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Mba 580 process for managing innovation michelle ferola

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Process For Managing Innovation
MBA 580-R4420
Southern New Hampshire University
Michelle Ferola
Dr. Allen
June 11, 2021

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Most Suitable Process for Managing Innovation
There are multiple types of process approaches for companies to utilize. Four of these
approaches are Agile, Lean, Stage-gate, and discover-iterate-pivot. The Stage-gate process has 5
steps: idea formulation, concept formulation, product development, test marketing, and
international marketing. This process encourages team collaboration, but can cause a slow return
time on results. The Agile process encourages high creativity and moves quickly. The agile
method is a core self-managed team that all pull from different strengths. This team reviews
issues and brainstorms for the best solutions, typically meeting daily to review the results of their
tests. Reports on the agile method show that there between 10% to 40% of time savings (Tidd,
2021). The Lean process has many steps to walk through, and this includes creating and
minimum viable product so that tests can be performed and there can be data and feedback
generated. The Lean process also includes building and learning, and validating the data. The
most suitable process for managing innovation for this automobile company would be the Lean
Start Up.
Rationale
The Lean process is the best option for this company because it offers the most
interaction with the customer base to get a better product result in the end. The Lean process also
includes the agile methodology, so the idea of moving quickly with product development and
feedback is included in the Lean Process. As the external environment changes and presents new
challenges, the lean process will be the best method to take on to be able to stay current and
quickly adjust things when needed. This is because part of the lean approach is “pivoting” and
this means that the company is able to pivot to a different approach or idea around a specific
product based off of customer data and feedback. Instead of stopping everything and going back

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Process For Managing Innovation MBA 580-R4420 Southern New Hampshire University Michelle Ferola Dr. Allen June 11, 2021 Most Suitable Process for Managing Innovation There are multiple types of process approaches for companies to utilize. Four of these approaches are Agile, Lean, Stage-gate, and discover-iterate-pivot. The Stage-gate process has 5 steps: idea formulation, concept formulation, product development, test marketing, and international marketing. This process encourages team collaboration, but can cause a slow return time on results. The Agile process encourages high creativity and moves quickly. The agile method is a core self-managed team that all pull from different strengths. This team reviews issues and brainstorms for the best solutions, typically meeting daily to review the results of their tests. Reports on the agile method show that there between 10% to 40% of time savings (Tidd, 2021). The Lean process has many steps to walk through, and this includes creating and minimum viable product so that tests can be performed and there can be data and feedback generated. The Lean process also includes building and learning, and validating the data. The most suitable process for managing innovation for this automobile company would be the Lean Start Up. Rationale The Lean process is the best option for this company because it offers the most interaction with the customer base to get a better product result in the end. The Lean process also includes the agile meth ...
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