Innovations in creating competitive advantage in mature industries
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1 Innovations in creating competitive advantage in mature industries Silja Korhonen Sande, Ph.D. Associate professor in strategy UMB School of Economics and Business NorwegianUniversity i it of Life Sciences Si
2 Industry life cycle Sales volume Renewal Introduction Growth Maturity Decline Time
3 Two questions 1. What is theroleof innovation in companies that operate in mature industries? Is innovation expected? Is innovation important? 2. What kinds of issues Are there inevitable tradeff ltdt i ti i related to innovation mature industries? increase in importance in established companies that operate in mature industries? offsrelated to innovating in
4 Analysts do not expect radical that innovation from incumbent tfirms (Benner, 2010; Benner & Ranganathan, 2012) Analysts prefer incumbents strategies extend old technologies (Benner, 2010) do not respond directly new technology and established companies generally lack willingness (and ability) to radical innovation An established firm has few incentives to innovate unless there is a serious threath from new entrants (Arrow, 1962) Forest based manufacturing firms are not risk takers and tolerance for uncertainty is low (Björkdahl & Börjesson, 2011) characterized by resistance of change (Hansen et al., 2007) What is the role of innovation in companies that operate in mature or even declining industries? Is it expected? Is it important?
5 yet forest, paper and packaging industry invests in innovation A recent survey of forest, paper & packaging CEOs reveals that: 71% will make changes in their organization to increase R&D and innovation capacity 42% name R&D and innovation as one of their top three investment priorities (Source: PWC 16th Annual Global CEO Survey Key findings in the forest, paper & packaging industry) What is the role of innovation in companies that operate in mature or even declining industries? Is it expected? Is it important?
6 What characterizes companies thatoperate in mature industries? (Grant, 2012; PWC 16th CEO survey) They reshape the industry through restructuring They improve operational effectiveness Theyfocus on customers and find profitable pockets in the market They combine the needs of various stakeholders in their strategic decisions (Jawahar & McLaughlin, 2001) What kinds of issues related to innovation increase in importance in companies that operate in mature industries?
7 What characterizes companies that operate in mature industries? In mature industries, relying on innovation as a source of competitive advantage requires that companies are able to innovate Improving operational effectiveness while cutting costs Reshaping the industry through restructuring while in continuous structural t lflux in co operation with others Focusing on customers and trying to find profitable pockets in the market while focusing on customers Forest industry special: combining the needs of in a way that creates value for the society different types of stakeholders What kinds of issues related to innovation increase in importance in companies that operate in mature industries?
8 Innovating while cutting costs Are there trade offs involved in combining cost cutting with innovation? Yes (e.g., Porter, 1980) Companies end up being stuck in the middle No Innovation is also about increasing cost effciciency: performing new product development and marketing activities at a lower cost than competitors (e.g., Kim & Atuahene Gima, 2010) Companies increasingly implement dual strategies successfully (e.g., Raisch et al., 2009; Heracleous & Wirtz, 2010) What kinds of issues related to innovation increase in importance in companies that operate in mature industries?
9 Innovating while re organizing Does internal structural change hinder innovation? Yes (e.g., Maltz & Kohli, 2000) No (Korhonen Sande & Sande, 2012) Innovation in industrial firms requires seamless cross functional co operation Change > more internal conflicts > less innovation Change strengthens the benefits of cooperative, cross functional relationships > employees become more responsive to information they get from other functions Yet companies experiencing structural flux need to invest tin creating crossfunctional common knowledge Change Innovation What kinds of issues related to innovation increase in importance in companies that operate in mature industries?
10 Innovating in co operationoperation with others Internal co operation and coordination At the heart of industrial firms are operations that combine high levels of efficiency with the flexibility to evolve and adopt new products and processes (Adler et al. 2009) How to engage manufacturing in innovation? (Hansen et al. 2007; Korhonen Sande 2013) coordination (Market oriented) innovation creates changes in internal power relations Resistance from operations can delay or even hinder strategic change How to attract and nurture Tshaped individuals?
11 Breadth of knowledge A market-oriented, entrepreneurial engineer with a Depth of good knowledge in business planning, excellent people skills, cultural sensitivity and low salary requirements expertise
12 External co operation and coordination The innovation partners of the 20 most innovative Norwegian industrial firms in 2009 (Norsk Industri FoU undersøkelse 2009) 12
13 Innovating in co operationoperation with others External co operation and coordination Established firms can excel in radical innovation by developing an openness capability (Chang et al. 2012) How to manage supplier relationships for maximising relationship learning? both innovation and cost benefits? How to utilize open innovation platforms?
14 Innovating with customers Can truly innovative firms be customer focused? Yes Customer orientation and innovative performance are positively correlated (e.g., Han et al., 1998) Yes, but Companies that aim at satisfying customers expressed needs are typically short term in focus and reactive in nature (Slater & Narver, 1998) Innovation in mature industries = innovating in your customers business identifying value creation potential by examining linkages between supplier s and customer s s value chains In order to benefit from your customer relations in innovation you need have a learning organization (e.g., Selnes & Sallis, 2003) YouY need to co operatewith the customers who are the best in their own industry What kinds of issues related to innovation increase in importance in companies that operate in mature industries?
15 Innovating for creating shared value Can companies create synergies between corporate social responsibility (CSR) and innovation? Yes (e.g., Li & Toppinen, 2011; Porter & Kramer, 2011) A proactive approach to CSR can stimulate innovativeness through improved opportunity recognition Companies create shared value by reconceiving their products and markets redifining their value chain facilitating cluster development No (e.g., Friedman 1962) Solving social problems is not the concern of business people and thus outsourced to governments and NGOs CSR is mainly used for improving reputation and treated as a necessary expense What kinds of issues related to innovation increase in importance in companies that operate in mature industries?
16 An agenda for research and practice The mature industries are too important to be downgraded to the scrapheap of stagnation (Oxford Handbook of Innovation: Tunzelman & Ache 2006) Combining innovation with cost cutting: How to implement hybrid strategies? How to innovate together with others, internally and externally? Innovation as a source of competitive advantage in mature industries How to draw synergies from CSR and innovation?
17 References Arrow, K, 1962, Economic Welfare and the Allocation of Resources for Invention, In The Rate and Direction of Inventive Activity: Economic and Social Factors. Universities National Bureau. Benner, M. J., 2010, "Securities analysts and incumbent response to radical technological change: Evidence from digital photography and internet telephony". Organization Science, 21: Benner, M. J., and R. Ranganathan, 2012, "Offsetting illegitimacy? How pressures from securities analysts influence incumbents in the face of new technologies". Academy of Management Journal, 55: Björkdahl, J., and S. Börjesson, 2011, "Organizational climate and capabilities for innovation: a study of nine forest based Nordic manufacturing firms". Scandinavian Journal of Forest Research, 26: Chang, Y. C.,H. T. Chang,H. R. Chi,M. H. Chen, and L. L. Deng, 2012, "How do established firms improve radical innovation performance? The organizational capabilities view". Technovation, 32: Friedman, M., 1962, "Social Responsibility of Capital and Labor". Capitalism and Freedom. Grant, R Contemporary strategy analysis. Wiley. Han, J. K.,N. Kim, and R. K. Srivastava, 1998, "Market orientation and organizational performance: is innovation a missing link?". The Journal of Marketing: Hansen, E. H. E.,H. J. H. Juslin, and C. K. C. Knowles, 2007, "Innovativeness in the global forest products industry: exploring new insights". Canadian Journal of Forest Research, 37: Heracleous, L., and J. Wirtz, 2010, "Singapore Airlines Balancing Act". Harvard Business Review, 88: Jawahar, I., and G. L. McLaughlin, 2001, "Toward a descriptive stakeholder theory: An organizational life cycle approach". Academy of Management Review: Kim, N., and K. Atuahene Gima, 2010, "Using Exploratory and Exploitative Market Learning for New Product Development*". Journal of Product Innovation Management, 27: Korhonen Sande, S Creating joined up thinking: transition to organizational ambidexterity in industrial firms. Working paper. Korhonen Sande, S. and J. B. Sande Getting the most out of cross functional cooperation: internal structural change as a trigger for customer information use. Manuscript in review. Li, N., and A. Toppinen, 2011, "Corporate responsibility and sustainable competitive advantage in forest based industry: Complementary or conflicting goals?". Forest Policy and Economics, 13: Maltz, E., and A. K. Kohli, 2000, "Reducing marketing s conflict with other functions: the differential effects of integrating mechanisms". Journal of the Academy of Marketing Science, 28: Porter, M., 1980, Competitive Strategy: Techniques for Analysing Industries and Competitors. Porter, M., and M. R. Kramer, 2011, "Creating shared value". Harvard Business Review, 89: Raisch, S.,J. Birkinshaw,G. Probst, and M. L. Tushman, 2009, "Organizational ambidexterity: Balancing exploitation and exploration for sustained performance". Organization Science, 20: Selnes, F., and J. Sallis, 2003, "Promoting relationship learning". Journal of Marketing: Slater, S. F., and J. C. Narver, 1998, "Research Notes and Communications Customer Led and Market Oriented: Let s not Confuse The Two". Strategic Management Journal, 19:
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