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Company background
The company known as the 3M is an American established company that formally dealt with mining and manufacturing of the commodities. This company was established in Minnesota in 1902 by five businessmen. It the then collapsed due to the business activities that they were carrying in this company since the mining of the anorthosite was not having any commercial value. The company later was taken up by the co-founders after soliciting funds for the progress of the company in 1905 after which the establishment this company was done in St. Paul in the year 1910.Before the company was moved in 1960 to its current headquarter at 3M center in Maplewood, Minnesota, it took about 52 years in St. Paul.
This company produced its first exclusive product known as the Three -M-ite cloth. Some the product invented during this time is the masking tapes and sandpapers that are waterproof. After the establishment of the 3M company, it was able to accommodate up to about 90000 employs every year and this reflected production of up to 55000 commodities ranging from adhesive, abrasives, protection from fire, equipment for personal protection, products for medication, software and the optical films for use in healthcare etc. (Mashari, 1999).
The establishment of this company has been experienced in about 65 countries. Twenty-nine of this companies are international companies operating as manufacturers and about thirty-five of this companies are equipped with proper laboratory. The products for this company can be obtained through the distributions, the retailing shops or through an online application gotten from the company system. The 3M Company is currently composed of the Dow Jones Industrial Average and the S&P 500 (Hitt, 2000).
The technological knowledge/Core business of the 3M Company
The Mail business that is comprised of this company is categorized into several segments. These segments are Industry and transport, Healthcare, Graphic and display office and the customers, safety, services provided for safety and finally communication. They include;
Business in the transport industry, this serves a wider range of business marketing, beverages and food, care of each and every person and automobiles. The 3M Company aids in the supply of the products for innovations, these are new products that are made by this company for different areas and also used in the development of the already existing products. This development strategy allowance the company to have better innovation process.
The company uses the plan known as the restructuring that was used for strengthening the competition with the business sector. This knowledge was realized by the company in the year 2012 hence this has improved the realignment of the business from six sectors to about five groups of business. The combination of the healthcare business group with the dental orthodontic has greatly improved the benefits obtained by the business ranging from productivity, the scale of production and the speed of production (Hitt, 2006).
The company also depended on the research and development as the key operation of the company. This allowed the company to obtain greater return hence helps in the maintenance of higher margins. The growth of the population in the urban center has also lead to the need for a greater efficiency in the energy supplied, water supply and protection from the environment.
New product development
The development of new products first by started by the generation of this product. The analysis was first based on the market current trends hence ideas generation is the greater factor towards the development of the new products. The testing should be done to the ideas, where the consideration of the legalities that might be involved in the development of new products is put in place thus researcher will know what the customer needs. There was a provision of the technical aspect without interference with the products. Lastly, there was the commercialization of the product where the customer buys the products and a consistent monitor is done to the process by the technical support (Christopher, 1991).
Strategic alliances
An alliance with the Insight lighting
Assign 1
The 3M company formed a strategic alliance with the insight lighting with the main aid of providing products that their maintenance cost are reduced for lighting markets commercially and for the architecture. This alliance created room for the marketing of the 3M illusion luminous lighting products. These products were made by the combination of the films that are prismatic and the optic technology. The production of the products that meet the needs of the consumers was taken into consideration by this alliance in that, the alliance set an architects, designers, and specifies to aid in design (Davenport, 1995).
The outcome of this alliance will help in the reduction of the maintenance cost and the cost of installation. It was to provide safety and distribution of light uniformly. Also, reduce the amount energy that is consumed. The selling of the products that came as a result of the alliance was to be sold by the insight lighting. This alliance led to the larger production of the innovative products hence led to the creation of the opportunity to the two companies and their customers.
The 3M company is the leading company in the production of the light guides and fibers, it is based in the St. Paul, Minnesota while Insight lighting a company dealing with the challenge of the indoor and outdoor lighting application that has reflector system of efficiency that is high with light source that is of high intensity. This expected a creative approach to lighting with high-value systems. These products were meant to the satisfaction of the demand by the market.
Details of the Insight lighting
This is a company that aids in the manufacturing of the lighting products. It is situated in Rio Rancho, and aids in the provision of luminaries that are ultra-high used internally and externally. The internal luminaries are the malls, the churches and the facilities used for sports.
Alliance with the Public company information
This was an alliance between three companies that is, the 3M drug delivery system, St. Paul Minnesota and the Impel Nueropharma. It was started to help in the technology of revolutionary precision olfactory delivery hence helped in the delivery of the drug products. This alliance supported the delivery of drug and made the 3M Company as the head of this sector. This collaboration allowed the Impel to develop and commercialize the technology of POD hence allowing the company to submit the global regulations. It also created a room for experience with devices for the inhaled and nasal drug delivery (Eargl, 2001).
This alliance also helped in the improvement of the clinical services and their development since provided the empowerment for the physicians, patients, and the researchers. This technology is able to be used in the deposition of the drugs deeply in the nasal cavity that the delivery of the drug into the brain is met and its noninvasive way of delivery of the drug. This technology, therefore, has met the need by the market and has provided solutions to the delivery problems that existed previously.
Research and development activities are done by the company
The challenges that affect the company are the products high density and the service to be provided, decentralization of the organizations and the different needs of the customer in the market locally. This challenge has to be tackled by the company for it to maintain its reputation as the best company in terms of the innovation. This is done by the development of the products that are customized in the market locally. There has been a major investment of research and development by this company for the last few years. The expenses by this company in terms of the sales percentage was realized to be 5.6% in the past years (Giglis, 2001).
There has been development and innovation of the several products like the 3M paint replacement by this company due to its knowledge and the understanding of the technologies like the adhesives, material science, and management of light, microreplication, material that are non-woven. There has also been the reduction of the time cycle from innovating activities to the commercial activities, global manufacturing, and the R&D centers. The capability to innovate and produce new product make this company more comparative in the world and this brought about by the company’s R&D capability.
Conclusion
For the companies to properly manage its innovation activities the company must have proper adequate models that are able to be used in any innovation domains like the product, the services etc. This model must also be able to measure the performance and optimize the use of the resource capability. This model also provides the strategy that helps in the competition and achievement of the objectives set by the company.
The comparative management strategy is obtained by the companies from the technological ideas within the innovative sector of the company like the v-CIM and the I-TAC tool. This knowledge helps to monitor the company with respect to the growing current market position. The strength and the weaknesses of the company can be detected by the company through the use of I-TAC, hence enables the company to improve and work quickly on the weakness that may affect the company’s production (Green, 2000).
Assign 2
Introduction
The achievements of the 3M Company were seen in the year 2000 when the CEO McNerney came and joined the company. The CEO accompanied with himself the play that was to be used in achieving the objective of the company in terms of the innovations and the operational efficiency. Six Sigma program was one of the initiatives that were introduced by the CEO to help in the management to improve the efficiency of production. This technique becomes successful during its implementation and thereby promoting manufacturing and the operation of the business (Kettinger, 1997).
When it came to the adoption of this program by the 3M and R&D personnel there were unfavorable results that were experienced. This innovation technique requires a different approach as compared to the other techniques innovation. This technique allowed the quicker production of more products that lead to the increment of the product supply and extension of the product lines. In the year 2004 the company topped $ 20 billion, this enabled the company to significantly grow the innovation of the new products. This innovation included Post-it super sticky Notes, Duct tape that is transparent, LCD television optical films and products that were used in the cleaning processes (Koskela, 1992).
In the year 2007, the disposable toilet scrubber was introduced to the market for the first time. Another product like the painter tapes used in the corners and fur fighter hair remover was also introduced. This year the innovation continued for the enhancement of the home environment. In the year 2008, there was a development of the project engine that is ultra-compact LED illuminated. This engine was used in the integration of the electric devices including the evolved 3M micro personnel Mpro110 projector. This year also the 3M respirators were tested for the first time by the world health organization. This was also used in the administration of the drugs by the general public.
In the year 2009, there was an introduction of the electronic stethoscope the 3200 model. This equipment aided in the transfer of the sounds from the heart, lungs and other parts of the body for the analysis. This transfer is done through Bluetooth technology. This innovation helped in the improvement of the health sector and in telemedicine.
In the year 2012, there was the introduction of the largest aperture trough by the use of the solar mirror film of 1100 for concentrated solar power. In the year 2013, the company raised about $30 billion globally in sales. And in the year 2014, a 100,000th patient was earned by the company through it scientist and researchers. Finally, in the year 2016, the company opened the development of the laboratories in Minnesota (Lank, 2009).
Analysis of the innovation success
The change in the technology is a result of the introduction of the new products in the market. The introduction of the new products is hard to understand but it’s an important fact that helps in the reduction of the production cost and helps in the increasing of the quality of the final products. Hence the technological change has great influence on the market. The successful effect of the innovation to the market can be explained in terms of the consumers, the firms and the economy. When it comes to the consumer’s preference test it’s very hard to know what the consumer wants especially the new products. The test of the consumers can only be determined by the old goods that had been produced. Goods can be chosen based on the national utility in reference to the past consumption. The innovation has also created the room for the satisfaction of the consumers need.
From the perspective of the Firm, this is where there is integration on how the R&D marketing is done. There are different objectives for people working in marketing and people working in the R&D. The innovation has greatly provided a greater success to the firms since it’s able to produce new product to the market. The technology has led to the creation of a greater impact on the development of the new products. The technology has also led to the making of the resources available to the R&D (Mendling, 2008).
On the selection of the innovation success the technology aimed at the obtaining of the new components that will aid in the improvement of the production of the new products. This technology selection means introducing the new technology to the production system.
On the management capability of the technology on the innovation success, there is the employment of the personnel hence great importance on the R&D. This allows the acquisition more technological resources that aids in the stability and development of the market demands. The capability level of the technology helps in the efficiency of technology utilization.
On the organization performance of the innovation success, it helps in the promoting the performance of the organizations. It helps in the promotion and development of the performance of the R&D intensive company (Porter, 2008).
Reasons for the innovation failure in the company.
This main reason as to why the innovations failure is experienced in the company is because many CEO’s do not want to accommodate the introduction of the new products in the company. The CEO’s always based their ideologies on the development of the current business model as the innovation of the new products are seen as a threat to the current model in terms of the competition. They feel that new product takes time to be accommodated in the market. This, therefore, leads to the failure of the innovation.
Most of the innovations fail due to the proper accommodation to the market at the early stage of production. This comes as a result of not selling the right product at the right time with the right prices. This might intern lead to the failure of the innovation.
The cost of innovation is one of the factors that lead to the failure of the innovations. The new products are have got the new economic difference and the assessment must be done based on this economics. The failure of the innovation comes as a result of the application of the wrong financial lens towards the feasibility of the new business (Smart, 2009).
Main factors that contribute to innovation success.
The result of the analysis is based on the findings in (2)
The success of the innovations is majorly based on the support from the leadership of the company. The administrations should have the culture of encouraging of the innovations within the company by creating room for risk hence strengthening the potential of the success. The company should be willing to accept the trial and era since all innovations are not successful. The willingness of the company to take risk will allow the It expert to experiment innovation with fear (Wang, 2006).
The company should be ready to get involved in the innovation process. This will provide effort towards the technological development. Communication is the fundamental element of the company involvement hence a platform where the researchers can speak their ideas effectively. Communication will allow the researchers to gain support from the company stakeholders.
The other factor that has contributed to the innovation success is the availability of the resources and the financial support. The researcher plans for the budget to be used in the innovation. To any chances cannot be taken by the researchers the cost is high and thus can affect the budget. Hence the support to the researcher is a very important factor in the innovation leading to its success (Swanson, 1997).
The willingness by the government is also one of the major factors that have contributed to the development and success of the innovations by the companies. The government should be ready therefore to provide grants to the companies that would support the research and development of the innovation within that company. This grants should be between 20 to 50% of the total capital budget to be spent. With this grants the innovation is encouraged, a good research is done as proper findings are met hence the success of the innovation.
The improvement of the current technology in the world has also led to the improvement of the innovation. The discovery in the technology and the inventions is a greater catalyzer towards the research and development since new technology development means the development of new products, hence a greater influence on the success of the innovations.
The growth in the economy has also lead to the development of the innovation. Since new products are designed and customers to are ready to test this new product. This willingness by the customers and acceptance by the customers is also a major factor in the innovation success (Trkman, 2010).
Conclusion
For the innovation to be successful the partner has to work together with the government to ensure the research and development of the innovations meet the standards required. For this success to take place a number of factors have to be considered which includes, the willingness by the government to corporate, full agreement by the partner on how the innovation, research and development should be done and the company should be able to understand the main target of the innovation. The information exchange within the partners can also lead to the gathering of the ideal information that can lead to the development of the innovation. This will create space for the sharing knowledge that can put a great impact towards innovation thus innovation success is achieved (Vidgen, 2009).
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