INTBUS 6 Lecture Notes - Lecture 17: Open Innovation, Value Chain, Brainstorming
23 Oct 2020
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Summary using value chains to enhance innovation. A firm"s supply chain (i. e. value chain) plays an integral role in its ability to: reduce costs via process innovation, develop new products and services. Value chain is playing an ever-more-important role, with greater prevalence of distributed product development and open innovation. Distributed product development: even in instances where the innovation activities lie within the firm, these activities are now often widely distributed geographically or across internal organizational boundaries. The supply chain is not only becoming more distributed and open , but the expectation is also that a firm"s suppliers and customers become more collaborative, participative, and responsive. In making its sourcing decisions the firm should use backwards induction (it should first think about the implications of its decisions before making those decisions) Background seven phases of the product innovation cycle. Successful innovations are often created through multiple key phases.
