solution and ends with stable manufacturing and profitable sales.

There are often weak or broken links; in many cases, these shortcomings are so burdensome that they kill off any innovation before it can flourish. Other types of innovation, for example creating and implementing a new manufacturing line, require different processes, many of which may be absent or significantly flawed. In most areas in which you want to foster innovation, there are one or more associated processes suited to obtaining those goals. Sound organizational systems and designs are also essential for innovation. There are no universally effective designs; instead, there are those specific to the organization, industry, or technology.

For example, in some industries, it is better to separate basic research from product development; in others, it is better to integrate the two. Some organizations set up standing committees to drive innovation, while others do not do so and are equally successful. What works in one organization is laughed at by another, and both can be correct. Beneath all these examples there remains one simple point: Poor design can cripple or kill innovation. Soft structures are as important as the hard ones. One example would be a compensation system that penalizes people for risk taking; another would be social norms that discourage collaboration between marketing and technology.

The list is endless, and while you need to create new structures, more often than not you also need to either alter or destroy the old ones. With each of these three areas, there are no panaceas or rote steps to take, but with awareness of what they impact and some careful thought, the right approaches can be uncovered and put into place.

Most firms benefit by doing an assessment of the current strategy and the nature of the innovation requirement.

DK Essential Managers: Innovation

Does that requirement meet the criteria in Base 2 above? Are all the innovation processes present and functioning? Are the required structures sound? Once the assessment is complete, the holes below the waterline will be revealed. It becomes straightforward to monetize the costs and implied benefits of change, and then prioritize and identify the appropriate next steps.

If you address the first three bases, you will innovate more, but you will not necessarily be innovative. Without covering the remaining two bases, innovation will require a great deal of effort, and you will fail more frequently than you need to. To play at the top of your game, you also need a Mindset and Culture that welcome innovation and leadership.

Senior management can successfully direct subordinates to behave in more innovative ways and consequently see positive results. When a new idea dawns, the innovator takes the first steps to test it. It is much the same for an innovative organization.

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People are on the lookout for ways of improving, and when they discover them, they take those ideas to the next level for testing. A recent study by the Project Management Institute PMI that tracked the project performance of companies worldwide in found that a lot of projects suffer from scope creep and are deemed failures as compared to the previous year.

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PMI gathered insights from over 5, project management professionals in terms of project cost, schedule, and scope. It believes that the unfortunate reality in project management can be due to new changes in how work is being done amid new technological advances disrupting all industries. The need for new skills and new ways to simplify the project management process are thereby deemed essential for businesses to remain competitive. A PMS provides businesses of all sizes a solution to keep their operations organized while they juggle multiple tasks.

A wide range of project management solution is available in the market, including cloud-based apps that you can access anytime and anywhere. While each of them has its own strengths, they all share standard functionalities that every business can appreciate and use them according to their needs.

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