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Managing Innovation And The Market Postgraduate Assignment

3012 words - 13 pages

Table of Contents
Introduction 2
Background Information 3
Forms of innovation 4
Resource aspects of innovation 5
Human factor in managing Innovation 6
Cross function input 7
Outsourcing of Professional Services 8
Implementation Stage of Innovation 9
Post implementation stage of innovation 9
Fall back strategy in Innovation Management 10
Ethical factors in innovation management 11
Conclusion 11
References 12
Introduction
Innovation is one of the critical aspects in business today. This research paper discusses the management of innovation in business organizations. It examines the preparation, implementation and post-implementation phases of change in line with the best practices, professionalism and the goals and objectives of the company. Firstly, the paper introduces the concept of innovation and discusses different forms of changes. It further digs into the resource aspects in the management of innovation capturing human resource factor and the essential stakeholder's involvement outlining their roles and the influence they have in the process. The research proceeds to discuss the implementation and post-implementation stages of innovation outlining best practice strategies and the backup plan. Finally, the paper digs into the ethical factors impacting on innovation management and makes concluding remarks about the whole study.
Background Information
Innovation refers to re-designing processes or engineering products to achieve cost and operational efficiencies. The ultimate goal of innovation is to increase market share and profits in an enterprise. Managing innovation is a critical task in a company that needs strategies and inputs from all the stakeholders of the organization. Otherwise, the process or re-engineered product will not see the light of day because of many reasons that will occasion its failure (Siltala, Taatila and Alajaaski, 2014, pp. 280-297). Successful adoption and implementation of creative ideas in business organizations is critical and will impact positively to the organization. Failure of the process of adoption and implementation of creative ideas brings about a loss in the business.
Managing innovation is the practice of directing, organizing and evaluating the change process happening in an organization. This process is essential to the achievement of the targeted result. The exercise requires the support and goodwill of whole of the organization's stakeholders. Their concerns and ideas need to be considered and inscribed in the features of the innovative product or services. Commanding their understanding is key to the success of the project (Silverstein, 2008). Therefore, it’s critical that the team understands what the organization is trying to achieve, why and how they should contribute. Such kind of information acts as a guideline to ensure that the innovative ideas are managed in the best way possible. The change managers will understand how to go about the process.
An organization stands to lose big if it...

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