Advantages in Making Use of Information and Communication Technology in Designing Open Innovation Business Models

Information and communication technology is a resource used in the processes and activities of business and government. Recent trends indicate that it is becoming an important resource in the daily activities of human beings. But the similarity between information and communication technology ends here. While other technologies tend to be applicable only in the specific industries and defined areas of operations, the potential of information and communication technology in business, government, and human activities is more universal. Information and communication technology provides several concepts that enable business, government, and human beings to reach new realities in their sector. Some of the concepts have created opportunities for designing and manufacturing electronic devices. This chapter talks about making use of the electronic devices in an open innovative thinking and approach.

Significance of Knowledge Harvesting in Open Innovation in Business Ventures

Enterprises do not give much importance to creating knowledge management systems pertaining to their organization. Most of the top management in organizations are under the impression that these systems will be misused by their employees. Some of the organizations fear that there is every likelihood that their employees, after updating their knowledge of their system, may leave their organization to better their prospects. It would be better if the top management in the organization were open and transparent for creating knowledge management systems. This approach will help employees to make use of the knowledge management systems. By making use of these systems, employees will be able to create knowledge harvesting systems. Knowledge harvesting systems will facilitate them to create an open innovation environment. Involvement of employees in an open innovation environment makes them take professional pride and feel they are the backbone of their organization. This chapter explains the benefits from knowledge harvesting systems in the context of open innovation initiative ventures. Case illustrations in this chapter stress the importance of knowledge harvesting systems in the open innovation environment in organizations.

Need for Making Use of Social Media Channels for Open Innovation Management

Social media has exploded as a category of online communication where people create content, share it, bookmark it, and network at an exponential rate. Social media is changing the public interaction in society. It is setting new trends and agendas in topics. The enormity and high variety of information propagates through large user communities. It provides a good opportunity for harnessing that data for specific purposes. This chapter talks about the usefulness of interaction on social media channels for finding an open, innovative approach in solving issues faced by business entities and rural people in India.

Making Use of Intellectual Property in Open Innovation Business Activities

Intellectual capital is the creation of more wealth by dint of knowledge and knowledge-based processes. The cycle of intellectual capital begins at inner faculties of a human being, in the application of skills, knowledge, experimentation, and research. Thus, it begins at the knowledge level in a person and ends at the creation of capital. This capital is known as intellectual capital. This chapter mainly explains the role of the elements in intellectual capital for open innovative initiatives in business enterprises. Five case illustrations are discussed in open innovation management with the elements of intellectual capital.

Importance of Business Process Reengineering in Open Innovation Projects

The essence of business reengineering is the fundamental rethinking and radical redesign of business process in organizations. Further, it emphasizes giving the decision-making power to employees and teams at the workplace. This concept is more apt for developing business models in an open innovation environment. This chapter gives an overview of business process reengineering. Three case illustrations relating to automobile, education, and business sectors are discussed in the context of business process reengineering.

Role of Virtual Reality in Open Innovation Business Initiatives

This chapter gives an overview of the concept of virtual reality. It explains the importance of virtual reality in developing business models in the open innovation environment. The role of virtual reality is explained with the case illustrations in the sectors such as manufacturing, healthcare, and financial.

Evaluation of Investments in Open Innovation Ventures

There are many concepts in the discipline of investment finance for evaluating investment in open innovation projects. Some of the concepts are cost benefit analysis, opportunity cost, activity-based costing, and capital budgeting. Every concept needs a certain parameter for analysis before investing in a project. This chapter gives an overview of the above concepts. Further, this chapter adopts a simplified approach in applying the above concepts for evaluating the various open innovation projects discussed in the case illustrations in this book.