Corporate Success Through Innovation and Adaptation
Corporate Success through Innovation and Adaptation
Contents
ABSTRACT 3
Introduction 4
Evolution of innovation capability 5
Use of management control systems in innovation and performance 5
Innovation & Adaptation from MCS point of view 6
Performance from MCS point of view 6
Areas of Innovation 7
Conclusion 18
References 19
Appendix 1 20
ABSTRACT
In this paper we look at how different innovation and adaptation initiatives by the corporations have translated into their growth and success and how interactive management control systems have influenced the same. We have identified 6 different levels or elements (from strategy to operation, internal and the external forces affecting the companies) at which an organization can introduce innovation. There on, for each element we have identified a company from the top 25 most innovative companies (as per the S&P/Business week survey) and have explained how that specific organization has translated innovation into corporate success.
Introduction
In the present situation of fast economic growth and accelerated corporate expansion, innovation is the fuel of new business development. New products, processes, ideas, and services are the backbone of sustained increases in both revenue and profitability of any business. As more companies see to exploit the emerging opportunities and provide similar services targeted on new markets, innovation is a key differentiator. Even in the challenging times of recession, cost reductions, budget cuts, growth subsidies, innovation no longer remains an option to add value and deliver extra competitive advantage but it becomes the core means for survival and that is when it becomes the real case of “innovate or die”!!
Innovation influences the financial & non financial performance of an organization & also the industry as a whole. A successful innovation is when the organization acquires a creative culture and there is a motivated work force
Contents
ABSTRACT 3
Introduction 4
Evolution of innovation capability 5
Use of management control systems in innovation and performance 5
Innovation & Adaptation from MCS point of view 6
Performance from MCS point of view 6
Areas of Innovation 7
Conclusion 18
References 19
Appendix 1 20
ABSTRACT
In this paper we look at how different innovation and adaptation initiatives by the corporations have translated into their growth and success and how interactive management control systems have influenced the same. We have identified 6 different levels or elements (from strategy to operation, internal and the external forces affecting the companies) at which an organization can introduce innovation. There on, for each element we have identified a company from the top 25 most innovative companies (as per the S&P/Business week survey) and have explained how that specific organization has translated innovation into corporate success.
Introduction
In the present situation of fast economic growth and accelerated corporate expansion, innovation is the fuel of new business development. New products, processes, ideas, and services are the backbone of sustained increases in both revenue and profitability of any business. As more companies see to exploit the emerging opportunities and provide similar services targeted on new markets, innovation is a key differentiator. Even in the challenging times of recession, cost reductions, budget cuts, growth subsidies, innovation no longer remains an option to add value and deliver extra competitive advantage but it becomes the core means for survival and that is when it becomes the real case of “innovate or die”!!
Innovation influences the financial & non financial performance of an organization & also the industry as a whole. A successful innovation is when the organization acquires a creative culture and there is a motivated work force
References: • Germà Coenders, J. B.-F. (2003). Moderating Effects of Management Control Systems and Innovation on Performance. Girona: Department d 'Economia Universitat de Girona. • Bisbe, J. (2002). The interactive use of management control systems on product innovation firms. University Ramon Llull: ESCADE. • Chesbrough, H. W. (2003). The era of open innovation. M IT Sloan Management review . • Dittrich, K. ( 2004). Nokia’s strategic change by means of alliance networks. A case of adopting the open innovation paradigm? • Jones, T • Moeller, M. (May 18th, 2007). Strategic Innovation: Building new growth businesses. EPDA Annual Conference. Vienna.: Beratergruppe Neuwaldegg. • Sakkab, L. H. (2006, March). Connect and Develop, Inside Procter and Gamble’s New Model for Innovation. Harvard Business Review . • V Yuichi Sakai, V. T. (June 6, 2006). Introduction of Toyota Production System Promote Innovative Manufacturing. • Winby, S