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Innovation Strategy - Best Practices Review

  • ID: 4876648
  • Report
  • December 2019
  • Region: Global
  • 37 Pages
  • Frost & Sullivan
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Innovation Performance is shaped by Company Strategy, Organizational Systems and Culture

FEATURED COMPANIES

Industrial giants of the twentieth century, as well as the twenty-first century, are all innovators of either technology or business models. The study highlights innovation is critical for the long-term survival of Organizations in today’s world and provides innovation-specific best practices followed by leading organizations globally. The study also covers what aspects companies should keep in mind while formulating innovation strategy which is best suited to their organization?

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FEATURED COMPANIES

1. Executive Summary
1.1 Engaging the Entire Organization to Achieve the Vision of the Future is at the Core of Innovative Organizations
1.2 Innovation is Critical for Long-term Survival of Organizations in Today’s World
1.3 Research Objectives and Scope

2. Key Factors Impacting Innovation
2.1 Company Strategy, Organization Systems, and Culture Affect Overall Innovation Performance
2.2 Innovation is an Outcome of Close Collaboration between Multiple Stakeholders and Organization Culture also Plays an Important Role

3. Innovation Philosophy
3.1 Leading Innovators of the 20th and 21st Centuries have Unique Innovation Philosophies and Strategies
3.2 P&G's Innovation Philosophy is Centered around Customers
3.3 3M’s Philosophy is Based on a Bottom-up Approach to Innovation
3.4 Innovation at IBM is Decentralized, Collaborative, and Focused on Cutting-edge Technologies and Emerging Businesses

4. Organizational Culture
4.1 Organization Culture is a Decisive Factor in the Success of Innovation
4.2 Visionary Leadership and Organizational Agility are Necessary Fundamentals for Creating a Culture of Innovation

5. Innovation Process
5.1 Robust Innovation Processes Help in Translating Ideas into Marketable Solutions
5.2 Each Organization has Different Innovation Processes to Suit its Own Needs and Philosophies

6. Governance
6.1 Leaderships at All Levels Need to Believe in Innovation and Drive it throughout the Organization

7. Performance Management
7.1 Constant Focus on Building Competency and Skills Provides Long-term Competitive Edge

8. Management of Knowledge and Competency
8.1 Knowledge Management and Access to Knowledge Empower Innovators

9. Risk Management
9.1 Including Sufficient Strategically Robust Ideas in a Balanced Portfolio Provides the Lowest Overall Risk for Innovation

10. IP Management
10.1 Collaboration and Business Strategies are Transforming Industries’ Approach to IP Management
10.2 Building IP Assets is Still a Priority for Companies and there is an Increased Focus on their Monetization
10.3 Sale, Licensing, Buy, Assertion, and Defensive IP Pooling are the Prominent Transaction-based Business Models in the IP Marketplace

11. Appendix
11.1 Acronyms

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  • 3M
  • IBM
  • P&G
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