Contents snippets

Subjects: INNOVATION AS A CORE BUSINESS PROCESS

Topic Name: INNOVATION PROCESS

Card 1: INNOVATION
 Innovation, the core renewal process within an organization is a generic activity associated with
survival and growth.
 The innovation process describes the path of translating new and/or existing knowledge into
marketable solutions.

Innovation process involves

o Searching
o Selecting
o Implementing
o Capturing value from the innovation

Card 2: Searching

  Scanning the (internal and external) environment for and processing relevant
signals about threats and opportunities for change.
 Environmental scanning refers to possession and utilization of information
about occasions, patterns, trends, and relationships within an organization’s
internal and external environment.
  Scanning must identify the threats and opportunities existing in the
environment.

Card 3: Selecting

 Deciding on the basis of a strategic view of how the enterprise can best develop)
which of these signals to respond to.
 A decision-maker should consider a company holistically. A sound decision
won’t have one part of the business succeed at the expense of another. Both
internal and external factors can affect the decision and the company's road map.
  With transparency and stakeholder buy-in during the decision-making process,
questions or concerns after the fact become far less likely. The benefits of this
process keep the organization on track and focused, and reduce churn.
Card 4: Implementing

  Translating the potential in the trigger idea into something new and launching it
in an internal and external market. Making this happen is not single event but
requires attention too.
 Implementation is the process of executing a plan or policy so that a concept
becomes a reality.
 The implementation of a plan brings about change meant to help improve the
company or solve a problem. The changes can occur to policies, management
structures, organizational development, budgets, processes, products or
services.

Card 5: Learning

  Enterprises have (but may not always take) the opportunity to learn from
progressing through this cycle so that they can build their knowledge base
and can improve the ways in which the process is managed.
 Learning is one of the condition of effective business management. This
approach require from the company openness for changes – modifying
established ways of acting, analysing and improving existed procedures and
willingness to proper responding on unusual and unpredictable situations.
 Organizational learning is not a complicated concept, but it stands out
compared with older, brute force learning techniques that were previously
used.

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