In today’s competitive business world, organizations are constantly struggling to generate a competitive advantage over others in order to sustain their future growth. Companies are facing fierce competition from local as well as international organizations due to globalization and digitalization. In fast pace and rapidly changing industries, corporations rely on an innovative approach to generate and maintain their competitive advantage. Incumbents in industries are threatened by challengers because they use innovation to create a competitive advantage over them. In order to stay relevant and match industry demand, corporations invest in new technology to ensure that they satisfy customers’ requirements and improve their operations. Along with the popularity of internet which is fueled by the growth rate of smartphone users, the popularity of open data has grown as well. Open data is referred to an idea which provides that some data should be freely available and accessible to everyone to republish Continue reading
Modern Management Concepts
Creativity and Innovation in Organizations
Creativity and Innovation are two very inter related concepts, however have subtle differences. Creativity can be understood as the ability to act or think in new or novel ways, while innovation and invention are two types of creativity. Innovation is the ability to implement creativity in something that already exists, while invention is the usage of creativity to make something new. Experts often Creativity and Innovation are two very inter related concepts consider creativity as a sort of ‘muse’ for the team or individual, or a source from which concepts or ideas emerge, possibly in an unpredictable or haphazard way. Creativity is often associated with three aspects, namely: problem solving, imagination and struggle. Imagination can involve aspects such as spontaneity, unconventionality, giftedness or intuition, while problem solving can involve intellect, organization and skills, and struggle implies that creativity can be a difficult process of extracting ideas through struggle. Creativity is Continue reading
Business Innovation – Unveiling the Innovation Radar
Business innovation has been defined as the building of substantial new value for customers and the organization by creatively changing one or multiple dimensions of the business system. This definition leads to three important characterizations of business innovation. Business innovation is all about new value and not something new: Innovation is relevant if it only is creating any value for the customers and simultaneously for the firm. Therefore, creation of anything new is neither important or enough for business innovation. Customers are the only ones who make sure of the importance of any innovation by contributing to it. There is no difference made by an organization’s thought process regarding it. What actually matters is if the customers will at all pay or not. Business innovation comes in different forms: Innovation can happen on any dimension inside a business system. As an instance, the Home Depot Inc., innovated by targeting those Continue reading
The Role of Knowledge Management in Innovation
The economies all over the world are driven by knowledge and innovation, and both these go hand in hand. Since the knowledge is responsible for producing endeavor’s to take the advantage of ideas, data and the technologies, to make the organization’s improve their working and gain the competitive advantage that everybody longs for. Knowledge management is a developing body of management, that comprises of the collaboration and analysis of tools, methods, techniques and the values that the organization’s can make use of, for creating, developing and applying the knowledge. They also make use of it for getting a return on the intellectual assets of the organization. For this, the organization’s need to continuously adapt to the ever changing and evolving business environment, and minimize the time that is taken for the development of a product till it reaches the hands of the customers. This requires the ability of problem solving Continue reading
Critical Constraints that Act to Impede Adaptive Innovation in Organizations
Innovation in organization’s is done to ensure that the products and services provided by a company are unique from its competitors. The uniqueness of the products and services can help an organization gain a competitive advantage in the market. Organizational innovation has certain advantages that can be used for increasing revenue and reputation. One such advantage is the fact that the employees working in the organization can be skillful and develop creative knowledge about the manner in which they can approach the activities of an organization. The employees that can help the organization’s to increase its productivity and efficiency can gain more than one skill and competence. However, some experts countered the process of innovation stating that the weakness of innovation includes the fact that changes in organization’s need to be made for the implementation of innovation. These changes can be negative for the employees in a way that disruption Continue reading
The Jugaad Approach to Innovation
The term ‘jugaad’ signifies the importance of implying the innovation process in the workplaces. This helps the organizations to be innovative in their working zones and inspires them to bring in the changes that will be elemental for their success. The concept of ‘jugaad’ is a very important one in the Indian managerial practices. This certainly means the approaches to innovation. This is a Hindi word and this reflects how the innovation practices could lead to the success of the organizations. In India, the workplaces are totally constrained with the diverse workforces. The harsh problematic situations should be overcome by the innovative approaches within the organization and effective solutions should be addressed despite having very limited resources. There have been all kinds of lacks in India regarding the resources, proper workforce, training of the employees and many other things. However, the services cannot be stopped in spite of these problems. Continue reading