Innovation Evaluation Report
Determine your company’s challenges when attempting to embrace a cutting-edge product or procedure.
With Tesla’s continued research into electric vehicle technology, the company is more likely to need help keeping up with the quick changes in the market. Tesla had a few rivals between 2003 and 2012, but the rivalry has grown for better electric cars and automobile batteries in the past ten years. Companies like General Motors, Toyota, and Volkswagen are fierce competitors with which the company must contend. Competitors have made research and development investments to create fresh, enhanced products for the market. Tesla faces a significant risk due to competitors’ developments and new technologies that will cause a decline in market share as customers choose the best products. Additionally, technical advancements may make some of Tesla’s goods outmoded or less competitive.
In addition, Tesla products face difficulties due to China’s exposure to electric automobiles. Because the country promotes green products to meet its sustainability goals, China’s market accounts for a quarter of its sales from China (Jing, 2020). However, Tesla’s continued existence in the Chinese market is in danger from emerging, reliable enterprises established in China. These businesses include Xpeng, Li Automotive, and Nio. The three firms with strong backing from the background will likely take the Chinese market and other Tesla consumer markets. Therefore, Tesla must match or surpass the technical crackdown to rule the market.
Explain how to utilize the advantages and offset the negatives you have identified.
Tesla may lessen the effects of the quick changes in electric vehicles by giving big data, innovation, and other popular market innovations top priority. Tesla needs to be on the lookout for emerging trends and technology. Due to the electric car industry’s youth and rapid expansion, new developments in technology and innovation are anticipated during the next few years. More advancements and new technologies exist today than there did five years ago. By staying current with developments, Tesla can lower the chance of losing market share.
By diversifying its market, Tesla can lessen the likelihood of losing out to Chinese companies rapidly expanding in the electric vehicle industry. Tesla may benefit from the enormous new and untapped markets for electric vehicles in China and elsewhere. For instance, Tesla has not thoroughly investigated market regions, including Europe, Asia, and Africa. Before Chinese companies expand and take the lead in their respective markets, the segments may present a potential for a sizable market base.
Determine who would make effective project champions and how they might assist you in attaining the rewards of championing while reducing the hazards.
Senior management and executives at Tesla Inc. might select a project champion to keep the project moving forward. Senior executives have the authority to push a project themselves rather than appoint subordinate managers or outside experts. Additionally, because they have sufficient supervisory skills in project management, the managers directly impact the project. Additionally, they have direct access to crucial decision-making information that can be used to advocate for the project and secure sufficient funds and senior management consultation.
In a project, project advocating is crucial. First and foremost, champions assist in assigning the human and financial resources needed to complete the project, particularly new product development, as effective resource allocation ensures timely and effective project execution (Schilling, 2020). A project champion also makes sure that team members communicate and work together. It lessens team disputes that prevent the project from being completed successfully.
Having anti-champions to stop champions from pursuing a project that is not viable is another technique to lower the risk of championing. Additionally, by ensuring that the project is coordinated from one phase to the next, the project champion is essential in lowering the risks of project failure. Due to the coordination problem, projects that lack champions from the top management are very likely to take a long time or fail (Thakhathi, 2018). Senior leaders and managers can easily deploy resources to prevent failure from a lack of funds and people. They also make sure that new product development and marketing go smoothly.
Take into account whether to primarily use sequential or parallel operations. For the production of electric vehicles, Tesla Inc. should use parallel development. According to Schilling (2020), parallel procedures save time and cut out expensive iterations between each facet of the study. It becomes simpler for the business to benefit from innovation leadership to create new items in the least amount of time. Additionally, it enables alternative thinking in the procedures that animate concept alternatives for testing throughout the development process. In order to utilize and improve performance, the alternatives are applied to new technological and market knowledge.
Discuss the impact of Stage-Gate methods on the cost and duration of the development cycle.
There are kill-or-go points in the parallel processes, and the goal is to lower the risk involved in product development. “killing off the dog projects” saves time and money (Schilling, 2020). Additionally, stage-gate offers the project’s blueprint, ensuring it is carried out in the shortest time. Additionally, by identifying kill-or-go options, the business can avoid spending more money if the project is not viable.
Consider the advantages and drawbacks of incorporating suppliers and customers in the development process. In your investigation, consider how to gauge the acceptability of your product or procedure among your suppliers and customers.
Customers’ input during the development phase aids the business in balancing customer expectations with the new product’s features. As a result of the products meeting their wants, the business draws in new clients. Additionally, because the business only tests product designs that fit consumer designs, it aids in cost reduction. Involving suppliers also facilitates access to fresh knowledge and information sources that may be used to boost the effectiveness of the production process and the final product (Schilling, 2020). They can offer superior substitutes with cheaper prices and more functionality. Better testing can help identify faults and problems before the product is introduced to the real market, which is one way to test for the product’s viability.
Based on your examination, decide whether you will keep working on the creative process or product you choose.
The assessment demonstrates that Tesla Inc. can proceed with its innovation in electric automobiles. Risks can be reduced for the company through diversification and spending on in-depth research and development. Additionally, the business can use the parallel development process in conjunction with stage-gate process evaluation to ensure it enhances the business’s performance.
Jing, X. U. (2020). Analysis of the Operation Strategy of Tesla Inc. in China. Frontiers in Economics and Management Research, 1(1), 21-25.
Kahn, K. B. (2018). Understanding innovation. Business Horizons, 61(3), 453-460.
Schillng, M. (2020). Strategic management of technological innovations. (4th ed). McGraw-Hill. Thakhathi, A. (2018). Champions of change and organizational development: A return to Schön and typology for future research and practice. In Research in Organizational Change and Development. Emerald Publishing Limited.
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Part of gaining and keeping a competitive advantage is determining the opportunities to improve and innovate upon existing organizational operations. An operations manager uses their skill in innovation to bring a new product to market. They must be nimble to quickly evaluate the advantages of a product, scan the external environment, and design a development process with the right resources at the right time for a viable innovation.
This week, you must prepare an evaluation report of your innovation for the executive team and the project management office to determine whether to continue working on the innovation you previously selected or if you should focus your efforts elsewhere. Refer to your review from Week 3 as you evaluate your innovation and make your recommendation.
Write a 700- to 1,050-word evaluation of the product or process you selected. In your evaluation:
- Identify the obstacles your organization might face in attempting to adopt an innovative product or process.
- Explain how to mitigate the risks and leverage the advantages you identify.
- Identify people who will make good project champions. Explain how project champions help ensure that you’ll achieve the benefits of championing and minimize the risks.
- Consider whether to use mostly sequential or parallel processes.
- Address the influence using stage-gate processes would have on development cycle time and development costs.
- Analyze the benefits and costs of involving customers and suppliers in the development process. Consider how to test the viability of your product or process with your customers and suppliers in your analysis.
- Conclude whether you should continue with the development of your innovation based on the evaluation you performed.
Cite any references to support your assessment.
Format your report according to APA guidelines.
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