Contemporary Innovative Practices in Managemet
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This document summarizes contemporary innovative practices in management. It discusses successful innovations in Western countries and India. It also outlines future areas for innovation like biotechnology, genetics, and artificial intelligence. The document compares country rankings on innovation indexes and distinguishes between invention and innovation. It profiles three models for the future from Venkatakrishnan Balasubramanian, Olivier Serrat, and Gary Hamel that emphasize competitive advantage, customers, and questioning management orthodoxies. The conclusion notes the importance of collaboration between corporations and academia.
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- 1. CONTEMPORARY INNOVATIVE PRACTICES IN MANAGEMENT Vijay Page Director General, MET’s Schools of Management
- 2. Flow of the Paper • Successful innovations – Western • Country-wise ranking of Innovations • Successful innovations – Indian • Future scope: Three models - Venkatakrishnan Balasubramanian, Olivier Serrat, Gary Hamel et. al. • Drivers of future innovations • Conclusion
- 3. Placing in Perspective • India, US, Europe and the economic crisis • Current technological innovations in the time of economic upheaval • Future organisations and the role of innovation
- 4. Distinction between Innovation and Invention • Defining Invention: The creation of a product or the introduction of a process for the first time • Defining Innovation: Improvement or significant contribution to an existing product, process or service • John Kalperis’ distinction between Innovation and Invention • Tom Grasty’s analogy on the distinction between Innovation and Invention
- 5. Factors involved in Innovation • Improvisation is the basis of Innovation and Invention • Definition of Management Innovation: The invention and implementation of a management practice, process, structure, or technique that is new to the state of the art and is intended to further organisational goals • Four Processes in Innovation: Motivation, Invention, Implementation and Theorisation and Labeling
- 6. Factors involved in Innovation contd…… • Three key factors in Innovation: independent validation; focus on specific units, distinction between a Management Innovation and a Management Fashion • Ten stage process framework for innovation • The finding of the ‘s curve’: The great majority of innovations never get off the bottom of the curve, and never produce normal returns • Varied indices to innovation
- 7. Successful International Innovations • Uncertainty Management • Crowd Computing • Exploration of self management techniques-:emotional and spiritual intelligence • Re-engineering • Creating Management teams • Amoebic Leadership • Strategic management via consumer insights • Adoption of Just in Time Inventory Management
- 8. Successful International Innovations contd…. • GE’s development of the modern research lab • GM’s invention of the M-form organization structure • The Government of India’s UID Scheme • Apple’s X Code 4, a proprietary application • Managing science • Allocating capital • Managing intangible assets • Capturing the wisdom of every employee • Building a global consortium • Make bold innovation in everyone’s job • Allowing and encouraging everyone to participate to the maximum
- 9. The GE and IBM Model for the Future • Decentralizing • Creating equal ground competition • Allowing decisions to be peer based • Giving free choice of work opportunities
- 10. Country-wise Ranking in the International Innovation Index - 2011 Sr. No. Country Rank 1 Switzerland 1 2 Sweden 2 3 Singapore 3 4 Hongkong 4 5 Finland 5 6 China 29 7 Brazil 47 8 Russia 56 9 India 62
- 11. Innovation: The India Way The India Way o Managing people o Employees first o Emphasis on ‘shared values and vision’ o ‘We are a Family’ o Jugaad: Improvisation and Adaptability
- 12. Scope for Innovation in the Future Areas that require efforts in innovation: o Biotechnology o Genetics o Nanotechnology o Sustainable fuels o Artificial intelligence o Robotonics o Conservation of earth’s resources
- 13. Perspective for the Future: Venkatakrishnan Balasubramanian • Competitive Advantage • Business Alignment • Customers • Execution • Business Value
- 14. Perspective for the Future: Olivier Serrat • The unremitting development of the Internet • Globalisation • Workforce demographics
- 15. Perspective for the Future: Gary Hamel et. al • Become a conscious management innovator • Create a questioning, problem-solving culture • Commit to big problems • Search for new principles • Deconstruct management orthodoxies • Seek analogies and exemplars from different environments • Build a capacity for low-risk experimentation • Make use of external change agents, e.g., academics, consultants, media organisations, management gurus, and former personnel • Become a serial management innovator
- 16. Drivers of Technology • Customers • Technology • Competition • The Business Climate Coupled with a focus on the growing network of the social media
- 17. In Conclusion Coming together of the corporate world and the academia: The Pacific University contribution
- 18. Thank You