TysonSxM
PROMPT: Respond back to Antonio’s post (he responded to my post) …
PROMPT: Respond back to Antonio’s post (he responded to my post)
MY POST:
I ensured complete comprehension of the organization’s direction and goals, as outlined in the Chief Technology Officer (CTO) Brief. The company’s objective was to emerge as a market leader in the IoT-connected vehicle industry by developing fully autonomous vehicles. Following this, I evaluated the company’s options for discontinuous or incremental innovation. After careful consideration of the pros and cons, I assertively concluded that incremental innovation would be the most effective approach to achieving the company’s objectives.
The best strategy for gaining a competitive edge in the market is incremental innovation; incremental innovations involve modifying existing products. To establish a better version of the current product, incremental innovations, according to Matos et al. (2019), comprise tiny improvements to existing products, services, processes, and methodologies. These incremental innovations allow the business to avoid the expenses and dangers of developing new procedures, goods, services, or processes. Additionally, small-scale innovations will give the organization the ability to safeguard its current business models, ensuring its durability and sense of identity. Last but not least, incremental improvements are crucial for boosting production and efficiency as well as creating competitive differences. Moreover, incremental innovation is a low-risk strategy when it comes to improving an existing product or service. This is because the expenses associated with such improvements are usually lower. Moreover, this approach leads to high customer retention rates. When a business offers a variety of products that cater to the preferences of its customers, they are more likely to stay loyal to the brand. This, in turn, helps to build stronger relationships between the company and its clients. By improving upon an already-available product, the business can also extend the product’s lifecycle.
In today’s fast-paced and competitive market, an organization’s success is heavily reliant on its ability to cultivate an innovative culture. This involves assessing the current organizational structure and culture and making necessary changes to meet market demands and support innovation. Upon review, certain characteristics of the current organizational structure may hinder innovation, such as hierarchical decision-making, departmental isolation, and limited resource allocation. Similarly, an assessment of the current organizational culture may reveal obstacles to innovation, such as resistance to change, risk aversion, and a lack of open communication and idea-sharing. To address these issues, we recommend adjustments to the organizational structure that prioritize the creation of an innovative culture, employee empowerment, continual learning and growth, and collaboration and communication. These changes will enable the business to establish a structure that fosters innovation, enhances responsiveness to market needs, and promotes a culture of creativity and exploration. A few of the recommendations I posed are listed below:
ANTONIO’S RESPONSE TO MY POST:
I’m surprised at the decision to support an incremental approach given the large gap between the company and its competition. Although the non-connected car side of the business would hold steady, this market segment is projected to soon be completely overshadowed by the IoT car market, in which the company would be completely irrelevant following its current strategy. I suppose you can still implement positive innovation methods and use an iterative approach, but I’m skeptical that the fundamentals of the business and its position in the market support that slow-and-steady method.
Future-proofing a career is done through continuous learning. Much like how a business can have a learning culture, so can an individual have a growth mindset. This is a mindset in which continuous skill-building is assumed, rather than an option, framing possibilities with the power of yet, leaving the door open to growth and competency in any field given the effort necessary.
Organizations especially need soft skills, otherwise known as those skills needed to interact with other human beings. Far from being the sole domain of management, all employees can benefit a business by knowing how to positively shape their workplace through their collaboration with others.
