Changing Corporate Culture With Innovative Management Solutions

The changes in the business environment as a result of information availability

, know-how and new technologies have changed the rules of the game. The business fabric today is woven around innovative technologies and management decision taken to handle the global work and market environment.

Managing innovation involves a broad spectrum of activities and relates to the structure, strategy, processes, culture and metrics with the support of a strong innovation management system. Irrespective of the industry sector, developing a culture of innovations requires the necessary climate and conditions within the organization. Providing an environment for innovation includes steps to capture ideas, filter them through the idea management funnel, understand the innovation products that can be developed, study the prototypes and manage the ideas generated with the help of an idea management system.

The growing demands of the customers and the cut throat competition prevalent in the environment, has led the manufacturing industry to constantly work on developing new products. But designing and developing new products is a difficult proposition with the manufacturing industries facing challenges of retaining market share, maintaining low production costs, meeting customer demands in a cost effective manner and quality of output along with better working conditions. By creating a culture of innovation among the workforce and collaborating within departments, the manufacturing enterprises can introduce innovation in technologies and also address the challenges.

Ideas which are best generated from the customers and employees need to be systematized through a business process with appropriate innovation strategies from the top management.With the help of innovative management solution, the enterprises can liberate the innovative spirit of the employees, tap into the knowledge of the customers and end-users and manage to bring out innovative products. The industry leader 3M allows employees 15-20% of their work-time and company resources to work on projects of their own, where they may own an equity later if the project grows into a new business, thus creating a culture of innovation among its employees. By allowing employees to implement their ideas within certain budgetary limits, the organization brings forth an innovative management solution that makes employees understand that their contribution matters and also empowers them.

Companies such as Hewlett-Packard and Danfoss, a Danish industrial transnational, have used methods to develop an entrepreneurial culture and become more innovative. HP in its drive towards creating a corporate culture for innovation introduced the business plan competition called Flashpoint, wherein in the second year of the competition there were 150 teams consisting of 4-5 people from 23 countries who competed on developing the best business idea. On similar lines, Danfoss, created a comprehensive venture and incubator program, The Danfoss Golden Gate, to facilitate the new idea development from Danfoss employees globally.

Leading service providers have worked out innovative management solutions that can facilitate these industry sectors to support their innovative corporate culture and help them implement the strategy through a defined system for development of new and innovative products.

by: Gladeyas

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