Institutional innovation an overview

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Institutional innovation affords organizations the ability to redesign their processes and adapt to the changes in the marketplace.

Institutional innovation affords organizations the ability to redesign their processes and adapt to the changes in the marketplace.

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  • 1. INSTITUTIONAL INNOVATIONAN OVERVIEWFor additional information about Innovationplease visit www.InnovationGrow.com
  • 2. www.InnovationGrow.comWith the exponential growth of technology and the ever changingpolitical climate of the world’s nation states institutions that focus oninnovation and accelerating learning are the ways forward.Institutional innovation affords organizations the ability to redesigntheir processes and adapt to the changes in the marketplace.Utilizing scalable learning strategies will allow these organizations togenerate the necessary innovations in products, services, businessstructure, and management hierarchies.Blending the old thought process of efficiency through scale with thenew innovation through creativity and institution will allow theseorganizations to maximize their advantage in the global arena.2
  • 3. www.InnovationGrow.comThrough the industrial age and up until recently the focus of businesshas been about scalable efficiency.With every advancement of technology and infrastructure, theorganizations were forced to grow larger if they wanted to achieve thebenefits of scale; producing greater volume to increase margins andreduce costs.The business models that have grown out of this scalable efficiencycause most of the companies to create rigid processes that arecalculated and consistent. This has served them well up until recently,but now this rigidity is starting to hamper the growth.3
  • 4. www.InnovationGrow.comThe consistency that has served these organizations so well in the past,with the focus on efficiency, is severely limiting their ability to innovateand implement any real change.It seems then that there needs to be a balance between the scalableefficiency model and the ability to learn or innovate.This is especially noticeable when there are tough economic times orunstable geo-political relations, as they are unable to adapt.4
  • 5. www.InnovationGrow.comThe last few decades have brought about great globalization forbusiness and this has led to an exponentially rate of change.The new digital infrastructure and means of communication has foreverchanged the way that businesses conduct trade.The companies that have been unable to adopt an innovative processinto their core operations are now finding that they are getting furtherand further away from satisfying the needs of their customers.5
  • 6. www.InnovationGrow.comWhen things were stable this same companies thrived, but the balanceneeds to be carefully managed between innovation and efficiency.The opportunity for institutional innovation will allow these companiesto adopt a more innovation based mindset that will help them adapt inthis changing world.Opening this possibility even further the same scalable efficiencyfocused companies can lean on institutional innovation as a means toallow the option of open innovation.6
  • 7. www.InnovationGrow.comINSTITUTIONAL INNOVATION REQUIRESInstitutional innovation requires companies to embrace the concept ofscalable learning that will lead to smarter institutions that can prosperfrom the ever changing climate.This adoption will allow the companies to adopt an innovative processthat empowers their employees and fully harnesses the creativepotential of their networks.Whether or not the organization gets to the point of open innovation ornot, the institutional innovation will open this door as a possibility.7
  • 8. GROWING BUSINESS WITH INNOVATIONFor additional information about Business Innovationplease visit www.InnovationGrow.com