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Project Folio Lead Innovative Thinking and Practice Case Study

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The case-study: Project Folio Lead Innovative Thinking and Practice

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1. Overview of the organization

Royal Finnish firm that creates PLCM design processes, software, and services for the building and real estate industries. In addition to reducing building costs and maintenance expenses, the company's wares also help architects and contractors use fewer resources in their work. Since its inception in the early 1990s, the firm has worked tirelessly to improve its services and goods, eventually becoming the market leader on a national scale by the middle of the 2000s. During that time, the company's sales grew slowly, but the profit margin was very high, at over 30% of annual turnover. In this scenario, we see a technology-based innovation that increases sustainability in the building and real estate sector and generates lucrative business, thus we classify it as a sustainability business case.

The products are built on the target costing technique used in building and maintaining structures. Even before the Royal Finnish Company was established, this technology was a part of both governmental and commercial sector research and teaching. Right now, the corporation's wares are de facto establishing nationwide target cost criteria for the industry. This case is intriguing from the standpoint of studying sustainable innovations because it occurred in the built environment, it successfully applied PLCM technology to novel products and services, and its offerings improved the efficiency of markets while also contributing to long-term sustainability. This product tracks Data exchanged during a project with the help of a product lifecycle management system (PLCM), which collects and stores all relevant information in one single location. It facilitates interaction between the design studio, subcontractors, co-contractors, marketing team, and anybody else involved in the making of a product.

Initiation of the invention occurred in the early 1990s when the company's external environment was undergoing rapid change. The national economic recession caused the construction industry to "re-examine its business concepts including the life cycle performance of the building and the value it generates to its users," as one interviewee put it. Previously, the focus of building owners and the entire construction industry had been on the construction process of the building. Customers had a clear need for analysis tools that could properly examine the interdependencies between structural elements and the activities taking place inside a structure. The technological drive and regulatory approval were also laying a fruitful foundation for innovation, as the target cost approach, the innovation's basis, was used by many public entities and included into academic education.

Objective of the company: To render IT solutions for organizations who can evaluate and promote their produced whose valuation is calculated on the Location Value of Project known PLC in real-estate industry. At the same time facilitating the advancement of information and communication technology (ICT) hardware and software for efficient and inexpensive technologies to create brand new goods and services.

Innovation: This product is a disruptive innovation as it is not an extension of any previous wok but it targets to solve a business problem which was not completely addressed before. In 1995, Clayton Christensen was the first to discuss the idea of disruptive innovation. By definition, a disruptive innovation is a new idea, product, or service that either alters the dynamics of an existing market or establishes an entirely new market. During the early stages of an innovation's life cycle, the performance of disruptive innovations is often lower; although they may not be "good enough" to please existing consumers, they frequently find success with a new audience.

Back-ground of innovation: It was determined that customer-oriented research, development, and commercialization, in which the new invention was shown to chosen clients and refined based on the feedback, were the most important components of the early phase. Customers had become so invested in the process that they were even prepared to spend their own money on development. Also important during this time period were public R&D funds. The primary characteristic of the innovation practices was its emphasis on aligning new innovation development with true innovation champions, or leaders with the enthusiasm and skills to take an idea from concept to market. Since the firm was working on multiple new goods at once, it was essential that each product have a strong advocate inside the organization. Several potentially promising new product concepts were ultimately shot out as the investigation progressed, despite the fact that a clear frontrunner had not been identified. The lack of a "own advocate" is why many promising ideas never made it to the innovation stage, one interviewee said. Champions are characterized by their superior technical expertise, leadership abilities, and enthusiasm.

Product development-related elements, such as a "innovation champion," were also a part of the first stages of innovation management. To begin, the LCM software innovation was set apart from the competition by clearly demonstrating its superiority in terms of the value it provided to customers via a series of analyses that uncovered hidden patterns and trends. As a result, the advantage was substantial in relation to the competition. Second, a lot of time and energy went into user research and making the interface as simple and intuitive as possible, so the advances won't disrupt the businesses of present customers. Many businesses have adopted the target costing method, although this method is still relatively unknown in the industry as a whole. That's why making the technology straightforward to use was crucial to the overall success of the project, alongside training experts in the field to make the most of the new advancements, and simplifying the innovation as much as possible. Third, complimentary licenses and demonstrations were provided to select possible important customers in order to evaluate the innovation and encourage their usage of the product. In addition, educational institutions were provided with free software downloads. Students, the specialists of tomorrow, might therefore get acquainted with the cutting-edge programmes and equipment.

According to the CEO, the company's potential to grow was greatly catalyzed by public R&D subsidies made available during the early stage of invention. Grants were two-dimensional. To begin, they provided funding for operational research and development. Second, the availability of public subsidies signaled the importance of R&D activity and helped to foster a growth-oriented culture inside the corporation.

Team Design and structure related to the innovation and product development: A project's stakeholders include, but are not limited to, the project team. customers, end users, or whomever ultimately benefits from a project.

It consists of the following elements:

  1. Project Head: Project or Management head from company side managing Finance & Technical
  2. Project Leader: Managing technical and HR
  3. Portfolio manager: Managing everyday cost, efficiency, problems, hurdles, etc. on run. (this is my position in the company)
  4. Project Management Officer (PMO), who is responsible for defining the project management processes; Product or functional manager, who is responsible for writing the functional part of the specifications;
  5. A technical manager (CTO), who is responsible for managing the technical aspect of the project;
  6. A number of developers & testers: working on requirement of client and developing project and running it.
  7. Project sponsor, who helps the project team take action in accordance with the needs as they are expressed.
  8. Product Owner/ Scrum Master: client-facing product manager (the project manager in charge client side)

About the concept/product: PLC, or preferential location charges, are often included in construction budgets for new buildings. These costs are in addition to the BSP, or base selling price, of a property, and add significant expense to the transaction. Constructors often demand premium prices for apartments that have preferential placement within a larger community. A better site may be on a higher level or closer to the building's entrance, among other options. Apartments up to the tenth level in a twenty story structure, for example, command a high PLC because to strong buyer demand. Similarly, a flat that looks out into a park often costs more than one that doesn't. Here are some important information to understand the product and the innovation.

  • Calculation: PLC fees are calculated on a per-square-foot basis. PLC is determined by multiplying the apartment's super area by the rate listed on the developer's rate card. So, the PLC grows proportionally with the size of the residence.
  • Reasons that PLC is changing: The key component that determines the PLC quantity is the floor selected. There is a separate PLC for each level that controls all of the appliances on that floor. The weather and lay of the land also have a role in PLC. Buyers in humid cities like Mumbai sometimes choose condos higher up in the building. On the other hand, the demand for ground-level floors is higher in Delhi and northern India. Lower levels are preferred since they do not need the use of an elevator, making them more convenient in the event of a power outage. Delhi is also more vulnerable to earthquakes because of the city's elevated seismicity. In the event of a disaster, it is much simpler to evacuate lower levels.The middle-floor apartments don't always get the most PLC. Non-PLC apartments are great for those on a strict budget. PLC, for instance, may be used in a given project on levels 0–5 and again on levels 9–15. In the center, on floors 6, 7, and 8, there are no additional fees.
  • Some builders have recently developed skyscrapers with the highest PLC reserved for the top floors. This is owing to the fact that the penthouse apartments have more perks, such as a balcony or terrace, than the other apartments. The penthouses in certain buildings are among the most expensive in the structure, and they come with a host of high-end features.
  • Indications of a Shifting PLC Landscape: Historically, only the ground, first, and second level flats were subject to PLC fees. However, developers eventually shifted strategies and began charging separate PLCs for individual floors. In this case, all of the floors, say, 1-5, would share the same PLC. Different PLC amounts would apply to levels 6–9 compared to floors 1–5.
  • A unit's location may also entice PLC if it faces the right way. Those with a view of the ocean, for instance, command a higher price in Mumbai. North-east facing apartments are in high demand in many U.S. cities because of the rising popularity of Vastu Shastra. However, without a governing body, there are no hard and fast regulations for establishing PLC. Developers have the last say when it comes to pricing out individual levels. It's interesting to note that these costs may vary across various buildings created by the same architect. The most recent practice among builders is to assign a specific PLC sum to each floor and unit.

Innovation process dynamics: In their book "Innovative Intelligence: The Art and Practice of Leading Sustainable Innovation in Your Organization," authors David Weiss and Claude Legrand outline the Four-Step Innovation Process. There are four stages, Structure building, problematize this, think of some ideas &Use the most effective method. The primary value of this approach is that it prompts you to specify your company's requirements for new products and services at the outset of the innovation process. In other words, you come up with ideas that improve your work and last longer because of them. The Four-Step Innovation Process is a straightforward framework worth noting. However, this is not a "fast cure." It's better to take your time and think carefully about each step as you go along. Here the process started and was carried on by the following steps:

Stage 1: Problem & need identification: The developing team went for a market survey about the problems faced by their major clients. Real-estate was one of them. The products are built on the target costing technique used in building and maintaining structures. It identifies value of property based on PLC attributes like location, floor, facing and other aspects of any unit of a real estate project.

Stage 2: Constructing a Foundation: Beginning with this procedure should get your brain working on potential solutions. In addition, it aids in making sure the solution you create adequately satisfies the requirements of the firm.

Stage 3: The team do trace back the origins of the idea. Find issues that are put into proper perspective; in other words, the bigger picture plan or project, output expected and issue that can be part of it. Ways the approach to solving each issue be influenced by other initiatives, problems, laws, or regulations. Shareholders view and backing on the idea and imputes from the company and major players in the meeting

Stage 4: Approach to the process flow leading to the outcome. Processes to increase customers input about their preferences and needs. Processes to shorten the procedure and increase efficiency. Establishing the goal and determine the criteria for success.

Product planning & development process: The product life cycle is broken down into manageable chunks that are reflected in the strategic stages of the product planning process. Coming up with a concept is the first stage. A product's sunset strategy is the last phase. There are a wide variety of expertise, approaches, resources, and players engaged at various stages. Product management is the single constant in this sequence of events. Product managers are in charge of all stages, beginning with brainstorming and ideation. They give it birth, see it flourish, and then lay it to rest for good. Having a firm grasp of the whole product development process is crucial before delving deeply into any of the strategic stages. Though they are often performed independently, these steps actually build upon one another. A shaky and imperfect future might be the outcome of a defective foundation. There are seven stages of strategy involved in developing a product:

  1. Concept development: Discovering the product is essential is the main motive here. As a result of this procedure, the product team has a far better comprehension of the issues faced by prospective consumers and the user personas that the solution can address. Little chance exists for discovering product-market fit without a clear understanding of the target audience and the problems that the solution alleviates. After getting a decent idea and a firm grasp on the central issue, the concept is developed further via the process of obtaining more data. In order to better plan, execute, and assess your efforts to create products that meet the needs of your target audience, you may enlist the aid of the Product Stack, an alliance of other product managers. Considering the competition if it is a a brilliant concept; it might probably be the only one. Other organizations might work on it at the same time, competitors are expected to do. Therefore, it is necessary to conduct a landscape survey on the evaluation of the goal, the product idea in light of similar products on the market or in development and the demand in the market. Product roadmaps may be created in spreadsheets, code can be written in a plain text editor, and PowerPoint can be used to create animations. A common practice is to make use of what one already has on hand. It may be as difficult and crucial to change such habits as it is to compete head-on with other firms.
  2. Surveying the Market: the company might have a better idea of where their solution fits into the market, it can test whether or not its unique take on customer issues is effective. In most cases, researchers combine quantitative data with qualitative insights to study a market. When doing prioritization, surveys and aggregated data may reveal patterns, aid in determining the overall addressable market, and provide useful insight. In the meanwhile, qualitative research may aid product teams in determining the "why" behind the solution. Conducting in-depth discussions by means of interviewing participants and holding focus groups. These techniques provide life and compassion to the scientific approach. They also have the additional value of questioning commonly held beliefs. Check out the Customer Interview Guide. Inject Customer Input into Product Roadmap for Maximum Success
  1. MVP (Minimum Viable Product) design: Creating a Minimum Viable Product is a potential activity for the last stretch of the market research phase. In order to gauge the interest and response of potential customers, an MVP is useful. Based on the company's knowledge of which user stories are most important to its consumers, it only contains the absolute minimum necessary features and capabilities. It zeroes focuses on the meat and potatoes of the issue at hand. Prioritization frameworks may be used by the group during MVP conception and development. The minimum viable product (MVP) helps to evaluate what features are essential for the launch of a product and what features may be cut to save money. At this moment, frameworks that prioritize core functionality product line extension are the best option. The jobs-to-be-done framework is an example of a strategy for ensuring that a company is creating goods that consumers genuinely desire and need. The corporation may verify the viability of its idea and get input from customers by releasing a product to the market rapidly. In these first phases, this is vital. As a result, the value proposition and marketing are consistent with the offering, and any revisions may be made before the product's first release.
  2. Product development: This stage is the time when the product is made. Here, programmers create the working code for the project. Then testing is done. When creating new software, testing is a crucial and necessary step. Having this step in place helps catch problems before they become catastrophic. When the code has been thoroughly tested, released, and sold or distributed into a production environment that deployment may begin. There might be some time spent setting up, tailoring, testing, and assessing the results. The success of any programme relies on its proper implementation and implementation requires training and assistance. When missing requirements lead to a rewrite of the product, fixing bugs and adding features to keep up with new demands may be a major time and resource drain.
  3. Product introduction: Prior to the product's launch, the marketing team should be working to generate interest in the product and generate talk about it. Building a database of potential customers and confirming the value proposition's success by split-testing other versions of the message and the asking price. Journalists and industry experts are given in-depth briefings and product demonstrations. This prepares the media landscape for the big reveal. At the time of release, there has to be a solid system in place for actively seeking, gathering, compiling, and evaluating user input. Evaluate the initial impact of marketing messaging and the success of alternative strategies. The findings guide strategies and resource allocation for increased visibility and expansion. Teams working on a product may start gauging its success in the market by conducting analytics and surveys of existing and potential customers. The detected gaps may then be added to the product backlog for consideration during prioritizing and product road mapping.
  4. Launch: When items are ready for the market, they enter a new phase. This process usually entails a series of incremental tweaks and enhancements. Changes that are minor in nature are interspersed with those that add or remove major features. In this stage, the product road plan is crucial. The emphasis switches from fixing bugs and rolling out minor updates to implementing major new features and expanding the business as procedures develop. All of the above will change as the product progresses through its lifespan, from key performance indicators to outcomes to targets. Both the product's and the company's fortunes, as well as internal factors, will affect future directions. While not quite dull, this stage of the product lifecycle is the most regular and predictable. Let's say the product achieves sufficient traction and growth, and it also begins to generate a profit. This time period might go on for quite some time, perhaps decades, if the product is successful and its market is steady. Aligning strategic goals with resource allocation and development priorities may be achieved by organising a product roadmap around overarching themes. Themes are great for keeping people and efforts focused on what really important. When used inside an Agile framework, this approach still allows for some leeway for the implementation team. Taking Charge of Intricate Requirements in a Flexible Environment. Companies developing sophisticated software and hardware products are not immune to the trend of having their teams work to improve their development, reaction, and planning times.
  5. closure: In reality, it's a necessary evil of the strategic stages of product planning. Phase out occurs when a product is no longer being produced because it has been replaced by an improved alternative. In addition, demand for a once-urgent fix has tapered down. This is because there is no longer a pressing need for a solution to the issue at hand. However, there are other ramifications associated with ending a long-running service. A checklist may help to make sure of everything throughout the wind-down phase.

2. Innovation of the organization: Diffusion & Disruptive innovation:

Modern methods of innovation: Disruptive & Sustaining innovation: When deciding whether to maintain market share via incremental improvements (sustaining innovation) or expand into untapped areas (disruptive innovation), businesses confront the "innovator's dilemma" (disruptive innovation). A company's long-term success and cutting-edge innovation may be achieved via a multifaceted approach that incorporates both disruptive and sustaining forms of innovation. Integrating the two well will provide much greater rewards. When it comes to innovation, all illuminated s like Apple, Wipro, etc employ both disruptive and sustaining strategies, as seen by the fact that the company consistently releases brand-new products and services while simultaneously upgrading and bettering its old ones. Companies should carefully consider their requirements for both disruptive and sustaining innovations, and use each kind of innovation for its intended purpose. It is generally true that larger, more well-established businesses are better at maintaining innovation over time. They are in a position to depend on gradual shifts because of their resources, audience, and time availability. Investment in disruptive innovation is always vital for long-term success, especially for big firms, but the returns may take some time to materialize. Until disruptive technology has acquired substantial traction before making any investments, you will not only have to spend more and more to keep up with the competition, but you will also have to do it while your present business's income is falling. The key is moderation, so keep that in mind. Simply focusing on disruptive innovation might lead to a reduction in sales and profit, which raises the risk profile significantly. Huge advantages come from both disruptive and sustaining forms of innovation while ignoring them has severe drawbacks. Disruptive innovation (which may also take time) has the potential to create new values and markets for something customers did not realize they needed, wanted, or were lacking while sustaining innovation is often an incremental approach with long-term growth advantages. There is no one certain way to ensure a team's innovation success, tools like innovation training may greatly improve its odds.

Older methods of innovation: Diffusion ad intuitive problem innovation: E.M. Rogers in 1962 a classic in the field of social research worked on this theory. Diffusion is a term used in the field of communication to describe the gradual but steady spread of an idea or product among a certain group of people or social structure. In the end, the goal of this process is for members of a social system to accept a novel concept, behaviour, or product (i.e., purchase or use a new product, acquire and perform a new behaviour, etc.). Adoption is most successful when the target audience views the proposed change as a novel or novel improvement. This is what makes the process of dissemination work. Some members of a social system are going to be more receptive to an innovative new concept, behaviour, or product than others; this is just the nature of the process. There are distinguishing features of early adopters compared to late adopters, as discovered by the aforementioned researchers. When trying to convince people to use a new product or service, it's crucial to know what kind of things about that demographic can speed up or slow down the process. Even while most people fall somewhere in the centre of the five recognised adopter groups, it's important to know what sets your target audience apart. When advertising a new product or service, marketers use a wide variety of tactics to entice a wide variety of potential early adopters. These early adopters are known as "innovators" since they are eager to test out new ideas. They are bold and open to novel ideas. These folks are always the first to try anything new since they are risk-takers. Almost little effort at all is required to win over this demographic. The term "early adopters" is used to describe influential persons. They thrive when given the chance to lead and adapt to new situations. They are open to new ideas because they are conscious of the need for change. How-to guides and implementation guides are examples of strategies aimed towards this audience. They may be changed without any further information. The Early Majority are not often in a position of leadership, but they are early adopters of new ideas. However, before adopting a new idea, people often need to see proof that it is effective. Strategies to win over this audience focus on providing examples of the innovation's success. People that fall into this category are often resistant to new ideas and technologies and will only get on board once the rest of the population has given them a try. Information about how many other individuals have tried and embraced the idea effectively is one strategy to appeal to this audience. Diffusion occurs when individuals go through the steps of being aware of the need for an invention, making the choice to embrace (or reject) the innovation, trying out the innovation for the first time, and then using it on a regular basis. There are five key elements that affect whether or not an invention gets adopted, and each of these aspects is at play to varying degrees among the five types of adopters. Communication, agriculture, public health, criminal justice, social work, and even marketing has all benefited from this theory's use. Important public health initiatives that attempt to alter the behavior of a social system may be spread more quickly with the help of the Diffusion of Innovation Theory. For instance, in order to solve a public health issue, an intervention is created and then disseminated to the public via various channels with the hope that it would be adopted (based on the Diffusion of Innovation Theory). Understanding the intended audience and the variables affecting their rate of acceptance is crucial for the effective implementation of any public health program.

Comparison: Diffusion is change and adaptation and is not typically an innovation. But the disruptive process is bringing new concepts to the market as a new solution to any problem to have advanced efficiency on the organizational end. The disruptive method can bring in new concepts and Diffusion will disseminate and adopt them. These two old and new combinations of theories of innovation are complementary and not comparative.

3. Conditions and issues that impact innovative thinking and creativity in the work environment.

Innovation is essential to a successful organization. When asked about the purpose of businesses, Peter Drucker famously said, "Business has just two functions: marketing and innovation." companies throughout the globe have made it a policy to encourage "innovative" teamwork. This is simpler to say than to really do. When teams are focused only on developing new products, they tend to forget about the most important, complicated, and an ever-changing portion of the innovation process: its people. Innovation is an important new concept put into practice/practical use, shared, scaled, and maintained in order to alter the manner in which we live and work. Ideas and technologies are not game-changing breakthroughs until all these conditions are met. KPMG's benchmarking study into innovation (2018 & 2020) reveals that office politics, turf warfare, and a lack of alignment are viewed as the top hurdles to innovation. Again, this demonstrates how inherently human and even individualistic creativity is. Innovation is driven by a deeply human impulse. We have staged many innovation summits, trained numerous executives and entrepreneurs, and conducted thousands of interviews to develop a paradigm for coaching innovation. Here are some ideas that catalyze innovation

  1. Taking setbacks in stride, seeing them as lessons rather than punishment: An unintended result of a procedure that becomes apparent during implementation is called a failure. The result may differ depending on how a leader addresses inefficiencies, even if the procedure was carried out precisely as planned. If you give a company the chance to fail, it will be more creative as a result.
  2. Promoting civil debate and debated agreement inside your company. Despite first impressions, divergent opinions and viewpoints are essential in creating a culture of innovation. Everyone must not always agree, but if they do, "your company cannot be inventive," as Rodriguez put it.
  3. Establishing a viable innovation infrastructure: There has to be a mandate for improved workflows and innovative responses to the major problems facing businesses today. Put creativity on the same level of importance as safety, timeliness, cost, and quality.
  4. Having or forming formally an official invention group: Members of an innovation team should come from a wide variety of departments and job functions. Sometimes the most outlandish ideas are the ones that end up being the most innovative.
  5. Raise rising stars a chance to take the reins.
  6. Taking a calculated step toward opening doors to better prospects for new professionals. Early-career workers represent an organization's untapped resource for creativity, yet they are often buried beneath the organization's weight.

4. 2 potential barriers and 2 potential risks associated
with introducing and maintaining innovation in an organization

Barrier 1: Insufficient means: Charities, fearful of the uncertain return on investment, frequently adopt a shotgun approach to innovation or under-resource it due to their short-term orientation. The result is that it doesn't have as much of an influence as it may have otherwise. No one has a dedicated R&D budget, which is defined as "money spent on testing with no corresponding revenue." (Trine, 2015)

Barrier 2: Failure to work together: Collaboration across departments isn't always made easier by internal budgets and organizational frameworks. People with separate revenue goals are more likely to bicker about spending and be unwilling to "share" contributors, even though the organization as a whole would benefit from pooling its resources.

Risk 1: Operational: The risk of not meeting your quality, pricing, or schedule objectives is the first operational risk.

Risk 2: commercial: inability to draw in a sufficient number of consumers

5. creative thinking.

  • Mind mapping: Brainstorming using a mind map allows you to visually depict your thoughts and notions. It's a visual aid for your brain that aids in organizing facts, seeing trends, creating new knowledge from old, and inspiring creative thinking. The strength of this notion comes from its simplicity, as is true of all great ideas.
  • Checklist: It's a springboard for making your own list of questions, which may then be used to guide your own discovery and education. To achieve this, Issues with Writing 1. The second is the practice of querying. 3. Keeping a tally of the responses. Evaluating and analyzing information requests, solutions, and ideas falls under this category.
  • Opposite thinking: As a method of ideation, "Opposite Thinking" makes use of constraints to stimulate creative thinking. WHY EVEN USE THIS GUIDE? Through the use of "Opposite Thinking," you may question your preconceived notions about the problem and the approaches you can take to solve it.
  • Idea challenge: In an idea challenge, a business or organization poses a question to its staff, clients, or the general public for a short amount of time. People enter contests offering cash prizes or the chance to work on a real-world implementation of their finest ideas, solutions, or comments.

6. Leadership Styles and Innovation

  • Autocratic: such a leader provides a crystal-clear picture of the future and the means to achieve it (Clark et al., 2008). The followers of authoritarian dictators have nothing better to do than wait for their leader to inevitably collapse so they can get rid of him or her and install someone else (Bass & Stogdill, 1990). The leader thinks that people are bad because they are feeble, lazy, reluctant to work, and unable to make decisions for themselves. Therefore, they need to be led, prodded, and coerced into action (Akor, 2014). It is a hallmark of autocratic leaders that they make all the really critical choices on their own (Dyczkowska, 2018). A leadership style based on autocracy is less likely to promote a culture of learning.
  • A laissez-faire: this leadership approach is one that "abdicates duties and avoids making decisions," as defined by Youssef (2007). Laissez-Faire leaders, in the authors' perspective, should stay out of the group's decision-making. For the most part, they delegate authority and let their employees make independent judgments on the job. Each individual is accountable for his or her own actions and decisions on how work is completed. Most leaders avoid making decisions themselves, relying instead on their subordinates to run their departments and avoiding direct involvement in the job they oversee (Chaudhry & Javed, 2012).
  • Transformational: An organization's future prosperity may be shaped by the leaders who take a transformational leadership stance and inspire, support, and drive their staff to think creatively and take initiative Luthans (2007). Employees are inspired to make innovations and implement the changes that will ensure the company's continued success thanks to the transformational leadership style.

7. Internal and external culture of innovation in reference to the company under study

Internal: An internally oriented business culture is one in which the organization's own systems, procedures, and people are prioritized above everything else. An organization's ability to improve, advance, and innovate depend on the strength of its innovation culture. The company concerned is always looking into new IT solutions to benefit their customers' businesses, and they are agile enough to implement them quickly.

Error management, encouraging new idea generation, fair idea evaluation, supporting curiosity, risk-taking, experimentation, reduced control, encouraging competition, a positive outlook on change, tolerance and constructive conflict management, and constructive confrontation are all behaviors that foster innovation.

External: Innovation is the source of a sustained competitive advantage and has a major effect on business outcomes, especially in today's highly competitive global market. It's the backbone of the economy, and it's what drives the industry's above-average earnings. Royal Finnish company's high R&D spending is not enough to spur innovation. A culture that encourages new ideas and a setting that nurtures creativity while removing roadblocks are also necessary. Culture's distinctive features, such as uncertainty, high degrees of risk, and unpredictability in innovation, explain why culture matters.

8. Resource

Components of product development, such as a "innovation champion," were also a component of the early phases of innovation management. Before anything else, the LCM software advancement stood out from the crowd by providing undeniable proof of its excellence in terms of the value it brought to clients via a string of analytics that revealed previously unseen patterns and trends. In this way, the benefit was quite great in comparison to the alternatives. Second, the interface was simplified and made as user-friendly as possible via extensive user testing to ensure that the innovations would not negatively impact the businesses of existing clients. Although target costing is still not well recognised in the industry, it has been embraced by many companies. Therefore, it was vital to the project's success to make the technology easy to use, as well as to teach professionals in the area to make the most of the new breakthroughs, and to keep the innovation as simple as possible. Third, in order to test out the new features and maybe win over some big fish as paying clients, we gave away some free licences and gave them a demo. As an added bonus, downloads of free software were made available to schools. To that end, it would be beneficial for today's students—the professionals of tomorrow—to get familiar with state-of-the-art software and hardware.

9. Business plan

The procedure for developing and planning new products: The process involves many different kinds of knowledge, strategies, tools, and people. The only consistent factor in this chain of events is product management. Beginning with ideation and brainstorming, product managers oversee all phases. They bring it into the world, see it grow, and then put it to rest permanently. Before digging extensively into any of the strategic phases, a thorough understanding of the whole product development process is required. These procedures may seem unrelated at first, yet they really complement one another. A faulty basis may lead to an unstable and poor future. Developing a product involves seven distinct strategic phases:

Prototyping: 1. Here, the primary goal is to learn that the product is necessary. Having gone through this process, the product team has a far deeper understanding of the problems encountered by potential customers and the user personas that the solution can serve. Without knowing who you're making your product for and the challenges you're solving for them, you have very little chance of finding product-market fit. A thought is refined via the process of gathering more information when a good idea and a clear understanding of the fundamental problem have been attained.

  1. Market research: Prioritization is improved with the use of surveys and aggregated data, which may uncover trends and help determine the total addressable market. Meanwhile, qualitative research may be useful for helping product teams understand the "why" behind the solution. Having in-depth conversations by way of one-on-one interviews and focus groups. Using these methods breathes new energy and kindness into the scientific method. A further benefit is that they push us to rethink established truths. To learn more, please see the Interviewing Customers Guide. For optimal results, include customer feedback in the product roadmap.
  2. R&D: The effectiveness of every program depends on how well it is put into action, and that action calls for guidance and instruction. Fixing faults and adding features to keep up with new needs may be a significant time and resource drain, especially if unmet requirements lead to a rewriting of the product.
  3. Promotion: The marketing team's goal should be to get people talking about the product and interested in buying it before it ever hits the shelves. To factor in the identified voids during prioritization and product road planning, they are recorded in the product backlog.
  4. launch: Key performance indicators, outputs, and goals will all evolve as the product develops and matures. Having a central theme helps keep everyone and everything on track and working toward the same goals. This method still leaves room for the implementation team to make adjustments as necessary when utilized within an Agile framework. As the company specializes in high-end software and technology, there has been a recent push for faster iteration, planning, and response times.
  5. closure: The need for a solution that was once critical has also diminished. This is due to the fact that the problem is no longer urgent and a solution is not required at this time. There are, however, additional consequences when a long-running service is discontinued.

10. Involving Stakeholders of innovation

Providing financial incentives to offset costs is the simplest method to encourage stakeholders to collaborate on innovations. Investments in time, energy, knowledge, and skill, as well as the assumption of development risks, are typical examples of the kinds of costs incurred while working with others to create novel products. However, stakeholders typically see financial compensation as insufficient for their efforts when it comes to co-creating inventions. It is challenging to quantify and fairly compensate for shared information. Many times, financial incentives are not enough to get people to work together on new inventions. There is a risk that the final product or service may not meet the needs of the target audience while new innovations are being developed. Motivating people to take part in such initiatives should be facilitated emphasizing using how risk is mitigated via the co-creation of innovations. For example, the typical time frame for our company to get from concept to shelves was 12 months. It took long to develop.

11. Two cultures of innovation (a review)

  1. Fostering respectful discussion and consensus building inside the workplace. Despite initial perceptions, a culture of creativity requires a variety of perspectives and ideas. RF company has an innovation team for market research and need generation and then conceptualization sessions on regular basis
  1. Improving processes and coming up with new solutions to the most pressing issues affecting RF company is essential to build a sustainable innovation infrastructure. Prioritizing innovation with timeliness, affordability, and quality is the code.

12. Review of two innovative best practices

  1. By presenting and testing new ideas with a small audience, the company is able to quickly make adjustments to its platform as they learn what works and what doesn't. In turn, this expedites the creation of new products and ensures that the company is always heading on the correct path.
  1. By knowing what our consumers want and are ready to pay for, and where we need to put in more time and effort into market research and product design than our competitors who are more acquainted with the industry is the wining culture of RF.

13. Cost Benefit Analysis

Cost Benefit Analysis

= $280,000 / $ 200,000

Benefit-Cost Ratio = 1.40

As the benefit-cost ratio is positive (the total benefits due to innovation is greater than the total cost), the company should go ahead with the expansion of the project and hire new employees and develop new product as that will be beneficial for the company.


  • Thompson, J. and Martin, F. (2005) Strategic management: awareness and change. London: Thomson Publishing.
  • Software Product Portfolio Management: Towards improvement of current practice (2011).
  • Valeriu, C. (2011) “PRODUCT PORTFOLIO ANALYSIS - ARTHUR D. LITTLE MATRIX,” Annals of Faculty of Economics, 1, pp. 754–760.
  • Wensley, R. (1994) “Making better decisions: The challenge of marketing strategy techniques”,” International Journal of Research in Marketing. Amsterdam, 11.
  • Wheelen, T. and Hunger, D. (2006) Strategic Management and Business Policy -Concepts and Cases. Upper Saddle River: Pearson/Prentice Hall.


2. Leadership & innovation

1. My leadership Score

My leadership Score

2. Analysis of output

  1. Its Good can be developed by practice and not to be changed. It’s good for RF-Company

Democratic, Consultative Administration

  1. In this method, the leader serves as the driving force behind the team's direction, influences their deliberations, and ultimately makes the call. They methodically consult their staff since they know that the staff may have useful input on an issue or procedure. As a consequence, they expect to get suggestions and ideas that cannot be one person’s brainchild. And, need not to work, take decisions, and solve problems alone. It reduces resistance to change during innovation and increases group cohesiveness. The key is to handle disagreements sportingly and build that culture. The mission is to create a society where respectful to disagreement and it is encouraged. Disagreements gives birth to logical brainstorming enhancing creativity and innovation.

Section 3

3. Strategic formulation& Solution and analysis of the process

1. Develop and apply at least two strategies

Description of the strategy

How will you
develop the

How will you
apply the

How does the

Train staff in creative
thinking, critical
thinking and problem

Focus on previous issues from a different team and analyse it to develop a topic of group discussion and brainstorming session

Those problems are placed in training with a related case-study analysis and then requested to present the solution

It improves logical thinking, management ideas and team cohesiveness

Reward employees for
new ideas

RF has a regular innovation session and hv several voluntary and official teams.

The training sessions and real performances are evaluated and in both case they are rewarded with vouchers

It motivates idea generation and welcomes innovation

2. Establish at least two processes/systems in your organization

Description of

Details of

How do
support innovation
and confirm
awareness of
contributions to

How will I
monitor the

Training for innovation




Innovation meeting

Real situation


Be a part of the session and promote mutual learning

  1. Plan to communicate with stakeholders

What must I

Who will I
communicate to?

How will I

resource will
I provide?

Promote and
Share innovation

Shareholders (CEO) &

Team Members

To seniors by mail and to team in a open discussion

The need & the concept

introduce and
promote creative

GD, Brainstorming,

Storyboarding and


In meetings or by mails

The need & the concept

Introduce and
products and/or
(established in the
previous question).

They are able to approach the issue or opportunity from a different perspective and, as a result, develop novel solutions via role play. Second, by putting yourself in the shoes of a different character, you may get insight into how they might tackle the issue at hand.

Training & meeting

The need & the concept

  1. Summarise your communication with stakeholder(s)

Meeting Minutes


3rd January 2020


Pohjoisranta, Finn Land

Meeting Time

10:45 am


Head Operations

Minute Taker

 Portfolio manager (myself)


Project team of PLC




Amendment in product for efficiency enhancement

Agenda Items

Notes and Actions

Increased productivity

Check the bug forming a team and fix them within 6-7 days

Minimized errors

Frequent testing and no usage of shadow process

Reduced operational costs

Parallel teams formation and virtual teams involved

Increased flexibility to changes

Process redesign, identify a stakeholder for each KPI

5. Reduce cost

1.1 implemented: Implemented the process successfully, the first stage is to get buy-in from all stakeholders of the process.
1.2 adherence to process/system: Performance, errors, and other critical functions wear tracked by polling. It If it is removed, the yearly cost of maintenance for the system and the effort required to keep it functioning could likelybe decrease. Now that they have reached maturity, run book automation solutions may speed up many mundane but necessary IT processes. That includes pretty much everything in the realm of information technology when there is a clear sequence of actions to do. Examine the ways in which these goods may aid in cost reduction and efficiency.

6. Plan to generate innovate ideas for your organization in collaboration with relevant stakeholders

Stakeholder 1: Head operations from management side

To meet: Head operations

Will meet :Port-folio manager (may be Scrum Master)

Issues to be discussed

· Reduction operational costs

· Increased flexibility of the product

creative thinking techniques
and tools to
generate solutions

Brain storming: use personal pad and then seat for discussion

Inclusion of critical thinking

Write the ideas, collaborate, contrast and combine. Critical think each and choose the suitable option

Processes to be inclusive, collaborative
and seek the perspectives

· Filling up the top header row and the first column with the same concept, and then continuing down the top and along the column.

· Collect suggestions from everyone in team and plot them in a grid.

· Combining thoughts from across the rows and down the columns.

· Discovering the way, as well as any potential substitutes.

What to negotiate

· budget

· expenses using checkpoints

· change control systems

· time management

· Tracking earned value

Negotiation techniques to be used

· Home work-information is power

· Listener-After people get to say what they prepared in mind they listens with open mind

· Collaborate to win-win

Process evaluation of the solutions

Survey with questionnaire.

Will the timeline for implementation be reasonable?

Is it practical from a financial, dependable, and time-frame perspective?

In what ways do you think this will improve resource efficiency?

Are able to adjust to new and changing circumstances?

How low do you rate its risks?

Will it be helpful for the company? Which option is preferred?

Process of feedback

Interview with question

whether agreement can be reached?

Was it a smart one?

 Does it work well and save time?

has it ought able to make the parties' relationship better?

Was it a win-win?

Does it benefit the primary objective?

Stakeholder 2: Project-team-supervisor from employee side

To meet: Supervisor of team

Will meet :Port-folio manager (may be Scrum Master)

Issues to be discussed

· Reduction operational costs

· Increased flexibility of the product

creative thinking techniques
and tools to
generate solutions

Brain storming: use personal pad and then seat for discussion

Inclusion of critical thinking

Write the ideas, collaborate, contrast and combine. Critical think each and choose the suitable option

Processes to be inclusive, collaborative
and seek the perspectives

· Filling up the top header row and the first column with the same concept, and then continuing down the top and along the column.

· Collect suggestions from everyone in team and plot them in a grid.

· Combining thoughts from across the rows and down the columns.

· Discovering the way, as well as any potential substitutes.

What to negotiate

· budget

· expenses using checkpoints

· change control systems

· time management

· Tracking earned value

Negotiation techniques to be used

· Home work-information is power

· Listener-After people get to say what they prepared in mind they listen with open mind

· Collaborate to win-win

Process evaluation of the solutions

Survey with questionnaire.

Will the timeline for implementation be reasonable?

Is it practical from a financial, dependable, and time-frame perspective?

In what ways do you think this will improve resource efficiency?

Are able to adjust to new and changing circumstances?

How low do you rate its risks?

Will it be helpful for the company? Which option is preferred?

Process of feedback

Interview with question

whether agreement can be reached?

Was it a smart one?

 Does it work well and save time?

has it ought able to make the parties' relationship better?

Was it a win-win?

Does it benefit the primary objective?

3.Outcomes of meeting

  • No ambiguity remains
  • There is an air of assurance.
  • Everyone has a plan of action.
  • Every member of the team trusts the others, receives positive reinforcement for their ideas, and feels safe voicing their opinions.
  • Meeting attendees report feeling revitalised afterward.
  1. 4. Feedback from stakeholders

What did stakeholders like about the
idea generation/evaluation

The constraints were openly discussed and solved out with proper plans

What did the stakeholders NOT like
about the idea
generation/evaluation process?

Time was a constraint in the meeting and cost was not lowered but rationalized

What improvements for future idea
generation and evaluation sessions
have been suggested?

Involvement & engagement should be increased

5.Complete the table below to identify, evaluate and manage at least two risks
associated with the option you selected as part of your stakeholder meeting in
the previous question.



(scale of 1 – 4)

(scale of
1 – 4)

Risk rating
(severity x



Willingness to accept

Meeting will fail




· Need to do Homework

· Prior data analysis

· Be informative

A strong R&D cell

The possibility of an outcome that is negative or does not meet

The productivity will decrease and might impact relationship




Provide all data required to prove the point and to win the negotiation with confidence

A proper leadership and negotiating skill with iron emotional balance

  • Analyse and reflect on your own innovative performance:

6.1 Performance: Involvement was good. Outcome was clear. Every member of the team trusts the others, receives positive reinforcement for their ideas, and feels safe voicing their opinions.

6.2 Evaluation: The constraints were openly discussed and solved out with proper plans

6.3 Prospect: Each meeting should be held with more time in hand. Now the agenda and prospective time is calculated before making appointment

7 Make improvements considering the feedback from stakeholders and your own personal analysis:
7.1 Develop :Time management
7.2 Change: A last minute change was incorporated which was not proper. From next meeting it will be strongly discouraged

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