Business Excellence and Business Innovation: Are The Two Competing or Overlapping Cultures?
- Publisher:
- Taiwan Institute of Business Administration
- Publication Type:
- Journal Article
- Citation:
- Academy of Taiwan Business Management Review, 2013, 9 (3), pp. 42 - 51
- Issue Date:
- 2013-01
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The current legitimate debate about business excellence and innovation is that both share similar objectives. For example, business excellence aimsare to ultimatelyimprove the financial standing and performance of the firm. This is usually being achieved by implementation of quality improvement programs that would ultimately result in increase in sales volumes and of course revenue. On the other hand innovation overall objective is also to improve the performance of the innovative firm and improve its financial position by creating new products or services or even new innovative strategies and or policies and procedures that will ultimately result in increasing sale and of course revenues. Although there are many overlapping issues between the two cultures, business excellence and innovation differ significantly in many aspects. This paper will examine the business excellence and innovation cultures and will present a model for differentiation between the various aspects of the two cultures. The paper will also examine the key issues forinnovation that could lead to growth opportunities in shrinking markets. The relationship between the four key strategy perspectives namely, industry based, resources based, institution based and innovation based perspectives will also be examined. The paper will present a set of overlapping cultural factors between business excellence and innovation that could play key role in value creation in turbulent globalized environments. Keywords: Innovation management, Business excellence, overlapping cultural factors.
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