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The strategic management process means defining the organization’s strategy.
It is also defined as the process by which managers make a choice of a set of strategies for the organization that will enable it to achieve better performance (MSG, 2008). Innovation is a matter of making improvements or surveying and choosing to create a more advanced product that beats the competition. It’s also about internal processes and business management on multiple levels. Strategic Management is applicable to all areas of business, internal and external, as well as all innovation tasks or ideas. In plain terms, strategic means specific, targeted, with an intended goal and purpose, not generally stated ideas or plans. If the firm plans to create a management strategy that is proven to produce better, more functional, organized, and successful results than any other management firm or process, then it must strategically define the management principles, rules, processes, tools, and organizational effectiveness and efficiency goals or metrics that it is measured by. Managing is one area of planning, controlling, and directing, where sometimes additional executive layers are added on top, which direct the management of process and procedure. Being ‘simple assistants’ or ‘expert advisors’ are one general goal, but strategically stated, the advisors must meet a specific set of qualification criteria to be considered ‘expert advisors’ and must maintain a standard with a qualified output to prove they are innovative and where they stand against their competitors. Evaluating ‘advisor’ or ‘talent’ competition requires measurements and when strategically managed, requires application, along with goals for improvement, along with regular innovation and measurements. How will the talent be used, what makes an employee or advisor innovative, and how is the company collectively innovative and what will that or does that do for its clients or customers? Aside from a company name, how do the advisors stand apart as ‘innovators’ and ‘experts’ and how can it best be proven or demonstrated through their work products and efforts? How does the company and clients measure their performance?
Strategic Innovation Management Paper: Tools, Processes, Systems Review
The innovation, is how they creatively improve and remain top in the marketplace or the best. Innovation is sometimes referred to as “the latest, most advanced technology or tools” or the “most efficient process” and this definition must be dissected by each company in order to be strategically managed. Simply stating they are the best in class, with all of the best tools sounds good, but those need to be specifically stated, with portfolios, use statistics, expertise, and proof of effectiveness captured or explained using statistics or other measurements.
Innovation is not restricted to an ‘idea bank’ and should not be viewed as such. It is an organization or person’s willingness and disposition towards improving and being on the cutting edge or producing the best. It is not based on profits.
Example:
Employee XYZ considers herself “innovative” in her ideas and management styles. She is experienced in advanced technologies, uses them to their fullest capability, and is willing to take on new areas in need of improvement using innovative strategies to implement change. This means she plans to change the way the organization does business by using technology with strategic management techniques, thus each project or program will be strategically reviewed to make it more efficient, valuable, and a more well known group of experts that produce high quality and reusable, if not patented outputs so the company can build and grow their brand and business, setting them apart from their competitors. This starts by using a process of innovation, not idea generation, but portfolio review of company outputs, tools, use, and known brand strategies or work products produced by the company. Strategically managing the innovation requires goal setting of what type of innovation using technology, which creates product acquisitions, implementation products managed to meet a set of organizational goals.
The process of strategically managed innovation for her means she plans to review the company, implement tools, and standards for work products, with a review and performance evaluation process beyond a human resource employee review level, but on work product quality control and regular reviews for internal and external process efficiency and effectiveness. Organizational management is not just internal business management of existing business, but also external management and new business ventures, in relation to its outside competition.
Reference
Management Study Guide, MSG, available at https://www.managementstudyguide.com/ on October 15, 2022