Innovation
in Turbulent Times,
is an article explaining the nature of companies in their struggles of
maintaining a balanced spending versus providing innovation to its consumers.
In times such as the one we are currently experiencing, a company files for
bankruptcy and it can be easily foretold that only a miracle will save it. The
reason being new innovative ideas are drastically reduced since the company's
sole purpose is to focus on idea's that are currently benefitting the company.
While the company ravaged by financial difficulties is trying to stabilize
itself, companies enjoying good profit-margin are pursuing their stride of
providing products with innovative touch to it. The key is to maintain a
balance between the design and development aspect with business analysis of a
company. Individuals in charge must be able to provide industry leading
innovations while not breaking financial budget.
Due to recent economical downturn that
has gripped global attention, everyone is out trying to get more bang for buck.
From common citizen, to world's largest conglomerates, everyone is in search
for new yet affordable invention. Average lifespan of consumer based technology is less than
six-months. By the time a product goes into production to sale, new updates
further enhancing its capabilities are already in progress. This proves to be
of great importance as seen in companies such as Apple, HP, P&G where every
six month, their line-up is offered with further updates and modification to
satisfy consumer needs. They have also been keen to balance their company's
innovative wing with business aspect to maintain industry leading standards. As
explained in the article, constant coordination between the 'two brains'
(innovation versus business) is crucial to provide customer satisfaction while enjoying
healthy profit-margin.
The article suggests joint ventures between
companies to further enhance innovative capabilities while maintaining sense of
trustful environment. "Interlinking" domestic with national firms
paves way for efficient development. Also, executive officials should be able
to anticipate customer expectation in order to keep level of excitement for its
company.
For practicing managers maintaining
balance would be a challenge.
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Harvard Business
Review, ISSN 0017-8012,
06/2009, Volume 87, Issue 6, p. 79
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