XYZ Company: Improving Innovation Management Performance

In the light of emerging need and value of maintaining a competitive advantage, it is of fundamental importance that everyone should be kept on the same page in view of the current condition of the project as well as the progress achieved so far and challenges encountered. In the past couple of years, the manufacturing scenario in the country has undergone a remarkable transformation due to stiff competition, globalization, and dynamic changes at the market place. It is therefore imperative that the organization develops strategies aimed at positioning it at a competitive advantage if it has to continue enjoying sustained growth in the 21st century (Porter, 1998). This project will assess the innovation management performance project, initiated a year ago, with a view of knowing the current status and suggesting ways and systems through which the project can be improved.

Innovation management performance is primarily concerned with the systematic processes and approaches that organizations utilize to develop fresh and superior products, services, and other business procedures, with the express objective of enhancing performance and productivity (Timmerman, 2009). Innovations can assume diverse forms as the experiences of the past one year have revealed. On one hand, the organization was the first to successfully employ the ATP laser technology in manufacturing processes after years of innovative research and development. According to the audited accounts for the last one year, this technology has doubled the organization’s profitability due to improved performance and shortened lead times in its production line.

On the other hand, not all innovations must be new, big or game-changing (Schiff, 2008). Indeed, some minor variations in management performance done over the last one year have enabled the organization to stand out from the pack. This is really the objective of innovation in the first place. For instance, the prime time financial package, approved and implemented last year, has enabled the organization to tap into the worker’s full potential to produce and deliver authentic and unscripted products to the organization’s customers in the shortest time possible (Timmerman, 2009). This has effectively reduced customer complaints, translating into more business for the organization. The package untied the workers from official work hours in that one can work for as long as he or she likes, official work hours notwithstanding. The extra hours are paid at a premium rate.

The resolution passed last year about internal benchmarking processes and encouraging employee ideas have further pushed the organization into profitability. The benchmarking processes were based on the fact that competition is at the very center of profitability or failure of organizations since it establishes the suitability of an organization’s activities that can enhance its performance (Porter, 1998). In the respect of this, the organization embraced a concept of inspiring vision, providing recognition, encouraging risk, stimulating ideas, and testing ideas. This has brought mixed blessings for the company, with some risk-taking activities proving to be costly for the organization, while other innovative ventures, stimulated by open management policies, have performed extremely well. For example, the ADS brake linings, developed by some of the employees through continued support from the management, and encouraged by market-ready concepts, have been received well by customers.

The way forward for the organization is to combine what has already been achieved so far with a cohesive and positive organizational culture coupled with a good implementation strategy. The culture needs to change to reflect the modern business environment since the macro-environment is almost uncertain and fast changing. It is the duty of the organization, especially the management, to realize that the competitors are unwavering in their attempt to gain control over the market share. In this perspective, adaptive planning, specialization and accurate forecasting and modeling are essential ingredients to be incorporated in the firm’s innovative strategies aimed at improving performance (Schiff, 2006). Adaptive planning and accurate forecasting are specifically needed to reduce the costs associated with increased risk taking. Organizations must take risk as they try some innovative management strategies and other organizational processes. However, such risks must always ensure that the capabilities attained will enable the organization to stay ahead of its competitors. The organization will reap handsomely if these recommendations are incorporated in its strategy for innovation management performance.

Reference List

Porter, M.E. (1998). Competitive advantage: Creating and sustaining superior performance. New York, NY: Free Press.

Schiff, C. (2006). Innovation in performance management, part 2: The performance management innovators. Web.

Timmerman, J.C. (2009). A systematic approach for making innovation a core competency. Journal for Quality and Participation, Vol. 31, Issue 4, pp. 4-10.

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NerdyTom. 2022. "XYZ Company: Improving Innovation Management Performance." March 11, 2022. https://nerdytom.com/xyz-company-improving-innovation-management-performance/.

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