Innovation Management Case Study

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Effectiveness of Innovation Management
Innovation management is a very crucial component and should be used by companies in a strategic manner in order to achieve organizational effectiveness. Companies that are able to successfully manage innovation are able to maintain their market positions and assure long-term profitability. Those companies that cannot manage innovation or adapt to evolution in technology fall far behind competitors. In this case study I will first evaluate a company that has been successful and possesses strong innovation management capabilities and explain what they are doing correctly to sustain organizational effectiveness. Then I will evaluate a company that has failed in handling innovation management, explain why
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Innovation works best when it is a collaborative effort. For example, Apple products like the iPhone, iPod and Mac didn’t just emerge over night from one single idea it took a team of people including Steve Jobs to come up with these devices that are simplistic in design, multifunctional and easy to use. Like its devices, a company’s innovation team has to be cross-functional; being able to understand the needs of the customers, staying up to date in technology and having a strong sense of the business are all major keys. Apple has mastered managing innovation which for years has proven through their products. Interactions amongst Apple employees are face to face as opposed to teleconferencing, social media or instant messaging in order to promote creativity, diversity of opinion and effectiveness. Creating an innovative culture gives Apple the ability to develop and market ideas before their competitors. Apple has strategies in place to achieve their organizational objectives; these strategies create a clear path to their goals and allows them to figure out the right cost structures for profitability. Apple CEO, Tim Cook explained in an interview with Fast Company that, “Stock price is a result, not an achievement by itself. For me, it’s about products and people.” Their business model greatly supports innovation management and the effectiveness of…show more content…
It’s not enough to be good at what you do and maintain that momentum you have to have great ideas and a great team to execute those ideas. People in management who have the rare ability to take a big idea and be inspired to make it grow are the innovators who set the pace of an industry and determine the success of a company. This Principles of Management course gave me insight on the essential factors that make management effective. I enjoyed learning about how planning, organizing, leading and controlling all come together to help managers achieve organizational success and look forward to utilizing the information I learned in my current leadership roles and in my management role as a Health Care Administrator in the
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