Innovation Planning and Design
The ever-changing marketplace in the business world imposes greatchallenges for the company to maintain stability, productivity andprofitability in the industry. In order to keep track on the competitiveenvironment, every company should develop innovation to acquirecompetitive advantage. However, acquiring just a competitive advantage willonly be for the meantime due to the fast development of technology, totalmodernization of the market and rapid changes of customer preferences.
Innovators shall foresee these factors to combat with its competitors for it tobe successful, making innovation an essential factor for company growth.
Innovations do vary in many aspects. It may take the risk of combiningdifferent types of innovation. Determining businesses whether they are mayresult to hiding their significant distinctions. The most importantcategorizations one may consider among the many developed are aclassification according to innovation type, the innovation degree and courseof sustainability (Zakic, Jovanovic, & Stamatovic, 2008). Companies may decide which part of the businessdesign needsinnovatingsuch as products or processes or a combination of both.
Single approach can be simple, less time consuming process compared to combinedapproach which is more involved, complicated and may be time consuming and requires substantial effort for it to be effective. Whatever process that is chosen, it will always create specialization which is advantageous to have specialized kind of innovation. Moderncompanies carefully apply options advised by experts that are suitable forits position and business model. Innovations shall be thoroughlyinvestigated and studied in order to achieve and meet the company’sobjective.
Creating and developing their potentiality, designating theresources, and creating partnerships in accordance with this choice are vitalto success (Zakic, Jovanovic, & Stamatovic, 2008). In varying options comes difference between processes and productsinnovation. To be able to establish successful innovative strategies andstrategic planning, understanding the differences and influence of differentfactor and its effect in business leadership structure is important. It is of utmost importance to explore all possible options to acquire different inputs.
This process will ensure the verification of certain conclusion to helpleadership identify the appropriate method to innovation (Almirall &Casadesus-Masanell, 2010). Innovation Systems Design Recent market concept on the business world has produced anuntamed environment. The company’s advantages do not last too long dueto tight competitions that never cease to advance and overcome the market. With these tight competitions, most businesses have created a sheer pricewar just to maintain and gain customers (Herrmann & Gunter, 2004).
It is therefore vital in the process for the companies to be aware of theefficient methods to design and use innovative efforts considering thesecurrent market situations. Remember that each product you serve in themarket, it goes with it your name. How customers perceive the product orservices is significant. Most customers often choose the products or servicesthat are appealing to their eyes. It also includes factors like product package,how the product is designed, and even POS system design. What messagesor ideas the product conveys to the customers are also factors. Image of thebrand and market share are determined by these factors.
Discerning yourinnovative products and market perception to them is one important groundin determining business’ success (Herrmann & Gunter, 2004). With the tight competition in the business industry, each companyattempts to beat its competitors. Businesses are set forinnovation, however, they often lack focus on innovating their marketing designtechniques. This lack of focus is the reason for short time competitiveadvantage. Recent research reveals that a number of small to medium sizedcompanies in the electronics industry have received governmentgrants in order to promote growth in innovative techniques and processes.
Some of these were successful. However this implies that most innovativeprocesses manage to be only temporary solution as most small businessesare unable to continue long term innovative processes (Herrmann & Gunter, 2004). Innovative processes have to be executed and followed accordingly. Those innovation grants were able to magnify thebusiness with growth to those companies involved. However, it did not result with an increase in profits and productivity. Foreseeing these circumstances,innovation systems show that the entire company should be nvolved in theprocess and utilizing your assets to fully maximize your potential in makinginnovative products and management styles (Herrmann & Gunter, 2004). Steps to Innovative Process There certain steps needed during the innovative process when creating and implementing an innovation to any business. 1. Determine the Challenge: The start of innovation process isdetermining the challenge, problem, or goal that needs to be solved. 2. Teamwork: This step utilizes your intellectual assets wherein all partiesparticipate in a brainstorming event to discuss and debate how to fix theinnovation challenge.
Combination: All of these ideas discussed in the brainstorming eventare summarized. 4. Assessment: The summary of all the ideas are evaluated and the bestsolution will be chosen by the business leaders with the relevant businessexperience. 5. Research and Development: The chosen solutions undergoes researchand development to determine whether the processes are attainable and willyield a result favorable to the company like increase in profits, businessexpansion and market share. 6. Implementation: Executing the ideas into the team and bring them toreality. . Review: Consider the data generated from the feedback, leadership,and business results regarding how the process was working. 8. Recycle: New challenges are imposed by the review. Consider thesechallenges and start again with the process (now Europe, 2009). For the business to maintain on top, the company shall be in acontinuous process of innovating to maintain creative, business and leadership innovation. This is so recommendedconsidering how the global economic marketplace dances to the tune of tightcompetition.
The innovation must be part of the business’s system toprevent unstable progress and share losses. To counter the ever-changingmarketplace and customer demand, innovation must remainconstant (Barsh, Capozzi, & Davidson, 2008). Conclusion The concept of innovation hasbeen in the business system for centuries. However, today, it has become aprerequisite to business growth and prosperity. While in the past, a companydared to innovate just to make an edge to the industry, nowadays, it becamean essential factor in business design for the company to survive and profit.
The company shall implement, maintain innovation, and make anenvironment that encourages innovation. The company’s workforce is avaluable asset to allowing their process to happen and the use of theseassets is beneficial to the process in various ways. This approach is sosignificant that even those business that have been in the around fordecades and reshaping theirfundamental principles and business values to create an innovativeenvironment. If a company desires to survive today’s market competition, it has to produce an innovation culture and use its assets to be competitive and maintain profitability.