Innovation And Disruptive Technology For A Company

Alongside the entrepreneur spirit, Innovation is the process of taking new ideas and implementing them into the market. Key word being “new”, an innovation can be sometimes viewed as the application to better solutions that meet new demand-requirements, inarticulated needs or existing market needs. Innovative ideas range from: goods, services, products, processes, services, technologies or ideas that create value for which customers will pay for. For an idea to be an innovation, it must be replicable at an economical cost and must satisfy a specific need. This means is that one must be ready and willing put their new idea to the test. On the other hand, there is recognition that “innovation is also critical to cultural, environmental, social, and artistic progress as well” (Bullinger, 2006). With this stated, high-tech innovation is ultimately the reason why we can be thankful for the many new conveniences of the 21st century. Although we might see the forefront of innovation being very prominent in today’s world, innovation is truly nothing new. From the start of modern man times, innovative ideas have paved the way for civilization to advance and develop into what we are today and at the same time, we have barely begin to chip away at the tip of the iceberg of our true human potential. Some scholars believe that innovation is a

A wise man once said, “The only permanent thing in the world is change,” an adage that rings especially true for organizations in this fast-changing era of technology and communication. Daft very deftly puts the inescapable need for change in three simple words, “Innovate or Perish” in his book “Understanding the Theory & Design of Organizations” [2].

Innovation brings changes, and for bringing desirable and appropriate changes, a clear understanding of innovation is vital. A plethora of discourses indicates what innovation is, but it remains fuzzy because of contextual biases and disparity (Crossan, M. M., and Apaydin, M., 2010). The literature of innovation, on the other hand, refers to innovation as a category covering a wide spectrum of issues that include a source of change (cause), a changing process, and a changed state (effect), which appears ambiguous because the cause, effect and the process in-between cannot be the same.

A significant market strategy and focus for Lockheed is on program execution and first class quality control on production, therefore producing highly reliable products. At the tip, is providing technology to enable US Defense Systems to be at the forefront of all global defense systems. Driving sales while continuing to think of affordable initiatives is key to Lockheed’s growth strategies. With sales comes investing internally to systematically grow and fulfill new requirements for domestic and international customers alike. Learning the importance of Research and Development, LMT also looks to invest heavily in 2015 to differentiate itself from competitors. Investment in growing a strong workforce of smart and critical thinking individuals is key to Lockheed’s success of creating services and systems for customers. With this thinking comes the ability to return cash to their investors in the form of dividends and share

Overall, Lockheed Martin is a highly successful corporation. The organization is a leader in the aerospace and security industry and is enjoying large financial gains. However, given market volatility the corporation there are a few modifications the organization may want to consider. A brief summary of the organization’s situation and, when appropriate, recommendations follows.

The study revealed that due to budget cuts from the army downsizing and consequent loss of contracts, Lockheed Martin is facing a noticeable financial loss. This report describes in detail the depth of this problem and identifies potential remedies for the company to be able to recover on that loss.

According to Lockheed Martin’s website and many of the analysts currently covering the company, the current 2015 growth rate is at -2.23, with an expected growth rate for the next five years at 7.25% for the aerospace/defense industry. With this percentage it is important to note that Lockheed is the largest company in the industry, plus with a changing global military environment, decreasing military spending, and rising pension costs. This statistics show that their aviation program is under close scrutiny, and possibly on the verge of a forced restructure. Another weakness that they battle is the costs related to pension plans. To ascertain and retain employees of certain caliber Lockheed must provide lucrative incentives that attract talented

In this essay I will describe and explain the causes and consequences of disruptive innovation. Firstly I will write about what dualism is, why it is important and how to achieve it. I will continue with describing difficulties, which may occur on a company’s path towards it, namely overshooting and inability to recognize the start of a new industry cycle. Further on, I will go deeper in the reasons, why incumbents fail to recognize the new entrants on the market, specifically “attack from below” and other discontinuous patterns of change. In the end I will describe some of the responses taken by established companies to disruptive technologies.

A powerful innovation process architecture is the foundation on which to build for innovation-led growth. Defining Lean Innovation techniques, making use of lean principles and leveraging mounted first-rate practices are the key setting up powerful innovation procedures. (Rogers, 2013). The approach style of leadership in which most decisions are made by the top management and communicated to the junior management. Such a style secures and makes sure of that very important issues have a well-developed approach for addressing such factors without necessarily taking to the organization to the edges. Moreover, this approach creates a solid basic structure on which bigger things can build an effective innovation of new things management and includes

Today, the Lockheed Martin Corporation is headquartered in Bethesda, Maryland and employs 126,000 people worldwide. The company is principally engaged in the research, design, development, manufacture, integration, and sustainment of advanced technology systems. Lockheed also serves both domestic and international customers with products and services that have defense, civil, and commercial applications, with their principal customers being agencies of the U.S. Government. In 2011, 84% of their $45.8 billion in net sales were made to the U.S. Government, either as a prime contractor or as a subcontractor. Lockheed’s U.S. Government sales were made to both Department of Defense (DoD) and non-DoD agencies. Sales to foreign governments (including foreign military sales funded, in whole or in part, by the U.S. Government) amounted to 15% of net sales in 2011. The remainder of net sales was attributable to commercial and other customers. In 2011, net sales at Aeronautics of $13.2 billion represented 29% of their total net sales. Aeronautics has three principal lines of business and the percentage that each contributed to its 2011 net sales was 68 percent combat aircraft, 20 percent air mobility, and 12 percent in other aeronautics programs. At December 31, 2011, we operated in 545 locations (including offices, manufacturing plants, warehouses,

Lockheed Martin began as a small venture of two individuals who passionately believed in their product and the future of aviation. In their passion, a company was formed that would go through highs and lows both in leadership, reputation and production development. Their management philosophy of “make it better” combined with their lean management approach ensures that the product is made to the best quality while eliminating cumbersome manufacturing or environmental wastes. Their strengths and weaknesses can be measured by the outside factors that they face. They continue to be the largest defense product provider in the world however they face factors outside their control which could upset the very structure and existence of their company. They migrate this risk by diversifying their products and expanding their involvement in projects across the world. This diversification has led to the company spreading across the world and increased its need to maintain a solid organizational

Managing change and innovation are interconnected and in that in order to be innovative, a fundamental change in thinking and the way business is conducted is necessary. Innovation requires a break from the way things were done and requires a new way of thinking that will require new skills and organizational alignment. This new way of doing business is often met with resistance and this is where a transformational leader who can manage his employees through change and explain the vision is most successful.

A renewable entrepreneurial enterprise must juggle, balance and integrate two phenomena, each requiring radically different values, mindsets, leadership and management approaches. The first is "sustaining innovations," which are basically improvements to a currently-existing business framework, and which milk the current business model and value proposition for all they are worth. The second is "disruptive innovations," which are innovations that threaten the currently existing business framework by fundamentally changing the rules of the game.

Tidd and Bessant (2009) argued that “Unless an organization is able to move into further innovation, it risks being left behind as others take the lead in changing their offerings, their operational processes or the underlying models that drive their business”.

Discover card is always about promoting new ideas and innovation within the company that like to hear feedback from employees on suggestion and tips to how to make daily work life easier. Every year each employees must submit an intrapreneurship which is the process of promoting innovation within the structure of an existing organization. Discover makes is easy they set up internal website that employees go to submit their idea. Discover then follow up with the process if proceed to go father with the idea or need so clarify information on the innovative idea. On the website also displays the progress on the Intrapreneurship and whether or not the idea was already submitted. If a person already submitted the same idea to the company it would have a red check next to the idea, but if it has a green check next the idea it was the first time that idea was submitted to the company. The average time the idea to be processed for an approval can take up 6 months depending on the necessary step to making sure that the idea benefit all employees that will be use it. According to Successful innovation depends upon effective communication of the business value of innovation. Yet different stages of the innovation process require different communication strategies. Companies who have recognized the different elements of the innovation process are able to target their communication mechanisms to achieve the best results from organizational innovation.