Innovation and Risk Management - Essay Example

Strategic Innovation Framework is a framework of dependent content that involves the process of applying creativity and innovation to strategic management in order to improve an organization (Cattani, 2011, p.10). The process of strategic innovation in Pint energy organization will include the creation of growth strategies and offer new services to change how the customers value the organization. Immersive customer research achieves a strategic innovation. The act of observing and walking side by side with the customers to know their views about the organization is critical. Engaging with the customers helps understand their personal challenges and end to end operations, and this helps identify opportunities to innovate (Afuah, 2009, p.21). The ideas acquired from the customers about how they benefit from the products, and the organization makes it possible to have a strategic innovation framework. An innovation framework is all round, and the platform involves being creative on the company's goals and also staying in alignment with the organization strategy (Zairi, 2009, p.12). The primary aims of an innovation framework are to ensure a positive impact on the growth of the organization, to increase employee engagement in the innovation process and to come up with a constant stream of ideas that will make the company grow and expand its market. The challenges faced by Pint energy are many and looking for appropriate solutions should favor not only the customers but also the environment and the growth of the business. In this organization, innovation will include the use of knowledge to produce quality products and services that meet customers need. The challenges facing pint energy include changing energy usage and increasing customer expectations. The main intentions of an energy organization are to reduce gas emissions to the environment (Beck, 2013, p.14). The innovation process which will involve increasing customer awareness about energy so as to drive changes on how energy is consumed. A strategic innovation will challenge the company to think beyond the normal activities and involve themselves in creative and open minded ideas that will help in changing the situation. Through a creative process, a strategic innovation can generate a portfolio that leads to business growth. The seven dimensions involved in a strategic innovation framework include;

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Managed innovation process

Both the Non -traditional and traditional approaches are required in a managed innovation process (Lager, 2010, p.26). The pint energy organization goal of improving growth, they first need to challenge the status quo and the call for creative thinking among the stakeholders involved in the business. To achieve a managed innovation process, the organization need to facilitate in workshop sessions that include information exchange among managers, exploration of new ideas about the business and mediation of different things that concern the organization. Bringing together the leaders by use of sessions intentionally brings about different value, perspectives about the business that force a creative tension to examine on how to increase growth in the organization. The overall approach to a managed innovation process involves two phases which are divergence and convergence (Sundbo, 2001, p.23). The different phase which is very critical in an organization includes the use of non-traditional creative thinking and the use of future visionary techniques. To enhance growth in Pint energy, the first step to take is to do a customer insight research, observe the market trend and speculate on the possible industry discontinuities that are needed. With this idea that the innovation opportunities can be identified and dealt with. Through the convergent process, the process involves evaluating potential opportunities, selecting and executing them. A managed innovation process involves many activities from the beginning of the initiative through implementation.

Strategic Alignment

Strategic alignment involves galvanization of a company around shared goals that builds internal support among the key stakeholders (Davenport, 2013, p.12). The process involves engaging both the leadership team and other team members so as to develop the shared vision of the business. In addition to the core team involved in the company, the company needs to appoint other leaders and supporters to act as functional ambassadors and represent the interests of the customers to the company. Domestic customers and large industrial energy consumers are the group of stakeholders who should engage in the innovation process so as to improve Pint energy organization. The external stakeholders who include the environmental groups, non-profit organizations and local authorities need to be consulted. The organization's innovation projects are mainly focused on specific regions so the organization should also involve stakeholders in the local community groups because they have a better relationship with the consumers in the neighborhoods. To achieve a power saver project, the community groups can be very influential because they engage in public and social activities. A managed innovation process should follow the general stakeholder principles to ensure that the organization attains some growth in the market (Goffin, & Mitchell, 2010, p.25). By using this framework, Pint energy organization should be committed to identifying their stakeholders and clarify the issues they are concerned about so as to engage them on these matters and help make improvements in the business. The use of strategic innovation in the supply chain can generate a variety of solutions to the problems that are being faced by the company. The customers require the organization to deliver reliable, affordable and sustainable energy. A strategic alignment process of involving stakeholders from the community groups will help the company grow because they learn every day about their services when they receive feedback from the customers.

Industry Foresight

Industrial foresight involves understanding the emerging market or industry trends in the business (White, 2008, p.45). A top-down approach to the trends can help the company to understand the complex forces that drive change regarding the use of new technology, competition in the market and other alternative scenarios. Pint energy needs to understand the competitive context for innovation. The organization needs to be aware of what their competitors are doing and which market they are targeting. The importance of having an industrial foresight is to help in keeping the pace of existing industry innovation activity. The vision helps acquire the requirements for innovation in the energy sector. To attain growth in the business, the managers need to have a clue of what other energy suppliers in the market are targeting. This helps the organization have an idea of what they need to improve in so as to meet the needs of the customers. The main thing to be included in the Portfolio of Pint energy organization is understanding the competitive market. The strategy innovation can only be achieved by learning what the consumers of energy want. New technology must be used in the production of energy to reduce the expenses and improve the quality of production. The organization should also identify the potential market in the industry so as to achieve growth as desired. Monitoring the emerging trends in the energy sector will enable the company to turn away the threats and be able to identify new opportunities that arise when the industry trends converge. Pint energy needs to be forward looking and engage with fresh perspectives from the outside by seeking new opportunities to enhance growth in the business. When a company looks beyond the normal activities and use new technology, it raises its ability to venture into platforms for breakthrough growth.

Customer Insight

Customer insights involve understanding the articulated and unarticulated needs of the existing and potential consumers (Schieffer, 2005, p.37). Pint energy organization need to understand the consumer's behaviors, perceptions, and needs properly. The company should involve the consumers in the innovation process. The voice of the customers should be a standard part of the organization so as to get a clear view of what the consumers want. A real customer research will help Pint energy organization grow because if conducted well it will have a positive impact on the organization. The study can also be extended to the partners, suppliers, external stakeholders, and investors. When the management of Pint energy gets a clear Customer Insight, it will be able to do the right production and meet the needs of the consumers.

Core Technologies and Competencies

It is important to not only put into consideration the organization's technologies but also consider other capabilities that are necessary for success (Vangundy, 2007, p.63). Even when an organization has information about the consumer needs and future trend, transforming the ideas into action should be done properly. An excellent understanding of the company's core technologies and competencies provides an opportunity in which the gathered ideas can be shaped into a solid investment. Pint energy organization need to consider both technical and operating capabilities that are necessary for the success of the team. The core technologies and competencies used in the company should yield outstanding customer benefits and give a competitive differentiation. The main competencies required by Pint energy organization include close relationships with suppliers and partners, innovative business practices and exclusive technology use. Outsourcing and acquiring new technologies and competencies that are appropriate gives an organization an opportunity to grow.

Organizational Readiness

The ability of an organization to take action in order to achieve the goals is referred as Organizational readiness. The willingness of a company to acquire and apply the innovative ideas and strategies is very critical (Maurrasse, 2013, p36). To gain growth, pint energy organization should effectively implement the strategic innovation ideas. Pint Energy company should be able to embrace innovation irrespective of the cost and any other barriers that may hinder innovation.

Disciplined Implementation

In business, implementation includes many activities such as creating new organizational structures, hiring and training new employees, and brand development. An organization must be able to translate the ideas into practical work, act on them and grow the business (Kodama, 2007, p.41). Pint energy group should be able to implement all the ideas that are necessary to acquire growth. The work of strategic innovation has far-reaching implications regarding operational, structural and business change that is needed in every company (O'sullivan, & Dooley, 2009, p.37). To implement the strategic innovation, Pint energy requires several high-level elements such as implementation skills and mindset, momentum and understanding the priorities of the organization. By following the seven dimensions, growth will be achieved in Pint energy organization.

References

AFUAH, A. (2009). Strategic innovation: new game strategies for competitive advantage. New York, Routledge.

BECK, M. (2013). The renewable energy directive and the challenges for the biodiesel industry: insights into a dynamic and opaque industry. Hamburg, Anchor Academic Pub.

CATTANI, G. (2011). Project-based organizing and strategic management. Bingley, U.K., Emerald.

DAVENPORT, T. H. (2013). Process innovation: reengineering work through information technology. Boston, Mass, Harvard Business School Press.

GOFFIN, K., & Mitchell, R. (2010). Inno...