MBA 580 Module 5

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Jan 9, 2024

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Module 5 Michael Smith MBA- 580 Innovation Strategy High-Performance Organization Professor Paul Markham 01/5/2024
Suitable process for managing innovation Many processes exist for managing innovation in a changing external environment. Before settling on one process let’s review the available processes. The first is stage-gate also know as phase gate process is improving project outcomes and reducing risk by adding gates or stopping points to review throughout key parts of the project. Agile is an approach that breaks a project into steps or phases and empathizes collaboration and improvement. Lean is a popular approach which includes optimizing resources, people, and organization with a focus on creating value for your customers. In lean respect for people and continuous improvement is a key focus which lean shares with agile. The last process to explore is discover-iterate-pivot which is a process to refine, develop, and improve a project or product. Process Most suitable for managing innovation in a changing external environment Each method has strengths and opportunities. Before making a recommendation think to older processes such as silo where an embedded team would work by itself on the project and never engage with any other stakeholders. The overall organization was unaware of the project and opportunities were missed to connect with specialized teams or current processes and software capabilities are missed due to a lack of knowledge or lack understanding. In a previous company I worked for I saw a transition from Silo and Waterfall to more modern and fast- moving models. Above we identified several current methods and the one that I have firsthand experience using is Agile. This methodology has many benefits for the task we are asking to complete. Recently we have found out our competitors are looking to have a fully autonomous luxury sedan available on the market. We want to prepare for this change and have a response with our own luxury sedan lineup giving the market options. Agile does this by allowing the two-year massive project to be broken up in stages while bringing various stakeholders both internally and
externally to help develop the technology needed to have a fully autonomous sedan. Agile allows us to have specialized team members such as project managers, SCRUM masters, engineers, marketing, and finance. Each stakeholder helps keep the project on time, on budget, and by bringing in experts we can have a fully functioning thought-out and developed product which will be able to compete with our competitors. With agile we will be able to respect team members and have continuous improvement. We will be able to support the product even after launch. Beyond agile we can use other processes which align with agile such as lean which is popular in the automotive industry as well as Six Sigma. The teams need to be open to change, able to learn as they go through the project, and be able to pivot based on many factors such time frames, competition, and market feedback. Cross-functional team effectiveness in the chosen process There are many ways to measure team success when deploying a cross-functional team The immediate thought is time and having SMART goals which are specific and time sensitive. With a project manager teams can know the progress made and that they are keeping to the timetable set in the business plan. Budgeting is another key to ensure the company is getting the best value and the project is not going over budget and costing more it is easy to get “into the weeds” and own a concept and go over time and budget and it balloon. Last, a great measure is failure teams learn more as a leader I embrace failure just as much as success. Reviewing and implementing changes regarding success management allows the team to learn what works well and what are the opportunities. Theories and concepts work well on paper, however once applied in real life the team may find failure and opportunities. This will allow for creative thinking and working together to find the best solution while keeping in mind time and cost. When moving to the market at a fast-paced companies like to keep cost in line, on time, and
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