Information as a competitive advantage – Part 6, Innovation

The ability to innovate is a very important part of the modern business world. Factors that influence the development of innovative environments are: · The structure of companies supporting the development of core knowledge

  • Providing skills and knowledge regarding research and development ability
  • Demand for new products in terms of quality, design, performance , security, custom development
  • to what extent the external environment supports new methods

Modern businesses should shape their operating model to support innovation. The production of new ideas that will contribute to different positions and achieve prominent features (one of 6 main policy areas according to Michael Porter) should be the main objective. Business focus on quality and productivity is no longer enough. However, in fact, some companies have the ability to invest a lot in innovation. Google requires its employees to allocate 15% of their time, on their own projects. Information opportunities that support innovation are very different from information that supports business activities. Information supporting innovation:

  • has a very wide range and can affect various projects and organizational units
  • includes market forecasts and market forecasts, market developments and changes identified
  • provide evidence of unmarked marketplaces that may being of (19659003) involves technical knowledge that enables the use of new market methods
  • regarding the search and identification of business opportunities and the nutrition of new ideas
  • is uninhabited in contrast to information about activities that are stored in organized form in operating systems
  • contains quantitative and qualitative components and is usually clearly available.

The information process that focuses on innovative action usually operates in a loosely defined framework. New ideas arise at different levels and work of the project, which have different views on the market. Information about innovation includes: Information Market Information Information disclosure information that can lead to innovation measures is very important, but also difficult to acquire in a timely manner (before the competition is taken). It requires collective and qualitative combinations of information from various sources and relates to:

  • Changes in the business environment caused by social, financial, technical or other causes, creating opportunities and risks.
  • Market need not identified and insufficiently discussed.

Competitive Information Collection

  • Current Competition Details are often available. Information about the next moves and goals of competitors is difficult to acquire.
  • Information on core competences and factors that contribute to the development of competitive advantage is also important.

Enhancement of intelligence technology Review of technology development technology is very important to analyze business opportunities as well as risks. Analysis of:

  • Current Techniques and Best Practices to Use It
  • New Technology Development and Capability to Provide Customer Value by Improving Customer Service or Lowering Cost,

can lead to actionable decisions. Copyright 2006 – Kostis Panayotakis


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