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Module-4_DT_in_statergic_Innovation.pdf
- 1. DEPARTMENT OF MECHANICAL ENGINEERING www.rljit.in RLJIT R L J I T Prof. Vijay Praveen P M Assistant Professor Department of ME
- 2. DEPARTMENT OF MECHANICAL ENGINEERING www.rljit.in RLJIT R L J I T 2 Introduction • Strategy is about making choices between a number of feasible options to have the best chance at “winning”, and innovation is just one of the means to achieve your strategic goals. Without a good one, it’s actually quite difficult to achieve long-term success and orient your business for speed in order to secure competitive advantage.
- 3. DEPARTMENT OF MECHANICAL ENGINEERING www.rljit.in RLJIT R L J I T 3 Introduction • Innovation management is about more than just planning new products, services, brand extensions, technological inventions, or novelties. • It’s about imagining, organizing and competing in new ways. • To do that with any degree of success, organizations should do the strategy innovation planning.
- 4. DEPARTMENT OF MECHANICAL ENGINEERING www.rljit.in RLJIT R L J I T 4 • An innovation strategy in business is defined as a commitment to a common innovation mission and a structured set of activities designed to support the future growth of an organization. • Strategic innovation is an organization's process of reinventing or redesigning its corporate strategy to drive business growth, generate value for the company and its customers, and create competitive advantage. This type of innovation is essential for organizations to adopt to the speed of technology change. • An innovation strategy is a common innovation mission and a detailed plan that aims to create new value, for which customers are willing to pay. It includes a set of policies or behaviors geared toward achieving future organizational growth.
- 5. DEPARTMENT OF MECHANICAL ENGINEERING www.rljit.in RLJIT R L J I T 5 innovation strategy Success key elements 6 key elements which we’ve determined are essential for an innovation strategy to succeed: • A powerful growth mission All innovation strategies should be anchored to a clear innovation mission statement and framework. • A focused innovation portfolio For the plan to be actionable, it needs to mention the key activities that will be funded to achieve the innovation mission. • An actionable innovation plan A blueprint for the execution of the new innovation initiatives. • An innovation culture map The innovation-culture benchmark needed to uncover challenges and opportunities going forward. • A structured innovation capability approach An innovation strategy must define the people, processes, programs, and targets/metrics required to measure success. • A playbook for innovation (optional) Tools, methods, and processes that will be used to achieve the innovation plan
- 6. DEPARTMENT OF MECHANICAL ENGINEERING www.rljit.in RLJIT R L J I T 6 Why innovation strategy is important? • Clarify priorities and goals:. An innovation strategy outlines the goals of the organization’s innovation activities and helps focus efforts on reaching those goals. • Foster alignment: With a plan in place, diverse groups within an organization will all be working toward common goals rather than pursuing their own individual priorities. • Help a business achieve long-term success: Without ongoing innovation, a company is unlikely to gain (or maintain) competitive advantage or keep customers engaged over the long term.
- 7. DEPARTMENT OF MECHANICAL ENGINEERING www.rljit.in RLJIT R L J I T 7
- 8. DEPARTMENT OF MECHANICAL ENGINEERING www.rljit.in RLJIT R L J I T 8
- 9. DEPARTMENT OF MECHANICAL ENGINEERING www.rljit.in RLJIT R L J I T 9
- 10. DEPARTMENT OF MECHANICAL ENGINEERING www.rljit.in RLJIT R L J I T 10 Business challenge -1. Growth • Growth is at the forefront of every business leader’s mind. Most tend to utilize classic growth strategies to get there: partnerships, market expansion, product extension, and Although all these strategies are Well known, how does an organization come to select one over the other as a means for growth? Once decided how does a company focus its resources?
- 11. DEPARTMENT OF MECHANICAL ENGINEERING www.rljit.in RLJIT R L J I T 11 • Most businesses develop specific plans that, over time, will move their business to a level that meets the goals of the executive team and the shareholders. • The reason why growth strategies are so vital is they keep things moving. And in business, if you’re not going forward, you’re going backward.
- 12. DEPARTMENT OF MECHANICAL ENGINEERING www.rljit.in RLJIT R L J I T 12 Design Thinking Approach : 1. Story Telling • Growth means creating a clear and compelling vision of the future. • Your vision needs to be very clear in terms of what you want from your business. GROWTH NEEDS A STRATEGY, AND EVERY STRATEGY NEEDS A STORY • Good storytelling is a technique where a leader is tasked with reframing an organization’s past, present, future, problems, needs, desires, and hopes using a narrative built to help people understand and connect with the company, its values, and its purpose.
- 13. DEPARTMENT OF MECHANICAL ENGINEERING www.rljit.in RLJIT R L J I T 13 how do you tell a great story ? • Make it collaborative • Make it structured • Make it tangible • Make it fun • Make it real
- 14. DEPARTMENT OF MECHANICAL ENGINEERING www.rljit.in RLJIT R L J I T 14 Business challenge -2. Predictability • Predictability is the extent to which the future of the external environment can be forecast or predicted, which depends on the degree of complexity and speed of change. • It is highly desired and valued in business planning, new product launches, and technology projects, as well as among investors. • It builds confidence that managers know what they’re doing and will effectively plan for capital investment.
- 15. DEPARTMENT OF MECHANICAL ENGINEERING www.rljit.in RLJIT R L J I T 15 Design Thinking Approach : 2.Strategic Foresight • To face the unknown, businesses must adopt a different approach to predictability. • The ability to manage the uncertainties of the future is critical to planning for growth or survival. Because of the rise of the innovation society, new technologies, and a rapidly globalizing economy, business leaders are forced to deal with not only the speed of change but also massive new complexity, uncertainty, and paradox on a global scale. • The future will emerge from a constant stream of decisions, strategies, and commitments that have to be made in the present, with as much understanding of risk, possibility, and wisdom as possible. “Create your future from your future, not your past.” — Werner Erhard
- 16. DEPARTMENT OF MECHANICAL ENGINEERING www.rljit.in RLJIT R L J I T 16 Conti.. • Strategic foresight is a deliberate and systematic process concerned with establishing well-informed future-oriented perspectives that help guide and inspire innovation, planning, and decision making.
- 17. DEPARTMENT OF MECHANICAL ENGINEERING www.rljit.in RLJIT R L J I T 17 Business challenge -3. Change • All companies must endure change to survive or grow. • Organizations need to plan for change. At a minimum, they should be able to effectively react to problems as they arise. • At a maximum, they should know how to anticipate change and capitalize on opportunities that emerge from it. • Simply stated an organization that not only is prepared for but expects change is one that can overcome challenges.
- 18. DEPARTMENT OF MECHANICAL ENGINEERING www.rljit.in RLJIT R L J I T 18 Design Thinking Approach : 3. Sense making • In design, sensemaking is the process of working with research data to form connections and understanding that will inspire innovative products and services. • In business contexts, the design thinking approach to sense making tends to lean toward the qualitative, rather than the quantitative. • Design thinking employs sense-making techniques to understand question and confront change so that businesses can actively construct it. Learn a sensemaking process that will guide your UX research from questions to wisdom (understanding)
- 19. DEPARTMENT OF MECHANICAL ENGINEERING www.rljit.in RLJIT R L J I T 19 Business challenge -4. Extreme competition • competition in business is not shaped by objectivity. It’s shaped by creativity and innovation that accelerates change and drives differentiation. • This makes conducting business less like tic-tac-toe and more like chess where despite the availability of known moves and patterns Today navigating those paths is more challenging than ever. tic-tac-toe chess
- 20. DEPARTMENT OF MECHANICAL ENGINEERING www.rljit.in RLJIT R L J I T 20 Design Thinking Approach : 4. Experience design • Experience design is a holistic and multidisciplinary approach to creating meaningful contexts of interaction and exchange among users and products, services, systems, and spaces. • Design thinkers critically observe and evaluate the various experiences they encounter throughout their day and reflect on how one may differ from another by asking What makes a better experience and why?
- 21. DEPARTMENT OF MECHANICAL ENGINEERING www.rljit.in RLJIT R L J I T 21 Business challenge -5 .creative culture • Big or small, many companies fall into the trap of trying to innovate the “right” way. • By spending so much time, energy, and resources on getting it right and avoiding failure not enough time, energy, and resources are dedicated to playful experimental creation.
- 22. DEPARTMENT OF MECHANICAL ENGINEERING www.rljit.in RLJIT R L J I T 22 Design Thinking Approach : 5. Rapid Prototype • Every output of design thinking begins as a prototype, think of them as part of a culture and not specifically as a tool. • Design thinking suggests another dimension to this rule: “Learn fast, learn cheap, and learn early.” • Prototyping plays an important role in developing a more engaged and creative organizational culture by encouraging people to bring their ideas to life in a more tangible way. This makes it easier to share ideas with others and to leverage feedback to make improvements upon them. “You may never know what results come of your action, but if you do nothing there will be no result.” — Mahatma Gandhi
- 23. DEPARTMENT OF MECHANICAL ENGINEERING www.rljit.in RLJIT R L J I T 23 MCQ • 1. Strategy is about making choices between a number of feasible options to have the best chance at “winning” • True • False
- 24. DEPARTMENT OF MECHANICAL ENGINEERING www.rljit.in RLJIT R L J I T 24 • 2. An innovation strategy in business is defined as a commitment to a common innovation mission and a structured set of activities designed to support the future growth of an organization. • True • False
- 25. DEPARTMENT OF MECHANICAL ENGINEERING www.rljit.in RLJIT R L J I T 25 • Which are success key elements of strategy innovation • A powerful growth mission • A focused innovation portfolio • An actionable innovation plan • All of the above
- 26. DEPARTMENT OF MECHANICAL ENGINEERING www.rljit.in RLJIT R L J I T 26 • For growth business challenge which is the design thinking approach? • Story Telling • Strategy forecast • Rapid prototype • None of the above
- 27. DEPARTMENT OF MECHANICAL ENGINEERING www.rljit.in RLJIT R L J I T 27 • For Predictability business challenge which is the design thinking approach? • Story Telling • Strategy forecast • Rapid prototype • None of the above
- 28. DEPARTMENT OF MECHANICAL ENGINEERING www.rljit.in RLJIT R L J I T 28 • For Change business challenge which is the design thinking approach? • Sense Making • Strategy forecast • Rapid prototype • None of the above
- 29. DEPARTMENT OF MECHANICAL ENGINEERING www.rljit.in RLJIT R L J I T 29 • For Extreme competition business challenge which is the design thinking approach? • Sense Making • Strategy forecast • Experience Design • None of the above
- 30. DEPARTMENT OF MECHANICAL ENGINEERING www.rljit.in RLJIT R L J I T 30 • For Creative Culture business challenge which is the design thinking approach? • Sense Making • Strategy forecast • Rapid Prototype • None of the above
- 31. DEPARTMENT OF MECHANICAL ENGINEERING www.rljit.in RLJIT R L J I T 31 • What element of User Experience Design would the design strategy fall under? • a) Interaction Design • b) Experience Strategy • c) User Research • d) Information Architecture
- 32. DEPARTMENT OF MECHANICAL ENGINEERING www.rljit.in RLJIT R L J I T 32 Thank You….