An overview of innovation strategies and the case of Alibaba

Innovation is crucial for the competitiveness of companies. With the complex use of innovation methods, products, quality and internal processes can be developed. Next to newer technologies and methods, emphasis should be placed not only on radical technological innovations, but also on changing and improving the production processes and the business models. Innovation can create value for the customers and the shareholders, using CSR information systems, downstream and upstream operations. Open innovation allows external knowledge flowing into, and internal innovation flowing out the company. Companies should develop an innovation strategy which determines how the company seeks and solves the problem at an organizational level; synthesizes ideas, concepts and design into business strategy. The paper explains the factors and methods that companies have to take into consideration in their innovation processes. The innovation of Alibaba, which plans to radically change the manufacturing sector worldwide is discussed in details. (C) 2020 The Authors. Published by Elsevier Ltd.