Question

300 words minimum.......

The elements that make up a truly innovative com- pany are many: a focused innovation strategy, a winning overall business strategy, deep customer insight, great talent, and the right set of capabilities to achieve successful execution. How do those key goals and attributes aid and abet the efforts of companies in each strategy to develop the capabilities they need to succeed? (See Strategy+ Business article, “The Global Innovation 1000: Why Culture Is Key,” at www.strategy-business.com/article/11404?gko=dfbfc).

Answer 1

Truly innovative company should have proper vision and prope forecast about the market changes. All the innovative companies focusing on building their capabilities on technology front. Along with it they need to equip their employees based on the adaptive requirement from the work and society side. There should be a sustinability working practice and business ethics for comoanys who need to be success through innovation.

Key goals need to attribute in such a way that it has proper visions ecncompass on where they want to reach on sales revenue, on employee capability and customer satisfaction.

Other areas such as understanding the competition, ensuring employee colloboration, cultural balancing, ethnic diveristy, global outlook etc are very importan along with their R&D of technology and products. There should be a balance in investment on various requirement such as employees training and development, developing new leaders and upgrading technoloiges, strenthening marketing analytics and distribution network etc. Cultural is important because it is the root element for behaving, thinking, decision making and colloboration.