Question

Subject : INNOVATION MANAGEMENT FOR GLOBAL COMPETITIVENESS

3. How has innovation become engrained in your organization's culture, and how is it being optimized

Answer 1

Innovation is a broader term and is used by the companies during expansion or adding a new product or changing production process. It is not a daily term and has a limited daily need. Innovation is a need for the new startups and new companies and has a limited use for the existing ones.

My organization is into manufacture of air conditioners and this product is as such once an innovation is done in the product manufacturing or product, it continues for years without changing things. Only minor changes are made time to time like energy efficiency, inverter Air conditioners, etc.

Innovation is good during high demands or when they can bring the costs down. During slowdown it is advisable to not indulge into producing innovation things, innovation can be worked on to launch products later on when market rises.

Optimizing innovation is specific and is not a regular term. Optimizing can be done in the existing processes to lower the costs. Optimizing can be when continuous improvement in products is needed but here less optimization is needed as once the product launches it is there for years.