Law 421 Week 3 Analysis
Week Three Summary
The team is to recap what was learned from last week’s assignments, readings, and discussion from class. As a team, each member ranked the six factors of innovation, and a final ranking was agreed upon. A brief description of the assignment will be discussed, highlighting the outcome. Innovation is essential for businesses to remain competitive, and the business not promoting innovations are losing portions of the market. The team learned the Seven Innovation rules to help us rank the six factors of innovation. The rules provided an understanding of the importance innovation plays in an organization to grow and survive in the technology world that exists. The conclusion will highlight the differences between standard …show more content…
10). In some cases technology can assist in speeding up the assembly process, reducing the cost of a product. The consumer will usually purchase to cheapest of two like items. The company taking advantage of the technology to speed up the assembly process has the advantage in business. The other company either promotes innovative ideas to implement or eventually loses more business. Innovation is a constant factor that a business must plan for to be competitive, or lose portions of the …show more content…
11). To succeed an organization is required to make changes because it will help the company grow.
• “Recognize that the basic unit (or fundamental building block) of innovation is a network that includes people and knowledge both inside and outside the organization” (Davila, Epstein, & Shelton 2006, p. 11). Management should take advantage of the resources within the organization to take it to the next level.
• “Create the right metrics and reward for innovation” (Davila, Epstein, & Shelton 2006, p. 11). Rewards bring positive attitude to the company’s innovation.
Conclusion
Most tasks that have management in the title share common benchmarks. Depending on nomenclature those benchmarks could be: Identifying the needs of a goal, acquire resources to meet needs of goal, apply resources, reassess needs of goal, achieve goal, learn from process. Innovation management doesn’t really fit in the pigeonholes previously listed. Innovation management is less linear and more organic. To describe the factors involved in innovation management, the metaphor of a blind farmer planting a vegetable garden will be
The team is to recap what was learned from last week’s assignments, readings, and discussion from class. As a team, each member ranked the six factors of innovation, and a final ranking was agreed upon. A brief description of the assignment will be discussed, highlighting the outcome. Innovation is essential for businesses to remain competitive, and the business not promoting innovations are losing portions of the market. The team learned the Seven Innovation rules to help us rank the six factors of innovation. The rules provided an understanding of the importance innovation plays in an organization to grow and survive in the technology world that exists. The conclusion will highlight the differences between standard …show more content…
10). In some cases technology can assist in speeding up the assembly process, reducing the cost of a product. The consumer will usually purchase to cheapest of two like items. The company taking advantage of the technology to speed up the assembly process has the advantage in business. The other company either promotes innovative ideas to implement or eventually loses more business. Innovation is a constant factor that a business must plan for to be competitive, or lose portions of the …show more content…
11). To succeed an organization is required to make changes because it will help the company grow.
• “Recognize that the basic unit (or fundamental building block) of innovation is a network that includes people and knowledge both inside and outside the organization” (Davila, Epstein, & Shelton 2006, p. 11). Management should take advantage of the resources within the organization to take it to the next level.
• “Create the right metrics and reward for innovation” (Davila, Epstein, & Shelton 2006, p. 11). Rewards bring positive attitude to the company’s innovation.
Conclusion
Most tasks that have management in the title share common benchmarks. Depending on nomenclature those benchmarks could be: Identifying the needs of a goal, acquire resources to meet needs of goal, apply resources, reassess needs of goal, achieve goal, learn from process. Innovation management doesn’t really fit in the pigeonholes previously listed. Innovation management is less linear and more organic. To describe the factors involved in innovation management, the metaphor of a blind farmer planting a vegetable garden will be