logo

Innovation Management Techniques and Strategies

   

Added on  2020-01-23

11 Pages3394 Words129 Views
 | 
 | 
 | 
INNOVATION AND RISKMANAGEMENT
Innovation Management Techniques and Strategies_1

TABLE OF CONTENTSINTRODUCTION...........................................................................................................................1Company background.............................................................................................................17 Dimensions of Innovation...................................................................................................2CONCLUSION................................................................................................................................7RECOMMENDATION...................................................................................................................7REFERENCES................................................................................................................................8ILLUSTRATION INDEXIllustration 1: Seven dimensions of innovation...............................................................................2
Innovation Management Techniques and Strategies_2

INTRODUCTIONThe innovation management states a set of tools that allows the individuals like managersand researchers to cooperate with a common understanding of processing and achieving goals. Itbrings together all the factors that are responsible for creating ideas with the collaboration andusing social software. In addition to this, it specifically focuses on increasing innovation withencouraging level of sharing the knowledge (Shankar and et.al., 2011). Along with this, riskmanagement is ascertained as a method of managing and controlling the pressure of all the riskfaced by the organization in their business operations. It also controls the risk creation processand converting such risks into opportunities.Company backgroundSamsung is a well established multi national company that mostly deals with theelectronic gadgets and appliances. It is one of the best company that produces and sells advancedgadgets. It stands in the top ten multi branded companies in worldwide. It is evident thatSamsung is highly known for their innovating ideas in their products and services. Innovationplays a crucial role in Samsung's business. As in current trend of the market, new technologiesare being constantly launched to the market, however, this speed is essential for remaining andmaintaining a competitiveness in present digital era. In addition to this, company needs todevelop new markets that are to be innovated continuously. By using the interplay of creativeand imaginative meet of people in a global market of R&D network (Schubert, 2010). It is anorganisation that promotes collaboration and competition among business partners with thesupply chain and a strong commitment to ongoing investment. Samsung has put an effectiveR&D department in all the functions performed by them while processing a product. Along with this, innovation and effective manpower is termed as a global endeavour atSamsung. Their research and development team network spans and monitor six Samsung centresall over the world including centres in Korea, US, UK, Russia, India, Japan and China. Thesecentres are projected and assigned with tasks like hiring top local talent, identifying the latesttrends of high technology and delivering those technologies that offer a high level of benefits(Brettel and et.al.,2011).1
Innovation Management Techniques and Strategies_3

7 Dimensions of InnovationThe strategic innovation framework design and holds together all the seven dimensionsthat produces a portfolio of outcomeswhich drives and directs the factors to business growth.These seven dimensions of innovation are:A managed process of innovation – The combination of traditional and non-traditionalapproaches that aids the business with a perfect innovative strategy.Strategic alliance/alignment – It helps in building base and balancing support to theinnovative scope of the strategy.Industry foresight – It assists in understanding the emergingtrends of the market.Customerinsight – It focuses the management efforts on understandingthe level ofarticulatedand unarticulated needs of the customers.Core technologies and competencies – It leads to increasing leveraging and extending thecorporate assets of the business (Mothe and Uyen Nguyen Thi, 2010).Organizational readiness – It creates and encourages the abilityof the management of acompany to takeaction.Disciplined implementation – It controls, manages and monitors the path of companyfrom inspiration to business.Considering the seven dimensions of innovation in the context of Samsung's businesswhich states their importance in the functioning of its business operations. The strategic2Illustration 1: Seven dimensions of innovation
Innovation Management Techniques and Strategies_4

End of preview

Want to access all the pages? Upload your documents or become a member.

Related Documents
Innovation Management Assignment (pdf)
|7
|1473
|65

Strategic Innovation Model Analysis
|10
|2794
|455

Key Trends and Advantages of Digital Technology in Samsung Company
|13
|3632
|150

Innovation and Risk Management TABLE OF CONTENTS
|10
|2768
|56

Exploring Samsung's Innovative Strategies in the Global Smartphone Market
|10
|3449
|228

Entrepreneurial Spirit at Samsung: A Key to Success
|19
|3518
|461