Compare and contrast two companies that have adopted differing Essay

Compare and contrast two companies that have adopted differing approaches to generating and implementing innovation. Consider su - Essay Example The need for innovation has been necessitated by the recognition by companies that efficiency and world-class operational performance are important in the creation of a competitive advantage in today’s challenging global market. Innovation is highly dependent on the corporate culture, the people involved in innovating in the business or the company and must be under a proper management, and a program for improvement at all times (Herzog, 2011, p. 91). As businesses and companies have recognized the fact that structured innovation and management is important, they make efforts to get the most from their people, customers and partners in the achievement of their business goals. Improving innovation mostly starts with strategy that must address culture, processes and technology that works in the most reliable and affordable way. Innovation framework includes best practices and solutions that must have techniques that improve innovation and its management. Innovation approaches by organisations Different companies adopt different approaches to innovation and this determines their success and the overall nature of the goods they introduce to the market. It is the ability of an organisation to develop wining ideas that provides the momentum for growth and expansion in the current competitive market. Thus, every company is unique based on its own understanding of innovation and the framework its employs in motivating internal innovation and discoveries. In this paper, the innovation frameworks that have been adopted by two key computer companies in the United States will be analysed in this paper. In this analysis, the different approaches to innovation adopted by the two companies and how each affected the performance of the each company will be discussed. Innovative approaches differ depending on an organisation and their ultimate organisation structure and culture. Some organisations integrate innovation as a strategic organisational policy that is implement ed from the top management level to the lowest employees within the organisation. In such setups, innovation is not left to a few people within the organisation but is the responsibility of all the employees at different levels in the company (Kolah, 2003). There are four fundamental components of innovation include co-operation amongst all stakeholders in the business or company, ideation that means the conception and application of ideas, and execution and creation of value for the products of the business. Collaboration is simply teamwork that makes it essential to getting things done and involves the three basic concepts of relationships, processes and outcomes that may result into successes in the development of the business in line with its objectives and missions. Ideation on the other hand is based on fresh new ideas that are important in helping the business or the organization stand out amongst its peers. Implementation involves the organizations engaging the best human re source to help in putting the ideas and make them move forward. Value creation is important in that the ideas implemented must aim at creating value to those concerned with the business or in simple terms create business value. It is the incremental improvements to the products that exist or the creation of new