Wednesday, July 24, 2019

Innovation and change - open innovation and strategy Essay - 4

Innovation and change - open innovation and strategy - Essay Example More importantly, it is realized that innovation is normally a very expensive process for most organizations hence it really requires that its success be effectively determined in order to justify the financial allocation on the process. Most importantly, the present business environment mostly relies on innovation as the engine through which success and positive change can be realized in the organization. Any innovation process in the organization is normally intended to achieve the basic goals of the organization which include revenue growth, customer satisfaction and profit maximization. These fundamental metrics are therefore the core factors that any model for the measurement of innovation performance should focus upon. However, it must be realized that these success metrics can normally be influenced by other factors other than innovation. In this regard, it is much important to draw the line between the successes realized as a result of innovation from other influencing factors. Like in the overall business growth, measuring innovation performance is never limited to the tangible goals realized in the organization. Quite a number of intangible factors normally indicate the success or failure of a given innovation process in the organization. In measuring the performance or success of innovation in the organization, the success metrics are weighed against the inputs towards the innovation process. Inputs in this regard are normally both tangible and intangible. Tangible inputs include the financial resources needed in the process and the quantifiable adjustments done in the organization as a result of the innovation process. On the other hand, intangible inputs include staff-behavior adjustments and increased attention in the organization in order to successfully enhance the innovation process (Shehabuddeen, 2007). The simplest generic model in the measurement of innovation can focus on the opportunity costs of the innovation process. In this process,

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