Making Innovation Work Flashcards
Disruptive innovation definition
Using innovation to help create new markets by discovering new groups of consumers.
Disruptive innovarion creates
Change
Disruptive innovation creates
A new way of doing things
Functional areas impacted by innovation.
HR
Finance
Marketing
Operations
HR impact
Encourage staff to develop and share ideas - change in culture.
Finance impact
Large investments no guarantee of success
Marketing impact
Market research identified initial problem - customer feedback essential.
Operations impact
New product might require manufacturing methods and skills - training and investment in technology.
Ways to become innovative
Culture - acceptable to fail.
Funding.
Sharing - cross department communication.
Effective teams.
Leadership and listening go together through:
Need to listen to stakeholders e.g. Partners, employees etc.
leadership influences the culture of the business and defines how employees behave and their priorities.
Research and development definition
Technical and scientific research activities to develop new products and processes
R & D involves
Testing and prototypes through scientific methods.
Disadvantages of R&D
Large investment.
Financial outcomes difficult to predict.
Silo effect
Only speak to the people within your department
Silo effect disadvantages
Lack of innovation and creativity.
