Executive Summary: Michelin's Managing Innovation

1.1 Managing Innovation

Success in business today, innovation has become new imperative for management. In the globe, the three pillars of innovation are competency, which the ability to help the organization climb to the world-class innovator; Resource allocation is a significant strategy in order to achieve a clear path to a goal, and effective management needs to deploy resources wisely. Hence, organizations must create new products and services and adopt the state-of-the-art technology if they are going to compete successfully.

In general, innovation is the outcomes of the process of taking a creative idea and turning it into a useful product, service, or method of operation. It is important in managing principles for an organization as

Because of this, Michelin is able for sustaining innovation to create a long-lasting advantage and produce dramatic shifts in competitive position over 128 years ago. With the managing innovation, Michelin allows cross new performance thresholds and develops a standardized way of the performance of its various product departments. These innovations help Michelin becomes one of leading tyres industrial. Michelin has a formal approach to product innovation, and many have R&D teams that come up with process improvements, permission to solve new problems arise, and to head off new problems before they occurred. Therefore, Michelin can reinvent its business processes for the sake of speed and

As the beginning, perception is the inputs on long-term trends and scenario in the market and environment. While Incubator sit on new business activity to incubate, R&D teams and Product Line should collect massive amounts of data that can be stored, retrieved, studied, reshaped, and finally moulded into something new. Then, inspiration is the moment when all efforts successfully come together in the creative process. Lastly, innovation takes inspiration and turns it into a useful product, service, or way of doing things. There are two types of innovation teams, in which are InnovUp, where generating and collecting ideas to answer a specific question, and InnovaGo, where collecting spontaneous ideas from employees. This Innovation Dynamic model helps us understand how Michelin becomes more innovative. Usually, an organization wants innovative products and work methods (outputs), it has to take its inputs (creative people and groups) and transform them into those