1. STRUCTURED INNOVATION PROCESS
UNDERTAKEN BY CORNING
Corning invested heavily and focused on medical services and optical fibre
with planning of 10 years of span. These two businesses became the largest
contributors with generation of 26% and 24% revenue respectively.
Consumer product division consisting of CorningWare , Corelle , Pyrex and
Revere was sold
Corning acquired more than eight companies to deepen company’s expertise
in photonics and related technologies
Innovation at Corning followed “Governance of Innovation Pipeline”.
Innovation was overseen by several managers who used governance of
innovation pipeline to move new business through stages of product
development
2. Establishment of Strategic growth in order to pursue its strategy of
continuous innovation
Corning’s operations centred on different glass technologies , each of which
catered to a different market and had different cycle times.
Corporate Technology Council(CTC) was formed to take decisions on
whether early stage 1 (Build knowledge) and stage 2 (Determine feasibility)
projects fit in with Corning and whether they were to graduate on to the GSC
or needed additional resources
Centralized new business development (NBD) function was created
specifically to seek out and lead NBD with the objective of exploring new
markets, new technologies and potential new businesses outside the
strategic focus of current business
3. KEY TAKEAWAYS
Organizational structure designed in a way that leads to efficient exchange
of information
Departments work closely together and communicate frequently to solve
issues
Efficient lines of communication enhance productivity and enables quick
decision-making
Centralized research facility enabled businesses like LCD and optical fiber to
leverage important synergies
Movement of people across departments increases knowledge sharing and
talent among businesses and research groups
4. SYNOPSIS
Corning speeded up its decision-making, created a cost-conscious
environment and encouraged the horizontal flow of information across the
organization
Agenda for the leadership must be reviewed. In the past, cost-cutting and
right-sizing were high on the agenda. Later, innovation and revenue growth
took the lead
Leadership team at Corning refrained from looking at the company as a
collection of discrete functions. Instead, it decided to transform Corning by
taking a comprehensive , integrated approach to the company’s cost
structure and growth aspirations
