The New Age of Innovation: Driving Cocreated Value Through Global Networks

Front Cover
McGraw Hill Professional, May 4, 2008 - Business & Economics - 304 pages

Named one of the "Best Books on Innovation, 2008" by BusinessWeek magazine

From the greatest minds in business today comes a groundbreaking new blueprint for executing the next stage of customer-created value. C.K. Prahalad, the world's premier business thinker, and IT scholar M.S. Krishnan unveil the critical missing link in connecting strategy to execution--building organizational capabilities that allow companies to achieve and sustain continuous change and innovation.

The New Age of Innovation reveals that the key to creating value and the future growth of every business depends on accessing a global network of resources to co-create unique experiences with customers, one at a time. To achieve this, CEOs, executives, and managers at every level must transform their business processes, technical systems, and supply chain management, implementing key social and technological infrastructure requirements to create an ongoing innovation advantage.

In this landmark work, Prahalad and Krishnan explain how to accomplish this shift--one where IT and the management architecture form the corporation's fundamental foundation. This book provides strategies for

  • Redesigning systems to co-create value with customers and connect all parts of a firm to this process
  • Measuring individual behavior through smart analytics
  • Ceaselessly improving the flexibility and efficiency in all customer-facing and back-end processes
  • Treating all involved individuals--customers, employees, investors, suppliers--as unique
  • Working across cultures and time-zones in a seamless global network
  • Building teams that are capable of providing high-quality, low-cost solutions rapidly

To successfully compete on the battlefields of 21st-century business, companies must reinvent their processes and culture in order to sustain innovative solutions. The New Age of Innovation is a complete program for achieving this transformation to meet the needs of the end consumer of the future.



Chapter 1 The Transformation of Business
The Enablers of Innovation
Insights for Innovation
Technical Architecture for Innovation
Impediments to Value Creation
Managing the Tension
Chapter 7 Dynamic Reconfiguration of Talent
Focus on the Essence of Innovation

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Page 80 - A process is thus a specific ordering of work activities across time and place, with a beginning, an end, and clearly identified inputs and outputs: a structure for action.
Page 80 - I business process a collection of related, structured activities — a chain of events — that produces a specific service or product for a particular customer or customers.
Page 129 - Chairman, this perhaps is not the place to get into a detailed discussion of the development of rural America.
Page 260 - CK Prahalad and Venkat Ramaswamy, The Future of Competition: Co-Creating Unique Value with Customers (Boston: Harvard Business School Press, 2004), have highlighted the growing importance of customers in "co-creating
Page 260 - The Next 4 Billion: Market Size and Business Strategy at the Base of the Pyramid, World Resources Institute (WRI), Washington, DC, and International Finance Corporation (IFC), World Bank, Washington, DC, 2007.
Page 261 - Who Captures Value in a Global Innovation System? The Case of Apple's iPod," Personal Computing Industry Center (PCIC) Working Paper, Paul Merage School of Business, University of California, Irvine, June 2007.
Page 80 - Business process implies (1) organization of work to achieve a result; (2) multiple steps and coordination of people; (3) an element of design or implementation that renders a business process as distinctive as a competitive asset as research and development or product development, a "firm-specific asset...
Page 21 - The prevalence of chronic disabilities such as diabetes is a major problem in both developed countries such as the United States and developing countries such as India.
Page 230 - Microprojects involve specific, simple tasks that can be accomplished in a short period of time and often remotely.

About the author (2008)

C.K. Prahalad is the international bestselling author of Competing for the Future and The Fortune at the Bottom of the Pyramid. He is the Paul and Ruth McCracken Distinguished University Professor of Strategy, Ross School of Business, University of Michigan. Prahalad was named “The World's Most Influential Management Thinker” in 2007 by the Times of London and “the most influential thinker on business strategy today” by BusinessWeek.

M.S. Krishnan is a Hallman Fellow & Professor of Business Information and Technology, Ross School of Business, University of Michigan.

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