This task requires you to act as an innovation consultant to a large corporate company. Please select an organization of your choice from BCG’s 2022 Top 50 Most Innovative Companies. Links to an external site.
You have been asked by the top management team of your chosen organization to provide a strategic analysis as well as two solutions that allow the organization to build or expand an open innovation ecosystem.
You can recommend solutions around any aspect of the organization: product, process or business model, or a combination thereof.
Applying the concepts and frameworks discussed in the subject, your proposal should explicate:
What are the results and insights of your research and strategic analysis?
What are the two innovative solutions you recommend to the organization?
Why are these solutions likely to aid the organization in building or expanding its open innovation ecosystem?
This means you study the innovation concepts and analytical frameworks covered via the online learning modules and discussed in class, apply them to your case study context and prepare a report on it.
Present your proposal in the form of a business report with well-researched and logical content presented in suitable sections, language and style along with references, supporting tables and figures. You are expected to draw upon a wide range of robust and relevant sources (both academic literature and business reports), with a minimum of 10 references (minimum of 5 peer-reviewed sources: books, book chapters, or peer-reviewed journal articles). Images, photos, graphs, charts and other supporting materials can be used, but should be acknowledged in the text.
Length is 2000 words (+/- 10% excluding references, figures and tables).
How to conduct strategic analysis to develop innovative solutions?
The key types of strategic analysis to work on include:
(A) Customer analysis based on Value Proposition Canvas to uncover the customer and/or user profile, unmet needs, user preferences, buyer behaviours in the market
(B) Macro Environmental Analysis based on PESTEL analysis to scan and map mega-trends in the broader external environment eg. consumer and technology trends, issues, risks etc. that pose opportunities and threats
(C) Micro Environmental Analysis based on Porter's 5 Forces to scan and map industry forces, industry structure, industry trend analysis, relevant technology adaptations, industry benchmarking, etc.
(D) Competitive analysis based on Competitor Matrix to map other competitors, and compare competitive strength and weaknesses, competitor profiles, competitor vs own core capabilities, resource advantages, etc.
(E) Market analysis and segmentation incl. size and shape of the market(s), market segments, and channels, pricing, pricing sensitivity analysis, etc.
(F) Current State Analysis incl. current value chain analysis, vertical/horizontal integration, core competencies, innovation and management capabilities, strength and weaknesses, etc.
(G) Capability analysis to infer and distil the internal resources, competences and capabilities of the organization that gives it a competitive edge in the current market
Synthesis and Recommendations:
Consolidate insights from External and Internal Analysis based on SWOT Analysis to uncover future options for innovation.
SWOT: Strengths / Weaknesses emerge from Internal analysis; Opportunities and Threats emerge from the External Analysis
Use these insights to inform new innovation options (what the organization is good at internally and what opportunities exist in the external marketplace)
Shortlist two distinct recommendations of innovative concepts that allow the organization to build or expand an open innovation ecosystem (You can recommend innovations to any aspect of the organization: product, process or business model, or a combination thereof)
Explain why these two innovation recommendations are the most likely to aid the organization in building or expanding its innovation ecosystem? (your strategic analysis should inform this)
Tips, resources and guidance
There is opportunity to share progress and get feedback and tips from the teaching team as you develop your report on a weekly basis.