Business Innovation

Vijay Pandiarajan is a faculty member of the Technology & Operations department at the Ross School of Business, The University of Michigan, Ann Arbor, Michigan, USA. He focuses on teaching and researching Innovation and Technology. Before joining the Ross School faculty, he held leadership positions at various global companies, including at Accenture, Verizon, and Whirlpool Corporation. His educational highlights include a Sloan Fellows MBA degree from the Massachusetts Institute of Technology (MIT) Sloan School of Management, USA, with a focus on Technology and Innovation; a PhD in Industrial Engineering from the West Virginia University, USA; a Master’s degree in Aircraft Production Technology from the Indian Institute of Technology, Madras, India; and a bachelor's degree with Honors in Mechanical Engineering from the University of Madras, Chennai, India. He built Jaguar fighter planes at Hindustan Aeronautics Ltd, collaborating with British Aerospace, Safran (previously Turbomeca), and Rolls Royce before pursuing his doctoral studies.

Part I – "What" - Introduction to Innovation

1. Chapter 1 - Innovation – General Background

1.1 Introduction

1.2 Invention Vs Innovation

1.3 Historical Perspectives of Innovation

1.4 Is innovation limited to Products?

1.5 Innovation in Service

1.6 Concluding Remarks

1.7 References

2. Chapter 2 - Models of Innovation

2.1 Introduction

2.2 Cosmetic/Survival Innovation

2.3 Leap forward Innovation

2.4 Disruptive Innovation

2.4.1 Low-end disruptive innovation

2.4.2 Nascent market disruptive innovation

2.5 Seismic Innovation

2.6 Innovation – What has changed Now?

2.7 Concluding Remarks

2.8 References

3. Chapter 3 – Challenges Embracing Innovation

3.1 Introduction

3.2 Triangular Dilemma

3.3 Market Innovation Challenges

3.3.1 Sticky Customers

3.3.2 Predictable M&A

3.3.3 Stable Supply Chain

3.4 Organizational Innovation Challenges

3.4.1 Lack of Coordinated Innovation Strategy

3.4.2 Lack of Diversity

3.4.3 Compartmentalization

3.4.4 Risk Averse Non-Experimental Culture

3.4.5 Misaligned Incentive

3.4.6 Micromanagement

3.4.7 Span of Control

3.4.8 Lack of Sense of Urgency

3.5 Stakeholder Innovation Challenges

3.5.1 Investor Community

3.5.2 Government

3.5.3 Local Ecosystem

3.5.4 Employees

3.6 Concluding Remarks

3.7. References

Part II – "Why" – Innovation Imperatives

4. Chapter 4 – Innovation – A Key to Business Success

4.1 Introduction

4.2 New Economic Paradigm

4.3 Consumers Are Changing

4.4 Competitive Landscape Changes

4.5 Shorter Product Life Spans

4.6 Globalization Vs Localization

4.7 Digital Tsunami

4.8 Technology Shaping the Business Core

4.9 Dynamic Capabilities

4.10 Concluding Remarks

4.11 References

Part III – "Where" – Sources of Innovation

5. Chapter 5 – Sources of Innovation

5.1 Introduction

5.2 Corporate Research and Development

5.3 Organizational Processes and Ecosystems - Integrated Value Chain

5.4 Corporate Values and Culture

5.5 Partnership and Open Innovation

5.6 Strategic Resources & Talent Architecture

5.7 Operating Model (Governance, KPI, Structure, Accountability etc.)

5.8 Concluding Remarks

5.9 References

Part IV – "How" – Approach to Advance Innovation

6. Chapter 6 - Framework Based Innovation Approach

6.1 Introduction

6.2 Innovation in Action

6.3 Factors Impacting Innovation

6.4 TRIAL© Holistic Framework for Innovation

6.4.1 TRIAL© – Framework Innovation Dimensions

6.4.2 VASTEFA© Leadership Framework

6.5 Concluding Remarks

6.6 References

Part V – Innovations in Industry Verticals

7. Chapter 7 – Innovations in Manufacturing

7.1 Introduction

7.2 Pharmaceuticals

7.3 Heavy Equipment

7.4 Automotive

7.5 Semiconductor

7.6 Concluding Remarks

7.7 References

8. Chapter 8 – Innovations in Service Industry

8.1 Introduction

8.2 Service Trend

8.3 Healthcare

8.4 Retail

8.5 Hospitality

8.6 Education

8.7 Wellness

8.8 Banking

8.9 Transportation

8.10 Concluding Remarks

8.11 References

9. Chapter 9 – Innovations in Government

9.1 Introduction

9.2 Modalities of Community Service – Mass Vs Personalized

9.3 Citizen-Government Redefined Boundaries

9.4 Digital Thread and Realtime Alerts

9.5 Smart Cities

9.6 Concluding Remarks

9.7 References

Part VI – Economics of Innovation

10. Chapter 10 – Measuring Innovation

10.1 Introduction

10.2 Traditional KPIs

10.3 Innovation Risk Vs Reward – A Balanced Approach

10.4 How to Value Innovation – Organic Vs M&A Scenarios

10.5 Concluding Remarks

10.6 References

Part VII – Special Topics on Innovation

11. Chapter 11 - Design Thinking

11.1 Introduction

11.3 Design Thinking for Innovation – Why Now?

11.3 Design Thinking Approach

11.4 Success Stories – Where Design Thinking Advanced Innovation

11.4.1 Airbnb

11.4.2 Ericsson

11.4.3 Burberry

11.4.4 Nordstrom

11.4.5 Bank of America - Keep the Change Program

11.5 Concluding Remarks

11.6 References

12. Chapter 12 - Lean Enterprise and Innovation

12.1 Introduction

12.2 Lean and Innovation- Are they Mutually Exclusive?

12.3 How Lean Accelerates Innovation?

12.4 Success Stories – Where Lean Thinking Advanced Innovation?

12.4.1 Pixar Animation Studios

12.4.2 Dropbox

12.4.3 Zappos

12.4.4 General Electric

12.5 Concluding Remarks

12.6 References

13. Chapter 13 – Sustainability-focused Innovation

13.1 Introduction

13.2 Evolving Market Orientation Towards Sustainability – Gen Z

13.3 Sustainability – A New Secular Growth Driver

13.4 Success Stories – Sustainability Focused Innovation

13.4.1 The Procter & Gamble Company (P&G)

13.4.2 Patagonia

13.4.3 Braskem (Brazil)

13.4.4 Colorifix (UK)

13.5 Concluding Remarks

13.6 References

Part VIII – Case Studies

Case 1: Amgen - Biosimilar Innovations – By Kavya Sivan

Case 2: FedEx: Innovation Through Sustained Adaptability – By Alaina Gregory

Case 3: Reliance Jio: From 4G to Digital Innovation - By Hursh Motwani

Case 4: Stryker Case Study: Design Thinking Response to COVID-19 – By Kyle Geiger

Case 5: Whirlpool - A History of Sustained Innovation from Within – By Malik Abbasi

Case 6: Apple’s Swift: A Programming Language Innovation for the Future – By Maxwell Cornellier

Case 7: Microsoft: The Age of Nadella – By Serena Wang and Minnie Sun

Case 8: The Procter & Gamble Company – A Unique Innovation Approach – By Minnie Sun and Serena Wang

Case 9: Timberland - Sustainable Innovation – By Drew Arnson

Case 10: Zara-Inditex – Fast-Fashion Done Right – By Rocco Pelà

Case 11: Patagonia - Leader of a Sustainable Business – By Suzanna Yik

Case 12: Amazon - Head in the Cloud: Transformation Through Leadership’s Lens – By William McCrone

Case 13: Ericsson’s Innovation through M&A – By Derek Kuo

Case 14: Samsung’s New Age Innovation Using Organization and Culture – By Derek Kuo

Case 15: Sun Pharma Industries – Innovation through Specialty acquisition strategy, technology, leadership, and culture - By Katie Kuhlman

Case 16: Ecovative Design – Sustainable Business – By Daniel Meeks