Reflective Log: Innovation & Risk Management Essay

Question:

Discuss the benefits and challenges experienced as a result of completing the Innovation & Risk Management Module.

Answer:

The course of innovation and risk management is a very interesting course and I can say that I have learned a lot from this course. I may not be able to articulate all the learning from this course. However, I am sure that the learning would remain with me for a long time. The journey of this course has been exciting. There are certain times where I faced various issues and challenges as some of the concepts were entirely new for me. However, when I look back now, I realize that all these concepts have helped me to emerge as a better individual. With this course, I am benefited at personal level as well as at professional level. I can discuss about this module with the focus on Google Inc. It would be correct to say that Google Inc. is one of the most innovative companies in the world (Bucciarelli, 2015). The corporate culture of new multinational companies like Google is different than the corporate culture of traditional companies. Employees have a more proactive role to play in contemporary organizations like Google as compared to traditional organizations. The organizational culture of traditional organizations could be improved of they use benchmarking as a tool (Brown & Osborne, 2013). It is important that the leaders of traditional organizations should learn from the business operations of large multinational organizations like Google and Intel. It would the organizations to improve effectiveness and efficiency in long term.

I have always believed that the greatest learning is the learning from people. Therefore, I used a practical research process to learn various concepts of this course. The research process or the learning process of this course was divided into four phases. The first phase was the assessment phase that lasts for initial two weeks. This was the time when I made a high level understanding of this course. The second phase of the research process for me was the framework development phase. In this phase, I understand the gap between my current understanding of the course and the desired understanding of my course. The third phase of my research was the learning phase. In this phase, I started to learn various concepts of this course. This is the phase in which I learned about the new product development process. I have learned that the new product development process is at the core of organizational strategy. With the innovation and risk management, the objective of the organizations is shortened down the entire process of new product development. In this phase, I also learned about the change management techniques and various change management models. I learned about the kotter change management model and various phases of Kotter change model. For change to happen, it helps if the whole company really wants it. I have also learned that the leaders must understand their responsibility to create a culture of innovation. I can say that innovation should not be a one time activity or attempt in the organization. On the other hand, the innovation should be established as a culture within the organization. It is important that leaders must take the feedback and suggestions from various stakeholders to develop a culture of innovation. The change management model also reflects that various stakeholders in the organization should support change. The research process also included the case study approach. As a part of this course, I read various case studies about the companies in different industry segments. With these case studies, I learned the various practical benefits of innovative culture.

There have been various personal challenges and benefits with this course. One of the most important benefits is the 360-degree view of the innovation that I have got with this course. With this course, I have learned about the various intricacies of the underlying innovation process within the organization (Viko & Ritala, 2013). Another benefit of this course is the improvement in my professional skills. With this course my employability skills have improved. I can feel a change within myself. I believe that I can contribute towards organizational growth and development. This course provided me a platform where I learned that innovation is the key driver of organizational growth and development. I am sure that the benefits of this course would remain with me for a long time. I have gained a sense of maturity in my professional decision with this course. With the benefits, I also had certain challenges with this course. There were certain terms that were new for me. Initially, it was difficult for me to understand all the terms of this course (Langley & Smallman, 2013). There was time when my pace was slow. Another challenge for me was the time management challenge. The excellence in this course requires a dedicate time towards this course. There were times, when I faced difficulty to manage my change. I can say that I was able to overcome this challenge with the time management plan.

References

Brown, L. and Osborne, S.P., 2013. Risk and innovation: Towards a framework for risk governance in public services. Public Management Review, 15(2), pp.186-208.

Bucciarelli, L., 2015. A review of innovation and change management: Stage model and power influences. Universal Journal of Management, 3(1), pp.36-42.

Langley, A., Smallman, C., Tsoukas, H. and Van de Ven, A.H., 2013. Process studies of change in organization and management: unveiling temporality, activity, and flow. Academy of Management Journal, 56(1), pp.1-13.

Vilko, J. and Ritala, P., 2013, December. Process innovation in risk management: service network perspective. In ISPIM Innovation Symposium(p. 1). The International Society for Professional Innovation Management (ISPIM).

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