Chapter 7 Flashcards
What are some innovation and value creation methods for a company sustainability?
Organizational Resilience (Res)
Competitive Advantage (CompetAdv)
Economic Sustainability (EcoS)
Environmental Sustainability (EnvS)
Social Sustainability (SocS)
What is Organizational Resilience (Res)?
Refers to an organization’s response to damage and it highlights the ability to recover and grow under uncertainty, crisis, and emergency.
What is Competitive Advantage (CompetAdv)?
When a company obtains a set of traits that enable it to work better
than its competitors, it gains a competitive advantage.
What is Economic Sustainability (EcoS)?
It relates to the growth, development, and productivity of the company. It means that we should optimize the usage of resources to create long-term sustainable values in our organization.
What is Environmental Sustainability (EnvS)?
It refers to the maintenance of natural capital; for this reason, firms should take care of waste emissions and use renewable and nonrenewable resources very carefully
What is Social Sustainability (SocS)?
It is a technique for developing sustainable locations that encourage wellness by understanding people’s requirements of their living and
working places.
What is the rebalance of the core and the crowd?
The rebalance of the core and the crowd refers to the shift in the way organizations operate and create value. Traditionally, organizations have relied on a core group of employees to develop and deliver products and services. However, with the rise of digital technologies and platforms, organizations are increasingly leveraging the crowd - a network of individuals outside of the organization - to contribute to their innovation and value creation processes.
How does the rebalance of the core and the crowd work?
The rebalance of the core and the crowd involves organizations tapping into the knowledge, expertise, and creativity of individuals outside of their organization to create value. This can take many forms, such as crowdsourcing ideas for new products or services, engaging customers in the design process, or leveraging the gig economy to access specialized talent.
What are the benefits of the rebalance of the core and the crowd?
Access to diverse perspectives and expertise
Increased innovation
Lower costs
Improved customer engagement
What are the challenges of the rebalance of the core and the crowd?
Loss of control
Quality concerns:
Intellectual property issues
Cultural barriers
