This sample will let you know about:
- What is Innovation Management Consultancy?
- Explain Seven Dimensions Within a Strategic Innovation Framework.
- Organisational readiness?
Strategic innovation framework is considered as the strategy that helps in creating approaches to the business innovation with traditional consulting methods. It also helps in motivating cross functional areas developed by the team in regard to lead the business towards profitability. Moreover, business also focuses upon guiding the change agents and principles that helps in identifying new revenue streams in regard to create a breakthrough growth strategies and thus attain desired results (Andriopoulos and Dawson, 2009). In the current report, UK economy is considered at the booming stage and therefore, it is essential for businesses such as Pint Energy to focus upon involving different innovative products or services in market and improve its current product portfolio. It also enhance consumer attraction towards business and ultimately increases the sales of firm. Being a innovative management consultant it is essential for business to design effective strategic innovation framework so that 7 dimensions that helps in producing portfolio of outcomes which will drive growth for Pint Energy.
Seven Dimensions Within a Strategic Innovation Framework
A Managed Innovation Process- It is essential for innovative consultant to address the relationship between invention and innovation so that appropriate results can be attained. Also, it is essential for business to carry out effective innovation strategy which would help firm to achieve growth within the industry and thus implement successful outcomes within firm. Pint Energy aims to implement effective innovation strategy that would result them to achieve desired results and thus utilise the methods to improve its success in the market (Bass and Riggio, 2006). As the UK market is on boom and thus it helps firm to introduce different products or services and add them within the product portfolio and attain customer satisfaction. It also helps business to implement innovative strategy i.e. both traditional and non traditional which helps in achieving set results. There are different traditional and non traditional approaches to business strategy and thus consider the needs of firm in regard to improve the innovation process which is being carried out effectively and efficiently (Bass and Riggio, 2005). Also, different models of innovation is being used in relation to utilise how the growth and success can be attained. With the help of such models it assists in managing the innovation process so that Pint Energy can attain desired results.
Strategic alignment- Further, it is another strategic innovation framework that helps in identifying the strategic alignment process which helps Pint Energy in building support and thus set results can be attained. Further, it is essential for enterprise to undertake effective resources so that strategic alignment is useful in regard to build and support the business and introduce innovative techniques so that product portfolio can be extended (Davila, Epstein and Shelton, 2007). Thus, it is considered as the best way through which effective strategic alignment is done that aids in building support and thus enhance the product or service in market. Innovation framework assists in building support so that firm can introduce different range of products or services so that appropriate results could be attained. Here, Pint Energy requires to develop effective support and alignment so that business can attain success (Escriba-Esteve and Montoro-Sanchez, 2012). Need assignment Help. Talk to Our Experts Now!
Industry foresight- Being a innovative management consultant it is essential to possess an effective overview if the emerging trends in market and thus helps in carrying out the desired results. Through identifying the innovation within the market and keeping close watch upon the recent trends and development in the industry helps in assessing the best outcomes (Goodman and Dingli, 2013). Here, consultant needs to assess the emerging trends in the market and thus identify the needs and requirements of improving the products or services so that consumers possess the larger option for selecting the goods. Also, the management of Pint Energy is required to assess the emerging trends so that new range of product portfolio could be increased so that different options could be provided to consumers in order to enhance the sales and profitability (Sabri, 2005).
Consumer/customer insight- Further, it is another step in the innovative framework that helps in identifying the consumer/ customer insight as well as their needs and preferences so that particular products could be delivered to them. It also helps Pint Energy to utilise the services of innovative management consultant and obtain advice from them regarding identifying the consumers trends so that specific products could be produced and delivered to them in market (Sadler, 2003). It helps in increasing the sales and profitability of firm in market. Pint Energy also aims to assess or understand the articulated and unarticulated needs so that similar quality goods could be delivered to them which helps in improving best performance in market. Here, also different innovation models are being addressed that helps in improving awareness regarding innovation models so that improvement within Pint Energy market can be improved. Further, it also assists in improving the financial performance in market and thus achieve business targets and objectives (Sarmento, 2011). Business also focuses upon improving the strategy dimensions of innovation so that appropriate results could be attained. It also assists in assess the articulated and unarticulated requirements in order to attain customer satisfaction.
Core technologies and competencies- Print Energy is working well in the market, currently it is using moderate technologies. But as competition is high and in this booming state many river y brands are trying to capture the market. Presently leveraged position of the company is quit good but to inject a couple of products in booming state of UK, it is required to improve its current position in the corporate markets (Shavinina, 2003). By extending its assets it will be able to introduce new goods easily which can help in gaining competitive advantage to the Print Energy. Core competencies of the firm is its durability and in transparency. Recently it is using mechanical technology as core technology to extending assets, Print Energy needs to use electronic core technologies. This will be beneficial for the organization to gain profit in such booming UK. With the help of this, controlling, detecting and collection of information can be done easily by the enterprise (Steen and et. al., 2010). This will support in improving the leverage position of the firm, apart from this it will help in enhancing revenues of the company. It will extent corporate assets because more people will take interest in such innovative products thus, brand name of the firm will get increase.
Organisational readiness- Further, it is another effective strategy innovation framework which possess the ability to obtain appropriate action so that best results can be attained. It helps in implementing effective strategy that assists Pint Energy to obtain appropriate action and enhance consumer service. Business is always ready to serve the innovative products or services in market and thus involve personnel within firm to improve customer satisfaction (Adams, 2005). They analyse that UK industry is on boom and thus aids firm to obtain the ability to take best action so that best results can be attained. Also, it is essential for firm to assess the readiness of firm in market and thus improve the ability to undertake effective action which results in enhancing the sales and profitability in market. It is the best way through which firm can enhance its opportunities in market and thus obtain bet results to attain desired results (Darre, 2011).
Disciplined implementation- It is another step in the innovative strategic framework so that firm aims to improve disciplined implementation so that business could be able to manage the path from inspiration to business impact and thus develops the appropriate disciplined approach which results into improving the financial performance of firm. Pint Energy also develops the path for improving the business functions so that it could be inspired to attain desired results (Andriopoulos and Dawson, 2009). Thus, it would help firm to enhance the product portfolio and thus builds effective targets and goals. It also assists business to undertake disciplined implementation so that inspiration path could be developed which results in attaining desired output within firm and market share of firm can be enhanced (Bass and Riggio, 2006). Thus, all the above stated steps helps in improving the innovation management within firm and thus develops appropriate results so that best results could be attained.
It can be concluded from the study that implementing invention and innovation helps firm to attain successful results in regard to attain desired growth and objectives within the industry. Thus, it is helpful for consultant to analyse the consumer as well as industry trends in market which assists in carrying out effective strategy innovation framework so that appropriate results can be attained. It helps firm to assess the needs of consumers and introduce new products or services in market and thus achieve best results so that appropriate outcomes can be attained. Also, following the approaches effectively assists in implementing the innovation process within firm and thus attain growth and success within firm.
- Andriopoulos, C. and Dawson, P., 2009. Managing Change, Creativity and Innovation. SAGE.
- Bass, B. M. and Riggio, R. E., 2006. Transformational Leadership.2nd ed. Routledge.
- Bass, M. B. and Riggio, E. R., 2005. Transformational Leadership. 2nd ed. Psychology Press.
- Davila, T., Epstein, J. M. and Shelton, D. R., 2007. The Creative Enterprise: Execution. Greenwood Publishing Group.
- Escriba-Esteve, A. and Montoro-Sanchez, A., 2012. Guest editorial: creativity and innovation in the firm: Managerial antecedents and effects on employees. International Journal of Manpower.33(4). pp.344 – 348.
- Goodman, M. and Dingli, M. S., 2013. Creativity and Strategic Innovation Management. Routledge.
- Sabri, H., 2005. Knowledge management in its context: Adapting structure to a knowledge creating culture. International Journal of Commerce and Management. 15(2). pp.113 – 128.
- Sadler, P., 2003. Leadership. Kogan Page Publishers
- Sarmento, A., 2011. Technology for Creativity and Innovation: Tools, Techniques and Applications. IGI Global.
- Shavinina, V. L., 2003. The International Handbook on Innovation. Elsevier.
- Steen, D. V. M. and et. al., 2010. Exploring the future through creative competition: the RWS2020-project. foresight. 12(5). pp.41 – 57.