Development of the business is done through the innovation. However, without innovation growth of a business is not possible. For the business owners, it is important to understand how to create business value through innovation (Shapira et al. 2016). Innovation not only develops business but also leads the organization to achieve competitive advantages in the global market. In order to remain as an innovative company, any organization needs to develop new service or product to attract their target audience. This study deals with the innovation in the context of Bridges Fund Management. This organization invested a large amount to develop healthier eating habit among the school children. However, this organization focuses on the health sectors thus; introduction of healthier eating habit will be a great innovation for this organization to promote healthy habit among the well being.
Bridges Fund Management focuses on the promotion of healthier eating habit among the children. However, in the recent years, children are suffering from obesity, which is a big problem of every country (Tukker et al. 2017). Hence, it is important for the health sectors to innovate a new strategy to enhance the healthier eating habit among the children. To meet this objective Bridges Fund Management has proposed the healthier eating habit among the children in school. They want to innovate a fast growing school catering business along with health promotional activities. This is a new initiative for this organization as they are going to combine the health with education. This organization has given priority to well-being health in their business objectives. Thus, this idea is innovative for this organization. In order to reduce unhealthy eating habit from the school children, Bridges Fund Management has taken healthier eating initiative (Bridgesfundmanagement.com 2018). This will promote the health of the children and increase the business growth of this organization.
The major strength of this current innovation of Bridges Fund Management is to gain sustainable growth. However, health promotion is a crucial part of a business that is associated with healthy activities. Introduction of the service with healthier activity leads an organization to achieve sustainable growth (França et al. 2017). Bridges Fund Management mainly focuses on health promotion of the individuals through their business activity. In the recent years, they want to combine the health and education by involving financial industry. This is the first time in England while a fund management business has taken initiative to promote health in the educational sector. Hence, their new school catering service will enhance the healthy eating habit among the children, which also maximizes their profit through this innovation. However, many schools in England want healthy catering service, which is fulfilled by Bridges Fund Management’s new innovation. As a result, they can get more orders, which ensure their sustainable growth. One of the major weaknesses of this innovation is the high budget. However, to provide hygienic and tasty food to children in many schools at a time need more investment. On the other hand, if the food quality is hampered by any factor then Bridges Fund Management may suffer a major loss and it may affect their brand image. The current innovation of Bridge Fund Management is an effective approach for this organization to achieve sustainable growth in their business. However, promotion of new catering business will help this organization to get more popularity in the global business industry.
One of the major key drivers of innovation is the short-term results. However, often the organization wants a quick result in a business, which often resists them to invest in an innovation as innovation needs time (Ozorhonand Oral 2016). In the context of Bridges Fund Management, they have launched healthy eating habit by their school catering service. Hence, if this organization gives more focus to get a quick result, then it will be difficult for them to get success through innovation. Talent is another key driver of innovation. However, lack of talent resists an organization to innovate new service or product. On the other hand, the economy of the organization is another major driver of innovation (Hong et al. 2016). However, if the economic condition of an organization is not stable then it will be difficult for the organization to invest in their innovation as a result, innovation will be prohibited. Relationship between the co-workers is another big driver of innovation. However, poor relationship affects the collaborative work and without collaborative work, innovation cannot be done in an organization. Poor Organizational culture inhibits the innovation in an organization. However, if an organization is not able to establish a positive work culture, then innovation cannot take place. Poor leadership is another major inhibitor of innovation. If an organization has no strong leader then it will be difficult for them to give shape any innovative idea.
Key drivers and inhibitors of innovation have a great impact on the performance of Bridges Fund Management. However, focusing on the quick result resists this organization to get a valuable outcome from their business strategy and they will be not able to carry out their new innovation. This key driver will affect the long-term outcome in this organization. On the other hand, lack of proper skill may affect the innovation and creativity in an organization as due to poor skill an organization is not able to access the new technology (Himmel and Siemiatycki 2017). Technology is the main factors of innovation, which facilitates innovation in an organization. In the context of Bridges Fund Management lack of skilled employees may lead this organization to utilize the modern technology and idea during their innovation. Due to lack of adequate resources an organization fails to implement the new strategy (Kallmuenzer 2018). As for example, Bridges Fund Management invested £8.5 to implement healthy eating habit among the school children by their catering service. Hence, poor resources could resist this organization to invest in this process as a result, their performance can be hampered. Poor leadership and poor organizational culture are the major inhibitors of organizational success as the success of an organization depend on the leadership strategy. On the other hand, collaboration between the employees allows the organization to gain common business goal. Without collaborative work, business goal is difficult to achieve. In Bridges Fund Management poor leadership and poor communication between the employees may hamper their success that they want to achieve through their innovation as poor leadership hampers the implementation of new idea in a business.
Bridges Fund Management is a popular investor in UK. This company is categorized under the financial industry. However, according to the World Bank Group’s report financial sector of a country contributes more to its economy and it is associated with the growth and development of a country (Worldbank.org 2018). In the recent year’s capital market are essential to invest in the infrastructure of commercial buildings, hospital, school, road, and house. Bridges Fund Management is situated in UK and provides the fund to complete any business project. In the recent years, funding business has been increasing rapidly in England. As per the statistical data, financial service invests £ 86 billion to UK economy (Export.gov 2018). In order to increase the health promotional activity, more funding is required in UK. This leads Bridges Fund Management to invest more in different sectors of UK as well as especially in health sectors. On the other hand, innovation is the big platform of investment in the global market. Based on this current demand Bridges Fund Management has invested to implement healthy eating habit through their catering service. UK investors give more focus on health sectors in the recent years due to rising demand for health promotional activities. This business context leads Bridges Fund Management to bring innovation in health promotional activities.
Bridge Fund Management team has targeted the school catering sectors to promote healthy activities among the children. However, from the above analysis, it has been found that the financial sectors or investors are investing in school, real estate and healthcare sectors (Worldbank.org 2018). In UK, health promotion becomes a major aim of the government. Thus, the investors have started to invest in this sector to achieve sustainability in business. On the other hand, children development is another major aim of UK government. Based on these factors Bridge Fund Management has brought innovation in their business by increasing healthy activities. Health sectors are the major part of any country, which needs more funding to improve the health of well being.
In the recent years, investors are searching the sectors that need huge funding for their business. Hence, Bridge Fund Management has invested in school catering business to maximize the health of the children. On the other hand, Bridge Fund Management has identified that innovation is the major platform for investment in the international market. Thus, they want to combine the health promotion with innovation. This results in the introduction of healthy eating habit among school children. Rapid enhancement of the financial investors and high demand for innovation leads the financial organization to invest more in a country (França et al. 2017). Bridge Fund Management is also influenced by the rising demand for innovation and invested a huge amount to bring innovation in their business. It can be said that due to the increasing number of health-conscious people and rapid growth of financial industry lead Bridge Fund Management to implement their new innovative strategy.
The main objective of the implementation of healthier eating habit is to promote a healthier lifestyle and to achieve sustainability in the business. Bridge Fund Management focuses on sustainable business through innovation. However, without any innovation, it is difficult for an organization to achieve sustainability (Tukker et al. 2017). Thus, innovation is the key element of sustainable business. Innovation can be done through different strategies. However, Bridge Fund Management wants to bring innovation through establishing health promotional activities. Bridge Fund Management tries to bring social development along with their business growth as social development is one of the major areas of sustainable business. Implementation of healthy eating habit among the school children will increase the education and promote the healthy activities. The main aim of this innovation is to provide high-quality nutritious food to the children for their development. This investment is done to promote the health of wellbeing. Hence, health promotion is the main goal of this current innovation. However, sustainable development and the health promotion are the major two areas of their innovation strategy.
Using of KPI or key performance indicator success of an innovation strategy can be measured. However, in the context of Bridge Fund Management, they have proposed the concept healthier eating habit through catering healthy food to the children. Healthier eating habit is their new innovation strategy. In order to measure the success of their new proposal, they need to observe whether their objective is fulfilled or not. If their objective is fulfilled then they will get assurance about the success of their proposed strategy. However, the major objective of this innovation is the health promotion and sustainable business. In order to measure the success of creativity strategy proposal, it is important for an organization to observe the distribution of the strategy (Clauss 2017). However, Bridge Fund Management has aimed to invest in 120 schools to implement healthy eating activity. From this data, it can be said that such investment will be done over a large area, which ensures the success of this innovation strategy.
Validated learning is the vital element of innovation (Miles et al. 2017). Hence, progress of Bridge Fund Management’s innovation can be observed by applying the innovative ideas and knowledge. However, if Bridge Fund Management has many skilled employees then they will get success through their innovation strategy proposal. On the other hand, by setting a target success can be achieved. In the context of Bridge Fund Management, they need to analyze the outcomes of new innovation against their target. If the results meet their target then they will be sure about the success of their innovation. On the other hand, feedback collection from the stakeholders is another effective way to measure the success of an innovation strategy. Bridge Fund Management needs to collect feedback from the parents regarding the health promotion of their children through this healthy eating habit
Strategic management of the innovation strategy is a big challenge for an organization while implementing the innovation strategy (Börjesson et al. 2014). However, strategic management of the innovation refers to the ability of an organization to generate the idea, select the idea and to exploit the idea by considering organizational resources. In the context of Bridge Fund Management, they may face strategic management issues during the implementation of innovation strategy. Shortage of resources such as the poor flow of knowledge can hamper the delivery of this strategy. If the employees do not have adequate knowledge then they will not be able to generate an idea for their new innovation.
On the other often lack of adequate resources such as low workforce, high budget hamper the delivery process of healthy eating habit among the school children. Therefore, in order to implement an innovation process often the ideas, as well as works, are fragmented (Westland 2016). Such fragmentation generates challenges for the organization. On the other hand, lack of collaboration and diversity are other challenges of delivering the innovation strategy. Both external and internal collaboration are required to bring innovation in an organization. However, for Bridge Fund Management they need to make a good collaboration with their internal and external stakeholders otherwise the innovation strategy that is the healthy eating habit will not be implemented successfully.
Arrangement of proper resources that is both the financial resources and workforce can be done by partnership working (Nieves and Quintana 2018). For Bridge Management Funding it will be helpful to establish a partnership work as it will give them more fund and more workforce to implement their innovation strategy. Therefore, lack of proper skill is another barrier of implementation of innovation strategy. This barrier can be mitigated by developing a training program for the employees as it will help the employees to improve their technical skill. Developmental plan for the employees leads the employees to work effectively for delivering the innovation. On the other hand, lack of collaboration can be improved by using effective communication process in Bridge Fund Management. An action plan is given below based on the above recommendations:
|
Activity |
Time Frame |
Outcomes |
|
Partnership working |
For 1 year |
Boosts the organizational resources |
|
Introduction of training program |
6 months |
Enhances the existing knowledge of employees |
|
Interpersonal communication strategy |
3 months |
Maximizes the internal and external collaboration |
Figure 1: Action planning for reducing the key implementation issues in Bridge Fund Management
(Source: Author)
In order to bring innovation in Bridge Fund Management, a five steps process need to be applied to give shape their innovation strategy. However, For Bridge Fund Management the first starting should start by creating a scalable platform for success. However, introduction of an innovation framework will be helpful to generate ideas and to found a measurable business impact (Zeserson et al. 2014). Introduction of proper organizational principles is necessary to give shape the healthy eating habit in the context of Bridge Fund Management. In the next step, employee engagement is necessary for this organization to implement their new innovation strategy. Therefore, establishment of an idea management tool is necessary as it allows the employees to take part actively to bring transparency in this system. To complete an entire innovation process fostering of the ideas is crucial.
Among the above steps of innovation, the most priority agenda item is the establishment of a preliminary framework, which includes the entire plan of the implementation of innovation strategies (Brachtendorf et al. 2017). For Bridge Fund Management development of a preliminary framework will help them to proceed according to the plan, which will ensure the success of innovation. Therefore, in the second step, they need to increase employee engagement by developing interpersonal communication with the employees. However, to give shape the proposed framework involvement of employees is mandatory. The third priority agenda is to give more focus on the targeted innovation as it will help Bridge Fund Management to communicate the vision and mission with their employees. This will help the employees to get a clear idea about the importance of innovation. The fourth priority agenda is to manage the resources by using organizational principles and rules as it will help Bridge Fund Management to meet the legal requirements in their business operation. The fifth priority agenda is to monitor the innovation process as it will help them to measure the effectiveness of current innovation process.
Conclusion
The above study focuses on the new innovation strategy in the context of Bridge Fund Management. However, this organization is going to implement a healthy eating habit through school catering service. In order to gain sustainability along with the health promotion such organization has focused on this innovation. Moreover, it can be said that this innovation process will be a big strength of Bridge Fund Management as they are going to include health promotional activity in their business. However, such health promotional activity will be beneficial for this organization to sustain their business. It has been found that lack of proper skill, lack of collaboration and poor leadership are the major inhibitors of innovation in an organization. In order to reduce these barriers effective communication, training and implementation of good organizational principles are required. Hence, it can be concluded that innovation is associated with the business development of Bridge Fund Management. By bringing their new innovation strategy this organization will be able to improve their brand image and current position in global market.
References
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