BUS 499 WEEK 10 DISCUSSION 2 Analyze the different approaches to innovation discussed in this chapter to determine which approach you think would be the greatest value to the greatest number of organizations. Explain your rationale.
Create one innovative approach that is not discussed in the textbook for increasing the amount of innovation within a large company. Describe this approach in detail and explain how companies could benefit from it.
The first approach involves continuous product and process improvement. These are measures that are used to alter the nature of products to maintain their viability and real competitive advantage.
The second approach is an improvement of the product design- this is carried out to adapt to changing systems and trends in the market so that the products remain relevant in the market.
Upgrading the business model is another valuable approach to innovation- the model is altered by offering complementary services or products which are of substantial quality.
The use of new technologies to add value to the existing services is equally a valid approach (Douthwaite et al., 2009). Also, new technology can also be tapped and used creatively to develop new products.
Among the approaches, continuous improvement of product and product design is very efficient for a company. It should be adopted to maintain the operational standards of the enterprise as well as maintain the competitive advantage in the production field. The company maintains grip with the customers as well.
Find a killer Idea First approach to innovation can help the big companies remain in the limelight since the big ideas settled on are sellable and thus earns a good reputation for the company. Amazon.com Company has benefited from the concept through the famous story of Jeff Bezos.
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