Preview

Case Study Rio Tinto

Good Essays
Open Document
Open Document
597 Words
Grammar
Grammar
Plagiarism
Plagiarism
Writing
Writing
Score
Score
Case Study Rio Tinto
Innovation strategies in the mining industry are different from traditional business strategies due to the need to accommodate uncertainty. Without any innovation strategy, the effort to innovate becomes a publicised best practice. Without a clear consensus in the senior team about the strategy and vision, there will be less information exchange, more conflicts and less ability to respond to external change (Hambrick, 1994).
Rio Tinto idea conversion is the weakest link or the bottleneck for the selection and development of ideas. Rio Tinto needs to build an energy around ideas to inspire teamwork and enable rapid prototyping. According to Bryant (2015), open innovation is the key to deliver safer and more profitable operating model. Open innovation assumes that firms should use internal as well as external ideas and internal and external paths to market as they look to advance their technology (Chesbrough, 2006). Open innovation through collaboration can help Rio Tinto to develop and implement new production, knowledge and planning platform. As shown in figure 6, open innovation should be encouraged within the existing stage gate. Figure 6 Innovation within value chain

Rio Tinto should have a platform where all employees can share their innovative
…show more content…
Rio Tinto needs to exploit the present by commercializing ideas and embrace standardization across all product groups while exploring future opportunities to drive more radical changes. Rio Tinto needs to set up a new exploratory group separating from the traditional product exploitative group. The new exploratory group should manage the organizational separation between the current, high-performing group and the disruptive innovation group, through a tightly integrated senior team, while recognizing the need to nurture what are essentially different types of

You May Also Find These Documents Helpful

  • Good Essays

    Law 421 Week 3 Analysis

    • 809 Words
    • 4 Pages

    “Recognize that the basic unit (or fundamental building block) of innovation is a network that includes people and knowledge both inside and outside the organization” (Davila, Epstein, & Shelton 2006, p. 11). Management should take advantage of the resources within the organization to take it to the next level.…

    • 809 Words
    • 4 Pages
    Good Essays
  • Good Essays

    Oi 361 Essay Example

    • 610 Words
    • 3 Pages

    At Riordan Manufacturing, there are many internal drivers of innovation. Our customers are our main driver simply because if their needs are not met on a consistent level customer loyalty may lose. Maintaining rigorous quality controls, reasonable pricing, a responsive business attitude, and innovative solutions are the initiatives being set forth by Riordan Manufacturing. (Apollo Group, 2013) Our staff is another internal driver of innovation. Having employees who are equally trained and have the necessary support, breeds the opportunity to create the proper environment for Riordan manufacturing’s long term success. Financial stability drives innovation because we need to maintain a certain level of profit in order to support the growth of the company. As stated in our mission statement, “Our R&D is, and will remain the industry leader in identifying industry trends.” Our company exists solely to meet the ever-changing wants and needs of our customers. Most companies consider its…

    • 610 Words
    • 3 Pages
    Good Essays
  • Better Essays

    Innovation1

    • 2413 Words
    • 10 Pages

    This report demonstrates the use of an innovation tool and its application in business to provide solutions to problems or inefficiencies that are present. The report specifically focuses on the company, Multiplastics Ltd and the circumstances. An innovation tool will be applied in order to offer a solution to their problems and recommendations will be made as to what changes should be put into place in order to improve their business.…

    • 2413 Words
    • 10 Pages
    Better Essays
  • Satisfactory Essays

    Rio Tinto Case Study

    • 654 Words
    • 2 Pages

    The role of Human Resource Information System(s) in any organization is to give employee asset visibility to enable management decisions and planning easier. In a perfect world, all employee records from hire to decision time would give a more complete picture on all employees past, present, and future value to the organization. The comprehensiveness of…

    • 654 Words
    • 2 Pages
    Satisfactory Essays
  • Better Essays

    In 2010, VIZIO witnessed the success of its innovation strategy. "LED shipments increased over 176% over the first quarter in [pic]2010 and represented approximately 40% of VIZIO's product mix, making VIZIO one of the industry'[pic] s best [pic]in…

    • 943 Words
    • 4 Pages
    Better Essays
  • Good Essays

    Learning Team B took a look a list of six characteristics about managing innovation and technology. Our team reviewed the characteristics based on the most to the least important. First, we assess the characteristic by studying and analyzing the information. We determined that periodic reviews of informal proposals by a group outside line management was most important, because this could be used to integrate into the company’s strategy and function, which is a rule of thumb in the innovation process. Next, we knew that a clear direction on studies to be done and follow-ups are expected and is an essential way to start a resourceful business strategy (White and Bruton, 2007).…

    • 693 Words
    • 3 Pages
    Good Essays
  • Good Essays

    Almirall, E., & Casadesus-Masanell, R. (2010). Open Versus Closed Innovation: A model of Discovery and Divergence. Academy of Management Review; Jan2010, Vol. 35 Issue 1, p27-47. Retrieved from Ebscohost.…

    • 899 Words
    • 4 Pages
    Good Essays
  • Powerful Essays

    Many companies allow their competitors to set guidelines of their strategic thinking. They compare their strengths and weaknesses with strengths and weaknesses of their competitors. After, they begin to focus on building products that are better than the original products. This type of thinking opens the door for disruptive innovation. Disruptive innovation has proven time after time to have an advantage in developing creatively through the theories of innovation. Disruptive innovation created an advantage over the competition when a plan was developed correctly. Companies are developed with the goal of success in mind. In order to do so, these same companies must be willing to adhere to its main focus and not focus on its competitors. “One of the most striking findings of our research is that despite the profound impact of a company’s strategic logic, that logic is often not articulated. And because it goes unstated and unexamined, a company does not necessarily apply a consistent strategic logic across its businesses” (Kim & Mauborgne, 2004). Companies often lose focus of their overall goal causing failure. In today’s times, companies need to develop a strategy that keeps focus on themselves and not the competitor. Due to shared innovation, disruptive innovation has opened many doors of many different areas of strategic thinking.…

    • 1943 Words
    • 8 Pages
    Powerful Essays
  • Powerful Essays

    Sherman Computer Repair

    • 2444 Words
    • 10 Pages

    Sherman Computer Repair, a small computer repair company, has the opportunity to move from a computer repair company to a computer assembly company through the use of creativity and innovation (University of Phoenix, 2009, n.p.). “Innovation is the process by which organizations use their resources and competences to develop new or improved goods and services or to develop new production and operating systems so that they can better respond to the needs of their customers” (Jones, 2004, p. 403). Since change requires innovation to be successful, Sherman Computer Repair must assess and restructure the company, allowing for the introduction of new processes, technologies, and services for the organizational to move toward this new strategy and way of business.…

    • 2444 Words
    • 10 Pages
    Powerful Essays
  • Satisfactory Essays

    To leverage information systems in open innovation strategy, in my opinion, companies should design a team lead that can develop skills necessary to identify, and evaluate disruptive innovation so that they can open more innovation from the inside. Companies can also use Innocentive@work like Eli Lily implement to help employees identify problem occurs and address them to internal expert. The advantage of this type of network is that they provide a broad source of inputs into the front’s end of the company’s innovation…

    • 662 Words
    • 3 Pages
    Satisfactory Essays
  • Powerful Essays

    Innovation is the process of using ideas within a company to create new products, services, technology, or processes. Myths used to acknowledge that innovation was the idea of one individual with no support from others. In reality, innovative ideas that become new products and services require the support and knowledge of a significant amount of individuals. The individuals involved in the innovation process become involved in an array of business functions ranging from manufacturing, marketing, sales, and distribution. Companies will need employees with a diverse set of skills to develop, test, and commercialize the new products and services. Therefore, companies rely on “strong consistent processes and frameworks in order to manage, develop, and test ideas” (Phillips, 2011, p. 5). Before the innovation planning process can begin, management must provide a clear definition of the work to be completed, the individuals responsible for working within the different steps, and provide the defined workflow necessary for the teams to achieve and accomplish the tasks needed for the innovation to properly work. In the following report, the innovation planning and design process will be addressed. Further discussion will include an analysis of the internal and external factors influence on the innovation design process. Furthermore, a description of the steps needed for the innovation planning process will be addressed.…

    • 1460 Words
    • 6 Pages
    Powerful Essays
  • Good Essays

    Below in table 1 is a comparison of a number of wearable smart watches that are available from a number of manufactures and details of key features.…

    • 1859 Words
    • 10 Pages
    Good Essays
  • Satisfactory Essays

    Rio Tinto is a British-Australian mining company founded in 1873 with its Headquarters in London, England. It is a global company, which operates worldwide with a focus in Australia and Canada. Rio Tinto is considered to be the oldest and largest mining company in the world with over 68,000 employees. During its operation carried out over the years, Rio Tinto has acquired and merged a number of companies. In 2011, Rio Tinto was selected as the official gold and metals Provider Company for the London 2012 Olympic and Paralympic games.…

    • 747 Words
    • 3 Pages
    Satisfactory Essays
  • Powerful Essays

    Innovation and creativity have been known to go hand in hand when being applied to an organization with the intention of stepping ahead within an industry. When a business develops a strategic model, its strategy, processes, product, and service will be impacted by innovation and creativity. There are many benefits when using innovation in an organization. Reduced development costs can lead to a better bottom line in the long run. Along with utilizing advancements in technology, an organization can harness the already existing qualities it has in order to gain a better understanding…

    • 1792 Words
    • 8 Pages
    Powerful Essays
  • Good Essays

    Reaching the tipping point: A new view of big data in the healthcare industry …

    • 9306 Words
    • 38 Pages
    Good Essays