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Strategic Management of Innovation Focusing on Confluence of Continuity and Change
Abstract
Production of world-class products and services amidst inevitable changes in business situations calls for a continual balance across current and future areas of focus. While innovation is accepted as an imperative, managing innovation effectively now, more than ever before, calls for a dynamic strategy to manage the resultant diverse forces that are in play at any point of time. The continuity forces, represented largely by elements denoting stability, such as an assured market base, access to technological and financial resources and availability of human capital, need to be balanced constantly versus change forces, represented by agents such as technology changes, environment changes and customer preferences. Literature survey indicates that successful organizations have demonstrated capabilities in adopting effective strategies to meet these different conditions. The attempt is to present the patterns and trends of research on both continuity and change management aspects, particularly in the context of management of innovation. While it has been possible to highlight only some of the exemplary work, the paper identifies significant gaps in research in this context and suggests a practical framework to address this issue.
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