Global Innovation Management Assignment Sample
Introduction
Innovation management is considered as a combination of change management and management of the innovation processes. It also refers to the business process, product marketing along with organizational innovation. It involves a significant set of tools and the aim of those tools is to allow the managers as well as workers to cooperate with the understanding of underlying goals and processes.
In this context, global innovation management aims at examining some fundamental growing significance associated with introducing and applying the required theories, tools, and models related to innovation management with respect to modern enterprises in a global context. Thus, innovation management can be referred to handle all the relevant activities that are required introducing some new aspects in practice (Goffin and Mitchell, 2016).
These aspects are associated with innovative ideas, developing those ideas, prioritizing them, and implementing them by putting into practice, for instance, launching new products by the enterprises and introducing them in the internal processes. In the global context, it is such a process that comes up with introducing innovative things to developing the global business enterprises one way or another.
Globalization is one of the most important aspects of the innovation management and it indicates the spread of information and technology across the global economy. It also describes the interdependence of the nations fostered through the aspects of free trade.
The motives of globalization with regards to this innovation management are considered to be realistic and opportunistic as well, however, development of the global free market can be benefitted when the impact remains in mixed workers, small businesses and cultures across the globe for both the emerging and developed nations and their organizations (Westland, 2016).
Diffusion of the given knowledge along with ideal technology in recent times has brought some significant changes with respect to this global innovation; however, these changes are considered to be more profound when the nations aim at creating supportive investment environments. Increased global competition with the help of globalization contributed to global prosperity and also provided strengths and incentives for the adoption of innovative technologies.
This situation has bolstered the level of productivity that boosted the average output level at a very low cost. In the emerging market economies, the foreign knowledge had accounted for 0.7 percent points of the annual growth in the productivity of labor from 2004 to 2014 and here 40% of the overall observed productivity of different sectors has grown.
New developments in the enterprises are considered as the process of innovation and it is difficult to grasp innovation management in practice. With the help of experience in case of helping the organizations with the activities associated with innovation, there are some significant ways that aim at understanding some key aspects of global innovation management. These key aspects are – capabilities, culture, strategies, and structures.
Figure 1: Key Aspects of Global Innovation Management
(Source: Dutta et al. 2016)
The diagram given shows the four major aspects of global innovation management. Here, the objective of capabilities is to cover different abilities as well as resources that the global organizations have in order to create and manage the innovation (Dutta et al. 2016).
Thus, it refers to the abilities, insights, and practical skills of the labors who work for those organizations. Culture, on the other hand, enables these organizations to acquire the required capabilities that are associated with people. The innovative culture emphasizes the needs, values, vision, and responsibilities of the organizations. A strategy is another important aspect that makes deliberate choices among the feasible options for having the best chances of winning for global organizations.
Lastly, the structure enables the efficient usage of the given capabilities of global enterprises. In the given assignment, all the aspects related to global innovation management will be discussed elaborately.
Analysis and Findings
Understanding and Appreciation of Innovation Management
According to an article, innovation management became one of the major strategies adopted by organizations globally to improve the productivity of business operations (Nambisan et al. 2017). More than 50% of the organizations are making an effective investment in technologies that are dealing with ideas and innovations for improving business performance in the near future (innolytics-innovation.com 2020).
It is already said that innovation management is an effective process of capturing, improving, discussing, and evaluating ideas and thoughts that would have not have been witnessed in organizations through the traditional operation. Across the world, the organizations are involving employees to share their innovative thought at different levels so that coordination and collaboration are ensured and, productivity is also enhanced (BIS, 2011).
In other words, innovative management is helping the organization to understand and appreciate the efforts of employees and, communicate with them properly so that all perform effectively with a common goal to fulfill business objectives. Recent evidence shows that more than 85% of the executives are accepting innovation is playing a major role to achieve success in business (Vala et al. 2017).
Research and evidence also focus on the importance of innovation management and highlight the reasons for using innovation management for business development.
An important innovation refers to crowdsourcing innovation and it is operating effectively to make a relevant place in the digital world and it is also expected by various decision-makers that it will help organizations globally. Crowdsourcing innovation along with innovation management is becoming popular because more than 50% of the organizations are encouraging staff to share their ideas with the help of this process.
As said by the author, innovation management and crowdsourcing innovation are performing as a medium for obtaining proper and appropriate solutions for fixing business-related issues. A recent report by Accenture shows that nearly 89% of the officials believe that the success of business strategies mostly depends upon the capability to create new thoughts and ideas and, such ideas are developed with the help of innovation management (Accenture.com, 2020).
The evidence reflects that crowdsourcing innovation and innovation management are the two most important innovation processes that are accepted by organizations across the world (Nambisan et al. 2017). Both the practices are delivering huge improvement and recently, various organizations are supporting innovation management for business growth.
Moreover, innovation management is acting as a significant tool of competitive advantage. Ideas and innovations are helping organizations provide effective service and deliver better products and thus, innovations are major keys for organizational success.
Innovation management data and information
According to an article, innovation management is utilized by organizations dealing with big data (Blackburn et al. 2017). Such management is helpful because it improves the monitoring of big data and information. Mostly information and data remain unstructured and, innovation management has the capability to analyze those data and make business operations much easier.
In other words, innovation management data reflects the need for a technical platform for monitoring data. Monitoring platform is essential because it not only monitors information that is structured traditionally but also monitors and analyses unstructured data.
Organizations are able to analyze the changes in information and data and, are able to operate successfully in the global economy. However, it is very important for organizations to have trained employees for dealing with technological innovations. It is often seen that organizations are facing challenges because there is a lack of technical experts and expertise of the management team dealing with information and data is relatively low.
Rindfleisch et al. (2017) try to focus on the need for technical talents for managing innovation management data and, employees are required to have basic knowledge of Information Technology and Marketing theories. Processing capabilities of data are improved within organizations when there are technical experts and can identify the need for analysis of data and information for marketing development.
Proper analysis is done on data and information innovation and it is observed that it is the utilization of data sources that are not traditional and helps in overcoming challenges related to business development. The objectives of sustainable development can be achieved with the help of innovation of data and information. Evidence shows that innovation management combines both traditional and non-traditional sources of data for reframing problems and handle the problems in a much better way (Prescott, 2016).
When various sources of data are combined, better information related to the problems is provided and, innovation management can also create better opportunities that are mostly ignored by traditional methods. According to Prescott (2016), innovation management helps in defining the problem effectively with proper use of data and, organizations can understand the problem in an effective way.
It is already observed that advanced technologies are making it easier and cheaper to analyze and utilize data especially unstructured ones. On the contrary, it is seen that organizations are ineffective in adopting such new technologies and thus, business performances are getting affected globally (Graeff et al. 2018). Decision-makers across the world should take initiatives for using data innovation in organizations.
Innovation tools in different areas of global management
According to an article, innovation management has various tools that help managers in cooperating and coordinating with different business objectives, and productivity is increased effectively (Tidd and Bessant, 2013). In order to cooperate with the workforce, it is always important for organizations to have a complete understanding of innovation tools and techniques. The author is focusing on various important innovation tools that exist and run successfully in a global context.
One of the very important tools refers to Qmarkets and, it is the software that is designed effectively to perform as a complete package of innovation management for companies across the world (Cetindamar et al. 2016). Analysis of the software shows that it provides proper service to customers and reports effectively on statistics of platform activities.
On the contrary, it is also seen that the software is intuitive because of the excessive load of features and, it creates issues while giving support to various languages. There is another tool that is mostly used by beginners in the global market and, it is called Ideawake.
The tool lacks proper features but it handles practical situations. It is seen that prominent companies in the global market are not fond of the software because it fails to cope up with various needs of the organizations (Broniecki and Hanchar, 2017, October).
Moreover, there is a tool known as Viima and, it is very helpful for both start-ups and well-known companies. It is observed that most of the organizations prefer the tool because it motivates participants and is more helpful compared to the other tools. Evidence shows that more than 50% of the organizations across the world prefer Viima as no previous knowledge is required by the technical experts and can be implemented easily (Mir et al. 2017).
However, the use of such an innovative tool is sometimes difficult because videos to access the tools are not always available and prior registration is necessary for utilizing the service. Inno360 is the software that helps in creating disruptive innovation by finding ideas and opportunities on the web.
It is helpful because it helps the organizations search bold ideas required for business growth. The analysis reflects that there is a research gap related to innovative tools even when there are various innovation tools running effectively (Tidd and Bessant, 2018).
It is found that tools are described in detail to understand their importance in global management but, there is very little information available related to their effectiveness.
A framework of Innovation Management
Innovation management framework into an organization drives in huge success for the organization. The implementation of an innovation management framework in an organization is a seven-step process. The first and foremost step is the creation of a scalable platform that drives success for an organization. I
t is a strategic move by the organization where innovation in the organization encouraged. This step has a major impact on the culture of the organization. The second step is the creation of an ethical environment in the organization by promoting the right organizational principle such that a healthy environment of work is established for all the employees of the organization (Schoorl et al. 2017). It ensures that a platform is created where there can be a healthy exchange of ideas between the members of the organization.
The third step is the encouragement of employee engagement in the implementation of innovation management in the organization. Hence, the support of the employees of the organization is gathered in the process of innovation management which in turn brings in success for the organization.
The fourth step is the building of an ideal management tool wherein the management system of the organization collaborates with the innovation management system. This step helps in making the process of implementing innovation management in the organization more transparent by encouraging social collaboration (Tchuta and Xie, 2017).
The fifth step in the implementation of innovation management in the organization is to levy a specific focus on targeted innovation. This facilitates the stakeholders of the organization in solving the complex challenges and problems in the organization. It also helps the organization in making improvements in the existing products and services of the organization to encourage customer satisfaction and customer retention (Trapp et al. 2018).
The sixth step in the implementation of the innovation management framework in the organization is to lead the management of the backend of innovation. This shall help the organization is constantly reviewing the ideas that are put forward by the employees of the organization.
This step also helps in the alignment of the business strategy of the organization with the innovation management system of the organization (Visnjic et al. 2016). The final step in the implementation of an innovation management framework in an organization is to celebrate success. It has been brought in the organization by the constant efforts made by the employees of the organization in finding out new and innovative solutions to attain the aims and objectives of the organization.
Conclusion
Innovation management drives success for an organization if the proper innovation management framework is employed by the manager of the organization. However, the implementation of an innovation management framework in an organization may only be done by means of an integrated design process that is given by the innovation management framework or model.
An efficient and effectively designed process requires collaboration as well as the management of various designs. Innovation management helps the growth and development of an organization by giving it a competitive edge over other organizations operating in the market. ‘
The model of innovation management levies categorical and special focus on the instruments of planning and deployment of innovation in the organizational structure for the attainment of the aims and objectives of the organization. Innovation management framework enhances the decision-making capacity of an organization which drives it to the path of success in the organization.
The innovation management model in an organization sets a benchmark in the organization wherein a culture of innovation is formed in an organization which helps it to grow and sustain in the highly competitive market environment.
The model directs the organization on the various processes and activities conducted within the organization so that better-informed decisions in context to a global platform are made by the company.
It may be concluded from the detailed study of innovation management and its implementation in the organization in the global context, that the use and implementation of innovation management framework into an organization is very crucial.
It facilitates the sustainability and success of the organization in the market in the global context where the competition among organizations is highly intense. The efficient, effective, and smooth implementation of innovation management into an organization requires active participation from all the members of the organization who can make a contribution to this system by coming up with innovative solutions.
The efforts and inputs put by all the members of the organization shall bring in the success of the organization in the market. This success pumps up the employees of the organization to come up with even better ideas in context to the functioning of the organization so that the products of the organization are refined and made better for increased customer satisfaction.
Innovation management facilitates and helps the organization to make better utilization of the limited resources available with the organization in the form of data and information in the data warehouse of the organization. Thus, in turn, supports the objective of strategic decision making by the organization.
The ignition of the goals and objectives of the company is brought up and facilitated by the usage of a proper framework for the efficient implementation of innovation management in the organization by the building of a collaborative as well as the power system in the organization.
Due to the increasing importance of innovation management in the present organizational scenario, most of the organizations operating in the global market have started to put a high priority on the aspect of innovation management in an organization. This importance has been realized by the organizations due to the outcomes that the companies using the innovation management frameworks and models have attained.
It helps the organization in exploring the large number of opportunities that exist so that the company may be successful in arriving at a competitive edge in the market. The integrated approach of innovation management not just benefits the organization externally by bringing in success for the organization.
It also helps the organization in the sense that the internal organization environment becomes healthier and more collaborative with the implementation of innovation management in the organization.
The organization is benefited by the implementation of this system into the organization as it gets to involve a large number of perspectives. Innovative ideas are also involved by the employees of the organization in context to make its decision-making capacity and capability better in the global market.
References
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