Module 6 DQ 1

Risk management can add a level of discipline and transparency while supporting the desired risk culture and appetite. To bring together innovation and risk management processes in a way that unleashes innovation in a disciplined way. Companies and organizations should consider establishes certain guidelines that include culture, oversight, a business model, analytics, an innovation portfolio, and innovation processes.

- A certain culture will be able to recognize that small failures are acceptable as long as they occur within defined risk tolerances.

- Oversight can provide lean risk and innovation governance and processes in an effort to support investment decisions at a rapid pace. 

- A business model map how company strategies, whether they may have upside and/or downside uncertainties, have risks and innovating actions that are related.

- Analytics use risk management and scenario analysis techniques to better understand individual risks, combinations of events, and unintended consequences that include the risks of under-investing.

- Innovation portfolios should be aligned with company strategies and top risks with a goal of maximizing the potential benefits from investments. 

- Innovation portfolios allows organizations to focus on speed in an effort to shorten learning cycles and recognize failures early and make timely course corrections.

Skarzynski, P., & Gibson, R. (2008) Innovation to the core: A blueprint for transforming the way your company innovates. Harvard Business School Publishing Corporation. Retrieved from http://gcumedia.com/digital-resources/harvard-business-school-press/2008/innovation-to-the-core_a-blueprint-for-transforming-the-way-your-company-innovates_ebook_1e.php

Organizational alliances are very instrumental to an organization when innovating. Resources for organizations and firms are often scarce and limited, so organizational alliances have been embraced as a way of promoting more sustainability among business. They can be used in supporting implementation in many ways. They help by sharing appropriate information. This is from the context of intellectual property, and firms have to trust each other and share the right information in order for these alliances to be implemented effectively.  Organizational alliances also depend on the selection of partners for the achievement of objectives. This will often suit businesses who are from the same industry and share common goals, as it will match the achievement of objectives when they are in the same level of management and coordination. They also ensure having a flexible agreement on the desired changes and measurement. Organizational alliances often involve some level of change, and this has to be acceptable for all the management levels for them to be successful. Lastly, the development of expectations and corporate metrics are a notable aspect to mention. Organizational alliances have to be well structured and negotiated upon, and should include the responsibilities of all entities in order to avoid any uncertainties. There are so many reasons why organizational alliances are used to support implementation.

Jessica

Harrison, J. S., Hitt, M. A., Hoskisson, R. E., & Ireland, R. D. (2001). Resource complementarity in business combinations: Extending the logic to organizational alliances. Journal of management, 27(6), 679-690.

Parkhe, A. (1991). Interfirm diversity, organizational learning, and longevity in global strategic alliances. Journal of international business studies, 22(4), 579-601.

Skarzynski, P., & Gibson, R. (2008) Innovation to the core: A blueprint for transforming the way your company innovates. Harvard Business School Publishing Corporation. Retrieved from http://gcumedia.com/digital-resources/harvard-business-school-press/2008/innovation-to-the-core_a-blueprint-for-transforming-the-way-your-company-innovates_ebook_1e.php