Managing technology and innovation (MTI) requires organizations to turn experience and information into useful knowledge—and to use that knowledge when preparing for the future. This lesson covers two organizational capabilities that support MTI: managing learning and knowledge processes, and analyzing and forecasting trends.
Organizational capabilities are the ways a firm combines people and resources to create value. Strong capabilities can help a firm develop a competitive advantage. In MTI, a particularly important capability is managing learning and knowledge processes.
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What is organizational learning?
It is the acquisition of knowledge through collecting and analyzing data, turning it into information, and sharing and transferring what has been learned among members of the organization.
What is explicit knowledge?
Knowledge that is codified or recorded, such as written rules, procedures, or guidelines, and can generally be communicated directly.
What is tacit knowledge?
Knowledge that emerges from an individual’s experience and judgment. It can be difficult to explain or codify, although some of it may be made explicit.
What is environmental scanning?
The practice of examining the industry and broader environment for trends, changes, and potential opportunities to create value.
Why are forecasts limited?
Forecasts are uncertain and imperfect: firms cannot anticipate every influence, and methods often rely on estimates or patterns that may change. They are useful for assessing risk, not guarantees of outcomes.
Quiz questions
During market introduction in a new product development project, which specialist may be best placed to lead that work?Answer: A marketing professional
When a dedicated project manager coordinates a product development team, what can happen to leadership of specific work?Answer: It can shift among specialists as the project moves through its stages.
What does followship mean in an organizational setting?Answer: Seeking or accepting influence from another person.
What is an example of an effective follower showing initiative?Answer: Raising a problem and suggesting a possible solution.
How does creative thinking support technology and innovation work?Answer: It helps teams generate ideas and explore potential solutions.
Based on Principles of Management by David S. Bright, Anastasia H. Cortes, Eva Hartmann, K. Praveen Parboteeah, Jon L. Pierce, Monique Reece, Amit Shah, Siri Terjesen, Joseph Weiss, Margaret A. White, Donald G. Gardner, Jason Lambert et al. (OpenStax), licensed CC BY 4.0. Adapted into a summary, flashcards and quizzes.