Question

QUESTION 4 Provide and explain an example of international strategic management leading toward "innovation."

Answer 1

Innovation management is a structured process of generating, capturing, discussing and improving, organizing, evaluating and prioritizing valuable insight or alternative thinking that would otherwise not have emerged through normal processes.

1. INVOLVE EVERYONE AND CREATE CONVERSATIONS

To make your innovation culture efficacious, involving every employee remains crucial. Innovation isn’t effective in isolation. Bringing employees together, in the beginning, may stir a better chance for success. As mentioned above, crowd sourcing can be one of the best techniques to involve employees in innovation and generate a pool of ideas within the organization.

The best way to inspire innovative thinking isn’t to force a brainstorming session, it’s to create an ongoing conversation. The quality of conversation is an important determinant impacting the quality of creativity and innovation.

It provides an interactive platform to bridge the gap between senior management and employees during their idea sessions.

2. DO NOT PUSH EMPLOYEES, PULL THEM IN

Nurturing the internal side of open innovation amplifies participation. Forcing or mandating involvement may lead to frailties in due course of time.

To involve employees in idea – make them understand how their ideas will contribute to the organisation’s success. Explain the significance of innovation, describe the potential they have in improving the organization’s productivity, individual growth, rewards & recognition, overall purpose and values they get.

Employees might get motivated by recognizing these values and participate in innovation.

3. RUN AWARENESS CAMPAIGNS

Creating innovative ideas that drive business growth don’t just happen, it requires a strategic orientation to adopt the culture and generate new ideas. It is a proven way to encourage the widest range of participants in innovating.

Creating awareness by running campaigns is a proven way to generate interest to use the idea space. This has a direct influence on capturing creative ideas stirring enhanced productivity, cut down operational costs and drive improvements from the bottom up in a short time period.

4. INTRODUCE A COMMON SPACE FOR INNOVATION WITH AN INNOVATION MANAGEMENT TOOL

Employees might not have a separate place and time to meet to discuss ideas addressing a common challenge. Introducing an innovation management platform can create a digital workplace environment in which employees can interact, collaborate & contribute ideas, and evaluate, select and provide the best innovative strategies across the organization from anywhere anytime.

5. TRANSPARENCY

Transparency boosts the culture of innovation. It is essential that employees should know what the buzz is around the ideas shared, challenges posed by the organization, etc. Often employees are left in the dark having no clue on further steps on the ideas posted. This may create chaos and trust issues in the entire innovation initiative.

In such instances, social collaboration tools can provide a platform to employees where they can collaborate, communicate, engage and share the selection process updates in real time.

6. REWARDS AND RECOGNITION

Building an effective reward and recognition system is a key aspect of maintaining and encouraging innovation. Appreciation and recognition are essential to an outstanding workplace.

Employees want to be respected and valued by others for their contribution. When employees and their work are valued, they seem happy, loyal, satisfied with the organization.

Therefore developing an effective tool for rewards and recognition can encourage and keep employees continue to post their ideas to get recognized and rewarded their effort.

Elements of innovation management tools can help in streamlining rewards mechanism. Awarding badges/ points to the highest contributor or bestowing the winning idea can fuel competitive spirits and active participation.

As organizations strive to develop an innovative culture in the organization, it is necessary to consider implementing the right strategies to bring about the transformation from the ground up. We suggest integrating an effective idea management software or tools into the digital workplace which can collaborate, capture, evaluate and pick innovative ideas that can help in business growth.

EXAMPLES:

General Electric: In the early 1900 s, GE developed the renowned industrial research laboratory. Innovation bought GE to the uncontrolled process of scientific discovery and, over the next 50 years, won more patents than any other company in America.

Much of GE competitive prowess was an outcome of innovations in the best way – nurturing a culture of idea. They provide a healthy environment where employees share their ideas openly and get recognized to their efforts in innovation.

They also seek external voices with unique opinions and ideas on everything from the cloud, robotics and manufacturing to public policy and the global economy.