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The 3M Company case study

Extracts from this document...

Introduction

Introduction The 3M Company is a $18 billion diversified technology company with leading positions in health care, safety, electronics, telecommunications, industrial, consumer and office, and other markets. Headquartered in St. Paul, Minnesota, 3M has operations in more than 60 countries, serving customers worldwide. 3M is one of the "top 50 "Fortune 500 companies and has been one of Fortune magazine's "ten most admired corporations"for the last ten years. Since its founding in 1902, Minnesota Mining and Manufacturing Company has become one of the world's most innovative and productive companies. 3M's primary growth strategy is to sell more existing products into new markets and to introduce new products into new or existing markets.3M mission is to be the most innovative enterprise and the preferred supplier to customers. 3M vision is to sastisfy customers with superior quality, value, and service. A division of the 3M Company, 3M Health Information Systems, the largest and one of the fastest-growing of 3M's seven major businesses, serves medical, dental, pharmaceutical, and personal care markets. 3M Health Information Systems is a leading provider of advanced software tools and services that help health care organizations capture, classify, and manage accurate health care data. With more than 20 years of industry experience, 3M Health Information Systems' solutions help ensure the quality of data and the processes that drive an organization's ability to manage revenue, comply with regulations, improve the quality of patient care, and manage resources effectively. Through this paper, 4 main points will be discussed in order to identify the position of 3M strategy regarding its innovation management,especially in the health care division . First of all, lets identify the main issues of 3M affecting its innovation management. The second point will be to discuss the national system of innovation in health care.As a third point , three academical framework will be applied to 3M innovation management. Lastly , based on the findings get on analysis of the theories , some recommendations will be suggested to improve 3M innovation management. ...read more.

Middle

Exchange of technical personnel knowledge to different divisions, or other countries where 3M has operations, is common. Internalization is a process of embodying explicit knowledge into tacit, operational knowledge such as know-how. This mode is triggered by "learning by doing or using." Explicit knowledge documented into text, sound, or video formats facilitates the internalization process. Therefore, manuals, a quintessential example of explicit knowledge, are widely used for internalization. That has been done in 2002 when 3M published the book which is a compilation of 3M voices, memories, facts and experiences from the company's first ... years : The innovation century , the 3M story. The second model that could be applied to 3m innovation management is the culture-innovation model The innovative culture of 3M has been the driving force for the company's continuous innovation and growth into a major world-wide, large-scale manufacturer. Applying the theory developed by Teece, we assessed that 3M has developed complementary assets, in terms of research ability residing in individual knowledge and technical expertise held by 3M scientists. Furthermore, this culture has helped the company develop dynamic capabilities by analysing and anticipating future customer needs (opportunities) and translating these opportunities into product novelty, by combining various complementary assets in a competitive, hardly inimitable way. 3M is a company whose culture has led to thousands of new products every year for decades, probably the premiere company in bringing new products to market. 3M's development process is dramatically different from most, yet it is highly successful at new product development. Innovative new products from 3M because of a well-thought-out set of mechanisms which support emergent activity. 3M's corporate strategies explicitly promote an innovative spirit. These strategies include: 30% if sales must result from products less than 4 years old; technical people can spend 15% of their time on projects of their own choosing; every division has access to technologies developed anywhere in the company and has the responsibility to share the technological needs of its customers throughout the company. ...read more.

Conclusion

Total Word Count: 3108 Section A: 569 Section B: 283 Section C: 1321 Section D: 935 Reference: 3M Company, 2002, A Century Of Innovation, 3M Company, USA 3M Company Annual Report, 2003 3M Company, USA Achtmeyer, W.F. (2002), 3M Corporation, Centre for Global Leadership, available on http://mba.tuch.dartmouth.edu Boxal, P. and Purcel, J., (2003), Strategy and Human Resource Management, PalgraveMacMillan, New York. Cobbenhagen, J. (2000), Successful Innovation: Towards a new theory for the management of small and medium-sized entreprises, Edward Elgar Publishing Ltd, UK Cohen, W., Nelson, R. and Walsh, J. (2002), Links and Impacts: The influence of public research on industrial R&D, Management Science, Vol. 48, pp 1-23 Frohman (1980) in Cobbenhagen, J. (2000), Successful Innovation: Towards a new theory for management of small and medium sized entrprises, Edward Edgar Publishing Ltd, UK). Goold, Campbell and Alexander (1994), Corporate Level Strategy: Creating value in the multi-business company, John Wiley and Sons, New York Gundling, E. (2000), The 3M-way to innovation: Balancing people and profit, Kodansha, London Larkins, R.J., (2000), Government research program briefing, available on http://www.fas.org/man/congress/2000/000510-larkins_may_10.htm Lorentzen, A. (2003), Knowledge and knowledge bases in the learning process of Polish companies, Aalborg University, available on http://www.druid.dk/conferences/summer 2003 Minnesota Statutes, 2003, Ch 116J. 885, available on http://www.state.mn.us/stats/116J/ Nonaka and Takeuchi (1995), The knowledge-Creating Company, Oxford Press, New York. Porter, M.E. 1998, Competitive Advantage: Creating and sustenance of superior performance, Free Press, New York Mitchell Russel,(1991), Masters of innovation : How 3M keeps its new product coming Terziovski, M. Samson, D and Glassop, L. (2001), Creating Corporate Competence through management of organisational innovation, Research paper, available on http://www.fsed.org/research/projects , 2001. Thomas Swan, Top twenty innovators: The mothers of inventions, available on http://www.thomas_swan.co.uk (2004) Thomhe, S. and Von Hippel, E. (2002),Harvard Business Review, April,pp74-81 Tidd, J., Bessant, J. and Pavitt, K. (2002), Managing Innovation: Integrating Technological, Market and Organisational Change (2nd edn), John Wiley & Sons Inc, USA Von Hippel, E., Thomhe, S. and Sonnach, M. (1999), Breakthroughs to order at 3M, Sloan School of Management, available on http://web.mit.edu/evhippel _____________________________________________________________________ MMU MBA 2003/2004 Innovation Management Gowry Pajany - 1 - ...read more.

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