Innovation dimensions and business models

Shawnee et al. (2011) introduced a tool that can be used to look for opportunities to innovate. The ‘innovation radar’ has 12 key dimensions, namely: offerings, platform, solutions, customers, customer experience, values capture, processes, organization, supply chain, presence, networking and brand. Next, this paper will apply some of these key dimensions to an innovative firm. The innovative firm I would like to discuss is Kea Kea has been able to provide customers with a wide portfolio of good quality furniture for relatively low prices by making use of co-creation. To be more specific,

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Kea incorporated customers in their production process, outsourcing the furniture’s assembly process to the customer, a form of co-production. This higher valued product offering has in turn, increased Kike’s sales and lowered its labor costs. Offerings: wide array of furniture, appliances and home accessories in one store for a relatively low price. Platform: many products are designed for a portfolio of screws, knots, etc. Moreover, many parts are designed for multiple products. Customers: by focusing on low price and a wide portfolio of products Kea has created and captured new customer segment.

Customer experience: every Kea location has a relatively cheap restaurant and daycare facilities. Attempting to enhance the customers shopping experience. Processes/Supply chain: the production process is outsourced to the customer (higher efficiency, lower costs). There is ample research that suggests that there is a positive correlation between innovation and organizational performance. This, however, does not imply that every company should simply innovate to enhance profit. There are many challenges associated with innovation.

Moreover, the occurrence of innovation is no longer merely defined by the existence or nonexistence of an internal research and development department. Next, I will briefly discuss three management issues with regard to innovation processes, both at the company and project level. At the company level the first step of the challenge is how to implement innovation in your company. As mentioned, the model of closed innovation is no longer the rule. There is an apparent trend from closed to the new model of open innovation, where firms outsource parts of the innovation process.

In the new innovation environment there are different modes of innovation. Where the challenge of funding an innovation can come from two sources, innovation investors or benefactors. Furthermore, there is more than one type of organization that primarily generate innovation: innovation explorers, merchants, architects, and missionaries. Finally, the centralization of innovations can be done by innovation marketers and one-stop centers. These new modes of innovation, illustrates the challenge of choice that this new form of open innovation has brought up.

At teen project level, a Key canalling can De Intelligently Ana communicating teen most important success-factors of a project, which can enhance the chance of Go- decisions. On the other hand, it is important to prevent hollow decisions at gates and to ensure that these decision points have teeth. Moreover, it can be a challenge to select the right amount and correct people to function as gatekeepers, and to assure that they behave correctly. If the quality of these decisions are poor, so will be the judgments of the kill/go verdict, which can be a costly mistake.

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