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4349 The World without Bankruptcy Laws

Bankruptcy is one of the natural states which a company may find itself in. Entrepreneurship is primarily about taking risks. When companies take risks, some of them succeed, whereas others fail. Hence failure is a natural part of the business. However, many critics of bankruptcy laws believe that there isn’t a need for an elaborate […]

4348 The Wirecard and Infosys Scandals are a Lesson on How NOT to Treat Whistleblowers

What is the Wirecard Scandal all about and Why it is a Wakeup Call for Whistleblowers Anyone who has been following financial and business news over the last couple of years would have heard about Wirecard, the embattled German payments firm that had to file for bankruptcy after serious and humungous frauds were uncovered leading […]

4347 Why the Digital Age Demands Decision Makers to be Like Elite Marines and Zen Monks

How Modern Decision Makers Have to Confront Present Shock and Information Overload We live in times when Information Overload is getting the better of cognitive abilities to absorb and process the needed data and information to make informed decisions. In addition, the Digital Age has also engendered the Present Shock of Virality and Instant Gratification […]

4346 Why Indian Firms Must Strive for Strategic Autonomy in Their Geoeconomic Strategies

Geopolitics, Economics, and Geoeconomics In the evolving global trading and economic system, firms and corporates are impacted as much by the economic policies of nations as they are by the geopolitical and foreign policies. In other words, any global firm wishing to do business in the international sphere has to be cognizant of both the […]

4345 Why Government Should Not Invest Public Money in Sports Stadiums Used by Professional Franchises

In the previous article, we have already come across some of the reasons why the government should not encourage funding of stadiums that are to be used by private franchises. We have already seen that the entire mechanism of government funding ends up being a regressive tax on the citizens of a particular city who […]

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Take a look at organizations that are considered to be product leaders in their respective fields like Intel, Google, Microsoft, Apple, GE, 3M, and Phillips etc. It is evident that the Organizations are totally focused on innovation and R&D. Developing, improving and creating products for tomorrow as well as thinking of the future. It is their innate passion and drive to innovate combined with smart management of business that makes them the leaders.

These Organizations that bank heavily on R&D and Design are faced with several challenges in managing the creative developmental process. Apart from having to invest huge sums into R&D, they have got to hire the best talents available in the industry.

More often the creative design and development teams can be quite huge and comprise of hundreds of engineers and scientists working on one project. These Organizations hire the best talent from the Universities and industries and provide them the best environment to work.

To be a product leader, the Organizations have got to have the best performing and most talented teams that can break all boundaries and think of the unthinkable.

Managing and nurturing creativity at individual level and managing large teams of highly creative individuals can be quite challenging. You will see that these Organizations promote an environment that allows teams to think freely, take risks and experiment.

Every idea that the individual or the team comes up with need not fructify as a product. In fact there is an interesting story that is recounted at the University classes about IBM. An employee at IBM happened to think creatively and his experiment cost the Organization thousands of dollars. When his experiment failed, he was called to the CEO’s cabin. Expecting that he would be asked to give in his papers for causing such loss to the Organization, the employee went in ready with his resignation in his hand.

The CEO turned around and said that the Organization had just invested such huge amount in educating the employee and was expecting him to continue to innovate and experiment. This is true of all the Organizations that are innovation and product leaders.

However, allowing people to think and innovate and take risks does not mean that they are not accountable.

On the other hand, these Organizations have perfected the art and process of managing innovation, in managing huge teams developing one product or cross functional teams working on any developmental project. Detailed processes are drawn up to ensure that every idea is captured, qualified, tested and experimented as well as documented.

Managing hundreds of scientists or engineers and multiple teams working closely on any one project or product calls humongous effort on the part of the management to co-ordinate the progress on all fronts. This apart the Organization has got to look at and plan other important functions including manufacturing, marketing and advertising etc at the same time. Moreover, time becomes a very critical factor in such cases.

Managing such challenging environments, ensuring that there are no organizational barriers or bureaucratic tendencies that can hinder the progress at all levels calls for exceptional organizational and management talent and skills on the part of managements.

Managing innovation is not easy. More difficult is the process of commercializing the product as well.

Furthermore, the management cannot lose time or focus on developing the existing product further in order to provide increased product value and product extension and at the same time continue to innovate for the future too.

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