This essay has been submitted by a student. This is not an example of the work written by our professional essay writers.
Strategy innovation is an element widely used today in reengineering the collapsing businesses. This involves a comprehensive monitor and regulation of the organizations business strategic measures in effort of new value creation for both the organization and the clients. It is indeed a very strong critical element for the survival and the success in the dynamic markets which are dominated by many competitors. It serves as a source of competitive advantage to the stable markets. The business models of many organizations become obsolete with time, exposing them to risks due to lack of customer value delivery. This has led to increase in new companies and organizations with more innovative and efficient business models increasing the level of competition in the profitable industries. Essentially many organizations and companies have taken the advantaged of the technology advancement with well strategized policies in gaining a big market share, boosting their revenue acquisition (Vadim, 2010).
The technological advances in today's dynamic organizations and companies are continually changing the competitive global landscape due to increase in new materials with companies such as Nokia, IBM moving fast with the shift of technological advances and other strategic changes. Companies and organizations that are adjusted to the changes experienced in the market are well placed in the untapped potential business prospects and are essentially strategic oriented and regularly innovated. These are the companies that are eager in enhancing the value and the image of the company and involve in the redefining of the services offered to its customers. Innovation is becoming the building block of all the competition experienced today (Kenneth & Klopp2010).
The battle of the computer Innovation
Toshiba is a company in computer industry which is a good example that gives us an overview of the strategic innovation importance in the dynamic markets. The company which was over the past very famous and prominent worldwide player of this business has been overtaken by events. It widely dominated the global market implementations which were patented in the instant computer industry segment. With the explosion of the unsettling technology due to the computer revolution, the technology became obsolete and lacked the credibility in the market. The company fails to put effort in the understanding of the potential implications on the emerging technology, and ignored the very early sign of technological advancement. Their strategic policies and the value creation in the emerging marketplace were poorly constructed. Today they are still struggling to revive their market share which has been taken by their well known competitors such as Dell and HP who were shifting their business in new value creation of both their customers and the company itself.
The increase in the functional activities of the Dell Company is a fundamental and gives the company a competitve advantage due to the increase of competition which has outsided the Toshiba company. The implications of this entity is that product as well as strategy innovation is sustainable than those developed on the individual activities. Companies with a comprehensive coporate strategies which is beyond the product innovation enhances the business processes and puts the company in better position than their competitors. This involves creation of specific functions and the interelationship of these functions in they searve as the building blocks of the business model. Basically, the efficiency and the effectiveness of the business model is a criticals element of a company's strategy.
Innovative Business Model
According to Robert & Douglas (2003), strategic innovation involves the process of innovative thinking applied not just to the products or the inventions but also to the company's businesses models. Product innovation is not the only important aspect in the market but he uniqueness and the superiority of the business model should also be a determinant in this particular matter. Creating innovative business model in the Toshiba company will bring much success. These innovative business processes involves the selling the bespoke and customized electronics devices through the internet with an effectieve supply chain management. Toshiba should take the advantage of the social networking which is currently connecting the globe not only for socila activities but also for business ventures. Toshiba company should have a clear understanding of the fact that the computers superiority doesn't approve it as the best in the market. This is widely be experienced in the todays world market on which the companies which is not ranked in top R&D capabilities are able to effectively compete in markets due to their intensive efforts geered towards development and implementation of a superior business case.
The efforts used in business model and case in the company will actually provide tangible value to the company, offered the strategic significance of the companys business model in its capability to effectivelly compete in the market place. The management of innovation process builds a core resourcefull approach with the interplay facilitation between the internal company influences and the external practices. This explores varied collection of diversed capabilities as shown in the diagram below.
Fig.1:Strategic innovation framework (Derrik & Kaplan,2010)
As explained in the diagram above, the central technologies and competence in the company sets the interanal companys ability in delivering value in the market. The Toshiba companys innovation change readiness drives this competence as new strategies successifully controls the companys operation functions.
Sustainable competitive and viable Advantage
Lack of the alignment and execution of innovation strategy by the Toshiba Company is a waste of resources. The company spends a lot of time and capital in creation of a new product which in the long run ends up being a disappointment as it is introduced to the market. The company needs to align their innovation strategy with the future technology as the technology advances. This reduces the risk and cost incurred as the company's products are well aligned with the businesses processes architecture. The company needs creation of sustainable growth strategies that empowers the business models. This involves a combination of the various approaches in effort of generating advanced values to the customers as well as the entire company. The conceptualization brings the innovations to the market thus ads the value. For a sustainable competitive advantage in the company, innovation is also required in the company's infrastructure of the people and processes.
Developing and implementing the strategic invention dimension in the company helps in the achievement of the precise stability between extended and strategic company fitness. Toshiba remained for so long on the latest technological development instead of making a follow up on the technological advances and innovations which could have given the room for change. Testing the assumptions that constrain the change in new product development enables the company to maintain the strategic business alignment eliminating the short term effects. Thus the company's innovation portfolio needs the stretch which provides the equilibrium between innovative and evolutionary inventiveness (Vadim K. 2010).
Innovation Engine and the road mapping
Great ideas are generated that drives the future of the company's business needs to be executed and monitored by the innovative engine. Toshiba has been over taken by events in the sales of their products due to ineffective generation of ideas in their products development which entirely involves the incremental product improvements as the competition becomes stiff in the market. Implementation of innovative engine creates a competitive advantage as more significant innovation is well outlined. These are some of the efforts that excite the customers due to the reactive approach to the market. The true management value to the innovation engine is reflected in the main concern of the company's strategy. Creating the company's innovation lifecycle process allows the management to effectively plan the company's future innovation which is the guiding road map towards the company new innovations. According to Derrik & Kaplan, (2010) the innovation process life cycle involves the following strategic innovation processes:
Development of the concept
Business and technical evaluation
Incremental and improved innovation
These incessant innovation periods encourages the innovative and outlined thinking in generation of new ideas.
Road mapping allows the development of the innovation strategy in choosing and executing the important elements of the business. It is a tool that provides and triggers the innovation and creates links between the corporate. Toshiba requires the execution of the innovation management processes in implementation of the road mapping strategy of the company. This leads to the efficient company's projects portfolio management which in return creates a platform for the company's technological strategy expansion and assessment of the market approach as shown on the diagram below.
Fig 2. Sytematic approach to innovation (VadimHYPERLINK "http://www.1000ventures.com/info/vk_brief.html", 2010)
It is now evidently clear that innovation is an entity in the creation of new platforms of business growth. The company needs the development of an established concept in enhancing the chances of the future successes. This will enable Toshiba to fully realize the business innovation driven growth and a sustainable one for that particular matte, in ensuring a growth to mature company. understand of the process can harness the company growth strongly taking care of the frequently inevitable business disruption on which some are advantageous since they expand the business growth. The approach of identifying the areas of the opportunity and performing the SWOT analysis balances the company's both short and long term value and the return investment. A solid core technology in the company enhances competencies and provides a practical filter in company's investment and exploration of wide range of opportunities in the market. A profound customer needs insight and the future market trends transform the ideas and strategies into actions with major strength in the company's inherent competence. The company should focus on the business uniqueness in its best practices.
Strategies company Venturing
The full success realization of the Toshiba Company comes with the development of an aggressive strategized venture with operation success of the company's critical elements. Many companies are today searching for new and emerging challenges in exploring the business opportunities in the emerging markets. The company should realize that efficiency developments are no longer adequate sources of the company growth as smaller companies are becoming the major determinant of their success. This is achieved as the company's makes the technological identifications and explores the market opportunities capitalizing them in advance and making them the market leaders with extensive market share. The new business models and the enhanced functionality of the products made at Toshiba secure the markets value scheme due to the superiority in the customer's problems solutions. In full realization of the company's success, the company should exploit the external venture which involves the company's investment in new technologies and the rising markets.
The partnership of the company with minor innovative firms drives the corporate strategies as both benefits mutually due to the exchanging of the service rendering. Systematic innovations in the company allow the acquisition and the integration abilities which an efficient source of business growth thus ventures acquisition in the company's strategies. Venture acquisition and incorporation allows the company's product supplement and business portfolio expansion with fast entry to emerging markets and provision of the quality technology. Both the external and the internal ventures really determine the company's business approach aimed at developing the innovative company's products as explained in the diagram below.
Fig 3. Strategies Ventures (VadimHYPERLINK "http://www.1000ventures.com/info/vk_brief.html", 2010)
The constant improvement culture provides the companies sustainable competitive advantage as the technological continuous change continues to threaten the core business in market. The long lasting company's venture strategy increases the company's productivity due to increase of the new products production.
Flexibility of the strategy
Strategy flexibility can be achieved in the combination of various scenario based development elements of the company's business entities which will enable the implementation of a wide range of dependent strategies. The idea generation is also a recommended element with a comprehensive processes and a competitive collaboration business platform. This expands the business growth thus creating gradual innovation driven businesses. The flexibility of the innovation in the company need the assessment in its infrastructure which brings the managers understanding of the company's capability in innovation delivery to this/her attention. The innovation should incorporate both the divergent and the convergent way of thinking on which the divergent is composed of the strategic innovation approach. The divergent process is an open ended and tentative method with a qualitative discovery of new market trends. The company's innovations should posses a firm linkage to the core business competence in order to be viable. The unconsciously company's limit of their growth gives it self sufficiency in establishment and expansion of the market share (VadimHYPERLINK "http://www.1000ventures.com/info/vk_brief.html", 2010).
Innovation System model
Creating an innovation system model in the Toshiba Company creates and defines the central elements of the innovation together with their behavior and the business interaction. This allows easier understanding of the company's multifaceted issues and innovations dynamics. The establishment of the innovation framework that assist the company in identification of the driving forces which in turn shows the practices used by the competitors should be entailed. This involves the management of the uncertain business intrinsic with operations that generates the market value of the company's product and the future opportunities created by the innovation. Business architecture is fast growing with enhanced functional roles which are growing in demand due to the increase in the unbalanced company business systems. The company need creation of an enhanced innovation culture that inspires, organizes the business structural processes facilitating and influencing the diversity. This empowers and rewards the company hard word in its business prospects.
Fig 4. Morder business synergies approach,(VadimHYPERLINK "http://www.1000ventures.com/info/vk_brief.html", 2010)
Discovering the probability for the organizational value addition to the company needs the systematic synergies business approach. This is due to the market gradual change that is increasingly accelerating randomly which further exposes the company to the market risk. Developing the business synergies is an addition of value in the company and this maximizes return of investment in the company's business transactions. Managing this business innovation needs a better formulated approach to the business system due to the assumptions that comes along the way. The company's strategic and operational practices should assist the customers in strategic decision making and the implementations of the business advancement in the parts of the business entities such as the clients relations, management of the supply chain, financial department etc. This improves the service effectiveness in the company with an overwhelming customer satisfaction in the market.
Toshiba Company should be on the forefront in the provision of the innovative solutions in improvement of the business performance boosting the company's revenue and the cash flow which is today being taken by its prominent competitors such as the Apple and the Dell companies. The company's strategy and innovation enables the company's to attain a sustainable superiors performance and return of investment enhancing the critical functions in align and defining them to the company's vision to strategic presentation capacity and management (Chris & Stephen, 2010). The company should be concerned with the future more than the past in a proactive and deliquesce way as it experience a radical shift in the business diversification due to strategically innovative steps at the critical points in the market. As it is well know, creation of value both to the clients and the company changes the competition basis in the market place. This is achievable by the creation of an efficient business models and methods which aims at new value delivery in the market.