This Document help for the first year engineering students belongs to VTU 2021 Scheme

1. DEPARTMENT OF MECHANICAL ENGINEERING www.rljit.in
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Prof. Vijay Praveen P M
Assistant Professor
Department of ME

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Introduction
• Strategy is about making choices between a number of
feasible options to have the best chance at “winning”,
and innovation is just one of the means to achieve your
strategic goals. Without a good one, it’s actually quite
difficult to achieve long-term success and orient your
business for speed in order to secure competitive
advantage.

3. DEPARTMENT OF MECHANICAL ENGINEERING www.rljit.in
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Introduction
• Innovation management is about more than just planning
new products, services, brand extensions, technological
inventions, or novelties.
• It’s about imagining, organizing and competing in new ways.
• To do that with any degree of success, organizations should
do the strategy innovation planning.

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• An innovation strategy in business is defined as a commitment to a
common innovation mission and a structured set of activities
designed to support the future growth of an organization.
• Strategic innovation is an organization's process of reinventing or
redesigning its corporate strategy to drive business growth,
generate value for the company and its customers, and create
competitive advantage. This type of innovation is essential for
organizations to adopt to the speed of technology change.
• An innovation strategy is a common innovation mission and a
detailed plan that aims to create new value, for which customers
are willing to pay. It includes a set of policies or behaviors geared
toward achieving future organizational growth.

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innovation strategy Success key elements
6 key elements which we’ve determined are essential for an innovation strategy to succeed:
• A powerful growth mission
All innovation strategies should be anchored to a clear innovation mission statement and framework.
• A focused innovation portfolio
For the plan to be actionable, it needs to mention the key activities that will be funded to achieve
the innovation mission.
• An actionable innovation plan
A blueprint for the execution of the new innovation initiatives.
• An innovation culture map
The innovation-culture benchmark needed to uncover challenges and opportunities going forward.
• A structured innovation capability approach
An innovation strategy must define the people, processes, programs, and targets/metrics required to
measure success.
• A playbook for innovation (optional)
Tools, methods, and processes that will be used to achieve the innovation plan

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Why innovation strategy is important?
• Clarify priorities and goals:. An innovation strategy outlines the
goals of the organization’s innovation activities and helps focus
efforts on reaching those goals.
• Foster alignment: With a plan in place, diverse groups within an
organization will all be working toward common goals rather
than pursuing their own individual priorities.
• Help a business achieve long-term success: Without ongoing
innovation, a company is unlikely to gain (or maintain)
competitive advantage or keep customers engaged over the long
term.

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Business challenge -1. Growth
• Growth is at the forefront of every business leader’s mind.
Most tend to utilize classic growth strategies to get there:
partnerships, market expansion, product extension, and Although
all these strategies are Well known, how does an organization
come to select one over the other as a means for growth?
Once decided how does a company focus its resources?

11. DEPARTMENT OF MECHANICAL ENGINEERING www.rljit.in
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• Most businesses develop specific plans that, over time, will
move their business to a level that meets the goals of the
executive team and the shareholders.
• The reason why growth strategies are so vital is they keep
things moving. And in business, if you’re not going forward,
you’re going backward.

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Design Thinking Approach : 1. Story Telling
• Growth means creating a clear and compelling vision of the future.
• Your vision needs to be very clear in terms of what you want from
your business.
GROWTH NEEDS A STRATEGY, AND EVERY STRATEGY NEEDS A STORY
• Good storytelling is a technique where a leader is tasked with
reframing an organization’s past, present, future, problems, needs,
desires, and hopes using a narrative built to help people understand
and connect with the company, its values, and its purpose.

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how do you tell a great story ?
• Make it collaborative
• Make it structured
• Make it tangible
• Make it fun
• Make it real

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Business challenge -2. Predictability
• Predictability is the extent to which the future of the
external environment can be forecast or predicted, which
depends on the degree of complexity and speed of
change.
• It is highly desired and valued in business planning, new
product launches, and technology projects, as well as
among investors.
• It builds confidence that managers know what they’re
doing and will effectively plan for capital investment.

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Design Thinking Approach : 2.Strategic Foresight
• To face the unknown, businesses must adopt a different approach to
predictability.
• The ability to manage the uncertainties of the future is critical to planning
for growth or survival. Because of the rise of the innovation society, new
technologies, and a rapidly globalizing economy, business leaders are
forced to deal with not only the speed of change but also massive new
complexity, uncertainty, and paradox on a global scale.
• The future will emerge from a constant stream of decisions, strategies,
and commitments that have to be made in the present, with as much
understanding of risk, possibility, and wisdom as possible.
“Create your future from your future, not your past.”
— Werner Erhard

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Conti..
• Strategic foresight is a deliberate and
systematic process concerned with establishing
well-informed future-oriented perspectives that
help guide and inspire innovation, planning,
and decision making.

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Business challenge -3. Change
• All companies must endure change to survive or grow.
• Organizations need to plan for change. At a minimum, they
should be able to effectively react to problems as they
arise.
• At a maximum, they should know how to anticipate change
and capitalize on opportunities that emerge from it.
• Simply stated an organization that not only is prepared for
but expects change is one that can overcome challenges.

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Design Thinking Approach : 3. Sense making
• In design, sensemaking is the process of working with research
data to form connections and understanding that will inspire
innovative products and services.
• In business contexts, the design thinking approach to sense
making tends to lean toward the qualitative, rather than the
quantitative.
• Design thinking employs sense-making techniques to
understand question and confront change so that businesses can
actively construct it.
Learn a sensemaking process that will guide your UX
research from questions to wisdom (understanding)

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Business challenge -4. Extreme competition
• competition in business is not shaped by objectivity. It’s
shaped by creativity and innovation that accelerates
change and drives differentiation.
• This makes conducting business less like tic-tac-toe and
more like chess where despite the availability of known
moves and patterns Today navigating those paths is more
challenging than ever.
tic-tac-toe chess

20. DEPARTMENT OF MECHANICAL ENGINEERING www.rljit.in
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Design Thinking Approach : 4. Experience design
• Experience design is a holistic and multidisciplinary
approach to creating meaningful contexts of interaction
and exchange among users and products, services,
systems, and spaces.
• Design thinkers critically observe and evaluate the various
experiences they encounter throughout their day and
reflect on how one may differ from another by asking
What makes a better experience and why?

21. DEPARTMENT OF MECHANICAL ENGINEERING www.rljit.in
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Business challenge -5 .creative culture
• Big or small, many companies fall into the trap of trying to innovate
the “right” way.
• By spending so much time, energy, and resources on getting it right
and avoiding failure not enough time, energy, and resources are
dedicated to playful experimental creation.

22. DEPARTMENT OF MECHANICAL ENGINEERING www.rljit.in
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Design Thinking Approach : 5. Rapid Prototype
• Every output of design thinking begins as a prototype, think of
them as part of a culture and not specifically as a tool.
• Design thinking suggests another dimension to this rule: “Learn
fast, learn cheap, and learn early.”
• Prototyping plays an important role in developing a more
engaged and creative organizational culture by encouraging
people to bring their ideas to life in a more tangible way. This
makes it easier to share ideas with others and to leverage
feedback to make improvements upon them.
“You may never know what results come of your action,
but if you do nothing there will be no result.”
— Mahatma Gandhi

23. DEPARTMENT OF MECHANICAL ENGINEERING www.rljit.in
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MCQ
• 1. Strategy is about making choices between a number of
feasible options to have the best chance at “winning”
• True
• False

24. DEPARTMENT OF MECHANICAL ENGINEERING www.rljit.in
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• 2. An innovation strategy in business is defined as a
commitment to a common innovation mission and a
structured set of activities designed to support the future
growth of an organization.
• True
• False

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• Which are success key elements of strategy innovation
• A powerful growth mission
• A focused innovation portfolio
• An actionable innovation plan
• All of the above

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• For growth business challenge which is the design
thinking approach?
• Story Telling
• Strategy forecast
• Rapid prototype
• None of the above

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• For Predictability business challenge which is the design
thinking approach?
• Story Telling
• Strategy forecast
• Rapid prototype
• None of the above

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• For Change business challenge which is the design
thinking approach?
• Sense Making
• Strategy forecast
• Rapid prototype
• None of the above

29. DEPARTMENT OF MECHANICAL ENGINEERING www.rljit.in
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• For Extreme competition business challenge which is the
design thinking approach?
• Sense Making
• Strategy forecast
• Experience Design
• None of the above

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• For Creative Culture business challenge which is the
design thinking approach?
• Sense Making
• Strategy forecast
• Rapid Prototype
• None of the above

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• What element of User Experience Design would the
design strategy fall under?
• a) Interaction Design
• b) Experience Strategy
• c) User Research
• d) Information Architecture

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Thank You….