Innovation is recognised as critical to the achievement of competitive advantage in both manufacturing and service organisations however managers face many challenges if they are to innovate successfully. Innovation covers a range of activities from the development of new product/service offerings to the improvement of operational processes and business models. Successful commercialisation distinguishes innovation from an invention by delivering and capturing customer value. Innovation extends beyond the capability to develop and renew product offerings, to encompass how they are created and delivered to the market.
The module focuses on key thematic areas namely: innovation strategy, idea generation, prioritisation, implementation, and people/organisation. Through the themes, students will gain an understanding of the complex processes needed to ideate, prototype, validate and commercialise products supported by theoretical models and practical tools. Because innovation is context-dependent, emphasis is placed on the application of models and analytical tools that clarify the interplay between competition, new ideas, patterns of technological and market change, and the structure and development of internal capabilities to manage innovation successfully, regardless of the organisation or sector.
Innovation: Role and Impact
Innovation; ideas; creativity and knowledge. Characteristics of innovation and value creation. Innovation across the value chain. Linking innovation to business discipline and strategy.
Aligning Innovation with Organisational Strategy and Business Models
Strategic Analysis, choice and implementation.Business Model Innovation, Product & Service Innovation, Organisational Innovation, Experience Innovation, Process Innovation.
The Innovation Audit and Diffusion of Innovations
Innovation as a process. The innovation pentathlon framework. Analysing the process from research to development to commercialisation. The development funnel, linking strategy and resources. The innovation audit.
Prioritising, selecting and managing the portfolio
Types of business and individual creativity. Managing and promoting knowledge transfer. Identifying customer needs – outcome driven innovation, empathic design and lead users. Identifying priorities through conjoint analysis.
Implementing New Product Development
Evolution of innovation/project development. The stage gate process. Rules of engagement. Scorecards. Next-generation product development.
Contrasting services and products
Services and the economy. Understanding service sector innovation. Research and development in services. The product-service portfolio. New service development processes and service blueprinting.
Open Innovation
Open approaches to developing and commercialising. Technology. Innovation outsourcing. Strategic advantage/disadvantage of internal R&D. Division of labour within and across organisations. Making good use of partners.
People, Organisation and Innovation
Organisational culture and innovation. Managing innovation teams. Marking project teams’ work. Managing people for innovation. The Ambidextrous Organisation. The Leadership Role. Organisation and the Innovation Rules.
Innovation Performance
Assessing current performance. Roles of a measurement system. Innovation process and outcomes and the role of digitisation. The innovation audit. Priorities and linkages. Change management and innovation. Inputs, processes, outputs and outcomes. Measuring sustainable value creation. The barriers to effective performance measurement.
The course combines lectures, case studies and guest seminars. Class sessions will consist of interactive discussion, exercises and application of models and tools.
| Module Content & Assessment | |
|---|---|
| Assessment Breakdown | % |
| Formal Examination | 50 |
| Other Assessment(s) | 50 |