In “Business Model Innovation in Practice,\” Euchner and Ganguly (2014) discuss the challenge of implementing innovations within organizations that are naturally resistant to change. They present a systematic approach for integrating innovations to increase the likelihood of acceptance and success. Review their five-step approach and discuss how the four functions of management (planning, organizing, leading and controlling) can be leveraged within in their suggested approach to assist organizations in implementing successful innovations. Planning- Euchner and Ganguly state that planning is necessary for successful innovation (2014). Large changes, especially in a large change-resistant organization, must be planned in advance and executed according to design. There is very little room for seat-of-the-pants activity because there are so many moving parts that have to fit together. As a result, the steps of demonstrating \’value creation\’ and generating business model options can mitigate the fear that comes from redirecting an existing complex system toward different activities (Euchner & Ganguly, 2014).Organizing- Euchner and Ganguly note that incubation can be a very important tool for organizing a large-scale change; a tool to capture value (2014). By enabling a smaller organization inside the company to make a scale model of the proposed change, it becomes much easier to demonstrate value and counteract risks without endangering the activities of the greater company. As a result, this plan can do a \”dry run\” where the same risks appear but the overall magnitude of the risks\’ effects is greatly diminished. This, of course, requires organization to scale the endeavor if it is deemed successful, but scaling tends to be a much easier problem than coming up with a de novo approach.Leading- A firm but dynamic management approach is a necessity for developing an innovative culture at a company. Risk-taking needs to be rewarded, even when not all of the risks pay off. According to Euchner and Ganguly (2014), prioritizing risks is a paramount process, which is why the use of \”stochastic methods can be used to quantify the chances of business success\” (p. 36). Leadership is essential to ensure that team members are not punished for exhibiting the same development characteristics that can pay off enormously in a slightly similar situation. Otherwise, employees will adopt a risk-averse mindset that guarantees failure by inaction.Controlling- As with leadership, management must implement the risk analysis process with an open mind. It is paramount that the organization simultaneously provide support and guidance while not micromanaging the team that is driving the change. By setting clear standards and deadlines without creating a micromanaged plan for meeting them, organizations can enable incubated startup groups to devise their own solutions to the problems that they face. This approach leverages the benefits of small groups while also taking advantage of the greater scale of resources that large organizations command. This ability to control and \”reduce risk through business experiments\” (p.37), leads \”to a decision point\” (p.38). A decision to move into incubation or to start over with a new plan and risk-analysis.
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