Process for Managing Innovation
Overview
As a middle manager, you have already recommended an innovation option (incremental or discontinuous) to the organization from the course scenario. However, one of the organization’s key luxury-market competitors in passenger vehicles recently launched a prototype of a fully autonomous luxury sedan. It has announced that it plans to bring the model to market within the next two years. The organization wants to prepare for the challenge.
You have been tasked with creating a report recommending the most suitable process for managing innovation in a changing external environment (for example, a key competitor coming up with a new product). You will also recommend how cross-functional teams can work effectively within the process. Lastly, you will address the concerns of the key stakeholders about introducing innovation management processes in a changing environment.
Prompt
Based on this scenario, create a process recommendation report. Remember to tailor the information for the target audience, your stakeholders. Your report should include the following points:
Identify the most suitable process for managing innovation in a changing external environment. You must consider the following processes and briefly describe all four processes before you offer your recommendation:
Stage-gate
Agile
Lean
Discover-iterate-pivot
Explain your rationale for your recommendation.
Describe the advantage of your chosen process over others.
Explain how it can address the changing external environment.
Explain recommendations for ensuring cross-functional team effectiveness in the chosen process.
How would you measure team success at each stage of a project?
How would you review and implement changes coming out of success measurements?
How do you know when you are done with the project?
Describe your plan for addressing the concerns of your key stakeholders. Select two of the following departments whose directors will be your audience: research and development (R&D), finance, human resources (HR), or marketing.
Identify key stakeholders who will use the report in your organization.
List at least two concerns they may have about processes for managing innovation.
Explain your response to their concerns.
Process for Managing Innovation
Student Name
Institution
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Date
Process for Managing Innovation
Process Identification
The ideal strategy for controlling innovations in a constantly changing external setting is comprised of the techniques listed below:
The stage-gate method is an analytical and operational outline for taking an innovative product project from conception to production. It is a way to manage the creation of innovative products to increase productivity and effectiveness (Tálamo, 2021). Additionally, it separates the method of innovation into five separate sections: scoping, creating a business case, creating a product, evaluating and approving, and launching.
The agile strategy allows for operations that align with the goal and is a more flexible approach to project management. The agile technique can save a business between 15% and 35% of its resources, and the results are typically of noticeably superior quality.
The lean startup technique emphasizes quick, modest testing rather than a carefully thought-out and executed enormous project (Kay & Willman, 2019). The goal of this technique is to eliminate unnecessary setup steps.
In the discover-iterate-pivot methodology, an idea is tested with consumers. As a result of their opinions, the basic structure of the product is modified to fit their needs.
The lean startup process technique is the strategy I believe works best for managing innovation in an ever-changing external environment. Due to the strategy's use of a business idea rather than an operating plan, success can be accomplished quickly and with a minimal outlay of resources.
The Rationale for Recommendation
There are many advantages when employing the Lean-Start-up techniques in this scenario. The technique makes gathering client input and modifying the product easier and more effective. The approach also covers the pivoting component, where guidelines can...