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H. Innovation, performance excellence and change management, 6 Types of…
H. Innovation, performance excellence and change management
INNOVATION
- fintech
- blockchain
- cryptocurrency
INNOVATION STRATEGY
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Process Innovation
Evaluate
[ value chain ]
- cost control efficient
- revenue - value adding activity
- investment - ROI, ROCE
- capabilities - competitive; embedded?
:arrow_down_small:
Have a strategic impact
How to ensure our process still good and relevant?
- standard set (as a base)
- monitor/ control
- internal audit
- ensure meets objective
Improve
[redesign]Business Redesign Options
- Simplfication
- remove bureaucracy/ duplication
- increase efficient (min wastage; min input, max output)
- value-added activity
- focus and identify activities that customer see value
- non-value activities > remove ( doesn't make a difference to continue)
- remove gap & disconnect
- disruption in flow of info > overcome
- eg, combine department, include into mailing list
- Re-engineer [BPR - biz process reengineering]
- total overhaul**
- open mind
- start everything from scratch
- objectives:
- quality product
- service
- speed
- lower cost
7 Principles
- market-driven - customer (value) (see retake notes - chapter H)
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CHANGE MANAGEMENT
[how to make changes in organisation]
- process
- business model
- product
- market
- culture
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Relation of organisation
Internal
Centralised
- retain decision making power
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External
Outsourcing
- strategic importance
- process complexity & dynamic
Advantages:
- concentrate on core services > focus on strategic decision
- access to expertise
- may be cheaper, economies of scale
- reduce overhead exp, free cash > predictable cost
Alliances/ cooperation/ partnership
[method of growth - IAS]
4 types of Strategic alliances (JV, consortia, franchise, licensing)Advantages:
- lower trust
- find right partners
- transaction cost
Virtuality
- partnership, collaboration, not working
- no formal structure, no physical proximity
- min in-house resources, almost all resources are outside of organisation
- highly outsourced, core competence is diminished
Networks
(physical; virtual)
- eg, working, one-stop shop, service network
Talent Management
- Recruitment
- open house
- career fair
- roadshow on campus
- job advert
- social media
- remuneration
- sponsor
- scholarship
- deployment
- right people at right roles
- competences, character
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