innovation - it is essential to competitiveness

8/7/2019 Innovation - It is Essential to Competitiveness

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their own. The result was unmitigated failure as they were never able to innovatenear the front edge of the curve.

The truth is, successful product innovation should match the capabilities of the

organization, the needs of its customers, the realities of available technologies(and their actual progress) as well as the impact of new emerging technologies,budget, the market impact and organizational goals.

With everything going on in every market, the environment and economy, thecircumstances speak volumes to many organizations about the need for change.The marketplace opportunities currently point toward the need for breakthroughproduct innovation over the incremental variety. This requires imagination, insightand a fundamental organizational structure that can examine and exploitcreativity - one that enhances innovative efforts to realize both short and longterms goals.

But how? To determine the electronic product innovation strategy best suited tothe situation, consider these factors.

1. What are the long and short term goals of the organization?

2. Who are the stake-holders of the organization and what are their hopes?

3. What are the key technologies in the marketplace? Are they developing or mature, underlying or supportive and if they are emerging how do theyaffect the rest of the market?

4. What are the current and future needs of customers? Are they satisfiedwith the products that are currently available, or is there a desire for newcapabilities.

5. Who are the key competitors and are they making smaller incrementaladvances or stressing fundamental change? What are your competitiveresponses to what they are doing?

6. What are the critical driving forces for innovation.

7. What resources are available? What is the state of the organization’sintellectual property, funding, personnel & strategic alliances?

8. What is the window of opportunity?

9. What type of change does the current culture of the organization permit?



With this information in hand, a productive and flexible innovation process presentsitself and a logical sequence for tasks emerges

An organization can hold its competitive edge and stay ahead through a focus onand effective use this golden key - innovation. Innovative companies are those thatkeep their eyes & ears open to opportunities presented by change and that canrespond with fresh ideas and correctly targeted action to keep them growing andprofitable.

innovation - it is essential to competitiveness

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