Law 421 Week 3 Analysis
Week Three Summary
The team is to recap what was learned from last week’s assignments, readings, and discussion from class. As a team, each member ranked the six factors of innovation, and a final ranking was agreed upon. A brief description of the assignment will be discussed, highlighting the outcome. Innovation is essential for businesses to remain competitive, and the business not promoting innovations are losing portions of the market. The team learned the Seven Innovation rules to help us rank the six factors of innovation. The rules provided an understanding of the importance innovation plays in an organization to grow and survive in the technology world that exists. The conclusion will highlight the differences between standard …show more content…
management models and innovation management using a story about a blind farmer.
Ranking Innovation The team learned each person placed a different emphasis on the six factors of innovation. Although the team ranked each factor closely together, the assignment proved the difference in perception each member valued the steps by ranking the factors. The ranking order of one person is not necessarily better than the ranking order of another person. However, the team does agree innovation is crucial to the success of a business.
Innovation
According to White and Bruton (2007), “Technology and innovation influence both the firm and society as a whole, and this impact is ongoing” (p.
10). In some cases technology can assist in speeding up the assembly process, reducing the cost of a product. The consumer will usually purchase to cheapest of two like items. The company taking advantage of the technology to speed up the assembly process has the advantage in business. The other company either promotes innovative ideas to implement or eventually loses more business. Innovation is a constant factor that a business must plan for to be competitive, or lose portions of the …show more content…
market.
Seven Innovation Rules
• “Exert Strong leadership on the innovation strategy and portfolio decisions” (Davila, Epstein, & Shelton 2006, p. 11). Leaders need to show commitment to the innovation and encourage the changes.
• “Integrate innovation into the company’s basic business mentality” (Davila, Epstein, & Shelton 2006, p. 11). Implementing and maintaining innovation in an organization it sets the attitude of the organization.
• “Align the amount and type of innovation to the company’s business” (Davila, Epstein, & Shelton 2006, p. 11). Innovation is not going to solve an organization’s financial issues but the organization should determine how much innovation is needed.
• “Manage the natural tension between creativity and value capture” (Davila, Epstein, & Shelton 2006, p. 11). Creativity and value need to work together to make an organization profitable.
• “Neutralize organizational antibodies” (Davila, Epstein, & Shelton 2006, p.
11). To succeed an organization is required to make changes because it will help the company grow.
• “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.
• “Create the right metrics and reward for innovation” (Davila, Epstein, & Shelton 2006, p. 11). Rewards bring positive attitude to the company’s innovation.
Conclusion
Most tasks that have management in the title share common benchmarks. Depending on nomenclature those benchmarks could be: Identifying the needs of a goal, acquire resources to meet needs of goal, apply resources, reassess needs of goal, achieve goal, learn from process. Innovation management doesn’t really fit in the pigeonholes previously listed. Innovation management is less linear and more organic. To describe the factors involved in innovation management, the metaphor of a blind farmer planting a vegetable garden will be
used.
The farmer’s wife knows that winter is coming and to survive they need food. She tells the farmer “go plant a vegetable garden” and hands him a bag of seed (strong leadership). The farmer follows his nose to the manure patch (shortfalls, costs, problems). The farmer knows that this ground is will provide the best soil to grow his garden (innovation). The farmer tosses his seed about manure patch, and waters the ground (funding). Sprouts soon spring up; the farmer can feel them but cannot tell the difference between a vegetable and a weed. The farmer asks his wife to pull out the weeds (third party review). Summer continues on, the farmer’s wife would like a tomato from the garden. She guides him to the ripest tomato (amount and type of innovation), and they enjoy a nice salad before succumbing to salmonella.
References
White, M. & Bruton, G. (2007). The Management of Technology and Innovation: A Strategic Approach. Retrieved from the University of Phoenix eBook Collection database.
Davila, T., Epstein, M., & Shelton, R. (2006). Making Innovation Work. Retrieved from The University of Phoenix eBook Collection database.
The team is to recap what was learned from last week’s assignments, readings, and discussion from class. As a team, each member ranked the six factors of innovation, and a final ranking was agreed upon. A brief description of the assignment will be discussed, highlighting the outcome. Innovation is essential for businesses to remain competitive, and the business not promoting innovations are losing portions of the market. The team learned the Seven Innovation rules to help us rank the six factors of innovation. The rules provided an understanding of the importance innovation plays in an organization to grow and survive in the technology world that exists. The conclusion will highlight the differences between standard …show more content…
management models and innovation management using a story about a blind farmer.
Ranking Innovation The team learned each person placed a different emphasis on the six factors of innovation. Although the team ranked each factor closely together, the assignment proved the difference in perception each member valued the steps by ranking the factors. The ranking order of one person is not necessarily better than the ranking order of another person. However, the team does agree innovation is crucial to the success of a business.
Innovation
According to White and Bruton (2007), “Technology and innovation influence both the firm and society as a whole, and this impact is ongoing” (p.
10). In some cases technology can assist in speeding up the assembly process, reducing the cost of a product. The consumer will usually purchase to cheapest of two like items. The company taking advantage of the technology to speed up the assembly process has the advantage in business. The other company either promotes innovative ideas to implement or eventually loses more business. Innovation is a constant factor that a business must plan for to be competitive, or lose portions of the …show more content…
market.
Seven Innovation Rules
• “Exert Strong leadership on the innovation strategy and portfolio decisions” (Davila, Epstein, & Shelton 2006, p. 11). Leaders need to show commitment to the innovation and encourage the changes.
• “Integrate innovation into the company’s basic business mentality” (Davila, Epstein, & Shelton 2006, p. 11). Implementing and maintaining innovation in an organization it sets the attitude of the organization.
• “Align the amount and type of innovation to the company’s business” (Davila, Epstein, & Shelton 2006, p. 11). Innovation is not going to solve an organization’s financial issues but the organization should determine how much innovation is needed.
• “Manage the natural tension between creativity and value capture” (Davila, Epstein, & Shelton 2006, p. 11). Creativity and value need to work together to make an organization profitable.
• “Neutralize organizational antibodies” (Davila, Epstein, & Shelton 2006, p.
11). To succeed an organization is required to make changes because it will help the company grow.
• “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.
• “Create the right metrics and reward for innovation” (Davila, Epstein, & Shelton 2006, p. 11). Rewards bring positive attitude to the company’s innovation.
Conclusion
Most tasks that have management in the title share common benchmarks. Depending on nomenclature those benchmarks could be: Identifying the needs of a goal, acquire resources to meet needs of goal, apply resources, reassess needs of goal, achieve goal, learn from process. Innovation management doesn’t really fit in the pigeonholes previously listed. Innovation management is less linear and more organic. To describe the factors involved in innovation management, the metaphor of a blind farmer planting a vegetable garden will be
used.
The farmer’s wife knows that winter is coming and to survive they need food. She tells the farmer “go plant a vegetable garden” and hands him a bag of seed (strong leadership). The farmer follows his nose to the manure patch (shortfalls, costs, problems). The farmer knows that this ground is will provide the best soil to grow his garden (innovation). The farmer tosses his seed about manure patch, and waters the ground (funding). Sprouts soon spring up; the farmer can feel them but cannot tell the difference between a vegetable and a weed. The farmer asks his wife to pull out the weeds (third party review). Summer continues on, the farmer’s wife would like a tomato from the garden. She guides him to the ripest tomato (amount and type of innovation), and they enjoy a nice salad before succumbing to salmonella.
References
White, M. & Bruton, G. (2007). The Management of Technology and Innovation: A Strategic Approach. Retrieved from the University of Phoenix eBook Collection database.
Davila, T., Epstein, M., & Shelton, R. (2006). Making Innovation Work. Retrieved from The University of Phoenix eBook Collection database.