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Innovation Strategies for Large Organizations

Background:
Large organizations must be constantly preparing for the future. Failure to do this can shorten the life of an organization. The techniques large organizations use has change in recent years. A well-defined set of goals will help an organization prosper in the present and future.
Objectives:
After reading this discussion and viewing the video, the reader will:
• Understand how large companies approach innovation
• Understand how metrics are important in guiding an organization.
• Understand what makes large companies successful
Discussion:
This discussion is derived from the educational video that can be found at http://www.youtube.com/watch?v=eSkXPVgdP9Y
Companies need to spend a lot of time and resources in preparation for the future. Being able to experiment “in market” is essential for survival. These are relatively new concept. The process a company uses for innovation will involve a lot of time and some key individuals inside the organization. The organization will also need to have a set of metrics that are considered to be “milestone based”. A clear strategy also needs to be developed. A series of checkpoints also need to be developed to ensure the organization is staying on course. Financials should remain out of the mix until the customer value proposition is fulfilled. Finally, these ideas will travel from the initial key individuals to everyone within the organization. This becomes the culture of the organization. Many times, this is thought to be a financial issue only. If an innovation has not done well financially, the organization may shy away from innovation in the future. However, the successful organizations are the ones that use the successes and failures to guide the organization to overall success in the future.
Summary
In summary, large organizations are changing their approach to preparing for the future. An organization that doesn’t prepare for the future will more than likely have an unsuccessful future. Finally, successful organizations use their successes and failures to strengthen the organization.

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