The purpose of this paper is to provide an annotated bibliography of three articles that deal with innovation and strategic management. And will include a review from the author’s perspective on current trends being shaped by innovation and specific aspects of innovation influencing strategic management.
Innovation strategy: 4 key tactics of top growth companies
The article covers the four practices of successful growth. Finding the next S-curve, lean on customers, think like a designer, and lead the way are the four areas that are focused on. The practice of finding the next S-curve explains that innovation has a time window, and is directly related to revenue. With continuous innovation, a company’s chance of hitting and staying within the window increases dramatically. The practice of lean on customers directly relates to gaining an understanding of the customer. It points out tools to use, such as creating a customer empathy map. Lean on customers creates a lean approach to product innovation.
The think like a designer practice involves using innovation to create new options. This includes using Blue Ocean Strategy which is the search for uncontested market space and the business model canvas which is the nine building blocks for business. The lead the way practice involves making innovation a priority and those innovative leaders should be role models. Current innovative companies are used as examples for each practice. These include Amazon, Apple, IBM, and Starbucks (Power, 2014-15).
Elements of a successful innovation roadmap
This article covers innovation with Rapid Innovation Cycle (RIC). RIC leads to a higher success rate, by showing a repeatable process. It is an introduction to a work shop. Product, business models, and processes can benefit from this road map. The rapid innovation cycle has four phases. Phase one is define and scope the innovation opportunity, phase two is discover new ideas, phase three develop and design concepts for experimentation, and phase four is demonstrate the innovation through piloting and prototyping.
The define phase details the way to define and scope an innovation. This is from the customer’s perspective and saves valuable time and energy. The discovery phase details ways of exploring ideas to solve the issues that came to light in the define phase. The develop phase shows ways of developing the ideas that came from the discovery phase. The demonstrate phase turns the ideas from the development phase into simulations or working prototypes. By following the prescribed roadmap, companies can innovate with little to no waste (Samuel, 2013). Using Global insights to drive local innovation
This article shows a strategy to gain innovation by looking at trends and insights on a global level. By learning what trends are emerging and what global consumers behaviors are, provides important insights to meet consumer’s needs. Two important areas to focus on are the customer’s experience and lifestyle focus. The consumer’s overall satisfaction is a key element, and products need to fulfill a wide array of lifestyles and interests. By following and anticipating these trends, companies can focus their innovation efforts to fulfill these needs (Capercini, 2013).
Innovation is a key factor in any business. With the information age moving and advancing as fast as it is, companies have to be proactive to keep up. Part of strategic management is innovation; this includes having a plan, developing new ways to do business, and new or better products and services. Not paying attention to global as well as local trends could have catastrophic consequences on a business. It is up management to lead the way and be role models. By finding uncontested market space, companies can have the advantage over competitors.
Capercini, R. (2013). Innovation Management.se. Retrieved from http://www.innovationmanagement.se/2014/10/28/using-global-insights-to-drive-local-innovation/ Power, D. (2014-15). Harvard division of continuing education: Professional Development. Retrieved from http://www.dce.harvard.edu/professional/blog/innovation-strategy-4-key-tactics-top-growth-companies Samuel, Dr. P. (2013). Innovation Management.se. Retrieved from http://www.innovationmanagement.se/2014/11/10/elements-of-a-successful-innovation-roadmap/