Preview

Innovation a driver for value creation by QMD

Good Essays
Open Document
Open Document
1224 Words
Grammar
Grammar
Plagiarism
Plagiarism
Writing
Writing
Score
Score
Innovation a driver for value creation by QMD
Innovation
A Driver for Value Creation by QMD
Innovation and Value Creation Technical Committee

http://www.asq-qm.org/innovation-and-value-creation

What Is Innovation?
In – nova – tion means
…..doing things…..
In - a new – way
So, how can we define innovation? >>>

Quality Management Division
Innovation and Value Creation Technical Committee

What Is a Definition of Innovation?
Innovation is:
The successful conversion of new concepts and knowledge into new products and processes that deliver new customer value in the marketplace
So, why is this important? >>>

Quality Management Division
Innovation and Value Creation Technical Committee

Innovation is Quality for Tomorrow

Innovation Creates Value
• Innovation is Profitable…IBM
– Companies with fastest profit growth

• Innovation must be Radical…Morgan
Stanley
– Create ten times more shareholder value

• Innovation needs Speed…Accenture
– Commercialize patents fast and outperform by 1000%
Quality Management Division
Innovation and Value Creation Technical Committee

We Need Innovation Because…
• The World is Changing – for example
– In the Market Place, Asia is growing
– Our population is Aging
– Technology is becoming Digital
– The environment is warming
It is not the strongest of the species that survive, nor the most intelligent, but …. the one most responsive to change.- Charles Darwin

So, how do we respond to change ? >>>
Quality Management Division
Innovation and Value Creation Technical Committee

Innovation Must be Radical
• Photographic Film >>>> Digital Photography
• Notebook Computers >>>> BlackBerry
• Electricity Companies >>>> Fuel Cells
• Open Surgery >>>> Arthroscopic Surgery
So, is there a process for radical change?
Quality Management Division
Innovation and Value Creation Technical Committee

What Is the Innovation Process?
• The Innovation process is
• The conversion of
New Knowledge into
New Products and Services to
Continue Reading
View Writing Issues

You May Also Find These Documents Helpful

  • Satisfactory Essays

    Mgt 411 Managing Innovation Paper
    • 318 Words
    • 2 Pages

    Mgt 411 Managing Innovation Paper

    Managing innovation can be approached in different manners by different individuals as they approach how the process will be handled. There are six factors that impact and control the innovation process and as stated before it depends on the individual in charge of the process. We have come together as a team and discussed the priorities of each factor and where it stands as the innovation process cycles.…

    • 318 Words
    • 2 Pages
    Satisfactory Essays
    Read More
  • Good Essays

    Law 421 Week 3 Analysis
    • 809 Words
    • 4 Pages

    Law 421 Week 3 Analysis

    The team is to recap what was learned from last week’s assignments, readings, and discussion from class. As a team, each member ranked the six factors of innovation, and a final ranking was agreed upon. A brief description of the assignment will be discussed, highlighting the outcome. Innovation is essential for businesses to remain competitive, and the business not promoting innovations are losing portions of the market. The team learned the Seven Innovation rules to help us rank the six factors of innovation. The rules provided an understanding of the importance innovation plays in an organization to grow and survive in the technology world that exists. The conclusion will highlight the differences between standard…

    • 809 Words
    • 4 Pages
    Good Essays
    Read More
  • Powerful Essays

    Manage Innovation And Continous Improvement
    • 2092 Words
    • 9 Pages

    Manage Innovation And Continous Improvement

    1. MBO (Management by Objectives) is a method of managing that ensures that the business use out of the resources that they have in front of them.…

    • 2092 Words
    • 9 Pages
    Powerful Essays
    Read More
  • Good Essays

    Innovation and Strategic Management Annotated Bibliography.
    • 899 Words
    • 4 Pages

    Innovation and Strategic Management Annotated Bibliography.

    Sánchez, A., Lago, A., Ferràs, X., & Ribera, J (2011) Innovation Management Practices, Strategic Adaptation, and Business Results: Evidence from the Electronics Industry. Journal of Technology Management & Innovation; 2011, Vol. 6 Issue 2, p14-39. Retrieved from Ebscohost…

    • 899 Words
    • 4 Pages
    Good Essays
    Read More
  • Good Essays

    Get Fit Argumentative Essay
    • 819 Words
    • 4 Pages

    Get Fit Argumentative Essay

    Innovation is a grand strategy that seeks to earn the superior margins associated with creation and customer approval of a new product or service. Innovation is the initial introduction of an invention by creating and selling a new product, service, or process (Pearce…

    • 819 Words
    • 4 Pages
    Good Essays
    Read More
  • Powerful Essays

    Disruptiv and Value Innovation
    • 1943 Words
    • 8 Pages

    Disruptiv and Value Innovation

    Many companies allow their competitors to set guidelines of their strategic thinking. They compare their strengths and weaknesses with strengths and weaknesses of their competitors. After, they begin to focus on building products that are better than the original products. This type of thinking opens the door for disruptive innovation. Disruptive innovation has proven time after time to have an advantage in developing creatively through the theories of innovation. Disruptive innovation created an advantage over the competition when a plan was developed correctly. Companies are developed with the goal of success in mind. In order to do so, these same companies must be willing to adhere to its main focus and not focus on its competitors. “One of the most striking findings of our research is that despite the profound impact of a company’s strategic logic, that logic is often not articulated. And because it goes unstated and unexamined, a company does not necessarily apply a consistent strategic logic across its businesses” (Kim & Mauborgne, 2004). Companies often lose focus of their overall goal causing failure. In today’s times, companies need to develop a strategy that keeps focus on themselves and not the competitor. Due to shared innovation, disruptive innovation has opened many doors of many different areas of strategic thinking.…

    • 1943 Words
    • 8 Pages
    Powerful Essays
    Read More
  • Powerful Essays

    OI/361: The Role Of Innovation And Creativity In An Organization
    • 1792 Words
    • 8 Pages

    OI/361: The Role Of Innovation And Creativity In An Organization

    Innovation and creativity have been known to go hand in hand when being applied to an organization with the intention of stepping ahead within an industry. When a business develops a strategic model, its strategy, processes, product, and service will be impacted by innovation and creativity. There are many benefits when using innovation in an organization. Reduced development costs can lead to a better bottom line in the long run. Along with utilizing advancements in technology, an organization can harness the already existing qualities it has in order to gain a better understanding…

    • 1792 Words
    • 8 Pages
    Powerful Essays
    Read More
  • Satisfactory Essays

    Managing Innovation
    • 490 Words
    • 2 Pages

    Managing Innovation

    The basic purpose of the AIM process is to make sure that all the correct decisions are taken by the management and that to be at the correct point of time. For the same they have created a process. This process takes into consideration all the needs of the customers. They have created a process with five different stages with gates in between. Stage 1 is the formulation of the idea where all the ideas are taken into consideration and then best of those ideas are taken into account. These ideas are then forwarded into the next stage. Stage 2 is all about formulating the proper concept for the ideas selected. Then on the basis of these Stage 3 is made that is developing the correct product for the concept build in the second stage. Stage 4 is one of the crucial stages where launched products are tested for any inaccuracies and finally Stage 5 is marketing the product worldwide.…

    • 490 Words
    • 2 Pages
    Satisfactory Essays
    Read More
  • Satisfactory Essays

    Managing Innovation And Change Section B Spring 2015

    • 361 Words
    • 4 Pages

    Managing Innovation And Change Section B Spring 2015

    In an environment of rapid change, a statis culture provides the stability for future effectiveness.…

    • 361 Words
    • 4 Pages
    Satisfactory Essays
    Read More
  • Powerful Essays

    Leading in Innovation
    • 2444 Words
    • 8 Pages

    Leading in Innovation

    Transformational leadership is a form of leadership that is based on encouragement and motivation. When this model is employed, organizational members become highly engaged, motivated, enthusiastic and committed to pursuing creative ideas (Blanken, 2013). This model was used by the founders of Ben & Jerry’s Ice Cream, which…

    • 2444 Words
    • 8 Pages
    Powerful Essays
    Read More
  • Powerful Essays

    Innovation Management
    • 1206 Words
    • 5 Pages

    Innovation Management

    In the article “Toward a General Modular Systems Theory and its Application to Interfirm Product Modularity” Schilling (2000) explains why systems become more or less modular.…

    • 1206 Words
    • 5 Pages
    Powerful Essays
    Read More
  • Powerful Essays

    Disruptive Innovation
    • 950 Words
    • 4 Pages

    Disruptive Innovation

    In order to remain afloat in this ever changing market, companies must have a sound proof strategy. According to Thompson, Peteraf, Gamble and Strickland, a company’s strategy is its action plan for outperforming its competitors and achieving superior profitability. (Thompson, Peteraf, Gamble and Strickland p. 4) One well known strategy or theory of many companies is a term called disruptive innovation. Disruptive innovation was coined by Clayton Christensen. It explains the process of a product or service preliminary application initiating from the bottom of the market that replaces an already established product or service. (????) This theory has created a significant impact on management practices in all types of industries. It has created debates of how “executives and managers are in need of research that will elevate the pursuit of successful innovations from a gut-level, intuition-driven art to something more closely resembling a science based on repeatable processes with predictable results.” (Raynor, p. 27) In doing so, it has also created a sense of conflict between entrants, incumbents and disrupters to see which organization will remain the top supplier.…

    • 950 Words
    • 4 Pages
    Powerful Essays
    Read More
  • Powerful Essays

    Managing Innovation
    • 1454 Words
    • 6 Pages

    Managing Innovation

    Ten Principles for creating the highest performance teams and team innovation: 1. Establish the reasons and objectives of forming a team. Create a concise team vision and mission statement that is crisp and well understood…

    • 1454 Words
    • 6 Pages
    Powerful Essays
    Read More
  • Best Essays

    Innovation and Change Management
    • 1709 Words
    • 7 Pages

    Innovation and Change Management

    References: Anderson, D., Ackerman Anderson, L., 2001. Beyond Change Management: Advanced Strategies for Today 's Transformational Leaders. USA: Jossey-Bass/Pfeiffer…

    • 1709 Words
    • 7 Pages
    Best Essays
    Read More
  • Better Essays

    Creating Value With Customer-Driven Innovation
    • 2210 Words
    • 9 Pages

    Creating Value With Customer-Driven Innovation

    When a certain company or organization wants to possess sustainable competitive advantage in the product or services, first of all the company must focus on the core competencies. Core competencies is the things you can do better than your competitors in the critical, central areas of the company where the most value is added to company;s products. If a core competencies yields a long term advantage to the company, it is said to be a sustainable competitive advantage. A good core competencies is the one that able to open doors to other opportunities and able to represent such a unique blend of tacit and explicit knowledge that it cannot be copied by competitors. Core competence can help product and services to create a new products and services that provide potential access to a wide variety of markets, makes a significant contribution to the customer value, enables a business to deliver a fundamental perceived customer benefits of the end product. To find a good core competencies, one must first examine company’s resources and capabilities. If the company have sufficient resources and necessary capabilities that can generate good core competencies. If the company successfully implement a good core competencies, they can create a superior value creation.…

    • 2210 Words
    • 9 Pages
    Better Essays
    Read More

Related Topics