Three Pillars of Innovation: Competency, Strategy and Management

2021-04-27 09:57:11
2 pages
438 words
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In this article, the author contemplates the idea that innovation is a necessity of effective management and organization. Fast developing scientific and technological progress requires application of various methods for better economic results. To 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 the need for changes. Also, he pays more attention to the fact that a strategy is a coherent and substantiated logic for making decisions, while innovation is an attempt to create solutions to important problems. The main task of the strategy is a goal achievement, but the innovations task 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: 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. In order to clarify this, the author explains the principles of innovation application through 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 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 between rational process and random one, which is called an emergency strategy. The latter 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 efficient development in every organization. Perhaps, lately the impact of innovation has had a tendency to be overlooked. Strategy is a straight order of execution of tasks related to planning and project management. Taking this fact into consideration, an innovation could imperil all strategic processes of running the business. That is why many managers rely on innovation too much in order to accelerate productivity and efficiency of organization. Strategy should go ahead of innovation, and not vice versa.

 

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