Innovation management is the process of planning, developing and executing the technological capabilities that can shape operational and strategic objectives of an organization. For the growth and profitability in business and management, innovation is the key to create efficient and world class performance in operations which is essential in today’s challenging business environment. The strategy in innovation involves addressing the culture, technology and processes as whole. Microsoft defines innovation as the process by which the evolved version of an idea is been adapted to get the best of the services for gaining a competitive advantage. The framework for Microsoft Innovation Management has five primary processes which leads to innovation this involves engage, envision, evaluate, evolve and execute. This framework involves the best practices that can shape the technology and improve the performance in management. The leading change in digital world requires the organization to have a better vision which ensures Continue reading
Business Innovation
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
Managing the Innovation Process
Innovation in nowadays is the most important competitive advantage for a company. The future of many businesses depends on their ability to innovate, to be ahead of their competitors. Organisations have to go through a process of practice, mistakes and to bring together different knowledge, skills and ideas to manage innovation process to success. The word innovation comes from the Latin word “innovare”, which means “to make something new”. Innovation is a deceptive thing. People usually relate it to a development of a new or better product or process, but it is only one part of process called innovation. Innovation is a process, which has to be established in the company for continued enhancement. In reality, a view of innovation as a single action can never make the company to succeed in the long run. There are two different types of innovation; radical and incremental. Incremental innovation consists of small Continue reading
Role of Innovation and Creativity to Enhance Entrepreneurship
Innovation is the process of translating invention or idea into a process, good or service that creates value for customers, government or organizations. Innovation also involve implementation of new or significantly improved product that creates value to the society. The idea must therefore satisfy a specific need in order to be regarded as innovative. The customers’ change in taste and preferences requires organization to generate new ideas that can be applied to processes, products and services to satisfy the needs and expectations of the customers. The innovation is prerequisite for business organization to create revolutionary products that create new markets. The scientific knowledge generated through experimentation studies has contributed immensely to creation of many things that has not previously been in existence. With this regard, organization need to allocate resources for research to stimulate innovation that increases competitive advantage. The IT industries producing electrical like phones, tablets, laptops and desktop Continue reading
The Emergence of Frugal Innovation
The old innovation paradigm was called closed innovation which was based on the strict control of successful innovation. Under this view, organizations generate their own ideas, develop them, finance them and support them on their own. In short, companies maintain complete control of all aspects of the innovation process and inventions are kept highly secretive. Traditionally many organizations followed this model and it worked well for most of the twentieth century. However, over the years a number of factors have led to the erosion of the closed innovation approach. First, due to an increase in the mobility and availability of highly educated people, large amounts of knowledge leave the research laboratories of many companies. Second, the availability of venture capital has increased significantly in the recent past making it possible for promising ideas and technologies to be further developed outside the organization. Third, other firms in the supply chain began Continue reading