week 3

CONCEPTS OF INNOVATION MANAGEMENT 2

Concepts of Innovation Management

Abiodun Fasawe

NorthCentral University

TIM 7001: Changing Times: Managing Technology & Innovation in the 21st Century

Dr. Nicholas Harkiolakis

May 24, 2020

1

Introduction

Innovation mainly happens with the help of technology. It is through innovation that man people comes up with new ideas and solutions to problems we face in our day to day lives. Technology is a branch of knowledge that brings about innovation due to the evolution of technology. Technology involves the methods, skills, and processes together with techniques required in production and scientific investigations. Technology is considered to be broad and fits in categories of communication and information, computer science, and computer engineering among others. The above categories are subject to improvements or disruption by humans at any time. The manipulation of technology goes through a process called innovation. Technology is applicable in many fields such as mathematics, historical knowledge, scientific engineering, transport and linguistics, business, and environmental conservation practices among others. Comment by Dr. H: This is self-referencial. It like telling technology helps technology grow Comment by Dr. H: Where did you find this definition? Comment by Dr. H: Do you mean it grows through innovations Comment by Dr. H: What do you mean by this? Comment by Dr. H: Is there engineering that is not scientific Comment by Dr. H: There is no citation support in this paragraph. Please note that unless you support with citations from peer-reviewed research journal or government sources your material is considered an opinion piece and as such it is not appropriate for research writing.This is a serious issue and you need to address it throughout as it greatly impacts your grade

Innovation involves the creation and application of new ideas, thoughts or solutions in the day-to-day problems, expectations, and needs. For the idea to qualify to be an innovation, it should satisfy a particular need and at a cost. The ideas are converted into useful products. Innovation takes place to provide more effective and efficient products, services, processes, and technologies. These are made available for sale in the markets, society, or the government. Innovations are classified into two major categories: Comment by Dr. H: Whose problems, expectations and needs? Comment by Dr. H: According to whom?

· Evolutionary innovations also called continuous evolutionary innovation which is as a result of gradual improvements in technology and,

· Revolutionary innovations also known as discontinuous innovations. There are often disruptive and new.

Innovation is crucial in any organization and it presents the need to create a department and a manager for the same. It will require a deeper understanding of the consumer needs before undertaking the process. It also requires one to reflect on the business environment. It is often risk-taking since it requires the creation of new markets. Product quality is a major consideration in innovation. Research is needed to find out the gaps and opportunities available in the society to come up with products to meet the current problems in the society. Comment by Dr. H: Please proofread your material for language and editing issues before submitting. It seriously affects the clarity and meaning of your sentences. It is not the purpose of this course to address such issues so I will stop pointing them out. Comment by Dr. H: It is not clear what this means Comment by Dr. H: It concerns new products but not new markets unless there is something else you mean

Innovation management involves the management of products and processes, marketing together with organizational innovations. It comprises of a set of tools that cultivates an understanding of the goals and processes by the managers, workers, and users. The organization can respond to any opportunities whether external or internal. It uses its creativity to generate new ideas, products, and processes. The goal of innovation management within an organization is to cultivate a suitable environment to encourage innovation (Rickne et al,2018). Comment by Dr. H: You are either trying to say that innovation management involves the whole process of procuction and delivery or innovations can be about products, services and marketing. There are clarity issues throughout the I will stop pointing out. . You want to make sure nothing is misinterpreted or taken literary.Your main source for writing style should be Chapter 3 - Writing Clearly and Concisely of the APA 6th edition manual.Here are some supporting links that might help: https://unilearning.uow.edu.au/academic/2e.htmlhttps://www.otago.ac.nz/classics/otago055219.pdfhttps://www.scribbr.com/academic-writing/taboo-words /Also, consider seeking support from the NCU writing center (it's a free service to students) as here is not the place to address editing and language issues.

Innovation management takes place through the stages of the innovation cycle which starts from the generation of ideas to the implementation. Ideas are identified from observations of the day-to-day problems or a future problem. These ideas may be inspired by the objectives of the organization or a new market which can be an opportunity. The idea is evaluated and should meet the organizational goals and resources. The managers are involved in the selection of the best ideas.

Innovation management also involves the selection of best workers to carry out the innovation. It accounts for the resources that will be needed in this process and will ensure that they are well utilized to the end of the innovation. The put into consideration the cost that will be used and ensure that it will be t a low cost and at a time which is considerable. While accounting for the innovation they put into consideration the type of innovation they shall use that will best fit their cost and that can be accomplished in a considerable amount of time. When these ideas align with the goals of the organization, further investigations are taken. Depending on the results from testing the prototypes, the ideas are subject to sale or forfeit the release of the plans into the market. Significant amounts of resources are used to launch the product. However, an organization may opt to wait till the end of the development phase. The final stage involves the commercialization of the products. Here, the products transfer from the organization into the hands of the users. This is considered as the hardest part since it requires monitoring the innovations to ensure any shortcomings are effectively corrected.

Relationship between Innovation management and technology

Technology is a particularly important aspect and a driving force in innovation. Technology provides a large base for information needed for evolution hence making it easier and faster. It pertains to the evolution and proliferation of innovations. Two technological factors drive innovation they are:

· Creation of geographic hubs for technology

· Empowerment of knowledge exchange via transport and communication

The creation of constant communication is important between the managers in an organization. This allows ideas, and feedback to flow smoothly within the organization. Furthermore, communication knowledge and innovations are spread through technology across the globe. The spread of ideas is built quickly and universally by the use of technology. Exponential levels of innovations around the globe are increased as a result of collaboration and the impact of technological progress. Technology has also allowed the proper recording of innovations. Technology has enabled faster innovation. Advances in information technology enhance rapid design and lessens the production time. The marketing of innovations has been boosted by technology. It has also boosted customer support and resource management has been made easier.

Recurring theories found in research related to innovation management Comment by Dr. H: You are supposed to identify multiple theories here, not just one.

Diffusion of Innovation Theory

This theory was formulated by E. M. Rodgers in the year 1962. The theory aimed at explaining how an idea with time gains momentum and diffuses among the people or community. This results in the adaptation of the idea, product, or behavior. Hence, through adoption, people will tend to behave differently, use a new product, or do something different than before. Research findings indicated that those who adapted to an innovation early portrayed different characteristics to those who adapted to the innovation much later. It also indicated the importance of comprehending the characteristics that help or hinder the adoption of innovation among the target population. The theory also indicated stages for the adoption of an innovation which included: awareness and understanding of the need for an innovation, decision to whether adopt or reject the innovation, initial use, and continued use of the innovation. It also emphasizes on the factors that influence the adoption of an innovation which include: relative advantage, compatibility, complexity of the innovation, ability to test and experiment the innovation, and ability to provide tangible results.

The theory explained adopter categories which influenced the distribution of new ideas or innovations. The adopter categories included: Innovators, Early adopters, early majority, late majority, and Laggards. Innovators are regarded as the first people to try out a new innovation or technology. They adopt an innovation even with likely chances of failure. The early adopters are however discreet in their choices. They appreciate products that give them a competitive advantage. The early majority adopts innovations and technology longer than it takes the innovators and early adopters. They usually make up the majority of the people in the market. Late majority are intensely cautious and adopt innovations after the average people. They wait for evidence of results and usefulness before purchasing. The Laggards are usually the last to adopt an innovation. They buy only when it’s necessary.

The theory however, has various limitations. The theory does not account for an individual’s resources to adopt the innovation, and does not foster a participatory approach. The theory works best with the adoption of behaviors and not prevention of behaviors.

Visionary leadership in relation to Innovation

A visionary leader sees the full potential of how the world should exist and takes necessary action to try and get there. A visionary leader is usually appointed for their leadership and guidance in an organization. They are charismatic and determined and inspire the other employees to work towards the company’s goals. A visionary leader is perfect if the company is interested in innovations. They help towards cultivating a new course for the organization. They are appointed when the company aims at moving to a new level, expanding or changing their vision. They are inspired and motivated by what a company can become. A visionary leader is in charge of innovation management by introducing new projects or initiatives. They understand that the innovation is a risk and there is usually no guarantee that the planned strategies will work. They need to be comfortable with changes, uncertainty, and failure. Communication is important during innovation thus visionary leaders have to communicate and help others understand the bigger picture. A visionary leader should be willing to take risks that are great while looking at the final goal which will bear good fruits. This means that he can put a lot of financial resources in faith that the innovation will be successful and will bring him financial and competitive benefits Comment by Dr. H: ?

References

Abbas, W., & Asghar, I. (2010). The role of leadership in organizational change: relating the successful organizational change with visionary and innovative leadership.

Adams, R., Bessant, J., & Phelps, R. (2006). Innovation management measurement: review.International journal of management reviews, 8(1), 21-47.

Rickne, Annika; Laestadius, Staffan; Etzkowitz, Henry (2012). Innovation Governance in an Open Economy: Shaping Regional Nodes in a Globalized World.: Routledge.

Rogers, E. M. (2010). Diffusion of innovations. Simon and Schuster.