Innovation 2 Essay Example | Topics and Well Written Essays - 6000 words

Innovation 2 - Essay Example In light of all the approaches presented in this literature review pertaining to the usefulness of customer knowledge in defining the Key Performance Indicators for any organization, it can be rightly stated that in contemporary time the reliance upon closed innovation process has become adequate and thus is obsolete, because of the major requirements of this process which can not be fulfilled in the contemporary era of increased globalization. Therefore, incorporation of the open innovation process is not only essential but also necessary in order to succeed and progress. Within this process, customers play a significant role on every step of the product development process, and their immense contribution could not be ignored, since they are the end users thus the utilization of their knowledge could spell success for the firm if it is handled appropriately. This paper makes a conclusion that with this the KPIs of the organization have to be restructured into more qualitative tools in order to account for different intricate and complex sources of knowledge base. When these are properly restructured and evaluated it leaves the organization with the dilemma of solving the issue of lost intellectual property, thus proposing that the outside-in method of open innovation should be used and external sources should be used for commercialization once the idea has been licensed, in order to ensure protection of Intellectual Property and also effectiveness in marketing.