1. Innovation and performance both are important for businesses to succeed even though these two terms refer to very different things within the business environment. Performance refers to the completion of a specific task or obligation accordingly to the given guidelines. Performance is measured against a preexisting set of criteria and quality standards that measure that help to determine if certain performance is satisfactory or not. Importantly, these criteria for assessing the performance are supposed to be communicated to one before he or she starts working on a particular task. In other words, the concept of performance refers to the process of completing certain business-related tasks that were preconceived and predefined before one embarks on the process. The concept of innovation, on the other hand, while also capturing an important aspect of the business, refers to the processes of transforming the usual business routines with the goal of creating more value than old processes were capable of. While the process of innovation is guided by the ultimate goal of creating new value and improving the previous was of completing certain tasks, it has to not specific guidelines and quality standards to measured against until the process of innovation is complete. Hence, the main difference between innovation and performance comprises of what they are directed towards and how their success is measured.
2. Change management and innovation management may seem to refer to something very similar but, in fact, there a few major differences between these processes. Firstly, innovation management is intentionally concerned with findings opportunities for positive and productive transformations of the company’s product or operation process, and is thus, initiating change. At the same time, change management comprises a response to some internal or external change that seeks to minimize the disruption and ensure that an organization goes through change while remaining itself. Secondly, because innovation management initiates change and does not necessarily know where it would lead, it deals with a lot of unknown variables. Contrary to this, change management generally tends to stick to what is known and to maintain it while handling the impact of a small unknown factor it attempts to manage. Lastly, within innovation management, developing a new vision for the product or for the organization as a whole is the primary goal while change management is concerned mainly with the execution of the previously conceived vision or plan. Hence, it is reasonable to conclude that innovation management is generally concerned with transformation while change management is interested primarily in preserving what was while adjusting to a certain change.
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3. Creating value refers to the process of the creating of actual value for the customers, company, and society. However, creating value does not automatically translate to making a profit. In order to rip benefits and compensated for the value a company has created, it has to capture value by starting to collect something valuable for itself based on the value it has created. This can be done by starting to charge a fee for using the product they have created, monetizing users, or deriving valuable lessons from the experience that will help the company succeed in the future. In this context, consultancies should supply their customers with proper analysis and advice as to when to start capturing value from the value they have created as moving to this step too early may result in losses in the long run.
4. Consultancies can bring effective change by using their outsiders’ perspective to analyze the hiring company, its operation processes, its place on the market, and its product in search for opportunities for innovation. Secondly, outside consultancy can bring in outside knowledge and expertise for selecting the best innovation opportunity as well as for prototyping and implementing the innovation and designing the most suitable business model for capturing its value when the time comes.
