The case study GE's Imagination Breakthroughs: The Evo Project examines GE during the period of change when Jeff Immelt succeeded Jack Welch as CEO.
The Shift in Focus
The focus of GE needed to shift from cost-cutting to the development of new goods, the opening of new markets, and the enhancement of services. GE had to make a number of adjustments in a few key areas in order for this objective to be accomplished.
Jeff Immelt's Creative Breakthrough
The most popular approach, particularly with relation to organic development, was Jeff Immelt's creative breakthrough in 2003. It had the potential to provoke a profit of 100 million dollars in a new business within some years, and it ushered GE into new business ventures and markets (Bartlett, Hall, & Bennett, 2008).
Establishing Essential and Successful IBs
GE was able to establish some essential and successful IBs like the EVO and GML after the imagination breakthrough. Immelt aimed at transforming the company to become creative and innovative. In 2002 GE embarked on a journey of venturing into new fields like water technology, oil, and gas technology, and also being extra keen on research and development. The process of growth has changed the culture of GE Transportation which has resulted in a shift in the market role, growth leader profile enforcement, and advanced decision-making methods that will motivate innovation and risk (Bartlett, Hall, & Bennett, 2008).
The Crucial Decision Point
In the end, a presentation of a crucial decision point is made because the executives in Transportation must choose whether or not they should promote the high-risk Hybrid Locomotive project.
Conclusion
Immelt's strategy was a success mainly because the company had a secure communication that was developed through an integrated leadership process. Immelt promoted his plan through the exploit of markets that had a great growth potential but little competition by paying attention to the marketplace and customers, as well as integrating approaches that are commercially orientated into their decision making.
References
Bartlett, C. A., Hall, B. J., & Bennett, N. S. (2008). GEs imagination breakthroughs: the Evo project. Boston, MA: Harvard University School Pub.
