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Innovation and Strategic Management Paper with Annotated Bibliography

In: Business and Management

Submitted By TomWelling
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Abstract 1 – Strategic Planning vs. Strategy Innovation
In business, it is essential to differentiate between strategic planning and strategy innovation. Many corporations have defined processes for carrying out strategic planning - which is basically studying historical data and forecasting anticipated outcomes for the future (Scocco, 2010). It involves creating a fit to the current business model, a process centered on the company aiming to exalt the processes already in place. This method has one big flaw, however, because it relies on the assumption that the future will mirror the past.
Strategy innovation, conversely, creates new business models, as it is centered on the market aiming to find new ways of creating value through new processes or products. Overall strategic planning is a major analytical process while strategic innovation is a creative one, and as Henry Mintzberg said “…nobody in the history of the world has ever created a strategy through an analytical process” (Scocco, 2010).
Strategic innovation is designed to succeed in dynamic markets but that does not mean strategic planning is an obsolete management tool. The two can and should co-exist; companies should start by carrying out strategic innovation in order to identify future business opportunities and trends in the market. Afterwards they transfer what they discovered into the analytical process, making sure the action plan will fit the company’s resources, processes and values (Scocco, 2010).
According to Scocco, the differences between strategic planning and innovation can be easily summarized. He say, “Planning is analytical, numbers-driven, company-centric, logic/linear, today to tomorrow, extends current values, and fits the business model. Whereas innovation is creative, insights-driven, market-centric, heuristic/iterative, tomorrow to today, creates new values, and creates a new…...

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