He focuses on the role technology and innovation play in restructuring markets, especially in oil, gas, power, and other energy and industrial companies. Matt has spent 25 years serving energy and clients globally. He has written and spoken extensively on oil, gas, power, and resource markets around the world. Currently his work focuses on North American unconventional resources, restructuring US power markets, and how technology is reshaping capital productivity and operational efficiency in oil, gas, and power projects.
Advertisement In Brief Decades of research by organizational scientists, psychologists, sociologists, economists and demographers show that socially diverse groups that is, those with a diversity of race, ethnicity, gender and sexual orientation are more innovative than homogeneous groups.
It seems obvious that a group of people with diverse individual expertise would be better than a homogeneous group at solving complex, nonroutine problems. It is less obvious that social diversity should work in the same way—yet the science shows that it does. This is not only because people with different backgrounds bring new information.
Simply interacting with individuals who are different forces group members to prepare better, to anticipate alternative viewpoints and to expect that reaching consensus will take effort. The first thing to acknowledge about diversity is that it can be difficult.
Supreme Court justices disagree on the virtues of diversity and the means for achieving it. Corporations spend billions of dollars to attract and manage diversity both internally and externally, yet they still face discrimination lawsuits, and the leadership ranks of the business world remain predominantly white and male.
It is reasonable to ask what good diversity does us. Diversity of expertise confers benefits that are obvious—you would not think of building a new car without engineers, designers and quality-control experts—but what about social diversity?
What good comes from diversity of race, ethnicity, gender and sexual orientation? Research has shown that social diversity in a group can cause discomfort, rougher interactions, a lack of trust, greater perceived interpersonal conflict, lower communication, less cohesion, more concern about disrespect, and other problems.
So what is the upside? The fact is that if you want to build teams or organizations capable of innovating, you need diversity.
It encourages the search for novel information and perspectives, leading to better decision making and problem solving. Diversity can improve the bottom line of companies and lead to unfettered discoveries and breakthrough innovations. Even simply being exposed to diversity can change the way you think.
This is not just wishful thinking: Information and Innovation The key to understanding the positive influence of diversity is the concept of informational diversity.
When people are brought together to solve problems in groups, they bring different information, opinions and perspectives.
This makes obvious sense when we talk about diversity of disciplinary backgrounds—think again of the interdisciplinary team building a car.
The same logic applies to social diversity. People who are different from one another in race, gender and other dimensions bring unique information and experiences to bear on the task at hand.
A male and a female engineer might have perspectives as different from one another as an engineer and a physicist—and that is a good thing. Research on large, innovative organizations has shown repeatedly that this is the case. First, they examined the size and gender composition of firms' top management teams from through Then they looked at the financial performance of the firms.
They found that companies that prioritized innovation saw greater financial gains when women were part of the top leadership ranks. Racial diversity can deliver the same kinds of benefits. In a study conducted inOrlando Richard, a professor of management at the University of Texas at Dallas, and his colleagues surveyed executives at national banks in the U.
For innovation-focused banks, increases in racial diversity were clearly related to enhanced financial performance. Evidence for the benefits of diversity can be found well beyond the U.
In August a team of researchers at the Credit Suisse Research Institute issued a report in which they examined 2, companies globally from tolooking for a relationship between gender diversity on corporate management boards and financial performance.Strategy and structure are married to each other.
If you change one, you have to change the other. Innovation can be defined simply as a "new idea, device or method". However, innovation is often also viewed [by whom?] as the application of better solutions that meet new requirements, unarticulated needs, or existing market needs.
Such innovation takes place through the provision of more-effective products, processes, services, technologies, or business models that are made available to. May 19, · The World Energy Innovation Forum (WEIF ℠), chaired by industry leader Ira Ehrenpreis, convenes the who’s-who in the energy innovation sector to discuss the important energy issues and opportunities of our barnweddingvt.com event will host the leading investors, entrepreneurs, corporates, policymakers, and other prominent members of the energy ecosystem for two days of conversation, .
Journal of Open Innovation: Technology, Market, and Complexity (ISSN ) is an international, scientific, peer-reviewed and open access journal on the open innovation, open business model, entrepreneurship, complexity, and evolutionary change in the economy published quarterly online by MDPI as of May The Society of Open Innovation: Technology, Market, and Complexity .
We will write a custom essay sample on Leading Innovation and Change specifically for you for only $ $/page. Order now To materialize the idea of change/innovation, a leadership strategy should be established.
Organizations must trust leaders and in return leaders must work together with the team to implement change. Rewarding Innovation and Change. Google Senior Exec Alan Eustace on Innovation Strategy and the Technology of the Next Decade Chris MacKechnie is a graduate of Carleton University's Law.