Question: At a generic level, innovation is a core business process concerned with renewing what the organization offers the world and the ways in which it
At a generic level, innovation is a core business process concerned with renewing what the organization offers the world and the ways in which it creates and delivers that offering. And to do this they all need to carry out these activities:
- Searching scanning the environment (internal and external) for, and processing relevant signals about, threats and opportunities for change.
- Selecting deciding (on the basis of a strategic view of how the enterprise can best develop) which of these signals to respond to
- Implementing translating the potential in the trigger idea into something new and launching it in an internal or external market.
- Learning enterprises have (but may not always take) the opportunity to learn from progressing through this cycle so that they can build their knowledge base and can improve the ways in which the process is managed.
But they differ widely in the ways in which this is done and the importance of different elements. In this exercise pick a sector e.g. food retailing, airlines, chemicals, public administration and try to draw a map of their particular version of this process. How does it work out in practice? Where are they likely to need or to place most emphasis?
Step by Step Solution
There are 3 Steps involved in it
Get step-by-step solutions from verified subject matter experts
