Innovation and Strategic Management Annotated Bibliography

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He has concluded that the go-to method of strategic planning is based mostly on statistics and that only maximizes the left-brained members of a corporate team. If a company wishes to leverage their entire sets of assets they must make room at the table for creative right-brained too. Creativity, as the author defines it, “means not only encouraging innovation, new ideas and risk-taking, but also making deeper business model changes that result in disruptive and breakthrough innovation.” He strongly suggests that businesses retire planning and focus mostly on innovation (Hassan, 2010).

Based on the three aforementioned articles about strategic planning and innovation, I have concluded that the current trends are clearly towards innovation and mostly forgoing past business methods. Technology is changing faster than ever, and companies are strongly focused on staying relevant. That technological aspect of innovation can be highly influential and even intoxicating. The innovation high drives our markets and the spending habits of many consumers. But I would caution an organization to not get completely caught up in only innovation.

In conclusion, I believe that the best method for success would be to combine strategy and innovation within a business. Dividing the roles, for example, by making, the primary function of strategy (a.k.a. the execution of the mission) the goal of senior management would most likely play to their strengths. Creative innovation could be given to the executive leaders so that they can focus on what they potentially do best. If a business can get their team performing in their sweet spot, then employees become elaborate, buy-in growths, and deteriorating develops less likely.

References

Scocco, D. (2010). Strategic planning vs. strategic innovation. Retrieved from http://innovationzen.com/blog/2006/08/23/strategic-planning-vs-strategy-innovation/

Satell, G. (2012). The difference between strategic planning and innovation. Retrieved from http://www.digitaltonto.com/2012/the-difference-between-strategy-and-innovation/

Hassan, K. (2010). Time to retire strategic planning and adopt innovation. Retrieved from http://www.innovationexcellence.com/blog/2010/06/28/time-to-retire-strategic-planning-and-adopt-innovation-strategy/