In this article, the author contemplates the idea that innovation is a necessity of effective management and organization. Fast developing scientific and technological progress demands to apply methods for better economic results. To better explain the key idea, the author gives practical examples of the well-known corporations and their strategies. He defines the meaning of innovation, and discovers its nature and requirement changes. Also, he pays more attention to the fact that strategy is a coherent and substantiated logic for making decisions while innovation is an attempt of creating solutions to important problems. The main task of strategy is a goal achievement, but innovation is to discover the new ways and approaches to achieve a goal more effectively. The innovation and strategic management cooperate for better results, but sometimes it is risky. The facet between risk and caution in business is described. In the article, the author defines three pillars of innovation, which are competency, strategy, and management. The author suggests investigating the problem through the innovation management matrix including four types of innovation sustaining innovation, breakthrough innovation, disruptive innovation, and basic research. To clarify, it practically, the author explains the principles of innovation application by the examples of such corporations as Apple, Google, IBM, P&G, Toyota, etc. He concludes that it is important to develop an effective innovation combining different methods to achieve more results.
The tendency of growth and the effect of scientific and technological progress demonstrate us the relevance of the use of the innovation and strategic management. After all, any strategy is a change, and any changes striving for excellence of a process is innovation.
Recently, the specialists of planning and strategic management used to consider the meaning strategy as a connection of a rational process and random one which called an emergency strategy. The last one is defined by patterns of decision making process and actions, as well as it is a result of interaction between arranged and unarranged activities. Strategy is both a prospect development and a sample pattern to respond to changes in the environment within the framework of organization.
Innovation is an important element of an efficient development in every organization. Perhaps, lately the impact of innovation has a tendency to be overlooked. Strategy is a straight order of execution of tasks of planning and project management. Taking into consideration this fact, innovation could imperil all strategic process of running a business. That is why many managers rely on innovation too much, in order to accelerate productivity and efficiency of the organization. Strategy should go ahead of innovation, not vice versa.
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