Innovation be used as a tool for Strategic Management
Listed below are a few examples of how innovations help firms succeed: By adopting a
strategy of differentiation, they are able to provide clients goods and services that they
consider to be better to those offered by rivals.
Innovation is the process whereby new and improved products, processes, materials, and services are developed and transferred to a plant and/or market where they are appropriate. Management of Innovation is a comprehensive approach to managerial problem solving and action based on an integrative problem-solving framework, and an understanding of the linkages among innovation streams, organizational teams, and organization evolution. It is about implementation—managing politics, control, and individual resistance to change.
Goals and benefits of developing the knowledge system may be the ability to help customers with product questions, the ability to share information with constituents in a timely manner, the ability to interact with creative partners to increase innovation capabilities etc.Each of these goals mentioned could help the organizational performance by increasing service to customers, stakeholders and creative partners. Additionally, knowledge systems can provide an avenue for improved communications.
Innovation and Strategic Management should not only be approached from the functional level of the organization, but corporate level buy-in creates an organization that is forever adapting and changing.
In this discussion the learner will demonstrate their understanding of innovation, which will lead to a more comprehensive approach to how strategic leaders use innovation to create a competitive advantage in their organizations. The attached video is succinct, but provide nuggets that can be extrapolated for one to meet the objective of the study of innovation.
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