Process_For_Managing_Innovation Report

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RUNNING HEAD: PROCESS FOR MANAGING INNOVATION 1 Report: Process for Managing Innovation Southern New Hampshire University MBA580 Innovation and Strategy for High-Performance Organizations Prof. Jermaine Dykes March 5, 2023 Process for Managing Innovation in a Changing External Environment

PROCESS FOR MANAGING INNOVATION 2 In today’s rapidly changing external environment, organizations must embrace appropriate processes for managing innovation. Our company faces a significant challenge due to a recent announcement that a major competitor in the luxury car market will launch a fully autonomous luxury sedan within two years (Highsmith, 2009). This report aims to recommend the most suitable process for managing innovation in a changing external environment and how cross- functional teams can work effectively within the process. Moreover, it will address the concerns of key stakeholders regarding the implementation of innovation management procedures in an ever-changing environment. Furthermore, there are four processes for managing innovation, Stage-gate, Agile, Lean, and Discover-iterate-pivot. According to Jones (2018), since each method has advantages, briefly describing them will make it easier to recommend the best method for the organization. Stage-gate entails breaking the innovation process into stages and using gates or checkpoints to evaluate progress before moving to the next stage. The process is useful for large organizations and projects that require significant resources and investments (Highsmith, 2009). Agile emphasizes flexibility, teamwork, and customer feedback to develop innovative solutions in short sprints. The method is ideal for small to medium-sized organizations and projects that necessitate frequent changes and updates (Jones, 2018). Lean highlights minimizing waste and maximizing value through continuous improvement. It is suitable for organizations that need cost-effective solutions to problems (Highsmith, 2009). Discover-iterate-pivot underscores experimentation, learning, and adapting to changing circumstances to develop innovative solutions. This process is suitable for organizations that require radical and disruptive solutions (Jones, 2018).

PROCESS FOR MANAGING INNOVATION 3 Rationale for Recommendations Based on the scenario, the most suitable process for managing innovation in a continuous changing external environment is the Agile process (Davis, 2023). Organizations can quickly respond to market trends and external changes thanks to the process’s flexibility, customer feedback, and short sprints. Agile also encourages collaboration and supports cross-functional teams, which are essential for managing innovation in a changing environment. Having said that, Agile outperforms other processes in many ways. The process’s iterative approach allows for frequent customer feedback, which helps in developing solutions that meet the needs of customer’s (Jones, 2018). Additionally, the process’s adaptability enables quick modifications and updates, which is crucial in a dynamic external environment (Davis, 2023). The Agile process also promotes teamwork and collaboration, which helps in managing innovation projects that involve cross-functional teams (Highsmith, 2009). Cross-Functional Team Effectiveness To ensure cross-functional team effectiveness in the Agile process, it is recommended that clear communication channels are made, and expectations are set for each team member (Davis, 2023). Moreover, team members should be trained in Agile methodologies, and their roles as well as responsibilities should be clearly defined (Jones, 2018). Not to mention, when it comes to measuring team success at each stage of a project, key performance indicators (KPI’s) should be established and regularly tracked (Williams, 2021). Examples of KPI’s include but not limited to customer satisfaction, product quality, and team velocity. To review and implement changes coming out of success measurements, regular retrospectives should be held to evaluate the team’s performance and identify areas for

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PROCESS FOR MANAGING INNOVATION 4 improvement (Jones, 2018). Changes should be implemented based on team consensus and should be tracked to safeguard effectiveness. Determining the project completion in the Agile process is based on the completion of the project’s goals and objectives (Davis, 2023). Once the goals and objectives have been met, the project is then considered complete. Addressing Stakeholders Concerns Teams with a variety of experiences and areas of expertise make up the directors of marketing and research and development (R&D). They are the report’s intended audience, and our company will utilize it to communicate with some of their most important stakeholders. Executives, managers, and staff are the organization’s main stakeholders. These are those who are actively engaged in innovation management. The creative process is surrounded by a lot of worries. Yet, the possible disruption to ongoing initiatives and the need for extra resources and investments are the two issues being addressed by the R&D Marketing directors. It is crucial to convey the advantages of implementing an innovation management approach in a dynamic environment while responding to these concerns. The Agile process reduces the possibility of failure by allowing for flexibility and adaptability to changing circumstances. Furthermore, the Agile approach’ regular consumer input confirms that the company is creating solutions that fulfill customer expectations, lowering the risk of allocating resources to unsuccessful projects (Jones, 2018). It is important to stress that managing innovation in a changing external environment necessitates a major commitment in resources when discussing the need for increased resources and investment. But the adaptability and client-centric focus of the Agile approach confirms that the investment is focused on worthwhile initiatives that satisfy customer needs (Davis, 2023).

PROCESS FOR MANAGING INNOVATION 5 Conclusion In conclusion, managing innovation in a dynamic external environment necessitates a proper method that is flexible enough to accommodate shifting conditions and market trends. Given its adaptability, emphasis on client feedback, and focus on cooperation, the Agile process is the best method for managing innovation in a dynamic external context (Davis, 2023). Communicating the advantages of establishing innovation management systems in a changing environment and highlighting the necessity for a major investment in resources are two ways to address the concerns of key stakeholders. Setting specific goals and KPI” s, conducting regular progress reviews, and including the entire team in determining areas for development are all necessary for measuring team success and implementing changes. Finally, to know when a project is finished, it is necessary to have clearly stated project objectives and success criteria. Theis is followed by a post-project evaluation to capture lessons learned for future projects (Williams, 2021). References Davis, L. (2023). What is Agile Project Management? The Ultimate Guide. Retrieved from: https://www.forbes.com/advisor/business/what-is-agile-project-management/

PROCESS FOR MANAGING INNOVATION 6 Jones, S. (2018). Agile Development in the Real World. Addison-Wesley Professional. Publication manual of the American Psychological Association (7 th ed.). Retrieved from: https://www.doi.org/10.1037/0000165-000 Highsmith, J. (2009). Agile Project Management: Creating Innovation Products. Pearson (2 nd ed.) Williams, L. (2021) Measuring Success: Key Performance Indicators for Teams. Harvard Business Review. American Psychological Association. Retrieved from: https://www.hbr.org/2021-measuring-success-key-performance-indicators-for-teams

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