week 2

PLANNING PROCESS FOR INNOVATION 2

Introduction

Most successful businesses recognize the value of innovation and as a result have

managed to stay ahead of the competition in their respective industries. The success of most

organizations largely depends on the development of new ideas and implementing them

effectively (Jefferson, 1973). Innovation being a critical area, it needs to be well planned to

ensure success in implementing new ideas. Most businesses are unsuccessful with innovation,

because they lack a formalized process for such organizational initiatives.

Evaluation of the Firm

The product the organization offers should be significantly evaluated in terms of how it

can profitably impact the organization. The product should meet or exceed the expectations of

the customers. It is important to note that not all ideas are worth implementing, and there is the

need for screening to identify what ideas need to be adopted and what ideas need to be dropped

(Heshmati & Lenz-Cesar, 2015). In the process of screening, the organization is able to identify

what factors can speed up the innovation process and those that block the implementation, and as

a response, lays out measures to counter the factors that are likely to lead to failure of a bright

innovative idea.

Organizations looking forward to building a robust culture can establish a few best

practices in evaluating the firm. The first step is to ensure employees have a number of

effectively recognized platforms to receive the advocacy and feedback of the idea (Jefferson,

1973). The second step is for the organization to recognize and understand the difficulties

- 2 -

1

2

3

1. Most successful

businesses recognize the

value of innovation and as

a result have

managed to stay ahead of

the competition in their

respective industries. The

success of most

organizations largely

depends on the

development of new ideas

and implementing them

effectively (Jefferson,

1973). Innovation being a

critical area, it needs to be

well planned to

ensure success in

implementing new ideas.

Most businesses are

unsuccessful with

innovation,

because they lack a

formalized process for such

organizational initiatives.

Introduction (Include this

Introduction Paragraph in

each Weekly Assignment)

Name of the organization

Organization Mission

Statement Industry

Specialization Geographical

regions of location

Management of Technology &

Innovation (M.T.I.) current

state and future growth

directions [Corey Thomas]

2. Evaluation of the Firm

this should be a level-1 (main)

heading ... center-justified

[Corey Thomas]

3. The product the organization offers should be significantly evaluated

in terms of how it

can profitably impact the organization. The product should meet or

exceed the expectations of

the customers. It is important to note that not all ideas are worth

implementing, and there is the

need for screening to identify what ideas need to be adopted and what

ideas need to be dropped

(Heshmati & Lenz-Cesar, 2015). In the process of screening, the

organization is able to identify what factors can speed up the

innovation process and those that block the implementation, and as a

response, lays out measures to counter the factors that are likely to

lead to failure of a bright

- 2 (cont) -

innovative idea.

I'm assuming this is "Demand for the Product"???

You need a level-2 heading (subheading) to identify coverage

of this factor [Corey Thomas]

PLANNING PROCESS FOR INNOVATION 3

involved in evaluating innovative ideas, and finally, the firm needs to build transparent

evaluation and screening protocols.

When evaluating the firm and its products, it is crucial to recognize what are likely to be

the competitive responses of other organizations in relation to the implementation of the idea.

The impacts of reaction of other organizations need to also be taken into consideration as they

might damage either the innovative idea, or affect the whole firm.

The commercialization aims to create the value of an idea by emphasizing on its potential

impact on the market. This process makes the idea appealing to its target audiences, like

packaging the idea with others and clarifying when and how an idea can be used to assess its

benefits. This step comes with its benefits, such as identifying other key opportunities in the

process, such as better impactful ideas or how the existing idea can be modified (Heshmati &

Lenz-Cesar, 2015).

Ideas are also evaluated from the perspective of the firm to identify their suitability in the

process of implementation. Some ideas might be ahead of time, while others exceed the

capabilities of the organization when it comes to adopting them (Jefferson, 1973). The

experimentation of an idea gives a business the opportunity of generating new ideas due to the

information gathered in that process. In the implementation phase, the organization needs to

make choices on how to act on these goals and objectives. Some goals and objectives require

more effort to achieve, while some goals and objectives are more important than others (White &

Bruton, 2011).

The McFarlan and McKenney – The Strategic Grid

- 3 -

1

2

3

1. When evaluating the firm

and its products, it is

crucial to recognize what

are likely to be

the competitive responses

of other organizations in

relation to the

implementation of the idea.

The impacts of reaction of

other organizations need to

also be taken into

consideration as they

might damage either the

innovative idea, or affect

the whole firm.

"Likelihood of Strong

Competitive Response "????

You need a level-2 heading

(subheading) to identify

coverage of this factor

What information do you

have that supports this idea?

Explore the library to find

reliable resources, such as

quotes and data, to help

prove your point and

strengthen your argument.

To add validity to your

argument this statement

needs to be further supported

by a reliable outside source

such as a peer-reviewed

article or statistic from a

trusted agency.

Include supporting details and

examples to add validity to

your claims. For additional

information, please visit the

'Writing Center & Library' link

in your course where you will

find the Writing Resources

tab. Click on the "How to

Write a Good Paragraph" link.

[Corey Thomas] 2. The commercialization aims to create the value of an idea by

emphasizing on its potential impact on the market. This process makes

the idea appealing to its target audiences, like

packaging the idea with others and clarifying when and how an idea can

be used to assess its

benefits. This step comes with its benefits, such as identifying other

key opportunities in the

process, such as better impactful ideas or how the existing idea can be

modified (Heshmati &

Lenz-Cesar, 2015).

Cost Factors in Commercialization Resources Available for

Commercialization ??????

You need a level-2 heading (subheading) to identify coverage of the factor

- 3 (cont) -

[Corey Thomas]

3. The McFarlan and McKenney – The Strategic Grid

this should also be a level-1 heading and center-justified

[Corey Thomas]

PLANNING PROCESS FOR INNOVATION 4

The grid suggests that it is significantly important to assess a company at any given point

to determine how it is putting its IT to good use. IT can be used to support or improve the current

operations, as it might play a vital role in data processing, which is the better alternative to the

manual methods of processing data and information (Corboy, 2007). IT helps an organization to

accurately see its future from its current operations by establishing models that are effective in

planning, or forecasting business activities and results (Mohtashami et al., 2016).

McFarlan & McKenney (1983) came up with a suitable grid that is useful in assessing an

organization’s use of IT.

Potential strategic impact of the future information

LOW HIGH

Strategic impact LOW

of current

information system

HIGH

1. Low Current: low future impact – IT has minimal relevance on the future of the

organization and only supports the current processes.

Support Turnaround

Factory Strategic

- 4 -

1

1. Potential strategic impact

of the future information

You were to identify the

McFarlan & McKenney

Strategic Grid quadrant that

applies best to your

organization (you make no

mention of your organization

in your paper)! [Corey

Thomas]

PLANNING PROCESS FOR INNOVATION 5

2. Low current: high future impact – IT will be more helpful in the future business

agendas. Here, the organization clearly believes IT has a significant role to play in

the future endeavors of the business operations.

3. High current: low future impact – IT is said to have a factory role on the business.

Therefore, IT is critical in the day-to-day operations of the business, but it is not

substantially felt that there are major developments that fundamentally affect the

nature of the business. Therefore, the primary issue is in the maintenance of the

existing systems.

4. High current: high future impact – here, IT plays a significant role in altering the

current operations and the IT developments shaping up the future business

activities of the organization. The mission of IT is critical at this stage, and the

organization highly relies on different aspects of the system to deliver its products

and services both in the present, and in the future.

- 5 -

[no notes on this page]

PLANNING PROCESS FOR INNOVATION 6

References

Corboy, M. (2007, May 10). Strategic Planning Models. Retrieved from ACAA Global website:

http://www.accaglobal.com/content/dam/acca/global/PDF-students/2012s/Strategic

%20planning%20models.pdf

Heshmati, A., & Lenz-Cesar, F. (2015). Policy simulation of firms’ cooperation in

innovation. Research Evaluation, 24(3), 293-311. http://dx.doi.org/10.1093/reseval/rvv011

Jefferson, R. (1973). Planning and the Innovation Process. Progress In Planning, 1, 233-312.

http://dx.doi.org/10.1016/0305-9006(73)90004-4

Mohtashami, S., Pudjianto, D., & Strbac, G. (2016). Strategic Distribution Network Planning

With Smart Grid Technologies. IEEE Transactions On Smart Grid, 1-1.

http://dx.doi.org/10.1109/tsg.2016.2533421

White, M.A, & Bruton, G.D. (2011). The management of technology & innovation: A strategic

approach (2nd ed.). Mason, OH: South-Western/ Cengage Learning.

- 6 -

1

1. Jefferson, R. (1973).

Planning and the

Innovation Process.

Progress In Planning, 1,

233-312.

http://dx.doi.org/10.1016/03

05-9006(73)90004-4

The source you have used is

outdated. Be sure to focus

your research on things that

have been published within

the last five to ten years,

unless referring to seminal

works or thinkers. [Corey

Thomas]