Innovation Process - 1310 Words

Innovation Process In order for organizations to become successful or maintain an ongoing success, they need to accommodate any necessary changes needed while remaining on a competitive edge. With this known, companies such as Coca-Cola have easily shown their success by becoming the largest manufacturer, marketer, and distributor of nonalcoholic beverages by which the company has products sold in 200 counties world wide. In this paper Team B will identify and explain the four phases of the innovative process. Using Coca-Cola as the subject company, there will also be discussions on the applications of the innovative process and identifying the tools and techniques that can be found useful in the process. Finally, there will be†¦show more content†¦Communication is the key to successful creative innovation, and affords everyone the opportunity to become active. Using team collaborative methods is another technique found useful as this promotes speed and efficiency. Collaborative teams can make collective decisions relative to the innovation process, without the approval of a linear layered chain of command. This is a result of upper management communicating the strategic plan early, which affords the team autonomy to carry the strategic plan out. Incentives represent appropriate tools found valuable in the innovative process. Incentives constitute inspirational aspects of promoting innovation in an organization. Incentives boost creative thinking, increase the amount of ideas people come up with, boost morale and focus, and ensure star contributor retention. Coca Cola rewards its employees on taking risk and finding new ways to solve problems in the company. This is an â€Å"Act Like Owner† approach for the company. Evidence of incentives by way of positive payoff and reinforcement is one way to identify incentive based inspiratio n. Measuring Results and Ensuring Continual Improvement â€Å"As more and more companies see innovation at the heart of their growth strategy, it is not surprising that more and more companies also seek to identify ways to measure the impact of their innovation activity. The critical questions are, what to measure and how?† (Stamm, 2003,Show MoreRelatedInnovation Process Paper1066 Words   |  5 Pagesdiscuss the four basic phases of the innovative process and how the team will apply the innovative process to change the Greyhound bus lines the team has chosen to discuss. The team will also identify the appropriate tools and techniques to be used in this process and explain why they were selected and measure the results and what steps that Greyhound bus lines will take to ensure continuous improvement. Phases of Innovative ProcessThe innovative process was very influential in product development.Read MoreTechnological Process Innovation, And Production Management Innovation1358 Words   |  6 PagesProcess innovation, which means applying new or improved methods to the production process to increase productivity, are also implemented in Airbnb’s development strategies (). Process innovation covers a number of aspects, including technological process innovation, organizational innovation, supply chain innovation, marketing innovation, business model innovation, and production management innovation (). Airbnb has made some achievements in several fields, leading to its strong competitivenessRead MoreThe Innovative Process Of Innovation Essay977 Words   |  4 PagesThe Innovative process Important lesson learned from innovative process The innovation process is similar to evolutionary process. It is dynamically a process of improvement and adaptation that gives the organization ability to survive in a business environment and thrive. A good innovation process is proactive and not reactive and can have all or some of five elements; 1. Recognition or identification of a problem or opportunity that can be pursued. This is in terms of human aid provision. 2. InventingRead MoreProcess of Innovation and Change Management1783 Words   |  8 PagesMANAGING CHANGE AND INNOVATION BU5559 SUBMITTED BY EZIE, CYNTHIA C. SUBMISSION DATE 22 MARCH 2010 INTRODUCTION TO INNOVATION AND CHANGE Innovation is the process by which ideas are created, selected and implemented to bring about profitable change to organisations. Innovations come as a result of an identified need for organisations to change their current processes, activities or operations. Andriopoulos and Dawson (2009) explain that organisational change is ‘new ways of organizingRead MoreInnovation Planning And Design Process1275 Words   |  6 Pages Innovation Planning and Design Process Justyn Merlo MGT/411 7/24/15 Innovation Planning and Design Process Innovation starts with an idea in mind that creates new technology, processes, and products. In order to bring that idea to fruition, a company needs to understand what it takes to innovate and how take that idea and make it into a reality. â€Å"A well-defined innovation process will encompass an entire end to end innovation capability, including these phases: †¢ TrendRead MoreWhat Is The Success Of Consumer Innovation In The Innovation Process?1179 Words   |  5 Pages Secondly, by involving consumers in this stage of the innovative process, the businesses usually realize that although all innovative ideas have something to offer, not all of them are good enough to be actually implemented. The intelligence of a business is to identify and separate the ideas by selecting only the ones that are worth implementing. Every idea has its own set of benefits that it offers and a set of problem that comes with it. There is a certain monetary or brand image benefit associatedRead MoreInnovation Process Involves Creativity Of The Mind841 Words   |  4 PagesThe places that innovative ideas come from can vary. The innovation process involves creativity of the mind. The ideas that surround innovation come from employees, customers, competitors and even your suppliers. Anything that deals with innovation is challenging. The purpose of this report is to identify the sources of innovation, how it affects industries and to evaluate disruptive innovation. Identify sources of innovation Innovation comes from a variety of sources. For example when there areRead MorePitney Bowes Inc: Innovation Process1726 Words   |  7 Pagespossible failure in growing this product. It would be better if Pitney Bowes uses acquisition to grow the small business segment. Analysis Innovation Process and personnel One major issue that Pitney Bowes had is the total separation between their two essential roles, product engineering and future-scanning, in innovation process. For Amita’s innovation process, all concept development and commercial feasibility are being done in ACT without engaging product engineering team. If product engineeringRead MoreCorporate Entrepreneurship Is The Process Of Creating Innovation2110 Words   |  9 PagesTopics in Entrepreneurship Assignment 3 Stephen Enders Wilkes University Abstract Corporate entrepreneurship is the process of fostering a culture of creating innovation, in all aspects of the operations, to improve an established corporations positioning in the marketplace. Corporate entrepreneurship can be broken down into three dimensions, which include innovation, risk-taking, and the ability to be proactive. Excellent examples of corporations that exhibit corporate entrepreneurial strategiesRead MoreSiemens Needs an Open Innovation Process1350 Words   |  5 PagesAs it been stated earlier there is a concern about complex, decentralised organisational structure and top-down management approach in Siemens and the fact that it does not match with Open Innovation Processes, in particular the main problem is that it will take too much effort to manage this processes in a multidivisional organisation. Before and while proposing the idea of OI, Siemens approached top-down management communication, even though the bottom-up style seems more appropriate for innovative