...Leading Innovation and Change Managing Innovation Managing Innovation Innovation is important to every organization in order to successfully gain better market shares, customer loyalty and more investments. Unfortunately, not all succeeds in innovating effectively, and most organizations struggle with it. According to Peters and Waterman (O’Sullivan, 2009, p. 38) in their book In Search of Excellence, firms who transform, adjust, responds to the shift in market’s needs and continuously innovate becomes excellent organizations. They said there eight attributes that can be applied to commercial or nonprofit, big and small organizations and these are as follows: 1. A bias for action involves testing out and experimenting new ideas. Regardless of their past success or loss, they continue to add value to their consumers. 2. Excellent organizations keep their communication open with their customer in order to determine and solve problems, also generate new ideas to improve their services and products. 3. Autonomy and entrepreneurship entails the organization’s ability to take risks in supporting new good ideas in the course of its life cycle no matter how difficult it is. They are willing to make extra efforts to bring an idea to success. 4. Productivity through people is a trait that sees every individual as a potential source of new valuable ideas that will benefit and attend to the needs of the stakeholders. These excellent organizations encourage their...
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...Managing Foresight for Innovation in Large Firms Lina Bakker & Linn Johansson Summary Corporate foresight has the potential to create competitive advantage by providing strategic orientation and supporting future insights. As humans we apply foresight every day by anticipating the future and preparing for it. Yet, in a corporate context the concept has been much less explored. There is a lack of research covering how to organise for foresight, particularly in an innovation setting. The purpose of this study was therefore to examine how large companies can manage foresight. This was investigated in a qualitative research with the means of multiple case studies and expert consultation. The findings of this study show that managing and organising for foresight in large firms can be done on the basis of two approaches, formal or informal. This is based on theory and has been extended and modified in this study. The formal approach builds on structure and processes whereas the informal approach is based on the corporate culture. Which approach is more suitable depends on the existing structures and culture in place, as well as the desired outcome of foresight. 1 Introduction Today’s business environment is defined by rapidly changing technology and intense competition, in which innovation has become a critical success factor to sustain competitive advantage. More and more companies are searching for strategic orientation and feel the need to support more future insights to...
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...Managing Knowledge for Innovation: The Role of Cooperation, Competition, and Alliance Nationality Haisu Zhang, Chengli Shu, Xu Jiang, and Alan J. Malter ABSTRACT Strategic alliances play a critical role in global innovation. Firms can overcome resource constraints and achieve superior innovative performance not only by using internal resources but also by acquiring knowledge-based capabilities from alliance partners. In this study, the authors investigate how knowledge acquired from alliance partners affects organizational knowledge creation, which in turn leads to innovative performance. The authors propose that the knowledge–innovation relationship is stronger in international alliances than domestic alliances. The results from a survey of 127 German firms engaged in strategic alliances confirm that knowledge creation mediates the effect of knowledge acquisition on innovative performance and that international alliances strengthen the effect of knowledge creation on innovative performance. In addition, the authors find that interfirm cooperation and competition coexist in strategic alliances and that both factors increase knowledge acquisition, though from different motivational bases. Keywords: innovation, strategic alliance, knowledge management, cooperation, competition A lliances are a central element of most company business models (Kaplan, Norton, and Rugelsjoen 2010). The logic of working with a strategic partner is especially compelling in increasingly competitive...
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...Contentes Page No. Introduction: 2 The Role of Innovation in Organizations: 2 Innovation and other similar terminologies: 3 Benefits and limitations of Innovation: 3 Innovation Audit: 4 Benefits of being more innovative: 5 Managerial Style for Innovation: 6 Climate of Innovative Organization: 8 REFERENCES 9 Introduction: Innovation is a common phenomenon among the organizations around the world in the current business scenarios. Finding a new solution to an existing product, process, services, technologies or ideas and meet the newer constraints of the market or society is innovation. The term can be used in the sense of finding something original which breaks into the market or into society and considered as important finding in some way. Innovation can be viewed in different perspectives. From individual perspective, innovation is to most of the extent compared as the creativity. While in social perspective, innovation has been a widespread study in the fields of economics, business, sociology, entrepreneurship, technology etc. Improving the older way of doing things and providing comfort to the users or people is known as innovation in societal view. In other words, finding an added value meeting customer’s existing needs or a newer development that meets new needs is innovation. From organizational point of view, innovation is a positive change in the organizational setting; such as efficiency...
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...more top-down playbook. by Keeley Wilson and Yves L. Doz 10 Rules for Managing Global Innovation Companies are well aware that hidden in their dispersed, global operations is a treasure trove of ideas and capabilities for innovation. But it’s proving harder than expected to unearth those ideas or exploit those capabilities in global innovation projects. Some of the challenges of global projects are familiar: figuring out the right role for top executives, for example, or finding a good balance between formal and informal project management processes. But although the challenges may be familiar, the solutions are not; what works for an innovation project conducted in a single location doesn’t necessarily work for one dispersed across many sites around the world. That’s partly because many important enablers of innovation happen naturally in colocation. Single location projects draw on large reservoirs of shared tacit knowledge and trust, and when issues arise, senior management is on hand to make decisions and provide direction and support. Team members october 2012 harvard business review 85 10 Rules foR Managing global innovation share the same language, culture, and norms, enabling flexibility and iterative learning as the project unfolds. When a project spans multiple locations, many of those natural benefits—often taken for granted—are lost. Part of the challenge of dispersed innovation thus becomes how to replicate the positive aspects of colocation while harnessing...
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...SEMESTER PROJECT BY Afungsa Candy Noumvi 7TH SEMESTER (2012/2013) AALBORG UNIVERSITY COPENHAGEN RESEARCH QUESTION Do Danish families Prefer traveling more abroad or within Denmark for holidays ? As a National Destination Management Organisation- VisitDenmark, what is the organization doing to stimulate Danish families to participate more in domestic tourism? * The theme of our research is Motivation. What motivates Danish families in choosing their holiday destinations? Do they mostly go abroad or not? And why? * Problem area is improving the tourism sector of Denmark to attract local Danish families. Here we will be analyzing the campaign VisitDenmark to see what the organization has been doing so far to encourage domestic tourism. TABLE OF CONTENT * chapter one……………………………………………………… …..Page 4 -Introduction (some background on tourism in Denmark)………………………4 -Problem formulation/ hypothesis -Research objective (what do we want to achieve in this research……………………………………………………………5 - Delimitation………………………………………………………………..........6 * chapter two……………………………………………………………………….7 - History of leisure tourism …………………………………………………......7-8 - Definition of theory…………………………………………………………..9-12 - Analysis of the Campaign, how does VisitDenmark promote domestic tourism……………………………………………………………………… 13-19 - Danish outbound tourism…………………………………………………...20-22 * chapter three………………………………………………………………….....23 - Research methodology……………………………………………………...
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...Cassi Stephenson BUSM Management Chapter 7 Review 1 The difference between how change is handled in an organization can be described in two metaphors. Calm water looks at change in business as if you were on ship crossing a calm sea and only the occasional storm would disrupt your journey. In the calm waters metaphor change is seen as the occasional disruption in the normal flow of events. White water rapid metaphor describes change as a group of people trudging through white water rapids that has never worked together before; to add to the challenge they are doing this at night time. White water rapid describes change that takes place in uncertain and dynamic environments. The stability and predictability of calm water metaphor do not exist. Most managers never get out of the rapids with constant changing environments, such as changing structure, changing technology, changing employees. People can be resistant to change due to uncertainty, habits, concern over personal loss, belief that change is not in the best interest of the company. Environments change every day and will continue to change there are ways to reduce resistance by education, participation, negotiation, manipulation and corporation. The calm water metaphor is not realistic for today’s constant changing environment. Successful managers will have to learn to adapt and succeed in a white water environment. ...
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...The change Doctor Gayle found was that in the organization's mission, and that is in the sense that it went from a general, vague one to a more specific mission with objectives relative to poverty, women, and resources. This change that she found created a need for organizational change, as CARE was based on single national units functioning autonomously. The new mission now meant that there must be international collaboration in order to achieve the objectives set. Question 2: CARE's decentralized approach stems from the fact that the individual country officers raised their own funds and were used to being on their own, as stated in the case. They functioned autonomously as single units and did not see the bigger picture. This could be due to the fact that the organization's previous mission was a vague one that may have not been properly communicated throughout its separate divisions. Question3: As stated previously, the root of the decentralized design in CARE is the fact that the mission was vague and there was a lack of communication across borders. In order to improve collaboration, the first step would be to establish proper communication lines that go across all of the divisions, and most importantly two way communication lines. The company's new mission must then be embodied and shared throughout all of the divisions, and that will create a whole unit. Measurement of results would also improve collaboration in order to determine effectiveness. Question 4: ...
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...Managing Crowds in Innovation Challenges Arvind Malhotra Ann Majchrzak Crowdsourcing for innovation is typically conducted as an “innovation challenge.” Despite the popularity of innovation challenges, there appears to be a growing consensus that innovation challenges do not succeed at generating solutions with competitive advantage potential. This article presents three ways in which managers can assure that their innovation challenges are fruitful: foster different crowd roles to encourage contribution diversity; offer knowledge integration instructions and dual incentives; and offer explicit instructions for sharing different types of knowledge. (Keywords: Creative Collaboration, Innovation, Creativity, Crowdsourcing, Open Innovation) I nnovation challenges, also known as innovation tournaments and idea contests, are a manifestation of crowdsourcing.1 When running an innovation challenge, a company posts an open call on the Web to solicit solutions from a diverse range of individuals. For example, GE’s Innovation Challenge solicited new technologies for its sustainability product line and a Lego Challenge asked the public to suggest unique Lego products as new revenue streams. By 2017, over half of consumer goods producers are projected to employ crowdsourcing for 75% of their consumer innovations.2 Despite the popularity of innovation challenges, there is a growing consensus that the current manner in which innovation challenges are implemented fails ...
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...SECTION 1: INTRODUCTION 1.1 Background of Sentosa Development Corporation Sentosa Development Corporation (SDC) is a Singapore corporation. It was founded on 1 September 1972 as a Statutory Board under the Ministry of Trade and Industry and develops services, facilities and amenities on Sentosa for visitors. In 1974, Singapore cable car system was built for linking Sentosa to Mount Faber and starts operations. Fort Siloso, Kusu Island, Surrender Chambers wax museum and St John’s Island was opened to public as a holiday and recreational purpose in the following years. In 1982, monorail system of Sentosa Island began operations and Musical Fountain open to the public. In 1992, a causeway-bridge length at 710-metre long was built and linking Sentosa to the Singapore mainland, it is more convenience for public who want to travel to Sentosa. In 1996, one of the landmarks of Sentosa, The Merlion opens. In 1998, visitor cars are allowed to enter the island under the newly-introduced Drive-In scheme. In 2002, Sentosa Development Corporation and its subsidiaries are known as the Sentosa Leisure Group (SLG). In 2006, Palawan Beach reopens to public after renovation. The Sentosa integrated resort project with Genting International and Star Cruises was awarded by the Singapore Government. In 2007, the Sentosa Monorail was replaced by the Sentosa Express to enhance the transportation links between Singapore mainland and Sentosa. In 2010, Universal Studios theme park, and Resorts World Sentosa...
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...Chapter 17: Managing Organizational Change and Innovation This chapter discusses what needs to be considered when changing an organization. Some of these changes would be the input and the technological aspect of the business. I retained the most information from this chapter in the section of change agents. There are three agents of change; external, internal and external-internal change agents. External agents of change are temporary. They are used in situations where an organization needs help individual and group behavior. External agents are usually professors or private consultants. Internal agents of change are already apart of the business. They already know how to change an organization. In most cases they are managers who have recently been brought into organization that needs help. External-Internal agents are the combination of both external and internal. An organization uses both approaches to change the problems that have arisen. Question My thought-provoking question is how effective are external and internal change agents? I want to know why because what would be the next step to take to get the company at a good performance level. I know this works in most cases because I have seen it happen. I am just curious. Personal Implication Internal change agents personally affect me the most. My dad is a general manager at Applebee’s and he usually gets sent to stores that have a poor performance. He knows how to run a restaurant successfully. My dad has to...
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...not align with Nypro’s close-to-customer strategy. It will result into longer delivery time which is the most critical factor determining customer demand and satisfaction in the current competitive market scenario. 2. Install 2-3 machines in each plant: Having NovaPlast machine in each plant will help Nypro in quoting shorter delivery time and capture more market share. It aligns with the company’s close-tocustomer manufacturing policy. There could be however opposition from plant employees to adoption of an unproven technology and standardized employment of NovaPlast in all plants as it happened in the case of MRP2 system. To spur innovation, plants can be allowed to compete for developing best techniques for developing mould design with the new machine. 3. Employ NovaPlast in single plant and move to internal market of innovation to test commercial viability: This option could be implemented very quickly and allow for engineering efficacy. However it will...
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...1 ANNUAL REPORT 2014 Table of contents ABOUT THE COMPANY Letter of Transmittal Corporate Information Milestones Board of Directors and Management Brand Values Products 3 4 5 6 -8 9 10 OPERATING RESULTS Summary of Key Operating & Financial Data 11-12 AGM & COMPANY PERFORMANCE Notice of 35th Annual General Meeting Chairman’s Message to Shareholders Report of the Board of Directors 13 14 ANNUAL REPORT 2014 15 - 19 1 Table of contents COMPLIANCE REPORT Corporate Governance Compliance Report 20 - 38 FINANCIAL RESULTS Auditors’ Report to the Shareholders Statement of Financial Position Statement of Comprehensive Income Statement of Changes in Shareholders’ Equity Statement of Cash Flows Notes to the Financial Statements Unit-wise Working Result Schedule of Non- Current Assets Certificate on Review of financial statements PROXY FORM 39 - 40 41 - 42 43 - 44 45 46 - 47 48 - 80 81 - 82 83 - 84 85 ANNUAL REPORT 2014 2 Letter of Transmittal December 6, 2014 Esteemed Shareholders Bangladesh Securities and Exchange Commission Dhaka Stock Exchange Limited Chittagong Stock Exchange Limited Registrar of Joint Stock Companies and Firms Dear Sir or Madam, Subject: Annual Report for the year ended June 30, 2014 It is our pleasure to inform you that the 35th Annual General Meeting of Olympic Industries Limited will be held on Wednesday, December 24, 2014 at 10:00 AM at our 2nd biscuit factory premises at Lolati, P.S. Sonargaon, District...
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...just joined Morgan Stanley. Parson who was a managing director of a small firm is having difficulty adjusting to the culture of a large financial firm like Morgan Stanley. Key Issues Analysis: 1) Adopting the Company Culture: Rob Parson who is new to Morgan Stanley was unable to adapt to the firm’s culture which fosters integrity, teamwork, innovation, dignity and respect. Despite being one the firm’s division’s star performers and an outstanding producer, Parson was seen as sharp-tongued, impatient and often difficult to work with. His team player skills’ rating was low. He was perceived as occasionally aggressive, temperamental, lacked respect and possesses traits that did not fit the profile of a Morgan Stanley’s managing director. 2) 360 Degree Performance Evaluation: No doubt the 360 degrees evaluation is a valuable tool to help employees improve their performance however due to its limitations it may not be as effective when it comes to decide on employees’ promotion. Morgan Stanley’s 360 degree performance evaluation did not include clients’ valuation, developmental opportunities such as coaching and training. Furthermore, there were no performance standards that measured the individual in comparison to the performance of the group and it failed to take into consideration job functions, performance standards and departmental goals. Recommendation: Rob Parson may not be ready to be immediately promoted to a managing director’s position, but he does have the potential...
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...Rob Parson at Morgan Stanley Rob Parson was a market coverage professional in the Capital Markets division. He had been hired by Paul Nasr and had generated substantial revenues since joining the firm. Unfortunately, Parson's reviews from the 360º feedback said that he was having difficulty adapting to the firm's culture. So Nasr faces the difficult decision to promote Parson to Managing Director. Nasr must complete Parson's performance evaluation summary and conduct Parson's performance review. Question 1 What are the advantages and disadvantages of the 360º feedback system at Morgan Stanley? When John Mack became President of Morgan Stanley in 1993, he brought a new vision to the bank named “One-Firm Firm”. That vision focused on performance which can be translated in creating value for the clients, the employees and the shareholders. Mack thought that could only be achieved through a culture that promoted teamwork and innovation and never sacrificed the firm’s integrity. The 360º performance evaluation process was brought by Mack to Morgan Stanley with the intention to “encourage employees to conform to a new way of doing business that emphasized team-work, cooperation, and cross-selling”. It also intended to “provide comprehensive development feedback so that employees could continue to improve their skills in four areas: Market/Professional skills, Management and Leadership effectiveness; commercial Orientation; and Teamwork/One Firm Contribution”. These...
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