Make sure the Responses includes the Following: (a) an understanding of the weekly content as supported by a scholarly resource, (b) the provision of a probing question. (c) stay on topic
1) how can the four functions of management (planning, organizing, leading) help an organization with implementing their innovation?
2) Hello all. “Innovation is a process that is best managed with a long term perspective, this requires separating the innovation process into three implementable stages: 1) identification of goals and exploration activities, 2) short term deliverables and 3) near term development” (Frey, C. 2008 para 1). In our organization we would use all three of these as innovation measurements for our new innovative product. We would set short term measurable goals and track our ability to deliver on these goals. Goals for stages of product development, production time frames, sales, etc. We would set goals for marketing and promotion in test cities first and then in each major city in the U.S. “Innovation is multilevel. Different stages can be identified, from the initial knowledge production to the final commercialization and creation of financial outcome (Carayannis, Goletsis, & Grigoroudis 2015 p. 255). Innovative ideas and suggestion has to come from every level in the company as well as our customer base.
3) If I was to use a innovation measurement system within my own organization I would want to use all of the following measurements that would ensure that everything would run smoothly, idea and knowledge management; organizational culture and structure; competitiveness of innovation strategy; capital investments and operating expenses; outputs and outcomes. These would be used as universal modular units for creating and measuring to ensure that the innovation would be efficient while also evaluating innovation performance Olga Gavel. (2019). if I was to pick the top and most important one out of these I would choose competitiveness of the innovation that is being pushed forward for production while determining any risk factors that could come with the items. While it is also important to take some risks, it is also important to ensure that your risk will not be a complete loss for the company when large amounts of money are being placed at stake for the business and the stakeholders.
4) thanks for your post! Portfolio thinking is an awesome way to measure and even enhance innovation and innovative thinking. I like how you mentioned that this thinking includes balancing high-risk and low-risk innovation also big and small products. The ability to compare and then to create from comparisons is incredibly useful to any innovative process. This way of organized thinking is how innovation thrives, and how it can grow within an organization. However, to be successful, all members and employees of the organization must be in accordance with each other in order to ensure thinking processes are productive. Do you agree?
5) The two measures of innovation that I would find valuable for my organization are profit and customer satisfaction. I think it is important to consider that “Management compensation is typically tied to measures like cost, efﬁciency, speed, and customer satisfaction” (Gibson & Skarzynski, 2008). Since managers are looking in these types of areas, it would make sense to measure innovation similarly. Both profit and customer satisfaction are very valuable measures because they help determine the progression and success of the organization. I highly value customer satisfaction and feedback because ultimately the product or service is for them and you want them to get the most out of the product that you are putting out. Customer feedback can be helpful in determining common issues that the company can work on. Customer feedback is also a very quick way of getting results on how a product or service is doing. Additionally, profit is probably the number one used measure to determine success. Companies can quickly compare revenue to costs of creating a product or service to determine if it is still worth investing in.
6) Every business should have objective measurements for how they measure their success of their innovations. The two measures of innovation that I would use for our business would include:
· The number of initiatives that were made for innovations (with success vs. failure)
· The revenue produced by the initiatives
The first point that I made would be valuable because as a business you have to understand how often you are coming up with innovational ideas but also to understand how many times it was deemed successful and how many times it was not made out successful. This allows you to understand what percentage of win’s vs. loses that the company has had. The second idea is valuable because you must know the revenue impacts of your company. When something innovative is created, it is important to understand what it costs the company to make but also what amount of revenue that it could bring to the team.