Innovation Process

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Innovation Process

In order for organizations to become successful or maintain an ongoing success, they need to accommodate any necessary changes needed while remaining on a competitive edge. With this known, companies such as Coca-Cola have easily shown their success by becoming the largest manufacturer, marketer, and distributor of nonalcoholic beverages by which the company has products sold in 200 counties world wide. In this paper Team B will identify and explain the four phases of the innovative process. Using Coca-Cola as the subject company, there will also be discussions on the applications of the innovative process and identifying the tools and techniques that can be found useful in the process. Finally, there will be
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Communication is the key to successful creative innovation, and affords everyone the opportunity to become active.
Using team collaborative methods is another technique found useful as this promotes speed and efficiency. Collaborative teams can make collective decisions relative to the innovation process, without the approval of a linear layered chain of command. This is a result of upper management communicating the strategic plan early, which affords the team autonomy to carry the strategic plan out. Incentives represent appropriate tools found valuable in the innovative process. Incentives constitute inspirational aspects of promoting innovation in an organization. Incentives boost creative thinking, increase the amount of ideas people come up with, boost morale and focus, and ensure star contributor retention. Coca Cola rewards its employees on taking risk and finding new ways to solve problems in the company. This is an “Act Like Owner” approach for the company. Evidence of incentives by way of positive payoff and reinforcement is one way to identify incentive based inspiration.
Measuring Results and Ensuring Continual Improvement “As more and more companies see innovation at the heart of their growth strategy, it is not surprising that more and more companies also seek to identify ways to measure the impact of their innovation activity. The critical questions are, what to measure and how?” (Stamm, 2003,
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