Use of Innovation & Technology is the common thread that I could find in the lis
ID: 373942 • Letter: U
Question
Use of Innovation & Technology is the common thread that I could find in the lists mentioned and responsible for the success of the companies mentioned. Companies such as Microsoft and Google as well as Toyota, Honda, etc. follow the same model of disruption through innovation and leveraging technology.
Innovation is an ongoing process and demands persistent focus on the processes & people, investment and support from top management. These companies focus relentlessly on innovation. It is very critical for any organization to remain competitive and meaningful in the world of business.
Having said that, managing innovation is really difficult. The process is complex and replete with failures. For example, Nokia, once the leader in mobile handsets, now struggling for its existence. This example shows us that once a leader in innovation might lose in the market if there is no sustained focus on keep innovating, and companies must not get laidback and sit on their laurels.
That is why it is very difficult to manage innovation. Therefore, the Innovation Management Framework comes in to manage the innovation in companies through a structured process and systems.
Technology has become fundamental to any business. So, a strategic technology is so much criticism for the success of any business. With emerging trends like Digital, Internet of Things (IoT) & big data Analytics, technology is changing the entire landscape of the business. It has evolved from a support function to the core of the business model. Companies like Amazon, Uber, Airbnb, re all technology companies.
Therefore, it becomes imperative for businesses to focus on the technology strategy for their next phase of growth.
They can do the following for the same, which requires resources and organizational changes:
1. Companies need to clearly list out the business capabilities that they will need in coming 3-5 years and how technology can support it
2. Do a fit-gap analysis to assess the current maturity of the organization’s capabilities to realize its long-term strategy for the business.
3. Make changes to organization structure and allocate resources, like financial capital to work towards the same
4. Need to identify how technology will play a role in bridging these gaps and prepare a 3-5 year roadmap for realizing the technology strategy.
Explanation / Answer
This week's recommended readings include several lists of the most innovative companies. Fast Company's list is primarily made up of high technology firms; the Forbes list is more broad-based and includes companies from many industries and sectors. I have included lists from Fast Company and Forbes for both 2014 & 2015, and just for contrast a list from USA Today.
You can find additional information in the course module "Sustaining Innovation".
Common threads run through both lists, in a 2 - 3 pages, discuss some of those common threads using examples from the lecture and other readings for the course. Back up your discussion by citing at least one American and one Global company as particular examples of those common threads.
http://www.fastcompany.com/section/most-innovative-companies-2015 (Links to an external site.)Links to an external site.
The Ten Most Innovative Companies In America - Forbes-1.pdf
http://www.fastcompany.com/3042022/most-innovative-companies-2015/the-most-innovative-companies-of-2015-complete-list (Links to an external site.)Links to an external site.
http://www.forbes.com/innovative-companies/list/ (Links to an external site.)Links to an external site. http://www.usatoday.com/story/money/2015/01/18/247-wall-st-innovative-companies/21298315/ (Links to an external site.)Links to an external site.
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