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Managing Innovation: Integrating Technological, Market and Organizational Change

Description

Assignment Details

There are many ideas that come from errors or accidents. Complete the following:

  • Research 1–2 game-changing ideas that came from an error or accident. Do something different from well-known accidental inventions such as sticky notes.
  • Write a paper of at least three pages about what you learned.
    • If it is a simple situation where you may only be able to get a page of material from it, choose two accidents or errors and continue.
  • Please talk about the forces that supported it.
  • This paper should be in APA format with a cover page and references.
  • Turn in the Word document with your paper.
  • Post your work to your blog.

Please submit your assignment.

For assistance with your assignment, please use your textbook, all course resources, and any external research and resources you have gathered.

Individual Project Rubric

The Individual Project (IP) Grading Rubric is a scoring tool that represents the performance expectations for the IP. This Individual Project Grading Rubric is divided into components that provide a clear description of what should be included within each component of the IP. It’s the roadmap that can help you in the development of your IP.

ExpectationPoints PossiblePoints EarnedComments
Assignment-Specific: Researched and discussed 1-2 game-changing ideas that came from an error or accident.35
Assignment-Specific: Articulated what they learned about the ideas and discussed the forces that support the idea(s).35
Assignment-Specific: Submitted a paper and posted the work to their blog.35
Assignment-Specific: Demonstrates the utilization of the course readings and other scholarly and/or professional materials to complete the assignment.10
Professional Language: Assignment contains accurate grammar, spelling, and punctuation with few or no errors. (APA formatting is required or style specified in assignment).10
Total Points125
Total Points Earned

Unit 6 Assigned Reading:

Managing Innovation: Integrating Technological, Market and Organizational Change: Chapters 10–11

E-BOOK

Scenario Planning: A Field Guide to the Future

by Wade

ISBN: 9781118237410 | Edition: 1

E-BOOK

Managing Innovation: Integrating Technological, Market and Organizational Change

by Tidd

ISBN: 9781119713197 | Edition: 7

………Get more on Managing Innovation: Integrating Technological, Market and Organizational Change

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Explain the value of diverse perspectives in the process of innovation.

A. Watch the video here: https://www.youtube.com/watch?v=HwbX4HUOdE8

B. Address the following:

  1. Explain the value of diverse perspectives in the process of innovation.
  2. How is this related to the concept of strong versus weak ties?
  3. Why do most large organizations seem to have trouble coming up with and implementing innovations?
  4. If you were running a large organization, how would you make sure that innovative thinking was not only “safe,” but encouraged?  Why is it important to make it “safe to fail”?  (See Slide 5 of the Lesson 3 PowerPoint). In connection with (4), please view the following short link: https://www.ted.com/talks/shimpei_takahashi_play_this_word_game_to_come_up_with_original_ideas
  5. In addition to the course readings and lectures (which you may cite along with other sources), you should use LIRN to find at least one additional article related to this topic.  One is provided for you (Russel and Russel [1992] in the Readings for Lessons 3 and 4. 

    C. The paper should be 6-8 pages long.  It should include at least 4 citations, using APA rules.  Use 12-pt Times New Roman font and upload it here to your Canvas platform, Paper Assignment #1.   Be sure to view the rubric to see how your paper will be graded

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CREATING A CULTURE OF INNOVATION AND CREATIVITY

ASSIGNMENT – CREATING A CULTURE OF INNOVATION AND CREATIVITY
Week 3 Assignment – Creating a Culture of Innovation and Creativity
Overview
Creativity and innovation are essential to an organization’s success, and both should be infused into every aspect of a business. Companies with creative and innovative employees keep up with industry changes and have a competitive advantage. Human Resources (HR) can help to foster a workplace’s culture.
For this assignment, assume the role of HR Manager. The HR Director has asked you to define the ideal qualities of the employees and leadership for cultivating a culture of creativity and innovation.
Instructions
Using the readings from weeks 1 through 3 and the Creating a Culture of Innovation and Creativity Assignment Template [DOCX], answer each question listed below.
1. Define corporate culture and how to create a culture of trust and integrity.
2. Describe the ideal qualities of a leader who inspires a culture of creativity and innovation.
3. Describe the steps a leader may take to be a contributor to a culture of creativity and innovation.
4. Identify two important leadership qualities of an individual aspiring to be a leader.
5. Describe barriers to fostering a culture of creativity and innovation from a leadership and employee perspective.
6. Discuss ways that the leadership may coach and support employees with overcoming the barriers.
Responses to each question should be at least one and a half paragraphs. Note: A paragraph is normally 4 -6 sentences.
In-text citations for the sources used in your answer should follow Strayer Writing Standards. For assistance and information, please refer to the Strayer Writing Standards link in the left-hand menu of your course. Check with your professor for any additional instructions.
The specific course learning outcome associated with this assignment is:
• Determine employee and leadership qualities as related to an organizational culture of creativity and innovation.
WEEK 6 ASSIGNMENT – LEADERSHIP STRATEGIES FOR HR
Week 6 Assignment – Leadership Strategies for HR
Overview
A company must have leadership strategies in place for HR. Assume your company is holding a leadership training workshop in which you will share leadership strategies with your new HR employees.
Instructions
Using the Leadership Strategies for HR Template [DOCX], write a 2–3-page paper in which you answer the following questions:
1. Define business strategy and why is it important.
1. Explain why the HRM function is important to employee management and labor relations.
1. Explain one leadership strategies that HR will use for each of the following:

• conflict management
• communication improvement
• employee motivation
• behavior improvement.
• Provide a rationale for your choices.
1. Discuss how you plan to measure the effectiveness of each leadership strategy.
1. Describe the critical skills for leading change.
Use at least three quality resources in this assignment. Note: Wikipedia and similar Websites do not qualify as quality resources.
This course requires the use of Strayer Writing Standards. For assistance and information, please refer to the Strayer Writing Standards link in the left-hand menu of your course. Check with your professor for any additional instructions.
The specific course learning outcome associated with this assignment is:
Examine leadership strategies used for conflict management, communication improvement, and employee motivation
WEEK 9 ASSIGNMENT – DEVELOPING YOUR TEAM
Week 9 Assignment – Developing Your Team
Overview
It’s time to develop your team! You are planning a virtual meeting to ensure that your management team members are all on the same page. You will be presenting on diversity, team dynamics, ethics, and aligning new employees with your company’s mission.
Instructions
Using the Developing Your Team Template [PPTX], create a 10–12 slide PowerPoint presentation in which you:
1. Provide the company’s mission statement.
2. Describe two management strategies you will implement to ensure that your new team members align with your company’s mission and discuss how you plan to measure the effectiveness of each strategy. Provide a rationale for your choice of strategies.
3. Discuss one method you will use to manage diversity and how you plan to measure its effectiveness. Explain why you chose this method.
4. Discuss two strategies you will use to optimize team dynamics and how you plan to measure the effectiveness of each strategy. Provide a rationale for your choices.
5. Explain the importance of ethical behavior to the organization’s culture and any ethical dilemmas created by globalization.
6. Include speaker notes for each slide, as if you were presenting in front of your management team members. Remember to cite the sources used to create the speaker notes.
7. Use at least three quality resources in this assignment. Note: Wikipedia and similar websites do not qualify as quality resources.
This course requires the use of Strayer Writing Standards. For assistance and information, please refer to the Strayer Writing Standards link in the left-hand menu of your course. Check with your professor for any additional instructions.
The specific course learning outcome associated with this assignment is:
• Propose a plan for creating a team of employees that addresses diversity, team dynamics, and alignment with the company’s mission

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State the need for innovation/systems change

After considering the many topics discussed in this course on innovations in schools and the elements of a Globally Oriented school or classroom, pick a topic of interest for an analysis paper emphasizing characteristics of change-adept educators and educational institutions to meet current demands. Include in your analysis paper, how the situation influences your work and how you will become a change agent and support positive change efforts. Your paper must:   

Analyze the situation

State the need for innovation/systems change

State actions in progress -” Working on the work”.

Written Assignment Requirements

Submit a paper which is 3-4 pages in length exclusive of the reference page, double-spaced using 12 point Times New Roman font. The paper must cite at least 2 outside sources in APA format and be well-written. The paper should have an introduction and a conclusion. Check all content for grammar, spelling and to be sure that you have properly cited all resources (in APA format) used

References

1. Guo, Y. (2006). Why Didn’t They Show Up? Rethinking ESL Parent Involvement in K-12 Education. TESL Canada Journal, 24(1), 80 – 95. doi:https://doi.org/10.18806/tesl.v24i1.29

This article inquires into “Why don’t they show up at school?” The absence of ESL parents from school is often misinterpreted as parents’ lack of concern about their children’s education. However, many ESL parents indicated that they cared passionately. Instead of assuming that ESL parents do not care, educators need to understand the barriers that hinder some parents from participating in their children’s education.

2. Juvonen, J., Le, V., Kaganoff, T., Augustine, C., & Constant, L. (2004). Whole-School Reform Models. In Focus on the Wonder Years: Challenges Facing the American Middle School (pp. 98-111). Santa Monica, CA; Arlington, VA; Pittsburgh, PA: RAND Corporation. Retrieved from https://www.rand.org/content/dam/rand/pubs/monographs/2004/RAND_MG139.sum.pdf

This text is concerned with innovations and programs designed to improve student outcomes and addresses other perceived problems at the middle school level. The following questions are addressed in this reading: (1) What are the major reform efforts at work in the middle school? (2) What are their goals and primary features? and (3) Do the reform show promise for addressing the challenges middle schools face today?

3. Hoover‐Dempsey, K., Walker, J., Sandler, H., Whetsel, D., Green, C., Wilkins, A., & Closson, K. (2005). Why Do Parents Become Involved? Research FIndings and Implications. The Elementary School Journal, 106(2), 105-130. doi:10.1086/499194. JSTOR, JSTOR www.jstor.org/stable/10.1086/499194

This article inquires into “Why do parents become involved in children’s education?” Based on this review, the authors offer suggestions for (1) research that may deepen understanding of parents’ motivations for involvement and (2) school and family practices that may strengthen the incidence and effectiveness of parental involvement across varied school communities.

4. Pilegaard, M., Moroz, P., & Neergaard, H. (2010). An Auto-Ethnographic Perspective on Academic Entrepreneurship: Implications for Research in the Social Sciences and Humanities. Academy of Management Perspectives, 24(1), 46-61. Retrieved from http://www.jstor.org/stable/25682383

This paper offers insight into (a) how socio spatial contexts may be structured to better evaluate the entrepreneurial facilitation process and (b) why academic entrepreneurship in the social sciences and humanities may differ from that in the hard sciences. The findings illustrate the importance of bridging innovation using twin skills to balance research and commercial goals, and the need for codifying knowledge capacities and creating new or changing existing institutional structures to legitimize and facilitate entrepreneurial activity. The research also demonstrates the great value of auto-ethnographic techniques to bring fresh insight to the study of entrepreneurship

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Innovation in education may mean new and unique ideas and practices that expand students’ imaginations and pushes the frontiers of their knowledge and understanding.

Innovation in education may mean new and unique ideas and practices that expand students’ imaginations and pushes the frontiers of their knowledge and understanding. It means being willing and flexible enough to find ways to adjust what you teach and how you teach to keep your students engaged and excited to learn. It is also creating a safe place for them to make mistakes, take risks, and ask questions.

What does innovation look, sound, and feel like in your situation? Investigate the types of changes that must be supported by educational leaders in order to satisfy the demands of global citizenship by examining in-depth the Innovation in education emphasizing your perception of it creatively described as, innovation:

  • Looks like…
  • Feels like…
  • Sounds like…

References

1. Guo, Y. (2006). Why Didn’t They Show Up? Rethinking ESL Parent Involvement in K-12 Education. TESL Canada Journal, 24(1), 80 – 95. doi:https://doi.org/10.18806/tesl.v24i1.29

This article inquires into “Why don’t they show up at school?” The absence of ESL parents from school is often misinterpreted as parents’ lack of concern about their children’s education. However, many ESL parents indicated that they cared passionately. Instead of assuming that ESL parents do not care, educators need to understand the barriers that hinder some parents from participating in their children’s education.

2. Juvonen, J., Le, V., Kaganoff, T., Augustine, C., & Constant, L. (2004). Whole-School Reform Models. In Focus on the Wonder Years: Challenges Facing the American Middle School (pp. 98-111). Santa Monica, CA; Arlington, VA; Pittsburgh, PA: RAND Corporation. Retrieved from https://www.rand.org/content/dam/rand/pubs/monographs/2004/RAND_MG139.sum.pdf

This text is concerned with innovations and programs designed to improve student outcomes and addresses other perceived problems at the middle school level. The following questions are addressed in this reading: (1) What are the major reform efforts at work in the middle school? (2) What are their goals and primary features? and (3) Do the reform show promise for addressing the challenges middle schools face today?

3. Hoover‐Dempsey, K., Walker, J., Sandler, H., Whetsel, D., Green, C., Wilkins, A., & Closson, K. (2005). Why Do Parents Become Involved? Research FIndings and Implications. The Elementary School Journal, 106(2), 105-130. doi:10.1086/499194. JSTOR, JSTOR www.jstor.org/stable/10.1086/499194

This article inquires into “Why do parents become involved in children’s education?” Based on this review, the authors offer suggestions for (1) research that may deepen understanding of parents’ motivations for involvement and (2) school and family practices that may strengthen the incidence and effectiveness of parental involvement across varied school communities.

4. Pilegaard, M., Moroz, P., & Neergaard, H. (2010). An Auto-Ethnographic Perspective on Academic Entrepreneurship: Implications for Research in the Social Sciences and Humanities. Academy of Management Perspectives, 24(1), 46-61. Retrieved from http://www.jstor.org/stable/25682383

This paper offers insight into (a) how socio spatial contexts may be structured to better evaluate the entrepreneurial facilitation process and (b) why academic entrepreneurship in the social sciences and humanities may differ from that in the hard sciences. The findings illustrate the importance of bridging innovation using twin skills to balance research and commercial goals, and the need for codifying knowledge capacities and creating new or changing existing institutional structures to legitimize and facilitate entrepreneurial activity. The research also demonstrates the great value of auto-ethnographic techniques to bring fresh insight to the study of entrepreneurship

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The Amazon of Innovation

Case Study: The Amazon of Innovation

On Cyber Monday, November 27, 2017, Amazon customers ordered more than 1,400 electronics per second from a mobile device. 10  And shopping on Amazon’s app increased 70 percent over the previous year. On its busiest day, Amazon packed and shipped more than 1 million packages. Amazon’s last same-day delivery order for the holiday season was ordered on Christmas Eve and delivered in 58 minutes, arriving at 11:58 PM just in time for Christmas. (Some of Amazon’s major innovations are listed in  Figure 2-15 .)

Figure 2-15 Innovation at Amazon

Source: Data from  Amazon.com http://phx.corporate-ir.net/phoenix.zhtml?c=176060&p=irol-news  accessed May 2018.

A timeline of innovation at Amazon.

Figure 2-15 Full Alternative Text

You may think of Amazon as simply an online retailer, and that is indeed where the company achieved most of its success. To do this, Amazon had to build enormous supporting infrastructure—just imagine the information systems and fulfillment facilities needed to ship electronics ordered at a rate of 1,400 per second. That infrastructure, however, is needed only during the busy holiday season. Most of the year, Amazon is left with excess infrastructure capacity. Starting in 2000, Amazon began to lease some of that capacity to other companies. In the process, it played a key role in the creation of what are termed cloud services, which you will learn about in  Chapter 6 . For now, just think of cloud services as computer resources somewhere out in the Internet that are leased on flexible terms.

Today, Amazon’s business lines can be grouped into three major categories:

· Online retailing

· Order fulfillment

· Cloud services

Consider each.

Amazon created the business model for online retailing. It began as an online bookstore, but every year since 1998 it has added new product categories. The company is involved in all aspects of online retailing. It sells its own inventory. It incentivizes you, via the Associates program, to sell its inventory as well. Or it will help you sell your inventory within its product pages or via one of its consignment venues. Online auctions are the major aspect of online sales in which Amazon does not participate. It tried auctions in 1999, but it could never make inroads against eBay. 11

Today, it’s hard to remember how much of what we take for granted was pioneered by Amazon. “Customers who bought this, also bought that;” online customer reviews; customer ranking of customer reviews; books lists; Look Inside the Book; automatic free shipping for certain orders or frequent customers; and Kindle books and devices were all novel concepts when Amazon introduced them.

Amazon’s retailing business operates on very thin margins. Products are usually sold at a discount from the stated retail price, and 2-day shipping is free for Amazon Prime members (who pay an annual fee of $119). How does it do it? For one, Amazon drives its employees incredibly hard. Former employees claim the hours are long, the pressure is severe, and the workload is heavy. But what else? It comes down to Moore’s Law and the innovative use of nearly free data processing, storage, and communication.

In addition to online retailing, Amazon also sells order fulfillment services. You can ship your inventory to an Amazon warehouse and access Amazon’s information systems just as if they were yours. Using technology known as Web services (discussed in  Chapter 6 ), your order processing information systems can directly integrate, over the Web, with Amazon’s inventory, fulfillment, and shipping applications. Your customers need not know that Amazon played any role at all. You can also sell that same inventory using Amazon’s retail sales applications.

Amazon Web Services (AWS) allow organizations to lease time on computer equipment in very flexible ways. Amazon’s Elastic Cloud 2 (EC2) enables organizations to expand and contract the computer resources they need within minutes. Amazon has a variety of payment plans, and it is possible to buy computer time for less than a penny an hour. Key to this capability is the ability for the leasing organization’s computer programs to interface with Amazon’s to automatically scale up and scale down the resources leased. For example, if a news site publishes a story that causes a rapid ramp-up of traffic, that news site can, programmatically, request, configure, and use more computing resources for an hour, a day, a month, whatever.

With its Kindle devices, Amazon has become both a vendor of tablets and, even more importantly in the long term, a vendor of online music and video. Amazon Echo (Alexa-enabled ordering system) and Amazon Dash (a one-button reordering device) have become two of Amazon’s top-selling products.

In late 2016, Jeff Bezos announced the first package delivery by drone via Amazon Prime Air in the UK. 12  But regulations have slowed it’s adoption in the United States. While drone delivery is something that will happen in the future, consider a service that Amazon is offering right now.

In mid-2017 Amazon made news by acquiring grocery giant Whole Foods. By 2018 Amazon had opened its own automated grocery store named Amazon Go, which didn’t use cashiers or checkout terminals. Amazon’s expansion into the traditional grocery store space drove speculation about how far Amazon’s reach would extend.

Fulfillment by Amazon (FBA)

Fulfillment by Amazon (FBA) is an Amazon service by which other sellers can ship goods to Amazon warehouses for stocking, order packaging, and shipment. FBA customers pay a fee for the service as well as for inventory space. Amazon uses its own inventory management and order fulfillment business processes and information systems to fulfill the FBA customers’ orders.

FBA customers can sell their goods on Amazon, sell them via their own sales channels, or both. If the FBA customer sells on Amazon, Amazon will provide customer service for order processing (handling returns, fixing erroneously packed orders, answering customer order queries, and the like).

The costs for Fulfillment by Amazon depend on the type and size of the goods to be processed. The FBA fees for standard-size products as of May 2018 are shown in the table.

Standard SizeFBA Costs 13
Small (1 lb. or less)$2.41
Large (1 lb. or less)$3.19
Large (1 to 2 lb.)$4.71
Large (over 2 lb.)$4.71 + $0.38/lb. above first 2 lb.
Storage (cubic foot per month)$0.69

If goods are sold via Amazon, Amazon uses its own information systems to drive the order fulfillment process. However, if the goods are sold via an FBA customer’s sales channel, then the FBA customer must connect its own information systems with those at Amazon. Amazon provides a standardized interface by which this is done called Amazon Marketplace Web Service (MWS). Using Web-standard technology (see  Chapter 6 ), FBA customers’ order and payment data are directly linked to Amazon’s information systems.

FBA enables companies to outsource order fulfillment to Amazon, thus avoiding the cost of developing their own processes, facilities, and information systems for this purpose.

Questions

1. 2-4. Based on the facts presented in this case, what do you think is Amazon’s competitive strategy? Justify your answer.

2. 2-5. Jeff Bezos, CEO of Amazon, has stated that the best customer support is none. What does that mean?

3. 2-6. Suppose you work for Amazon or a company that takes innovation as seriously as Amazon does. What do you suppose is the likely reaction to an employee who says to his or her boss, “But, I don’t know how to do that!”?

4. 2-7. Using your own words and your own experience, what skills and abilities do you think you need to have to thrive at an organization like Amazon?

5. 2-8. What should UPS and FedEx be doing in response to Amazon’s interest in drone delivery via Amazon Prime Air?

6. 2-9. Summarize the advantages and disadvantages for brick-and-mortar retailers to sell items via Amazon. Would you recommend that they do so?

7. 2-10. If a brick-and-mortar retailer were to use FBA, what business processes would it not need to develop? What costs would it save?

8. 2-11. If a brick-and-mortar retailer were to use FBA, what information systems would it not need to develop? What costs would it save?

9. 2-12. If a brick-and-mortar retailer were to use FBA, how would it integrate its information systems with Amazon’s? (To add depth to your answer, Google the term Amazon MWS.)

Document requirements:

1. Your name must be placed in a header of the document (not the first line, but a header).

2. Case title is included after the student’s name in the header.

3. Authentic: This is an individual work; the thoughts and text in the document must be those of the student submitting the document.

4. Single-spaced with one extra space between paragraphs.

5. Times New Roman 12 font.

6. 1” left and right margins.

7. Pages must be numbered.

8. The document should include the following section headings:

a. Introduction: One paragraph summarizing the case.

b. Essence of the Case Statement: A one-sentence statement to describe the main issue or theme of the case.

c. Analysis: Answer the questions assigned in an essay format.

d. Final Thoughts: The student is to share any additional thoughts/ideas/suggestions he/she may have about the case.

9. The student needs to search, find, and list at least two external sources of information (references) on the subject of the case. Web addresses and links that include Google and Wikipedia are not effective and will not be considered

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peer-reviewed scholarly journal article discussing electronic innovation and the government

Find a peer-reviewed scholarly journal article discussing electronic innovation and the government. Complete a review of the article by writing a 2-3 page overview of the article. This will be a detailed summary of the journal article, including concepts discussed and findings. Additionally, find one other source (it does not have to be a peer-reviewed journal article) that substantiates the findings in the article you are reviewing. 
Once you find the article, you will read it and write a review of it.  This is considered a research article review.
Your paper should meet these requirements:

  • Be approximately three to four pages in length, not including the required cover page and reference page.
  • Follow APA 7 guidelines. Your paper should include an introduction, a body with fully developed content, and a conclusion

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Emerging Trends: Designing for Agility and Innovation

 Module 3 – Case

Transforming Organizational Structure

Assignment Overview

Emerging Trends: Designing for Agility and Innovation

One of the most critical issues facing organizations is keeping up with digitization of the workplace. The reality confronting organizations is increasingly complex. Leaders trained when organizational structure was simpler, are hampered with outdated skills.

Organization design must evolve along with the organization and its leadership to support adaptive and innovative workplaces.

Case 3 Resources COVID-19 Reveals Why Flat Organizations Thrive: Steal Their Secrets  (2021) Organizational Structures and Design  (2020) Skills Needed for MTI  (2020) Managing Now for Future Technology and Innovation  (2020) Reimagining the Postpandemic Organization  (2020)

Case Assignment

Using the module’s readings, at least one article published in 2020 or 2021 from Business Source Complete (EBSCO) and at least one article published in 2020 or 2021 from ProQuest Central), research the following:

Trends in Organizational Design

· Research top trends affecting modern organizational design. (1 page)

Workplace Application: Organizational Design

· Research efficient organizational design in your chosen industry. (1 page)

Organizational Design and COVID-19

· Assess how organizations adapted due to the pandemic. (1 page) Research Required.

No quotations are permitted in this paper. Each paragraph (except the introduction and conclusion) must contain at least one in-text citation .

Since you are engaging in research, be sure to cite and reference the sources in APA format. NOTE: Failure to use research with accompanying citations to support content will result in reduced scoring “Level 2-Developing” on the grading rubric.

The paper should be written in third person; this means words like “I”, “we”, and “you” are not appropriate. Refer to yourself in third-person as “manager” or you can write about what the “project team” will do, rather than saying “I” and “we.”

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Discuss and forecast how innovation will impact Marketing function over the next 15 yrs?

Total 18 minutes PowerPoint presentation. 5 Minutes on below each topic with a presentation script.

1- Discuss and forecast how innovation will impact Marketing function over the next 15 yrs?

2- What we want to know is how will that function evolve to influence the work we will be doing in the future?

3- How will marketing influence the value chain and competitiveness?

4- Why must we evolve (skills, leadership, tools, etc.) to manage that process?

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Business Model Innovation in Practice,” Euchner and Ganguly

Business Model Innovation in Practice,” Euchner and Ganguly (2014) discuss a five-step approach to implement innovations within organizations. The five-step approach starts with Demonstrate value creation. The purpose of this step is to ensure that the organization has a clear understanding of the new value the innovation creates for the customer. Step two is generating business model options. A strong business model is imperative. The business model capitalizes on the value and ensures that other competitors would have challenges trying to replicate the model. This increases the organization’s competitive advantage. The third stage is to identify the risks for each option generated. The business model is strictly a concept. In this phase, it will identify the future risks upfront. This will allow the organization to be proactive. The three types of risks are business execution. Co- innovation risks and adoption risks. The fourth phase is to prioritize the risks. In this phase, the organization will quantify the chances of success. The organization will evaluate the current state of knowledge and identify the variables. The fifth step is to reduce risks through business experiments. In this stage, the organization conducts experiments in the real world using prototypes or simulated experiments (Euchner, 2014).

The four functions of management (planning, organizing, leading, and controlling) can be leveraged within the five-step approach to assist organizations in implementing successful innovations. All organizations planning to implement innovation needs a strong management plan. Each function will play a vital role in ensuring that the innovation is successful. The five-step approach combined with the four functions of management will increase the likeliness of the innovation is successful.

Euchner, J., & Ganguly, A. (2014). Business Model Innovation in Practice. Research-Technology Management, 57(6), 33–39. https://doi-org.lopes.idm.oclc.org/10.5437/08956308X5706013

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