QM687 Park Unit 6 Collaborative Innovation Strategy PP Presentation

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QM687 Collaborative Innovation Strategy

Description

Introduction

What preparations have you made for your final Project presentation? Consider the following:

  • What needs, wants, or desires will the innovation meet or exceed?
  • Are there any competitors at present, and if so, how will the product or service differentiate itself?
  • Estimate the value and possible benefit the innovation would provide, if implemented?
  • What barriers or diversions exist to full implementation?
  • Who would benefit the most from this innovation and why?
  • Does the innovation require special marketing (TV add, printed advertisement) or could it be sold through the internet.
  • To protect the intellectual property rights of the innovation, what could be patented?

Directions

Answer these questions to the best of your ability.

For these responses, should outside sources be used to support the content within the postings, proper in-text citations and correctly formatted references should be prepared consistent with the APA (6th edition). The list of references should be physically positioned at the end of the postings.

  • Point out what you perceived to be the strengths of the original posting along with supporting rationale.

Identify specific opportunities for improvement about the content in the initial posting. Furthermore, you should provide supporting rationale for your stated position, as well as concrete suggestions and guidance intended to strengthen the effectiveness of the content.

Text books

Title: The Innovation Tools Handbook, Volume 2

Authors: H. James Harrington and Frank Voehl

ISBN-13: 9781498760515

Title: The Innovation Tools Handbook, Volume 3

Authors: H. James Harrington and Frank Voehl

ISBN-13: 9781498760539

Unformatted Attachment Preview

1 Running head: INNOVATION Tu-Anh Park University QM687 Collaborative Innovation Strategy Project – Unit 6 Gregory McLaughlin 2 INNOVATION Innovation Innovation refers to the process of bringing a new idea, product and methods among others in a firm. Innovation enables firms to boost their productivity in the market hence increasing its competitiveness in the market. Firms should, therefore, embrace the culture of innovation to improve their performance and competitiveness in the industry. Employees should be encouraged and trained to be innovative. This way, the efficiency and effectiveness of the company are improved significantly. The management of a firm is usually tasked with the responsibility of designing and implementing strategies that aid in promoting innovativeness in a company. Implementing a good strategic plan can greatly aid in promoting innovativeness in a firm. Innovation can be achieved through the implementation of a new idea or method to promote the performance of a firm. Implementing a competitive compensation package in a firm to employees is one of the innovative ideas that can be adopted by a company to improve its performance in the industry. Description of the Problem Business entities in the market have been having problems in rewarding and motivating their employees effectively. The poor motivation of employees contributes significantly to poor productivity of a company in the industry as workers their morale reduces significantly due to lack of motivation. Highly motivated employees are usually very productive, and this improves the performance as well as the competitiveness of a company significantly. The management of business entities should be innovative enough to solve this problem effectively. This can be achieved through the implementation of innovative ideas such as adopting a competitive compensation package for employees in a firm. This will boost the morale of employees and consequently increase their productivity. 3 INNOVATION Relevant Factual Information The major problem that the organizations faces in the industry are the poor motivation of their workers. Lack of or poor motivation of employees results in low performance as they lower their productivity (Chin, Chua, Ong, Tan & Wong, 2016). If the problem is not solved effectively, it can impact the performance of an organization adversely. One of the best ways to solve this problem is through compensating workers well. As such, the organization is faced with the decision of implementing a competitive compensation package and motivate their employees well as well as increase its productivity and performance in the industry. Explanation of Relevant Concepts Innovation plays a very crucial role in promoting the competitiveness and performance of a company in the industry. Through innovation, organization adopts and implements strategies and methods that improve the effectiveness and efficiency of production in a firm. Embracing the culture of innovativeness in a company is, therefore, one of the most important steps that a firm should take to increase its competitiveness in the industry (Chin, Chua, Ong, Tan & Wong, 2016). Innovation helps solve problems faced in a company effectively. The problem of poor motivation in an organization can, therefore, be solved through being innovative in the compensation of workers. Motivation entails giving employee’s adequate incentives and benefits to increase their productivity in the firm. Being innovative in motivating employees would entail the management of a firm including many benefits as part of their compensation. This would entail including, competitive salaries and wages, long paid leave days, paying for health insurance coverage for employees and recognition through rewarding of the most performing and outstanding work in an organization. 4 INNOVATION Many theories have been developed to promote effective motivation of employees in a firm. The most common theories used in organizations to improve their performance in the industry is the Maslow`s hierarchy of needs, Adam`s equity theory and achievement theory developed by McClelland (Cook & Artino 2016). Application of these theories will see an organization boost its performance in the industry. Adam`s equity theory, for instance, seeks to promote fairness and equity in organizations while Maslow`s hierarchy of needs theory ensures firms follows a systematic process and steps in rewarding their employees. As such, applying these theories will greatly promote designing and implementing an effective solution to the problem being faced in organizations in the industry. This way, an organization will be able to motivate their employees effectively and efficiently. Learning The problem of poor motivation is not only limited to the organization operating in an industry. As such, firms operating in different industries are faced with the problem of motivating their employees poorly. Innovative ways such as the use of a competitive compensation package for workers in organizations across all industries can greatly aid in solving the problem of poor motivation and performance. This way, organizations will be able to boost their performance and competitiveness in the industry. Through compensating workers effectively in a firm will increase their morale and consequently their productivity in the industry. For this reason, in solving problems faced in an organization, the management of the firm should incorporate innovativeness in determining its solution. This way, the firms will be able to perform well and achieve their set goals and objectives in the industry. 5 INNOVATION Recommendation To avoid the problem of poor motivation of workers in the future, organizations should always design and implement competitive compensation and rewarding system. This way, the employees will be motivated effectively hence ensure they perform well in the industry. Promoting fairness and equity in the firm can greatly aid in preventing the occurrence of the problem. Innovation can also be used by firms to prevent this problem in a firm by implementing new ways of doing things in a firm such as the motivation of employees. Conclusion Innovation plays a very crucial role in boosting the performance and competitiveness of a firm in the industry. Through embracing innovativeness, a firm will be able to solve the various problems that they face in the industry. The problem of poor motivation in organizations, for instance, can be solved through a firm being innovative in its motivation strategies. Innovation can be achieved through the implementation of a new idea or method to promote the performance of a firm. Implementing a competitive compensation package in a firm to employees is one of the innovative ideas that can be adopted by a company to improve its performance in the industry. This way, the performance and competitiveness of an organization are improved significantly. 6 INNOVATION References Chin, M. C., Chua, W. S., Ong, K. N., Tan, S. H., & Wong, S. L. (2016). The Impact of Motivation on Employees’ Job Performance at Prudential Assurance Malaysia Berhad in Seberang Jaya, Penang (Doctoral dissertation, UTAR). Cook, D. A., & Artino Jr, A. R. (2016). Motivation to learn: an overview of contemporary theories. Medical education, 50(10), 997-1014.
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Explanation & Answer

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Running Head: COLLABORATIVE INNOVATION STRATEGY

Tu-Anh
Park University
QM687 Collaborative Innovation Strategy
Project – Unit 6
Gregory McLaughlin

1

COLLABORATIVE INNOVATION STRATEGY

2

What needs, wants, or desires will the innovation meet or exceed?
The proposed innovation desires to promote employee motivation thus increasing the
production rates. Motivated employees will be working hand in hand in ensuring their companies
meet the set goals and targets. The suggested innovation will involve implementing a competitive
compensation package in a firm motivate employees to improve thus improving their performance
in the industry (James Harrington and Frank Voehl, 2010).
Are there any competitors at present, and if so, how will the product or service
differentiate itself?
Currently, all industries are fully surrounded by competitors. Moreover, many companies
are implementing similar innovative measures such as a competitive compensation package thus
making the firms to face stiff competition in selling products and services both in domestic and
international markets. To address the competition in the market, the selected product or service
should differentiate itself by lowering prices and increasing product value compared to the
competitors. Alternatively, the companies need to promote employee diversity through hiring
workers from different ethnic groups and backgrounds. Workers from different backgrounds are
rich in innovative ideas that enable companies to outdo their competitors (James Harrington and
Frank Voehl, 2010).
Estimate the value and possible benefit the innovation would provide, if implemented?
A competitive compensation package may yield great profits to the firms when
successfully implemented. It focuses on motivating employees through good salaries, wages and
provision of medical covers. Motivated employees work as a team towards meeting the assigned
goals and targets.

COLLABORATIVE INNOVATION STRATEGY

3

What barriers or diversions exi...


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