As a middle manager, you have already recommended an innovation approach (incremental or discontinuous) to your organization for implementing IoT into its product line. However, one of your organization’s key luxury-market competitors in passenger vehicles recently launched a fully autonomous luxury sedan prototype. It has announced that it plans to bring the model to market within the next two years. Your company wants to prepare for the challenge.
You have been tasked with creating a report recommending the most suitable process for managing innovation in a changing external environment (for example, a key competitor coming up with a new product). You will also recommend how cross-functional teams can work effectively within the recommended process. Lastly, you will address key stakeholders' concerns about introducing innovation management processes in a changing external environment.
Directions
Based on this scenario, create a process recommendation report. Remember to tailor the information for the target audience, your stakeholders. Your report should include the following points:
Identify the most suitable process for managing innovation in a changing external environment. Consider the following processes and briefly describe all four processes before you offer your recommendation:
Stage-gate
Agile
Lean
Build-measure-learn
Explain your rationale for your recommendation.
Describe the advantage of your chosen process over others.
Explain how it can address the changing external environment.
Explain recommendations for ensuring cross-functional team effectiveness in the chosen process.
What metrics or performance indicators would you use to measure team success at each stage of a project?
How would you review and implement changes based on the outcome of the success measurements?
What benchmarks or achievements will indicate the project is complete? Describe your strategy for addressing the concerns of your key stakeholders. Select two of the following departments whose directors will be your audience: research and development (R&D), finance, human resources (HR), or marketing.
Identify the key stakeholders from each department who will use this report in your organization, taking into consideration leadership and other essential positions.
List at least two concerns they may have about your chosen process for managing innovation.
How will you specifically respond to their concerns?