...TABLE OF CONTENTS: INTRODUCTION 1 1. CREATIVTY TOOLS, INNOVATION MANAGEMENT & FINANCIAL SERVICES 1 2. RBS INTRODUCTION 3 2.1 RBS Innovations 3 2.2 RBS Creativity Tools 4 3. SANTANDER INTRODUCTION 5 3.1 Santander Innovations 5 3.2 Santander Creativity Tools 6 4. SUGGESTIONS FOR FURTHER CRETIVITY TOOLS 6 FINDINGS AND CONCLUSIONS 8 REFERENCES 9 INTRODUCTION The aim of this report is to introduce the latest innovation end products and service and identify and describe creativity tools used by Royal Bank of Scotland (RBS) and by Banco Santander (Santander). Furthermore this report seeks to explain why the tools applied are useful for a particular organisation’s innovation management. This report will also suggest 2 additional creativity tools for each organisation and will also explain why these tools are useful. To achieve the above a short introduction about organisations will be provided and secondary research resources: companies’ websites, journals, books and articles will be used. 1. CREATIVTY TOOLS, INNOVATION MANAGEMENT & FINANCIAL SERVICES Creativity tools can be described as combinations of factors that can help to engender new ideas (Fig 1). Fig.1. Creativity tools in organisations Source Aurnhammer, 2013 There are different factors that can contribute to successful innovation in organisations. Fig.1 shows tools covering People, Methods and Platform combining to create the optimal conditions for the creation of innovative ideas and concepts...
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...provides services for building types including residential, academic, cultural, office, and commercial buildings, as well as large-scale master plans. SHoP works closely with its sister company, SC (SHoP Construction), which provides services in construction management building information modeling, sustainability engineering, and building envelope consulting. The firm designed the Barclays Center arena in Brooklyn, New York and the Botswana Innovation Hub in Africa OTG MANAGEMENT is an award-winning airport food & beverage operator with more than 200 restaurants and eateries in ten airports, including Philadelphia, John F. Kennedy, LaGuardia, Minneapolis-St. Paul,Toronto-Pearson, Boston Logan,Tucson, Washington National, Orlando and Chicago O’Hare. Since their entry into airports in 1996, they have been recognized throughout the industry for exceptional customer focus and ground breaking innovation. ALTA BICYCLE SHARE is a company based in Portland, Oregon, that operates bicycle sharing systems in the United States and Australia.[1] The systems provide a flexible method for completing short trips, as contrasted with the longer rentals offered by traditional bike rental companies. Key elements for innovation management. They use sustainable design | Extensive communication | Easily adapt to change | They expand their knowledge to give a service with more quality | Within the company there´s talent and motivation | The progress of the company are often measured...
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...Question 1 Many innovations today are associated with companies as opposed to individuals. Why is this, and what does it tell us? Answer: You are required to examine differences between innovations in the eighteenth and nineteenth centuries and with innovations today. The role of the organisation and the multinational firm is now significant. They need to discuss issues such as: ? depth of knowledge required in significant innovations of the twentieth century; ? the ability to make linkages between advanced technology groups; ? global markets; ? expanding knowledge base of businesses and societies; and ? huge level of resources required for R&D, marketing and distribution, etc. Question 2 What is wrong with the popular view of innovation in which eccentric scientists develop new products? Answer: Quite simply it is damaging to the reputation of science and scientists in particular. One can understand why it is popular with film makers and tabloid press editors and that is because much of science is not understood and also because people live in hope that scientists can do anything. The truth is very different, and virtually all scientific progress is slow and takes many years of many people’s considerable efforts. Progress is also largely down to teamwork, with considerable size groups of scientists often working on particular projects. Question 3 Explain how technology differs from science, yet still does not equal innovation. Answer: Technology...
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...Title Page Module: MGT3130 Innovations and Technology Management Name : Abdo Abdullahi Student Number: M0027455 Module leader: Mr Hong Woo Question 1: In the Skullcandy case (Chapter 12, Schilling 2010), would you characterise Skullcandy’s new product development team structure as Functional, Lightweight, Heavyweight or Autonomous and why? Provide your analysis with justifications. Question 2: Discuss the main sources of innovation, and what are particularly important for a company such as Skullcandy and why? MGT3130 Innovation and Technology Management – CP2 Question 1 Skull candy team structure can be characterised as hybrid lightweight and heavyweight. On the basis of it being lightweight the skull candy team members would still reside in their functional departments (Melissa A. Schilling 2010). The light weight teams at Skull candy have a very clear functional affiliation and would only work on the project that is given part time. The location of the team members of the Skull candy will always be in their functions thus allowing them to easily work together. Therefore the team members conduct the projects in their own departments (V. Patrick et all 2007). The functional departments will always have the responsibility of the work being done in that department. The skull candy case shows that there is close contact between the team members and also the functional managers and the project manager. Skull candy light weight team structure is cross-functional...
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...IfM – Institut für Management GmbH Seminar Paper Module: Lecturer: Strategic Management Mr. DI Gerald Moser, MBA Topic: Innovation management in the technical service industry General and possible requirements implementation methods shown in a case study for the company A&C Author: Matriculation no.: Mr. Ing. Daniel Weiß 1260958 Date of submission: 30th November 2012 Table of content 1. Introduction ............................................................................................. 1 1.1 Fundamental aspects........................................................................ 1 1.2 Aim of this seminar paper ................................................................. 1 1.3 Scope ................................................................................................ 1 1.4 Structures and approach................................................................... 2 2. Innovation management in services industries....................................... 2 2.1 Definition ........................................................................................... 2 2.2 Relevance ......................................................................................... 2 3. Requirements on an innovation management ........................................ 3 3.1 Process models ................................................................................ 3 3.1.1 Phase model according...
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...Name: Instructor: Course: Date: Management, Innovation and Organizational Performance Introduction Innovation is central to the understanding of how organizations sustain themselves over a certain period of time. This is because innovation enables organizations to create or generate new and multiple products and services. The process of innovation among organizations is to develop the basis of assessing creativity among organizations. More so, it enables managers to identify measures aimed at improving or changing organizational operations and functions. Through management innovation, new measures to plan, organize, coordinate, lead, and motivate the organization are identified. This can lead to achievement and sustenance of a competitive advantage in the industry. This is because principles of innovation involve creating long-lasting advantageous processes producing dramatic shifts in the competitive position. Global organizations therefore rely on innovation to systematically reinvent functions and operations being undertaken to enhance speed, effectiveness, and efficiency leading to a long business life (Alice 3). Organizations are referred to as open systems due to various reasons. Foremost, organizations are developed in order to produce new products and services regularly and successfully without facing barriers. As a result, they are referred to as open systems as they can determine market needs and technological capabilities to apply to ensure the products...
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...mistakes in their idea review processes that result in rejecting the most potentially innovative ideas in favor of less innovative ones, warns Jeffrey Baumgartner. Here are some ways to avoid this unfortunate fate. Organizational innovation is not just about generating creative business ideas. It is also about reviewing ideas in order to identify those which are most likely to become successful innovations. Unfortunately, many organizations make mistakes in their idea review processes that result in rejecting the most potentially innovative ideas in favor of less innovative ones. In some instances, the idea review process is a simple matter of a manager reading through a batch of ideas and selecting those she believes will work best for her firm. This is most often the case in smaller firms run by a single owner and manager. In most medium to large businesses, however, a structured evaluation process is necessary in order to: Identify the ideas that are most likely to succeed as innovations for the company. Ensure that complex ideas are reviewed by people with the appropriate expertise necessary to understand what would be necessary to implement the idea – and what might go wrong. Enable a middle manager to defend the idea to senior management, stakeholders, and financial officers who may need to grant budgetary approval of the idea. Make it possible to review a large number of ideas in a resource efficient manner. Improve the idea by identifying potential implementation...
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...Management Principles for Continuous Innovation 2 This section is about global changes—why they are bigger, come more often, and are becoming more difficult to predict. It’s also about what companies have done, and are doing, in order to take advantage of the opportunities and avoid the threats embedded in these ever accelerating changes. Certain changes are products of shifting technologies. One established technology is replaced by something new. We’ve seen this before. Steam engines were replaced by internal combustion engines and electricity, electricity grew into electronics, landlines are being replaced by mobile telephones, and newspapers and paper books are increasingly being supplied as digital files for tablets and e-book readers. These changes also affect how people live their lives. Even when they are staying home with their sick child, they are now expected to be accessible by phone and to answer your e-mail. Some experience this as a source of stress, while others find greater freedom. Most of us experience both these feelings as a result of the changes that follow in the wake of innovations. When something new appears, whether a technological solution or a change in social norms, things generally start manageably. As the innovation gains adherents, development accelerates, and finally, when the change has become widespread, the rate of change tapers off. Subsequently, a new innovation appears, and the process begins again. We often depict this process as an S-curve...
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...How this perturbs the inception of new jobs? Why it impinges the need for human labor? And proposition to sustain the race “with” the machines. Key Takeaways * How Technology and Innovation have affected Employment and the Economy * Impact of contemporary technology on wages, employment and economy * The receding need for human work force as technology exceeds its threshold * Divergence between skills of labor, superstars, capital and labor. * How to change track from racing against the machine, than to race with the machines Key Definitions * Complimentary Innovation: Innovations that are triggered with the development of antecedent innovations. * Skilled Based Innovation Change (SBTC): shift in the production technology that favors skilled over unskilled labor by increasing its relative productivity and, therefore, its relative demand. (Easley, 2008) * Customer Relationship Management (CRM): is a widely implemented model for managing a company’s integration with customers, clients, and sales Prospects. (Wikipedia , 2012) * General Purpose Technology (GPT): Are technologies are that can affect an entire economy, at a national or global level. (Wikipedia, 2012) * Enterprise Resource Planning (ERP): systems integrate internal and external management information across an entire organization embracing finance, accounting, manufacturing, sales and service. (Wikipedia, 2012) Best References * (Video) The following is a TED video...
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...Creativity and Innovation are two different terms and they technically have different meanings. Creativity means originality, imagination and inventiveness that are brought out through resourcefulness. Innovation, on the other hand refers to modernization and improvement over an existing idea. In this way, it is true that creativity and innovation are two different terms and cannot be used interchangeably. Yet, they have been used interchangeably in several areas or walks of life, including business and management as well as technology. In this way the main distinction between creativity and innovation, being the originality has been ignored and as the line between creativity and innovation is thin, it becomes even more difficult to distinguish between these terminologies (Hofstede, 1980). Another important thing required is that there is a managerial transition as well as a cognitive transition. This helps the firm develop and also be open to new ideas. As there is more and more learning in the organization, automatically there would be a chance for a break through innovation (Davila, T., Epstein, M. J., and Shelton, 2006). DIFFERENCES Innovation is an important aspect of growth and development of individuals, organizations, cultures and societies. Innovation and creativity refer to bringing in new ideas to life. Innovation can be achieved strategically through a process of creativity. This helps bring in a lot many new ideas in the firm and also develop a platform...
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...Innovation in health care Name Institution affiliation Innovation in health care The past few decades have seen increasing trends in the adoption of healthcare information systems in various healthcare departments. Such technologies are targeted at increasing the quality of services, the credibility of diagnostic and treatment options all in a bid to improve the quality of life. Despite the adoption of such technologies, new technology and information systems are cropping up every making technology adoption in the healthcare sector a perpetual undertaking. The aim of this paper is to review the literature ascribing to the use of information technology, particularly in the nursing department. By definition, innovation is the process of introducing or acquiring a new system to aid in the accomplishment of duties. Ideally, innovation creates a state of change in the organization (Omachonu & Einspruch, 2010). As such, implementation of innovation technology is often a complex task that involves careful planning. In essence, the technological innovation aims at making a healthcare facility attain the status of high reliability organizations (HRO). One of the main challenges that healthcare organization report, when adopting a new technology, lies in the implementing of the decision to acquire a new technology. Managers employ different strategies in implementing decisions at their organizations; the success of these decisions is dependent on the chosen...
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...GADE 3 Innovation Management Lecturer: Lopez, Urko The Why, What, and How of Management Innovation * Gary Hamel - Rodriguez Ugarte, Aitor 15th of February, 2015 INDEX INTRODUCTION 2 1. CONCEPT OF MANAGEMENT INNOVATION 3 2. WHY IS MANAGEMENT INNOVATION SO IMPORTANT NOWADAYS? 3 3. “DECONSTRUCT YOUR MANAGEMENT ORTHODOXIES” 4 4. SUMMARY OF THE ARTICLE 5 BIBLIOGRAFÍA 7 INTRODUCTION In this work I am going to analyze the management innovation. To do so, I am going to use Gary Hamel’s article “The Why, What, and How of Management Innovation” as guide to discuss this topic. To conclude with it, I am going to make a short summary about the article mentioning the main points of it. Source: Own elaboration Source: www.sintetia.com 1. CONCEPT OF MANAGEMENT INNOVATION Management innovation involves two concepts within it: Management and Innovation. On the one hand, management is one of the most important elements in an organization. It consists on coordinating activities and making plans for the future with the purpose to adapt to its environment and changes in it. On the other hand, as we analyzed the concept of Innovation in class the other day, I concluded that Innovation is the act of changing or creating a product or way of working in order to adapt to new environments or situations. So, what does Management Innovation mean? According to Gary Hamel “a...
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...07-079 Innovation through Global Collaboration: A New Source of Competitive Advantage Alan MacCormack* Theodore Forbath** Peter Brooks ** Patrick Kalaher** *Harvard Business School, Boston, MA **Wipro Technologies, Product Strategy and Architecture Practice, Boston, MA Copyright © 2007 by Alan MacCormack, Theodore Forbath, Peter Brooks, and Patrick Kalaher. Note: This is one of two papers reporting the results from this research. The other is “From Outsourcing to Global Collaboration: New Ways to Build Competitiveness,” HBS Working Paper 07-080. Working papers are distributed in draft form for purposes of comment and discussion. It may not be reproduced without permission of the copyright holders. Copies are available from the authors. Innovation through Global Collaboration: A New Source of Competitive Advantage Date: August 14th 2007 Alan MacCormack* Harvard Business School, Soldiers Field, Boston, MA 02163 Theodore Forbath, Peter Brooks, Patrick Kalaher Wipro Technologies 75 Federal Street, Boston, MA 02110 * Corresponding Author Abstract Many recent studies highlight the need to rethink the way we manage innovation. Traditional approaches, based on the assumption that the creation and pursuit of new ideas is best accomplished by a centralized and collocated R&D team, are rapidly becoming outdated. Instead, innovations are increasingly brought to the market by networks of firms, selected for their unique capabilities, and operating in a coordinated...
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...and to some extend, it is a process of wealth accumulation under capitalism. (Karl, 1848&1857&1863) In the long run, it would result into a high rise of service and products quality, a progress in the humanity society. However, if focusing on the individual unit, creative destruction is a challenge. Those who do not play well, like because of lacking skills or technology, will be eliminated out of the game. In the following sections, this paper is going to illustrate the importance of innovation strategy in this game from the enterprise perspective, how could innovation strategy fit the strategic planning well, and how big data could work for the strategic planning process. 1 Innovation Strategy As defined, innovation strategy is a plan conducted by the organization to encourage advancement in technology or service. (Businessdictionary.com) Innovative technology is the soul of the business, which differentiates the firm from the others and brings profits to stakeholders. However, innovation does not equal product development. Product...
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...The management of sporting innovation at Decathlon. Between rationality and chaos (P262) Guillaume Richard*, Yann Abdourazakou* Abstract: The point under study is the first of such a nature. We investigated the management of innovation in the company called Decathlon. In recent years, vertical integration has rarely been so much developed as in the leading company of sporting goods’ distribution in France. Based on the group’s “sporting universe” concept, it now challenges some bigger firms’ on their main segment. We interviewed the head of innovation for Decathlon’s brands in France and Europe. Since the 1990’s, Decathlon’s strategies have not taken a unique and rational way towards success. Sometimes unexpected, they do not fit the traditional and rational management model of this aspect of competition between firms. Finally, some non technological aspects of innovation play a key role in the group’s success. Now a major force in the domain of sports equipment, the company Decathlon represents today almost half the French market in the distribution of sporting articles1. From bikes to rucksacks, from hiking boots to tennis rackets, this brand has acquired a great deal of savoirfaire in the conception, the realization and the production of its “universe” brand. By way of an example, Decathlon is the biggest producer of bikes (Btwin) in the whole of France, the number 1 in the country for rucksacks and the fourth largest producer in the world of sporting goods...
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