Harvard Case - Schneider Electric: Opening Up to External Innovation
"Schneider Electric: Opening Up to External Innovation" Harvard business case study is written by Antonio Davila. It deals with the challenges in the field of Accounting. The case study is 18 page(s) long and it was first published on : Feb 6, 2019
At Fern Fort University, we recommend that Schneider Electric implement a comprehensive strategy to foster external innovation, leveraging a combination of open innovation platforms, strategic partnerships, and internal cultural shifts. This strategy should focus on identifying and integrating promising external technologies, fostering collaboration with startups and research institutions, and creating a culture that embraces experimentation and knowledge sharing.
2. Background
Schneider Electric, a global leader in energy management and automation, faced the challenge of maintaining its competitive edge in a rapidly evolving technological landscape. The company recognized the need to tap into external sources of innovation to complement its internal R&D efforts. This case study explores Schneider Electric's journey towards embracing open innovation, highlighting the challenges and opportunities associated with this approach.
The main protagonists of the case study are:
- Jean-Pascal Tricoire: CEO of Schneider Electric, who championed the open innovation strategy.
- The Innovation team: Responsible for developing and implementing the open innovation initiatives.
- External partners: Startups, research institutions, and other companies collaborating with Schneider Electric.
3. Analysis of the Case Study
To analyze Schneider Electric's situation, we can use the following frameworks:
Strategic Framework:
- Porter's Five Forces: The case highlights the intense competition in the energy management and automation industry, driven by technological advancements and the emergence of new players. This underscores the need for Schneider Electric to continuously innovate to maintain its competitive advantage.
- Resource-Based View: Schneider Electric possesses strong internal resources, including a global network, experienced workforce, and established brand reputation. However, the company recognizes the need to leverage external resources to access emerging technologies and diverse perspectives.
Financial Framework:
- Activity-Based Costing (ABC): By implementing ABC, Schneider Electric can accurately allocate costs associated with different innovation activities, enabling better decision-making regarding resource allocation and project prioritization.
- Financial Performance Measurement: Schneider Electric needs to develop key performance indicators (KPIs) to track the success of its open innovation initiatives, considering metrics such as number of partnerships, technology adoption rate, and impact on revenue and profitability.
Organizational Framework:
- Organizational Structure and Design: Schneider Electric needs to adapt its organizational structure to facilitate collaboration and knowledge sharing between internal teams and external partners. This may involve creating dedicated innovation hubs or establishing cross-functional teams.
- Organizational Culture: A culture that embraces experimentation, risk-taking, and knowledge sharing is crucial for successful open innovation. Schneider Electric needs to foster a culture that encourages employees to engage with external partners and explore new ideas.
4. Recommendations
To successfully implement an open innovation strategy, Schneider Electric should:
- Establish a dedicated Open Innovation Platform: Create a platform that connects Schneider Electric with startups, researchers, and other external innovators. This platform should facilitate communication, knowledge sharing, and collaboration.
- Develop Strategic Partnerships: Form strategic partnerships with promising startups, research institutions, and other companies that possess complementary technologies or expertise. These partnerships should be structured to ensure mutual benefit and knowledge transfer.
- Implement a 'Corporate Venture Capital' Approach: Allocate resources to invest in promising startups or spin-offs, providing them with access to Schneider Electric's resources and market reach.
- Foster a Culture of Innovation: Encourage employees to participate in open innovation activities, rewarding them for their contributions and providing opportunities for professional development. This includes promoting cross-functional collaboration and knowledge sharing.
- Develop a Robust Intellectual Property (IP) Strategy: Establish clear guidelines and procedures for managing IP rights in collaboration with external partners. This ensures that Schneider Electric can protect its own innovations while leveraging external technologies effectively.
- Integrate External Innovations: Develop a systematic process for evaluating, selecting, and integrating promising external technologies into Schneider Electric's product portfolio. This process should involve both technical and commercial due diligence.
5. Basis of Recommendations
These recommendations consider the following:
- Core Competencies and Consistency with Mission: The recommendations align with Schneider Electric's core competencies in energy management and automation, while expanding its innovation capabilities to address emerging trends and technologies.
- External Customers and Internal Clients: The recommendations aim to enhance Schneider Electric's ability to meet the evolving needs of its customers by providing access to cutting-edge solutions. They also empower internal teams with access to external expertise and resources.
- Competitors: The recommendations help Schneider Electric stay ahead of its competitors by fostering a culture of innovation and leveraging external expertise to develop new products and services.
- Attractiveness ' Quantitative Measures: The recommendations are expected to contribute to Schneider Electric's long-term profitability and growth by expanding its product portfolio, entering new markets, and reducing development costs.
6. Conclusion
By embracing open innovation, Schneider Electric can unlock new opportunities for growth and innovation, enabling it to remain a leader in the energy management and automation industry. The company's commitment to fostering external collaboration, integrating promising technologies, and creating a culture of innovation will be crucial for its long-term success.
7. Discussion
Other alternatives not selected include:
- Focusing solely on internal R&D: This approach would limit Schneider Electric's access to external expertise and emerging technologies.
- Acquiring external companies: While acquisitions can be effective, they are often expensive and time-consuming, and may not always be the best fit for Schneider Electric's long-term strategy.
Risks and Key Assumptions:
- Risk of IP infringement: Schneider Electric needs to carefully manage IP rights to protect its own innovations while leveraging external technologies.
- Risk of cultural clashes: Integrating external partners into Schneider Electric's culture requires careful management and communication.
- Assumption of successful integration: The success of open innovation depends on the ability to effectively integrate external technologies and knowledge into Schneider Electric's operations.
8. Next Steps
To implement the recommendations, Schneider Electric should:
- Develop a detailed implementation plan: This plan should outline specific timelines, milestones, and responsibilities for each initiative.
- Allocate resources: Schneider Electric needs to allocate sufficient resources, including budget and personnel, to support the open innovation strategy.
- Communicate the strategy: Effective communication is crucial for engaging employees, partners, and stakeholders in the open innovation journey.
- Monitor progress and adjust: Schneider Electric should regularly monitor the progress of its open innovation initiatives, making adjustments as needed based on the results and feedback.
By taking these steps, Schneider Electric can create a sustainable and successful open innovation ecosystem that will drive its future growth and innovation.
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Case Description
Schneider Electric competes in tough but stable markets around energy management, automation, and control of infrastructures ranging from homes to production plants. New technologies and new approaches to serving markets are challenging the status quo. To take advantage of these changes, the company has been experimenting with different organizational structures to take advantage of these radical innovations. The case describes the challenges facing the company as well as the latest iteration of structures and systems. In particular, the company has put together "Innovation at the Edge," which includes tools ranging from corporate venture capital to corporate accelerator. Managers at Schneider Electric have to evaluate whether these tools are enough to fulfill the needs of the company, how to fully take advantage of them, and how to further adapt them.
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