Creating An Effective Innovation Process Architecture Essay

850 Words Sep 29th, 2016 4 Pages
Innovation is about researching and developing products that solve industry challenges and ultimately help organizations to be relevant and add differentiation in the market in order to be competitive. According to an article. Establishing an Effective Innovation Process Architecture, “an effective innovation process architecture is the foundation on which to build for innovation-led growth. This clear, top-down, leadership establishes the framework for delivering effective innovation management – product planning, innovation portfolio management, new product development, and the complete lifecycle of ideation to market closure.”
According to Linda Raftree, a discussion had taken place at Technology Salon in New York City. “A key part of the Salon discussion focused on whether having dedicated resources fueled innovation, or whether the presence of challenges and constraints forces innovation. Some Salon participants felt that when people are faced with challenges such as less time, fewer resources, no office space, etc., they may find themselves being more innovative in order to overcome constraints” (Raftree 2014). In healthcare, regulation, aging population, and increases in chronic disease management is fueling innovation. New entrants to the market are also demanding a more innovative approach to show healthy profit margins to share with stakeholders. Being a low-cost leader only goes so far. In the end, consumers want innovative products that allow them to…

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