How to Lead Innovation: 7 Tasks for Innovation-Focused Executives SWOT Analysis / TOWS Matrix / Weighted SWOT Analysis
Leadership & Managing People
Strategy / MBA Resources
Case Study SWOT Analysis Solution
Case Study Description of How to Lead Innovation: 7 Tasks for Innovation-Focused Executives
Without realizing it, even well-managed companies versed in modern practices can generate an environment that is hostile to innovation. As a result, the authors argue that large companies need to have a distinct Innovation Unit, headed up by a senior executive who reports directly to the CEO. They provide a framework for designing the mission and scope for an in-house Innovation Unit, anchored by seven key tasks for the firm's innovation leader, including 'scanning for best practices' and 'designing shelter for innovations'.
Swot Analysis of "How to Lead Innovation: 7 Tasks for Innovation-Focused Executives" written by Alessandro Di Fiore, Elisa Farri includes – strengths weakness that are internal strategic factors of the organization, and opportunities and threats that Innovation Tasks facing as an external strategic factors. Some of the topics covered in How to Lead Innovation: 7 Tasks for Innovation-Focused Executives case study are - Strategic Management Strategies, Leadership, Organizational culture and Leadership & Managing People.
Some of the macro environment factors that can be used to understand the How to Lead Innovation: 7 Tasks for Innovation-Focused Executives casestudy better are - – there is backlash against globalization, increasing household debt because of falling income levels, talent flight as more people leaving formal jobs, banking and financial system is disrupted by Bitcoin and other crypto currencies, customer relationship management is fast transforming because of increasing concerns over data privacy, increasing energy prices, increasing transportation and logistics costs,
challanges to central banks by blockchain based private currencies, cloud computing is disrupting traditional business models, etc
Introduction to SWOT Analysis of How to Lead Innovation: 7 Tasks for Innovation-Focused Executives
SWOT stands for an organization’s Strengths, Weaknesses, Opportunities and Threats . At Oak Spring University , we believe that protagonist in How to Lead Innovation: 7 Tasks for Innovation-Focused Executives case study can use SWOT analysis as a strategic management tool to assess the current internal strengths and weaknesses of the Innovation Tasks, and to figure out the opportunities and threats in the macro environment – technological, environmental, political, economic, social, demographic, etc in which Innovation Tasks operates in.
According to Harvard Business Review, 75% of the managers use SWOT analysis for various purposes such as – evaluating current scenario, strategic planning, new venture feasibility, personal growth goals, new market entry, Go To market strategies, portfolio management and strategic trade-off assessment, organizational restructuring, etc.
SWOT Objectives / Importance of SWOT Analysis and SWOT Matrix
SWOT analysis of How to Lead Innovation: 7 Tasks for Innovation-Focused Executives can be done for the following purposes –
1. Strategic planning using facts provided in How to Lead Innovation: 7 Tasks for Innovation-Focused Executives case study
2. Improving business portfolio management of Innovation Tasks
3. Assessing feasibility of the new initiative in Leadership & Managing People field.
4. Making a Leadership & Managing People topic specific business decision
5. Set goals for the organization
6. Organizational restructuring of Innovation Tasks
Strengths How to Lead Innovation: 7 Tasks for Innovation-Focused Executives | Internal Strategic Factors
What are Strengths in SWOT Analysis / TOWS Matrix / Weighted SWOT Analysis
The strengths of Innovation Tasks in How to Lead Innovation: 7 Tasks for Innovation-Focused Executives Harvard Business Review case study are -
Low bargaining power of suppliers
– Suppliers of Innovation Tasks in the sector have low bargaining power. How to Lead Innovation: 7 Tasks for Innovation-Focused Executives has further diversified its suppliers portfolio by building a robust supply chain across various countries. This helps Innovation Tasks to manage not only supply disruptions but also source products at highly competitive prices.
Superior customer experience
– The customer experience strategy of Innovation Tasks in the segment is based on four key concepts – personalization, simplification of complex needs, prompt response, and continuous engagement.
Analytics focus
– Innovation Tasks is putting a lot of focus on utilizing the power of analytics in business decision making. This has put it among the leading players in the industry. The technology infrastructure suggested by Alessandro Di Fiore, Elisa Farri can also help it to harness the power of analytics for – marketing optimization, demand forecasting, customer relationship management, inventory management, information sharing across the value chain etc.
Digital Transformation in Leadership & Managing People segment
- digital transformation varies from industry to industry. For Innovation Tasks digital transformation journey comprises differing goals based on market maturity, customer technology acceptance, and organizational culture. Innovation Tasks has successfully integrated the four key components of digital transformation – digital integration in processes, digital integration in marketing and customer relationship management, digital integration into the value chain, and using technology to explore new products and market opportunities.
Ability to recruit top talent
– Innovation Tasks is one of the leading recruiters in the industry. Managers in the How to Lead Innovation: 7 Tasks for Innovation-Focused Executives are in a position to attract the best talent available. The firm has a robust talent identification program that helps in identifying the brightest.
Operational resilience
– The operational resilience strategy in the How to Lead Innovation: 7 Tasks for Innovation-Focused Executives Harvard Business Review case study comprises – understanding the underlying the factors in the industry, building diversified operations across different geographies so that disruption in one part of the world doesn’t impact the overall performance of the firm, and integrating the various business operations and processes through its digital transformation drive.
High switching costs
– The high switching costs that Innovation Tasks has built up over years in its products and services combo offer has resulted in high retention of customers, lower marketing costs, and greater ability of the firm to focus on its customers.
Cross disciplinary teams
– Horizontal connected teams at the Innovation Tasks are driving operational speed, building greater agility, and keeping the organization nimble to compete with new competitors. It helps are organization to ideate new ideas, and execute them swiftly in the marketplace.
Strong track record of project management
– Innovation Tasks is known for sticking to its project targets. This enables the firm to manage – time, project costs, and have sustainable margins on the projects.
Sustainable margins compare to other players in Leadership & Managing People industry
– How to Lead Innovation: 7 Tasks for Innovation-Focused Executives firm has clearly differentiated products in the market place. This has enabled Innovation Tasks to fetch slight price premium compare to the competitors in the Leadership & Managing People industry. The sustainable margins have also helped Innovation Tasks to invest into research and development (R&D) and innovation.
Successful track record of launching new products
– Innovation Tasks has launched numerous new products in last few years, keeping in mind evolving customer preferences and competitive pressures. Innovation Tasks has effective processes in place that helps in exploring new product needs, doing quick pilot testing, and then launching the products quickly using its extensive distribution network.
Innovation driven organization
– Innovation Tasks is one of the most innovative firm in sector. Manager in How to Lead Innovation: 7 Tasks for Innovation-Focused Executives Harvard Business Review case study can use Clayton Christensen Disruptive Innovation strategies to further increase the scale of innovtions in the organization.
Weaknesses How to Lead Innovation: 7 Tasks for Innovation-Focused Executives | Internal Strategic Factors
What are Weaknesses in SWOT Analysis / TOWS Matrix / Weighted SWOT Analysis
The weaknesses of How to Lead Innovation: 7 Tasks for Innovation-Focused Executives are -
High cash cycle compare to competitors
Innovation Tasks has a high cash cycle compare to other players in the industry. It needs to shorten the cash cycle by 12% to be more competitive in the marketplace, reduce inventory costs, and be more profitable.
Aligning sales with marketing
– It come across in the case study How to Lead Innovation: 7 Tasks for Innovation-Focused Executives that the firm needs to have more collaboration between its sales team and marketing team. Sales professionals in the industry have deep experience in developing customer relationships. Marketing department in the case How to Lead Innovation: 7 Tasks for Innovation-Focused Executives can leverage the sales team experience to cultivate customer relationships as Innovation Tasks is planning to shift buying processes online.
High dependence on existing supply chain
– The disruption in the global supply chains because of the Covid-19 pandemic and blockage of the Suez Canal illustrated the fragile nature of Innovation Tasks supply chain. Even after few cautionary changes mentioned in the HBR case study - How to Lead Innovation: 7 Tasks for Innovation-Focused Executives, it is still heavily dependent upon the existing supply chain. The existing supply chain though brings in cost efficiencies but it has left Innovation Tasks vulnerable to further global disruptions in South East Asia.
Compensation and incentives
– The revenue per employee as mentioned in the HBR case study How to Lead Innovation: 7 Tasks for Innovation-Focused Executives, is just above the industry average. Innovation Tasks needs to redesign the compensation structure and incentives to increase the revenue per employees. Some of the steps that it can take are – hiring more specialists on project basis, etc.
Skills based hiring
– The stress on hiring functional specialists at Innovation Tasks has created an environment where the organization is dominated by functional specialists rather than management generalist. This has resulted into product oriented approach rather than marketing oriented approach or consumers oriented approach.
Slow to harness new channels of communication
– Even though competitors are using new communication channels such as Instagram, Tiktok, and Snap, Innovation Tasks is slow explore the new channels of communication. These new channels of communication mentioned in marketing section of case study How to Lead Innovation: 7 Tasks for Innovation-Focused Executives can help to provide better information regarding products and services. It can also build an online community to further reach out to potential customers.
High operating costs
– Compare to the competitors, firm in the HBR case study How to Lead Innovation: 7 Tasks for Innovation-Focused Executives has high operating costs in the. This can be harder to sustain given the new emerging competition from nimble players who are using technology to attract Innovation Tasks 's lucrative customers.
High bargaining power of channel partners
– Because of the regulatory requirements, Alessandro Di Fiore, Elisa Farri suggests that, Innovation Tasks is facing high bargaining power of the channel partners. So far it has not able to streamline the operations to reduce the bargaining power of the value chain partners in the industry.
Workers concerns about automation
– As automation is fast increasing in the segment, Innovation Tasks needs to come up with a strategy to reduce the workers concern regarding automation. Without a clear strategy, it could lead to disruption and uncertainty within the organization.
Employees’ incomplete understanding of strategy
– From the instances in the HBR case study How to Lead Innovation: 7 Tasks for Innovation-Focused Executives, it seems that the employees of Innovation Tasks don’t have comprehensive understanding of the firm’s strategy. This is reflected in number of promotional campaigns over the last few years that had mixed messaging and competing priorities. Some of the strategic activities and services promoted in the promotional campaigns were not consistent with the organization’s strategy.
Slow decision making process
– As mentioned earlier in the report, Innovation Tasks has a very deliberative decision making approach. This approach has resulted in prudent decisions, but it has also resulted in missing opportunities in the industry over the last five years. Innovation Tasks even though has strong showing on digital transformation primary two stages, it has struggled to capitalize the power of digital transformation in marketing efforts and new venture efforts.
Opportunities How to Lead Innovation: 7 Tasks for Innovation-Focused Executives | External Strategic Factors
What are Opportunities in the SWOT Analysis / TOWS Matrix / Weighted SWOT Analysis
The opportunities highlighted in the Harvard Business Review case study How to Lead Innovation: 7 Tasks for Innovation-Focused Executives are -
Better consumer reach
– The expansion of the 5G network will help Innovation Tasks to increase its market reach. Innovation Tasks will be able to reach out to new customers. Secondly 5G will also provide technology framework to build new tools and products that can help more immersive consumer experience and faster consumer journey.
Manufacturing automation
– Innovation Tasks can use the latest technology developments to improve its manufacturing and designing process in Leadership & Managing People segment. It can use CAD and 3D printing to build a quick prototype and pilot testing products. It can leverage automation using machine learning and artificial intelligence to do faster production at lowers costs, and it can leverage the growth in satellite and tracking technologies to improve inventory management, transportation, and shipping.
Developing new processes and practices
– Innovation Tasks can develop new processes and procedures in Leadership & Managing People industry using technology such as automation using artificial intelligence, real time transportation and products tracking, 3D modeling for concept development and new products pilot testing etc.
Building a culture of innovation
– managers at Innovation Tasks can make experimentation a productive activity and build a culture of innovation using approaches such as – mining transaction data, A/B testing of websites and selling platforms, engaging potential customers over various needs, and building on small ideas in the Leadership & Managing People segment.
Use of Bitcoin and other crypto currencies for transactions
– The popularity of Bitcoin and other crypto currencies as asset class and medium of transaction has opened new opportunities for Innovation Tasks in the consumer business. Now Innovation Tasks can target international markets with far fewer capital restrictions requirements than the existing system.
Leveraging digital technologies
– Innovation Tasks can leverage digital technologies such as artificial intelligence and machine learning to automate the production process, customer analytics to get better insights into consumer behavior, realtime digital dashboards to get better sales tracking, logistics and transportation, product tracking, etc.
Loyalty marketing
– Innovation Tasks has focused on building a highly responsive customer relationship management platform. This platform is built on in-house data and driven by analytics and artificial intelligence. The customer analytics can help the organization to fine tune its loyalty marketing efforts, increase the wallet share of the organization, reduce wastage on mainstream advertising spending, build better pricing strategies using personalization, etc.
Lowering marketing communication costs
– 5G expansion will open new opportunities for Innovation Tasks in the field of marketing communication. It will bring down the cost of doing business, provide technology platform to build new products in the Leadership & Managing People segment, and it will provide faster access to the consumers.
Low interest rates
– Even though inflation is raising its head in most developed economies, Innovation Tasks can still utilize the low interest rates to borrow money for capital investment. Secondly it can also use the increase of government spending in infrastructure projects to get new business.
Harnessing reconfiguration of the global supply chains
– As the trade war between US and China heats up in the coming years, Innovation Tasks can build a diversified supply chain model across various countries in - South East Asia, India, and other parts of the world. This reconfiguration of global supply chain can help, as suggested in case study, How to Lead Innovation: 7 Tasks for Innovation-Focused Executives, to buy more products closer to the markets, and it can leverage its size and influence to get better deal from the local markets.
Redefining models of collaboration and team work
– As explained in the weaknesses section, Innovation Tasks is facing challenges because of the dominance of functional experts in the organization. How to Lead Innovation: 7 Tasks for Innovation-Focused Executives case study suggests that firm can utilize new technology to build more coordinated teams and streamline operations and communications using tools such as CAD, Zoom, etc.
Finding new ways to collaborate
– Covid-19 has not only transformed business models of companies in Leadership & Managing People industry, but it has also influenced the consumer preferences. Innovation Tasks can tie-up with other value chain partners to explore new opportunities regarding meeting customer demands and building a rewarding and engaging relationship.
Increase in government spending
– As the United States and other governments are increasing social spending and infrastructure spending to build economies post Covid-19, Innovation Tasks can use these opportunities to build new business models that can help the communities that Innovation Tasks operates in. Secondly it can use opportunities from government spending in Leadership & Managing People sector.
Threats How to Lead Innovation: 7 Tasks for Innovation-Focused Executives External Strategic Factors
What are Threats in the SWOT Analysis / TOWS Matrix / Weighted SWOT Analysis
The threats mentioned in the HBR case study How to Lead Innovation: 7 Tasks for Innovation-Focused Executives are -
Backlash against dominant players
– US Congress and other legislative arms of the government are getting tough on big business especially technology companies. The digital arm of Innovation Tasks business can come under increasing regulations regarding data privacy, data security, etc.
Shortening product life cycle
– it is one of the major threat that Innovation Tasks is facing in Leadership & Managing People sector. It can lead to higher research and development costs, higher marketing expenses, lower customer loyalty, etc.
Regulatory challenges
– Innovation Tasks needs to prepare for regulatory challenges as consumer protection groups and other pressure groups are vigorously advocating for more regulations on big business - to reduce inequality, to create a level playing field, to product data privacy and consumer privacy, to reduce the influence of big money on democratic institutions, etc. This can lead to significant changes in the Leadership & Managing People industry regulations.
Instability in the European markets
– European Union markets are facing three big challenges post Covid – expanded balance sheets, Brexit related business disruption, and aggressive Russia looking to distract the existing security mechanism. Innovation Tasks will face different problems in different parts of Europe. For example it will face inflationary pressures in UK, France, and Germany, balance sheet expansion and demand challenges in Southern European countries, and geopolitical instability in the Eastern Europe.
New competition
– After the dotcom bust of 2001, financial crisis of 2008-09, the business formation in US economy had declined. But in 2020 alone, there are more than 1.5 million new business applications in United States. This can lead to greater competition for Innovation Tasks in the Leadership & Managing People sector and impact the bottomline of the organization.
Stagnating economy with rate increase
– Innovation Tasks can face lack of demand in the market place because of Fed actions to reduce inflation. This can lead to sluggish growth in the economy, lower demands, lower investments, higher borrowing costs, and consolidation in the field.
Increasing wage structure of Innovation Tasks
– Post Covid-19 there is a sharp increase in the wages especially in the jobs that require interaction with people. The increasing wages can put downward pressure on the margins of Innovation Tasks.
Aging population
– As the populations of most advanced economies are aging, it will lead to high social security costs, higher savings among population, and lower demand for goods and services in the economy. The household savings in US, France, UK, Germany, and Japan are growing faster than predicted because of uncertainty caused by pandemic.
Easy access to finance
– Easy access to finance in Leadership & Managing People field will also reduce the barriers to entry in the industry, thus putting downward pressure on the prices because of increasing competition. Innovation Tasks can utilize it by borrowing at lower rates and invest it into research and development, capital expenditure to fortify its core competitive advantage.
Barriers of entry lowering
– As technology is more democratized, the barriers to entry in the industry are lowering. It can presents Innovation Tasks with greater competitive threats in the near to medium future. Secondly it will also put downward pressure on pricing throughout the sector.
Learning curve for new practices
– As the technology based on artificial intelligence and machine learning platform is getting complex, as highlighted in case study How to Lead Innovation: 7 Tasks for Innovation-Focused Executives, Innovation Tasks may face longer learning curve for training and development of existing employees. This can open space for more nimble competitors in the field of Leadership & Managing People .
High dependence on third party suppliers
– Innovation Tasks high dependence on third party suppliers can disrupt its processes and delivery mechanism. For example -the current troubles of car makers because of chip shortage is because the chip companies started producing chips for electronic companies rather than car manufacturers.
Capital market disruption
– During the Covid-19, Dow Jones has touched record high. The valuations of a number of companies are way beyond their existing business model potential. This can lead to capital market correction which can put a number of suppliers, collaborators, value chain partners in great financial difficulty. It will directly impact the business of Innovation Tasks.
Weighted SWOT Analysis of How to Lead Innovation: 7 Tasks for Innovation-Focused Executives Template, Example
Not all factors mentioned under the Strengths, Weakness, Opportunities, and Threats quadrants in the SWOT Analysis are equal. Managers in the HBR case study How to Lead Innovation: 7 Tasks for Innovation-Focused Executives needs to zero down on the relative importance of each factor mentioned in the Strengths, Weakness, Opportunities, and Threats quadrants.
We can provide the relative importance to each factor by assigning relative weights. Weighted SWOT analysis process is a three stage process –
First stage for doing weighted SWOT analysis of the case study How to Lead Innovation: 7 Tasks for Innovation-Focused Executives is to rank the strengths and weaknesses of the organization. This will help you to assess the most important strengths and weaknesses of the firm and which one of the strengths and weaknesses mentioned in the initial lists are marginal and can be left out.
Second stage for conducting weighted SWOT analysis of the Harvard case study How to Lead Innovation: 7 Tasks for Innovation-Focused Executives is to give probabilities to the external strategic factors thus better understanding the opportunities and threats arising out of macro environment changes and developments.
Third stage of constructing weighted SWOT analysis of How to Lead Innovation: 7 Tasks for Innovation-Focused Executives is to provide strategic recommendations includes – joining likelihood of external strategic factors such as opportunities and threats to the internal strategic factors – strengths and weaknesses. You should start with external factors as they will provide the direction of the overall industry. Secondly by joining probabilities with internal strategic factors can help the company not only strategic fit but also the most probably strategic trade-off that Innovation Tasks needs to make to build a sustainable competitive advantage.
