- 250 to 400 word mini-essays
- supported with a minimum of two references
During the first few weeks: post early and I will try to warn you about sub-standard posts; you may then correct these.
Please respond to the following. You may post your responses in three postings:
Q1) Why is it important for a company to have well-defined steps to strategically manage its innovation development process?
Q2) Provide an example of the benefits of a formal process and some of the pitfalls that may be encountered with an informal process, or no process at all.
Q3) How does a crisis like COVID-19 accelerate existing trends and drive new innovation?
1. A crisis like Covid 19 can accelerate existing trends in a business and drive new innovations for many reasons. This is because the pandemic can affect different aspects of a business including how and what is trending affecting customers choices in services, purchases, and products. Interactions between a company and their clients are affected, as is a company's current supply chain. A good example of the supply chain is the lack of toiletries and bread that my local Wallmart was able to keep in stock due to the pandemic affecting their supply chain. In return, Wallmart had to come up with a strategic plan and re-innovate the quantities they would normally keep on hand concerning high demand pandemic items.
During the pandemic, many businesses are weighing decisions concerning driving productivity, cutting costs, and implementing innovation related initiatives (Bar Am, 2021). Some business are finding that the new restrictions are creating opportunities in areas that are being created by the pandemic.
Covid 19 is not an epochal crisis for the business world but rather an acceleration of existing trends that were well underway before the corona virus (Guillen, 2020). An example of this would be online shopping. Online shopping has been popular for many years. But due to covid it has increased in popularity causing business sales and revenue to increase. This has also helped to increase the delivery company's profits as well.
2. A crisis like COVID-19 accelerates existing trends, driving new innovation through the following ways. During a crisis, countries usher in the new arrival of a future that was likely to take long before being realized. COVID-19, for instance, has accelerated trends through digitization and global exposure decline (Leung, Ngai & Seong, 2020). When the crisis struck, every physical interaction and movement was limited, leaving no alternative but going digital. Businesses turned out to be carried out online and through other digital means. Schools as well stopped their face to face learning and teaching and went to the digital mode. Also, a crisis like COVID-19 accelerates existing through a decline in global exposure. When COVID-19 came, the world market was no longer a place to carry out businesses. This gave room and opportunity to realize the importance of domestic markets and technology, thus accelerating their initial trends that grew slower.
A crisis like COVID-19 accelerate existing trends and drive new innovation through mechanization to cope with the current atmosphere. For instance, with the coming of COVID-19, a lot of innovations have taken place trying to find the most suitable way to keep people safe. Among such innovations is the efforts to find a vaccine for the virus cause the crisis (Furstenthal, Jorge & Roth, 2020). Faster than ever before, the world has found a vaccine for a deadly virus in less than six months. This shows the level and the rate at which the pandemic accelerated this trend and rove in new innovations. Also, COVID-19 has accelerated existing trends and drove new innovation through the rising digital economy. Through the events carried out digitally, the economy has shifted to digital, thus enabling so many developments and innovations. As a result of the crisis's challenges, people have become more innovative and creative to come up with ways of surviving the crisis.