Group 1 Rev - Innovation Management PDF

GROUP 1 - INNOVATION IN COMPLEX To lead or sustain innovation, managers MANAGEMENT must focus on the innovation network, understanding its complexity. Collaboration Overview...

GROUP 1 - INNOVATION IN COMPLEX To lead or sustain innovation, managers MANAGEMENT must focus on the innovation network, understanding its complexity. Collaboration Overview is crucial, with organizations bringing The aim of the course is to provide innovations to the market based on understanding of how innovation comparative advantages. Successful takes place. innovations are often the result of intra- and interdisciplinary networking among sectors, The course will tackle the practices requiring network integration for success. and processes that entrepreneurs and managers use to manage EXAMPLES innovation effectively in new and ELECTRICITY existing organizations and in Electricity is essential for managing networks. complex innovation by powering technology, data processing, communication, Best example are implementing of the rules automation, prototyping, and energy and and regulations, used of technology, efficiency.It powers devices and systems for and collaboration research and development, enables high-speed computing and data analytics, Objectives: facilitates collaboration across teams, The goal of this course is help u to streamlines processes, and allows for rapid 1. To be familiar with the definition of the prototyping. Additionally, it promotes complex innovation sustainable practices. 2. Discover information that's related with the current topics NETFLIX 3.This lesson will also teach you how Netflix uses data-driven decision making, complex innovation management works in agile development, diverse content creation, reality especially in the modern world and collaborative partnerships, experimentation, how u can utilize it on your daily life. user-centric design, and scalable infrastructure to stay at the forefront of the Managing complex innovation entertainment industry. The platform uses vast user data to understand viewing habits Managing complex innovation involves and preferences, and uses agile developing new ideas, products, or services methodologies to test and improve features. involving multiple variables, stakeholders, Netflix also embraces diversity in and uncertainties. It requires a structured storytelling, collaborates with creators and yet flexible approach, often involving production companies, and continuously advanced technologies, shifting market refines its interface based on user feedback. demands, and diverse teams. In today's dynamic business landscape, traditional methods are often insufficient. Innovation is a significant technological change that outperforms previous practices. SUBTOPICS OF MANAGING COMPLEX Phase 2b: Extend segments. INNOVATION Companies can extend the customer base by discovering potential “halo” customer CUSTOMER-CENTRIC INNOVATION segments, whose needs are similar to those of existing customers. Customer-centric- understanding your customers' needs and wants better than Phase 3: Stretch. your competitors, you can develop products Once a company has extended its business, and services that they'll love. it can begin to hunt for opportunities to stretch, again in two directions. Customer-centric Innovation is a systematic approach to innovation that Phase 3a: Stretch capabilities. enables long-term, profitable growth. This To fulfill the needs of existing segments or research and development process helps new subsegments, a company identifies companies improve their understanding of new capabilities to be developed, as well as who their customers are and what they new offerings and delivery mechanisms. need. Phase 3b: Stretch segments. How is customer-centric innovation In this phase, the company identifies complex? completely new segments unrelated to the customer-centric innovation necessitates core, where it can deploy current balancing organizational, financial, and capabilities. market challenges while continuously matching business capabilities with By offering increasingly tempting value changing customer expectations. propositions, firms avoid the trap of having to compete on price. Process of how to be a customer-centric organization CCI allows firms to offer increasingly Phase 1: Establish and develop the core. tempting value propositions, helping them to The first step in conducting customer R&D avoid the trap of having to compete on is to identify core customer segments and price. develop mutually beneficial value propositions that exceed the buyers’ expectations. Phase 2: Extend. In this next phase, companies enlarge the business beyond the core segment in two ways. Phase 2a: Extend capabilities. Customers use or experience products and services within a variety of distinct “life capsules.” RISK MANAGEMENT AND Effective risk management involves UNCERTAINTY understanding all three components (cause, risk, and effect) to treat the Risk risk. a future event or change in circumstances that, if it occurs, will Risk Management have either a positive or negative a crucial activity that helps impact on whether you attain your individuals and businesses make objectives. informed decisions that create and protect value. It involves five core Uncertainty aspects. gives rise to risk, it’s not the same thing. Only uncertainties that impact your objectives are risks. Risk identification can be challenging due to confusion between its causes, effects, or issues. Risk is uncertainty that sits between the cause and the effect of an uncertain event, where: 1. Understanding objectives and context 2. Identifying uncertainties 3. Prioritizing relevant uncertainties 4. Treating and responding to significant risks 5. Monitoring results and adjusting risk assessments and treatments as needed. A cause is something true today (an existing condition/fact) In other words, managing risk is a matter A risk is an uncertainty that might or of answering the following questions: might not happen An effect is why it matters to our What are we trying to achieve? objective (the impact of the event). What could affect us while seeking to achieve this? Which of those factors are most important? What could we do about them, and have we done what’s appropriate?  Did it work, or do we need to adapt? Responsible AI development: What did we learn? Addressing issues related to bias, accountability, and transparency in AI These questions are essential when algorithms. pursuing important decisions. Collaboration with stakeholders: REGULATORY AND ETHICAL Engaging in open dialogue and soliciting CONSIDERATIONS feedback from diverse perspectives. Ethics Regulation and governance: refers to a company's social Establishing policies, standards, and responsiveness. It is 'the discipline regulations to govern the use of technology. that deals with what is good and evil, or right and wrong, or moral Continuous monitoring and evaluation: responsibility and duty. ' In other Conducting impact assessments, soliciting words, ethics in management can be user feedback, and making necessary defined as a set of moral principles. adjustments to ensure technology remains beneficial and aligned with societal values. Regulations a rule or order issued by an Ethical design principles: executive authority or regulatory Incorporating privacy by design and agency of a government and having user-centric design to ensure technology is the force of law. developed with ethical considerations in mind. The Breakdown: Ethical, Fair and Public awareness and education: Beneficial Innovation Promoting public awareness about the responsible use of technology and To achieve a balance between technological enhancing digital literacy. innovation and societal responsibility, it is essential to consider ethical, fair, and Navigating the Intersection of beneficial use of technology. Technology Ethics in Tomorrow’s World Ethical considerations: Prioritizing privacy Collaboration: Cooperation between protection, data security, and transparency technology developers, policymakers, in technology development and deployment. researchers, and stakeholders is essential in shaping the future of technology ethics. Inclusive and fair access: Designing and implementing technology to promote Regulation and governance: Ongoing inclusivity and equal access for all members engagement between industry and of society. regulatory bodies to ensure compliance, accountability, and protection of societal values. Public awareness and education: Strategies for Managing Complex Initiatives to enhance digital literacy, Innovation promote responsible online behavior, and foster a culture of digital citizenship. 1. Creating a Culture of Innovation Psychological safety - Foster an How can companies ensure that their environment where employees feel innovation practices are ethical and safe to take risks, experiment, and socially responsible? fail. Innovation thrives in cultures by establishing clear guidelines and values, where learning from failure is such as the Google's "Don't be evil" motto. encouraged Conducting regular ethics training, Incentivize creativity - Reward appointing ethics officers, and engaging employees not only for successful stakeholders in decision-making processes innovations but also for efforts to can help ensure socially responsible innovate, encouraging a continuous innovation practices. flow of ideas. Diversity and Inclusion - Diverse How can organizations balance the need teams tend to produce more creative for innovation with the potential risks solutions due to a wider variety of and unintended consequences? perspectives. Conducting thorough risk assessments and impact analyses can help organizations 2. Strategic Alignment identify and mitigate potential negative Vision and Objectives - Clear consequences of their innovations. articulation of strategic goals to Engaging in responsible innovation direct innovation efforts. Goals must practices, such as participatory design and be aligned with the overall business stakeholder consultation, can ensure that strategy and often include specific the benefits of innovation are distributed innovation targets. fairly and that any risks are adequately Cultural Framework: This addressed. framework encourages a mindset and environment where new ideas How can organizations foster a culture of are valued, and failure is seen as a ethical innovation? learning opportunity. Encouraging open communication, critical thinking, and a willingness to challenge the 3. Leveraging Open Innovation status quo can help create a culture of Collaborative Networks - Open ethical innovation. Recognizing and innovation encourages collaboration rewarding employees who demonstrate a with external partners—such as commitment to ethical practices can also universities, startups, suppliers, and reinforce the importance of responsible even competitors—to co-develop innovation. ideas. This taps into a wider pool of knowledge and resources, accelerating the innovation process. Brainstorming, Outsourcing, Benchmarking - 4. Utilizing Technology and Tools Prototyping - Use data to test Employing the correct technological ideas and prototypes in real-time, tools is essential in efficiently iterating based on evidence rather managing the innovation pipeline. than assumptions. Technologies such as innovation management software facilitate 8. Foster a Learning Organization tracking progress, encouraging Continuous Learning - Encourage collaboration, and evaluating ideas an organizational culture of effectively. Integrating tools that continuous learning and support the innovation lifecycle from development. This can be supported ideation to implementation can through mentorship programs, simplify the complex innovation training, and knowledge sharing. management process. 5. Resource Allocation and Scaling Innovation Dedicated Innovation Resources: Set aside resources—both human and financial—specifically for innovation projects. This prevents innovations from being deprioritized due to day-to-day operational demands. Scaling Pilots: Once an innovation has been tested and proven successful, develop a plan for scaling it efficiently, ensuring the transition from prototype to mass production is smooth. 6. Innovation through Governance Governance - Set up a governance structure to manage complex innovation efforts. This includes establishing clear decision-making protocols, ensuring accountability, and managing risks. 7. Utilize data-driven Decision Making Advanced Analytics - Making use of machine learning and AI in decision making, forecasting outcomes, and tracking progress.