Implementing Innovation free essay sample

Thus, the number one strategic goal of businesses is to gain and maintain competitive advantage. By programs of  continuous improvements companies try to reduce costs, to enhance quality, and to increase speed of responsiveness to customer needs. Additionally, most businesses have some sort of  innovation program on their agenda to stay ahead of (or at least keep in pace with) their  competitors. Still, finding a common ground on what innovation is and what business elements to consider  when implementing innovation seems intricate. The research on  the topic of  this term paper  reveals a wide range of terms associated with innovation. Some examples are research and development  (Ramp;D),  product  innovation,  corporate  entrepreneurship,  intrapreneur,inventorpreneur, think tanks, continuous improvement, change program, market research, systems engineering and optimization  process. This term paper lays the fundamentals to understand innovation and its implementation in  businesses independent from the type of business on a strategic level. A gateway to innovation is the success story of the manufacturing company 3M. 3M is a diversified technology company serving customers and communities with innovative products and services. Innovation can be a function of an area or areas within a corporation whereas functions are  performed  by  a  diverse  range  of  employees. Although  the  original  product  itself  was developed in a research department, the latter idea for use of the product was the result of a need that arose  by one  person. Needless to  say that  the consequential implementation was a team-effort again. These functional areas are circumscribed in this term paper as the modes of  innovation. The term innovation is defined by 3M as follows: New ideas + action or implementation which results in an improvement,  gain, or profit. At first glance, some business areas seem to be hidden in 3Ms definition where innovation can take place. Others describe these types of innovation within business strategy and business processes in a more elaborate way: Innovation is not just releasing new products. It also encompasses implementing new business processes, fresh ways of doing things, radical  alliances, brilliant new routes to markets and business strategies. Innovation needs time and is based  on trial and error. The development of a breakthrough  product isnt something you can do on the  fly. It is  the result of individual and corporate features coming together at a certain point of time. These are the elements of innovation, this term paper will look at. Thus, innovation can be summarized as the business process of inventing, developing, putting new concepts into practice and gaining benefit of new products, new services, new processes, or further revolutionary business elements. The following sub-chapters explain the modes of programs, highlight innovation types and select key elements to consider for successful implementation of innovation management. I 1. Innovation types and modes A gateway to innovation is the success story of the manufacturing company 3M. 3M is a diversified technology company serving customers and communities with innovative products and services. One of the award-winning products of the last century is the Post-it ® note developed by two employees of 3M. In 1968 the researcher Spencer Silver developed an adhesive that was not working  properly as a glue. So he tried marketing his product within 3M to discover a use for his non-adhesive glue. Unfortunately his mission was without immediate success. Years later, the  product  developer Arthur  Fry  found  a  meaningful  purpose  for  the  non-working  thing. Subsequently 3M worked out a product to be marketed. Since then 3Ms notes have been sold worldwide in 400 different variations of the original product . Innovation can be a function of an area or areas within a corporation whereas functions are  performed  by  a  diverse  range  of  employees. Although  the  original  product itself  was developed in a research department, the latter idea for use of the product was the result of a need that arose  by one  person. Needless to  say that  the consequential implementation was a team-effort again. These functional areas are circumscribed in this term paper as the modes of  innovation. The term innovation is defined by 3M as follows: New ideas + action or implementation which results in an improvement,  gain, or profit. At first glance, some business areas seem to be hidden in 3Ms definition where innovation can take place. Others describe these types of innovation within business strategy and business processes in a more elaborate way: Innovation is not just releasing new products. It also encompasses implementing new business processes, fresh ways of doing things, radical  alliances, brilliant new routes to markets and business strategies. Innovation needs time and is based  on trial and error. The development of a breakthrough  product isnt something you can do on the  fly. It is  the result of individual and corporate features coming together at a certain point of time. These are the elements of innovation, this term paper will look at. Thus, innovation can be summarized as the business process of inventing, developing, putting new concepts into practice and gaining benefit of new products, new services, new processes, or further revolutionary business elements. The following sub-chapters explain the modes of programs, highlight innovation types and select key elements to consider for successful implementation of innovation management. The  historic  development  of  scientific  management  and  the  industrial  revolution led to specialization  of  workers. Specialization  increased  output  but  also  raised  the  need  for  coordinatin because single parts in the production process had to be put together to a final  product. The  idea  of  specialization  led  to  the  innovation  monopole  of  research  and development  (Ramp;D) departments.