Managing Innovation: Stryker Corporation's Future Requirements Report

This report provides an executive summary and detailed analysis of innovation management at Stryker Corporation. It explores the future of the healthcare industry, particularly focusing on the company's innovation requirements in 2020 and beyond. The report discusses the impact of disruptive opportunities, the role of artificial intelligence, and the evolution of medical devices. It examines how Stryker can build future innovation capabilities to meet the demands of the global marketplace, including organic growth strategies and the adoption of advanced technologies. The analysis covers the potential of AI in diagnosis and treatment, the importance of patient engagement, and the need for continuous improvement in healthcare services. The report concludes by highlighting the importance of innovation for Stryker's continued growth and success in the medical technology sector.

Managing Innovation in Business
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Executive Summary
It has summarised about the Innovation management that mainly refers as a useful for
organization to gasp an opportunity and also create or introduce the new ideas, products and
process respectively. It can be determined the concept which suitable for medical healthcare
services to determine various activities, practices and decision, these are directly impacts on
changing the overall business processes. It has concern about the future of industry where how
the organization uses innovation requirements in 2020 where organization can be increased the
capabilities and abilities for improving business demand in global marketplace. it has analysed
future innovation idea, thoughts that implementing the medical services by using advanced
technologies.
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Contents
Executive Summary.........................................................................................................................2
INTRODUCTION...........................................................................................................................4
MAIN BODY..................................................................................................................................4
The Future of industry 2020 and Beyond....................................................................................4
The organization Innovation requirements 2020 and Beyond.....................................................5
Building the future innovation capabilities for organization.......................................................7
CONCLUSION..............................................................................................................................11
REFERENCES..............................................................................................................................12
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INTRODUCTION
Innovation management is a process that useful for organization to gasp an opportunity and
also create or introduce the new ideas, products and process respectively. It is based on the
innovation idea that implement in the business process for changing goals and objective of
business. The innovation management will be determined by performed various activities,
practices and decision that will change style of business. it will manage the investment while
creating new opportunities. It mainly emphasis on the existing performance and efficiency of
organization in terms of innovation. Stryker Corporation is a type of fortune medical
technologies that provide various type of surgical equipment’s, navigation system and other type
of endoscopic communication system. the organization was formed in 1941 by Kalamazoo,
Homer Stryker. These are important persons, who developed the company which allows for
providing better quality of services and instrument. This report will discuss about the future of
industry and how the organization innovation requirements in 2020 where they will increase
capabilities and abilities for improving business demand in global marketplace. Furthermore, the
report will concern about the future innovation capabilities that useful for increasing
development and growth.
MAIN BODY
The Future of industry 2020 and Beyond
Stryker corporation is based on the medical technologies company which is located in
Kalamazoo, Michigan. It provides the various type of products related implants uses in the
trauma surgeries, neurosurgical and neurovascular for purpose of communication system. it helps
for handling and emergency medical equipment as well as other type of medical devices item. It
is belonging to health care sector which means the organization will be affected indirectly and
directly by large number of disruptive opportunities. Sometimes, it is quietly challenging over
coming decades in future (Dai and Tayur, 2019). It is mainly describing in full details with the
help of Quantumrun’s special reports. First of all, it can be seen 2020s that will be quite silent as
well as Boomer generation that easily enter into many years. It also representing 40 to 50 % of
world population that combined with demographic. It also represents in the significant ways to
strain on overall health system of other developing countries. However, it is also engaged with
the voting block and demographic actively increases the public voting, large number of peoples
are spending on the subsidized health equipment and services.
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In the future development, the economic strain causes the large number of senior citizen
demographic that will encourage other developed countries to fast track testing. It also
considered the approval process of new treatment protocol, drugs and surgeries. These types of
services will help for improving overall mental and physical health of patient. It is becoming
great opportunities in future to maintain position of industry in global marketplace. According to
patient point of view, it can be leads independently live outside of health care services.
Furthermore, it will increase the rate of investment in terms of health care system which may
include various emphasis on prevention treatment therapies and medicines.
In early 2030, The most profound prevention health care services and treatment will be available
in marketplace. The various type of treatment applicable on particular people and later reverse its
effecting of their ageing. This type of treatment will be provided on the basis of annually and
also become affordable to mass (Davies, Roderick and Huxtable-Thomas, 2019). On the other
hand, Stryker firm will focus on the health revolution that will result as a reduce the usage and
strain in their overall health care system. Since, the young generation people mainly used the
limited health protection resources but older one need to require proper treatment otherwise, it
will affect on overall functionality of human body. In future, it will be increasing the artificial
intelligence system which supports to easily diagnosis patient health condition and then manage
to critical surgeries as per requirement.
In 2030, the various type of technological implant will use to find out any physical injury
in body while it uses for brain implants and memory drugs that will cure the mental disease such
as illness and trauma. In future development, Medical industry will be considered an
advancement technology that customised with the equipment’s in which help for identifying
causes of diseases in patient body (Wass, Vimarlund and Ros, 2019).
The organization Innovation requirements 2020 and Beyond
The Stryker firm is required the evolution of Artificial intelligence technique, which is one of
biggest source for rapidly changing in healthcare system. In developing countries where access
provider that provide services by using AI related equipment’s and devices. It uses for
identifying the diseases and improving diagnosing which make easier for patient to access
directly coordinate with specialists (Lapão, 2019). There are various types of electronic devices
available which easily records movement of entire body functionality and find out problem in
particular area. In requirement of health care system in 2020 where Stryker firm engaged with
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patient through different online medium. In this way, it regularly gauging their requirement and
driving them to appropriate items and services for budget. The online patient communities have
grown the crowd-sources while rating the system for healthcare provision and drugs.
In 2020 and beyond, Artificial intelligence is one of most common innovation
requirements within Stryker organization because it mainly focused on the innovation which
require for health care industries to identify the health treatment process. AI is based on the
intelligence demonstrated by software or machine with help for identifying brain functioning of
human. Its primary aim to improve overall patient result by assisting healthcare professional
because they are mainly used medical knowledge and easily analyzed memorized system in
proper manner. The demand of AI must be increasing in 2020 and beyond because it provides
information after overall research with clinically relevant real time (Lee, Moy and Rabang,
2019). It also stored the information or data in electric health care record on immediate basis.
The Artificial Market in terms of health care applications expected to achieve the demand in
globally and also increase with 42% until 2020. Stryker organization is mainly focused on the
different innovation which always supports in health care industry. In this way, medical
professional within organization provide excellent treatment services of patient and also reduce
the cost of treatment. Stryker can eliminate unnecessary hospital process with easier for hospital
industry to maintain workflows.
The Treatment plan is considered as a prime reason which are widely adoption and
successive growth of AI market in health care industry. By 2020, there are various type of
chronic conditions happens due to diabetes, cancer which expected to diagnose in few minutes. It
also used cognitive system that provide real time services for identifying physiological
characteristics of human being. After 2025, Artificial intelligence system is expected to
implement in different health care industries and used 90%. It will deliver the better quality,
easily accessible and maintain quality care of 80% patients (McGahan, 2019). In this way, it can
be determined that AL is consistently improving approach which accessible in reliable or
accurate medical analysis. It always supports in terms of medical where significantly impacts on
overall imaging diagnosis market and growth. It became easier for expanding Stryker business
by using advanced concept for offering various services. It should give the automated and
innovative guidance for patient where they can easily engage with the solutions such as Artificial
intelligence enable medication and observer patient devotion through recognition.
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Building the future innovation capabilities for organization
Global markets reward various type of firm that help for achieving ongoing profitable
growth and development. Stryker is the fastest growing organization that was established in
1779, which consecutively increasing growth of sales in marketplace. it has been seen reliable
profitable in market because of providing various types of efficient products which always
supports to improve overall capabilities. Stryker’s growth relies on two different level: one is
based on organic growth that investment in marketing (Parthasarathy, Knight and Wyant, 2019).
On the other hand, it mainly deals with the internal growth of business which only possible due
to innovation in organization. In terms of innovation, Stryker firm is simply manufacturing
devices and selling it to health care provider by distributors. The different type of medical
devices should take close look and determine that how it useful for tradition enterprises in future
development. it also increases capabilities and abilities of business where adopting the
intelligence techniques. It offering to influence health care journey that connect with patients.
The traditional medical equipment will rapidly evolve but in 2030, Stryker firm will take
significant role play in terms of innovation. It mainly focused on the repositioning, reinvention
and medical devices that needs to reconfigure overall business value chain in terms of medical
services. The medical device industry like Stryker always ready for increasing growth with
global annual sales forecast which arise by 5% per year. It also reflecting the projection which
increasing demand of new medical devices, equipment and instrument that will change lifestyle
of people. The emerging markets become easily unlock the economic development and
participate in terms of improvement (Ramori and et.al., 2019). In Stryker firm, traditionally
medical devices have delivered value which are primarily through manufacturing and selling
item in global marketplace. it has a lot of pressure on health care system which are tried to
deliver model for examine overall process. The organization will seek to play important role in
terms of value chain and also get closer to coordinate with patient. By 2020 and Beyond, it has
leading medical equipment and its overall significant role that delivered the better health care
services. The innovative technology will directly impact on the business in which necessary to
maintain high efficiency and performance.
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Apart from that Philips health care is mainly leveraging innovative design which provide
practices to provide unique twits as per trend of medical techniques. It compromises for
expanding the organization due to their transforming values added services in global market.
Stryker firm just starting to build an innovation capability that are looking for bring more
discipline that added more efforts in which improve ability. In order to achieve the specific goals
and objectives. Innovative surgical intervention is a type of various surgical robots which are
intelligent to enhance results of complex operations. It enables new form of reduce invasive
medical surgery (Samuelsson, Witell and Elg, 2019). The Stryker always try to place large bets
in space where focused on orthopaedic. In 2017, Stryker company has launched robotic arm that
assisted overall knee arthroplasty application and mainly used for Robot system. this type of
advanced technology is easily help for knee replacement which gained approval in 2015. Most of
smart devices are not only send the reminders of medication but also provide information about
physicians. It enables for personalised and pre-emptive care within medical care. In future
growth and development, Stryker firm needed to implement innovation idea for business
enhancement which supports handle entire process in proper manner.
As per analysis, it has found that organization sales growth increases up to 8.9% As it has
finished in 2018 where strong earning adjusted. Stryker continuously improve their live of
patient according to categories. It mainly focused on the innovation that always improve overall
structure of medical services (Wass, Vimarlund and Ros, 2019). It mainly offering innovation
that must satisfy need of patient and afterward, it can deliver the innovation in equipment which
easily examine health condition of patient. The essential franchise of organization is related the
instruments, knees, hips and other type of patient handling. It including emergency of medical
equipment that are delivered better services through new technologies in global marketplace. in
this way, Stryker continues has to do investment for technologies which directly increased rate of
growth in medical techniques.
In global marketplace, health care services are continuously evolving and transforming
because of advanced technologies in terms of equipment, devices and instrument that uses in
hospitals. It also impacts on the cost pressure, patient forces and regulation. Stryker always lead
to the evolution of innovative technology which needs to perform very well at next level of
health care service provides to investors as well as patients. It helps for developing strong
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coordination that drive operational efficiency and performance. It becoming useful for
organization to handle any type of business process while bring an efficient solution in future.
The organization is mainly focused on the different medical technologies that will use for
treatment of aneurysms and cerebrovascular diseases. It always believed that more capabilities
which provide offers, make address condition of human health. At that time, innovation play
important role which easily predicated the long-term improvement and also identify the success
of organization for achieving its goals and objectives. Especially, when it comes more
technologies applicable in the health care service. Stryker firm has developed the good
relationship with different operational department of hospital and try to supply essential
equipment that require for management. In this way, it can be managed the overall body
temperature of patient such as MEDPOR item are able to use in reconstructive surgeries. On the
other hand, Ultrasonic Aspirator useful for purpose of dissection during neurosurgery.
As per analysis, it can be identified the future innovation which are building organizational
success in terms of growth and development (Thomson and et.al., 2019). Next generation
sequencing is based on the application that useful for identifying risk population and target
therapies of potential patients, who are likely to respond towards innovation technique. In terms
of future development, it is the most efficient technique which help for improving overall
business capabilities in terms of innovation. It became easier for identifying any type of risk
which easily target for resolving issues and problems. By using sequencing technology, it will
establish the connection with patient and provide information about health care equipment’s and
how they can provide facilities to perform treatment of particular diseases. It is one of most
challenging times in history of health care where it will face many problems while rise chronic
diseases among people. In terms of enhancement, Stryker is mainly placing an emphasis on the
internal collaboration which make up innovation as a team that will change supply chain as well
as health economists. It is great opportunities for business to focus on change and realise that
capital instrument or equipment provide benefits of patient. Innovation should not allow to
become with the acquisition and procurement of new instrument but also results from putting
innovative idea which providing greater benefits in terms of future development (Wang, Pei and
Gu, 2019). Nowadays, Medical science continue applied the advancement technologies in the
health care services which supporting to handle any type of health condition. It is necessary for
medical professional to identify symptoms and then give proper treatment. In this way, medical
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equipment always used for finding reason behind diseases while adding new innovative features
in equipment for improving quality of medical healthcare services.
The Stryker is used the smart innovative lenses which are applicable in future because it
can be used for treatment of chronic diseases. In this way, it will easier for doctor to examine the
stage of cancer. Building innovation helpful in the healthcare where measuring blood sugar of
person by using instrument. It also calculating the early stage. Most of medical professional use
various instrument and equipment for future because it helps for providing better services at the
time of treatment. It would be able to take radio frequency for measuring the overall medical
history of patient. This type of frequency ID is based on chip that collect information of patient
related the health condition. Thus, medical professional offers the services regarding immediate
treatment that will reduce death cases in nation (Wass, Vimarlund and Ros, 2019). The primary
aim of Stryker firm is to make better health condition of patient and also increases rate of healthy
people in country. Moreover, as per future building innovation that provide many benefits
through medical instrument, equipment and devices that suitable for future enhancement. It can
be offering personalised service to patient and also building the confidence level of people
towards innovative healthcare services. There are different type of artificial material and organs
used in devices that will consider innovation in terms of future growth. The expertise people will
try to maintain position of organization so as quickly examine medical history and also treated
accordingly. It would be observed the single biometric indicators, which uses as an artificial
intelligence in future for great innovation. It directly changes the medical techniques and Stryker
will implement the innovation concept in the business activities. Stryker will have implementing
the innovation effectively and efficiently that help for future development. it would be used in
fulfilling all type of goals and objectives.
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CONCLUSION
In above discussion, it concluded that Innovation management refers as a useful for
organization to gasp an opportunity and also create or introduce the new ideas, products and
process respectively. It is also considered as an innovation idea that can be implemented in the
business activities for changing goals and objective of business. The innovation management
applicable in term of medical healthcare where professional uses various equipment’s,
instrument and devices. These are useful for examining diseases which useful in future for giving
better treatment of patient. From above analysis, it can be identified that in future innovation
build a strong relation with patient while giving medical treatment.
It has summarised about the concept of innovation management, which help for identifying
various activities, practices and decision, these are directly impacts on changing the overall
business processes. However, it also useful for managing investment while developing new
opportunities in organization so that they can improve quality of products and services according
to demand of customers. The report is mainly focused on the future of industry where how the
organization uses innovation requirements in 2020 where organization can be increased the
capabilities and abilities for improving business demand in global marketplace. it can be
analysed the future innovation idea, thoughts that useful for increasing development and growth.
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REFERENCES
Book and Journals
Dai, T. and Tayur, S.R., 2019. Healthcare Operations Management: A Snapshot of Emerging
Research. Manufacturing & Service Operations Management, Forthcoming.
Davies, G.H., Roderick, S. and Huxtable-Thomas, L., 2019. Social commerce Open Innovation
in healthcare management: an exploration from a novel technology transfer
approach. Journal of Strategic Marketing. 27(4). pp.356-367.
Lapão, L.V., 2019. The future of healthcare: the impact of digitalization on healthcare services
performance. In The Internet and Health in Brazil (pp. 435-449). Springer, Cham.
Lee, A., Moy, L. and Rabang, J., 2019. The doctor is in, but is academia? Re-tooling it education
for a new era in healthcare. Journal of Information Systems Education. 25(4). p.1.
McGahan, A.M., 2019. Inclusion and innovation in healthcare. In Handbook of Inclusive
Innovation. Edward Elgar Publishing.
Parthasarathy, R., Knight, J.R. and Wyant, D.K., 2019. Does Organizational Innovation
Capability Impact Electronic Medical Records Implementation Success?.
Ramori, K.A. and et.al., 2019. Lean business models in healthcare: a systematic review. Total
Quality Management & Business Excellence. pp.1-16.
Samuelsson, P., Witell, L. and Elg, M., 2019. Incremental and radical service innovation in
Healthcare. In Handbook of Service Science, Volume II (pp. 619-638). Springer, Cham.
Thomson, G. and et.al., 2019, May. BIM Related Innovation in Healthcare Precinct Design and
Facilities Management. In 10th Nordic Conference on Construction Economics and
Organization (pp. 455-462). Emerald Publishing Limited.
Wang, Z., Pei, Z. and Gu, V.C., 2019. Strategic Applications of Business Analytics to Healthcare
and Hospital Management. International Journal of Applied Research on Public Health
Management (IJARPHM). 4(2). pp.47-64.
Wass, S., Vimarlund, V. and Ros, A., 2019. Exploring patients’ perceptions of accessing
electronic health records: Innovation in healthcare. Health informatics journal. 25(1).
pp.203-215.
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