FutureMed is a company that deals with healthcare products. This company deals with the supply of medical products to its target market. The company has a distinct strategy of the market that server to its competitive advantage and its sustainability.
The Market Structure of an organization alludes to the qualities of the market either authoritative or aggressive, that portrays the idea of rivalry and the evaluating strategy followed in the market.
In this case, the company has delegated the role of facilitating innovation to the specific manager who oversees the process and its success. Innovation is done through the use of data from the organization’s economic cooperation and internal development through striking degree to which successful innovation is spotted. The analysis of the company in the innovation perspective illuminates the specialization of
There are some different things that affect innovation and the major aspect is the location. Innovation management requires a broad overview of the company’s location (Jasi?ska-Biliczak 2016).
Organization innovation capacity refers to the ability of a company to commercialize and produce a constant flow of innovative technology. Picking R&D zone and regulating associations inside the affiliation isn’t driven by data costs, obligations, apportionments or even the wage rates for scientists and modelers, as they routinely appear to be. Or maybe, in futureMed, R&D theories is stream exceptionally to the territories with the best innovative point of confinement. Figuring out how to saddle and grow locational central focuses goes up against comparable weight with R&D process organization. Locational purposes of intrigue – built up in prohibitive information streams, excellent relationship with adjacent associations, and unique access to neighborhood establishments – are high grounds that are troublesome for untouchables to survive. They help clear up an apparent problem of globalization: Ideas and advances that can be gotten to at a partition can’t fill in as a foundation for high ground. Feasible organization of locational purposes of enthusiasm finally show more viable than essentially completing corporate recommended strategies.
In this case, we refer to factors that affect the performance of the company in line with the production of goods and services. Some of the factors that affect futuremed include the uncontrolled inflation-adjusted market value of goods and services provided by futuremed.
The market perspective of innovation is broadly defined considering the high competition thus requires a distinguished and detailed process that should enable the company to reach its target goals. There are different things that ought to be put into consideration in the innovation process based on the market segments. For futuremed, the process begins as follows;
The market segment in relation to the company portfolio is one of the major things that should relate to each other in order to establish a baseline for the innovation system. futuremed has mostly relied on the extraction and evaluation of the benefits of its products and uses the results to guide its innovation [process and ensures that it meets consumer expectations. External experts are used to making the evaluation in order to explore the potential new fields in the market that may be useful in the innovation process.
Futuremed uses its competences and the promotional functions of its products as compared to the lead innovation. This process helps the futuremed to identify the different departments and the specific technological leverages available.
Futuremed takes some external evaluation of the available industries in the market and all the relevant competencies. At this stage, market research is not done in terms of the size of the market or competitors rather, it is done in terms of the future analysis of the ability of the market to satisfy the consumer wants and also meet the expectations of the intended customers.
At this point, assuming that there are some newly discovered industries in the market, economic analysts of futuremed are engaged and fully involved in order to evaluate all the roles that the company can play and also facilitate the innovation process through its guidance and the management system overseeing the whole process.
At this point in the market segment, futuremed has some concrete discussions with the representatives of the industry regarding the market plans and all the factors within the market that lead to consumer satisfaction.
At this point, futuremed finalizes the whole process by making the final decision of committing itself into the innovation process or not. This is not an easy decision to make since it can cost the company more harm than good thus requires further analysis. The various responsible departments provide their analyzed reports on the different issues in the market segments and their recommendations and finally, the company decides on whether to start the innovation process.
This paper adds to the examination of the creativity of headway works out, as evaluated by total factor gainfulness, and explores its inside and outside determinants concentrating on its way subordinate qualities. The external conditions, specifically the idea of neighborhood learning pools and the nature of the Schumpeterian dispute, nearby within conditions (the real levels of dynamic capacities, as proxied by wage levels and firm size) apply a specific and confined effect upon the enduring introduction of advancements. An alternate change probability systems approach has been executed to get the surprising effects of external factors on whole deal advancement creativity. The empirical analysis of the dynamics of futuremed innovation system is based on the comparison of different transition probabilities of the company.
Innovation has different meanings and definitions as stated by different scholars. Basically, innovation refers to the process of creating new ideas, implementing devices and processes of business management and application of most appropriate solutions that will sustain the company’s main objective and enhance a sustainable competitive advantage. Companies, therefore, make part of their main objectives to be improving their managerial performance through innovation. Innovation is mostly directed to the competitive advantage of the company. This is achieved by facilitating consumer protection and customer satisfaction. In this case, there are different factors that affect the innovation process of a company. These factors are considered to be either internal or external.
The most profound internal factor affecting the organizational innovation process is the size of the organization. When the size of the organization is directly proportional to its major activities, then the innovation system tends to work more effectively but when the relationship is inversely proportional to the activities of the company, then the innovation process in most cases will fail. Basically, futuremed is a relatively big company that has distinct activities under different managerial departments that are entitled to the product promotion and innovation of systems (Lau 2015). This simply explains a positive relationship between the size of the organization and the activities carried out. This company is responsible for developing its own healthcare products in order to suit their intended customers. This gives the company a better reason to enhance and facilitate innovation (Ginter 2018).
Innovation is also affected by the employees’ relationship. It needs corporation in any company in order to facilitate the successful process of innovation in the company. The employees of this company have a professional relationship which allows them to handle all the procedures of all the critical activities of the company including the innovation process (Ginter 2018).
The major external factors that affect the organization’s innovation capacity include the industry concentration, macroeconomic factors, and the market structure of the organization. The organizations become successful in innovation when the market environment is favorable and the competitive advantage is towards the company. The structure of industries and their variation over time is also another factor that affects the company’s innovation system. The stability of the market enables a company to carry out its innovation process to its success. In the case where the market is not stable, it becomes less effective for a company to carry out its innovation system to success. In our case, futuremed has a very outstanding market environment where the stability is high thus enabling the company to make the innovation process more successful hence providing their customers with exceptional products and the best services. Futuremed is favored by the competition atmosphere which enhances its creativity and enhances quality control from time to time through innovation (Love 2015).
In order to enhance the innovation system of futuremed, the best recommendation for the company is to maximize the market structure and the production matrix basing the evaluation strategy on the product development cycle. This should enable the company to keep a stable innovation network within the organization and optimize the process to its successful end (Love 2015).
Innovation refers to the process by which new products are brought into existence from other existing products. It simply serves as the process of development. This process is achieved through the examination and evaluation of market segments and production matrices in order to enhance brand development. This means that a lot of research has to be done in order to evaluate which line the product development will take in line with the innovation process. In the process of innovation after the research is done and a conclusion reached after the re-evaluation of the process, different equipment and expertise are also required as the input of the whole process. Much of this depends on the technological advancements and implementation within the organization. Futuremed has the best devices and equipment that are used in the process of innovation. These equipment are based on high evolving technology that recreates new products in accordance with their demand in the market. The technology is used to close the market gap of the necessity of products in the healthcare department thus securing the company a sustainable competitive advantage over the competing companies (Cui 2015).
In futuremed, every decision that requires the attention of the management is done in a procedural manner. Innovation is done through a staged framework that enhances the success of the process. Futuremed takes the innovation process under five different stages each with distinct responsibilities.
At this stage, new ideas are created and mobilized. The two activities are done separately. First, the ideas are first created, then mobilization is done when the idea is based in a physical location. Mostly on devices or on medicines.
At this stage, futuremed is well aware that not all ideas that are put across are worth putting into action. It uses this stage to evaluate all the accruing benefits of the ideas presented and all the problems accompanying them. This stage is more detailed since it follows the management requirements and the procedures of the policies governing the innovation process and healthcare practice in order to make the innovation process successful. Employees use this stage to build on robust cultural practices within the organization. The different ideas are advocated for at this stage
At this stage, futuremed tests all the ideas that have gone through the second stage. Different researches in the innovation and management department analyze all the qualified ideas and base them in line with the company’s goals and consumer expectation. Basically, this stage tests the sustainability of the ideal in futuremed’s operational time. This stage remains constant all through the innovation process. At this stage, time serves to be very crucial since all the participating teams in the innovation process require time to conduct their experiments regarding the ideas processed. As we know the procedure of experiments, they require a lot of time to produce the result in order to draw conclusions from the result hence the reason for the stage being time couscous.
This is the fourth stage of the innovation process in futuremed which is determined to create the market value of an idea by extracting its possible potential impact on the organization. This stage ensures that only the innovative ideas that are realistic and of great help to the consumers will be revealed to them. The ideas revealed to the customers ought to be more appealing than the presiding ideas and this is done through combining different ideas and establishing a common base of interest for both the company and also the intended customers. This stage mainly deals with persuasion rather than the development of ideas.
This is the last stage of the process of innovation. Diffusion refers to the internal acceptance of an idea within the company while implementation refers to the process by which the innovation process is finalized through setting up everything that is required for the development and utilization of the process for the innovation results. In futuremed, the internal assessment and acceptance of the innovation idea take place at all levels of the company through the guidance of specific expertise that is in control of the innovation process. This stage allows futuremed to determine their future needs on their customers’ expectations (Cui 2015).
These refer to the different directions that the innovation process takes in futuremed. These directions are based on the companies’ interests as well as the interest of their customers. In futuremed, the innovation plan is broken down into different levels. The following are the different levels of innovations (Chuang 2017)
This refers to the products of futuremed that are low cost and can be engineered and be highly customized in order to suit the needs of the patients and serve them to the best of their capabilities.
This refers to the process by which futuremed computer devices are technologically advanced and improved, then later personalized to think and take actions like a human being but with a higher speed, less time and lower utilization of resources and most of all accuracy
This refers to the environments of futuremed that are simulated and are set to spontaneously increase the behavior change in patients within a more convenient and accessible environment.
This refers to the process by which futuremed conducts its treatments in a more advanced method with the intention of extending the survival chances of its patients, especially those suffering from cancer without the extra cost of traditionally done chemotherapy and unfavorable side effects (Chuang 2017).
References
Chuang, S.H. and Lin, H.N. “Performance implications of information-value offering in e-service systems: Examining the resource-based perspective and innovation strategy.” The Journal of Strategic Information Systems, 2017: 22-38.
Cui, T., Ye, H.J., Teo, H.H. and Li, J. ” Information technology and open innovation: A strategic alignment perspective.” Information & Management, 2015: 348-358.
Ginter, P.M., Duncan, W.J. and Swayne, L.E. The strategic management of healthcare organizations. John Wiley & Sons, 2018.
Jasi?ska-Biliczak, A., Kowal, J. and Hafner, J. Innovative Capacity in Small Regional Enterprises in Transition Economies: An Exploratory Study in Poland. Routledge, 2016.
Lau, A.K. and Lo, W. “Regional innovation system, absorptive capacity and innovation performance: An empirical study. .” Technological Forecasting and Social Change, 2015: 99-114.
Love, J.H. and Roper, S. “SME innovation, exporting and growth: A review of existing evidence. .” International small business journal, 2015: 28-48.
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