Read the article and answer the Question Which would you choose and explain why?

Question

Read the article and answer the Question

Which would you choose and explain why? Continue with only colocated projects, in the hope that they will fill the innovation pipeline for a few more years until global competition intensifies and makes local innovation a niche activity. Or begin building a capability in global innovation now to take advantage of lower development costs, faster time to market, and, most important, the ability to leverage dispersed knowledge to gain competitive advantage.

here is the article https://hbr.org/2012/10/10-rules-for-managing-global-innovation

Explanation / Answer

I would recommend beginning building the global innovation model in order to take advantage of lower development costs, faster time to market, and, most important, the ability to leverage dispersed knowledge to gain competitive advantage.

There are many low-cost countries available that are doing cutting-edge analysis and innovation much faster than the local units. For example, Indi is known for its frugal innovation practices like building the cheapest sedan in the history of the automobile industry and a very cost efficient space research.

The companies need to utilize and leverage these pockets of excellence across the globe in a global innovation model so that they are able to capture the latest trends in technology space to gain competitive advantage.

Innovation is an ongoing process and demands persistent focus on the processes & people, investment and support from top management. Innovation 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.

Technology has become fundamental to any business. With emerging trends like Digital, Internet of Things (IoT) & big data Analytics, technology is changing the entire landscape of the business. The innovation in the field of manufacturing and services has completely turned the tables. Now the goal of the modern manufacturing and service facility is to seamlessly manage operations, customer demands, employee satisfaction and ability to quickly meet the demands by altering their production schedule and plans. Such manufacturing plants are built in a way to be based on the pull-based system rather than the old push-based system. These new modern manufacturing and service facilities remove or eliminate the following problem areas associated with the old or legacy systems.

These transformations can only be captured if the companies start following the global innovation model to remain competitive in their respective industries.

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