Tourism Leisure And Events Management: Understanding Technology, Innovation, And Entrepreneurship

Regional and Organizational Innovation Systems in TLE

Discuss about the Tourism Leisure and Events Management.

The regional and organizational innovation systems play a beneficial part to make sure about the establishment of standard corporate culture in the Tourism, Leisure and Events industry. The provincial and organizational improvement systems is required by the TLE enterprises to understand the current market trends and thus it helps the business establishments to understand the requirements and vital needs of their target customers and supply the products or services in an effective manner (Kandampully, 2006). Business establishments with use of advanced technology have been helpful to foster client contentment. Moreover, it helps the business establishments to conduct an effective risk analysis in the market which will help them to understand the potential problems which would further bring changes over the existing business structure and style of supplying services to the clients (Kandampully, 2006). Different business establishments would undertake certain measurable steps in order to recognise and reduce the level of risk. Thus, various forms of regional and organizational innovation systems help the business establishments to realize their business goals and objectives in the market (Cooke, 2008).

Understanding the relationship between technology, innovation and entrepreneurship in TLE

The use of technology has made it much easier for several business organisations like the TLE enterprise to handle business risks and make themselves more involve in the market competition to prove their capability. Much better understanding of the corporate culture will be beneficial for TLE enterprises to expand their business in the market by helping them to get access to more customers in the market. The internet has proved to be the most useful technology at the disposal of business establishments these days which has enabled them to transform their business fortunes in the market. Internet has enabled the business establishments to switch over from their traditional business setting and provide their services on the online platform which has helped the business establishments to reduce the cost associated with the opening up of new physical stores in the market. Thus the TLE enterprises have been able to save on their cost of business operations and at the same time they have been able to find a larger target customer base for their products and services (Tamasy, 2007).

The use of ICT software are noticed to be very helpful for several business as it helps the organisation to gather various external information so that they could they could implement certain changes in their business and also helps gather information on  what sort of resources are being utilised by the other companies to remain competitive. One such technology is the Management Information System (MIS) which helps the business establishments to optimize their business productivity in the market (Cooke, 2008).  MIS plays a vital role in ensure an effective communication channel which fosters an accurate exchange of information between the different functional levels of an organization (Kandampully, 2006).  It will play a vital role in promoting better cooperation and coordination within different functional levels of the TLE business establishments and thereby help them to improve their company oriented performance for better competition. Changes in business perspectives would be helpful for the organisation of TLE to improve their business standard and also it would be helpful for TLE business entities to supply accurate information for ensuring the growth and success in the market(Trott, 2009).

Understanding the Relationship Between Technology, Innovation and Entrepreneurship in TLE

Technology also plays a vital role in fostering of new business ideas which helps an organisation to create their own unique identity in the market. It can help the TLE enterprises to make changes and manufacturing of new assets and items which can provide a competitive edge to a business establishment over their business competitors. By developing new products and services in the market, the TLE enterprises can easily attract new prospective customers from the market and create a positive impression upon them. Thus, technology is quite beneficial for making changes over the business ideas by TLE enterprises which will essentially help them to foster a spirit of entrepreneurship among their employees (Tamasy, 2007).

Role played by the TLE-related stakeholders in the adoption of innovation

The stakeholders of a TLE enterprise are the customers, investors, government, employees and the society. In some ways or the other the stakeholders who are linked with the different activities of the organisation have to experience significant impact in relation to business activities that TLE enterprise perform  to retain the business in competitive market. The stakeholders are estimated to provide some amount of suggestion to the management of the organisation as they also expect some positive outcomes through the use of various resources they supply to the business companies in order to make significant improvements at the TLE business establishments. The stakeholders must ensure that the organization takes their interests into consideration at the time of undertaking business decisions in the market.  The stakeholders also need to ensure that the TLE business establishments are utilizing the technology and innovation in a socially responsible and ethical manner. Moreover, it is also the duty of the stakeholders to ensure that the business establishments are contributing towards the development of the wider society and are not merely involved in maximizing their profits and revenues from their business (Håkansson, 2007).

How innovation and technology can be beneficial for the host destination

With advanced form of technological immergence the use of technology in business field has become extremely important for the several companies and organisations to remain competitive. Use of technology is helping business enterprise like TLE to broaden their economic base platform and provide unique solution to economic, social and cultural differences that are being experienced by the industry. The use of technology has brought up new employment opportunities for the population of a region and thus improves the standard of living of the people who are residing in a region. The use of technology has been beneficial in establishing different industries in a region and this will help in fostering a comprehensive growth and prosperity throughout all strata of the society. Technology has been helping the TLE business enterprise to set up a perfect form of organisational culture and provide empowerment to the various employees in making significant business oriented decisions when they are operating in the market and this will help the government of the nation to generate more taxes from the business establishments which could be then utilised for the overall growth and development of the society as a whole. Thus, innovation and technology has been beneficial for organisations when they intend to make an expansion of economic base through strategic development in their business (Trott, 2009).

Role Played by the TLE-Related Stakeholders in the Adoption of Innovation

Ways in which the focal technology or innovation could be utilised as a driving-force for sustainability in TLE

Driving force for sustainability is estimated to be the most powerful form of making certain evaluation over the different form of innovation that are brought up through the technology used. Technology or innovation is deemed to be the driving force for sustainability because it helps in soling new problems of business context and at the same time helps the TLE business enterprise establish huge goals of success that further force the working employees of the organisation to think more about use of technology that further would lead to success of the organisation and foster certain level of contradiction. Sustainability and innovation this helps the company to make significant increase over their current level of competitiveness. Use of technology is the driving force for sustainability for the enterprise of TLE and through it innovation could be gained when the employees would focus on the corporate culture and provide clear form of social commitment highlighting the value and business objectives of the organisation. the concept of strategy strengthening with use of advanced technology are considered as the central part of sustainability level for the business enterprise of TLE (Håkansson, 2007).

How innovation can be effectively managed by the TLE businesses

Innovation is one aspect that constantly keeps on changing for the better. Technologies which are being used today will eventually become obsolete and get replaced by newer and more advanced versions of technology. This is a never ending chain and thus it is absolutely essential for the TLE business establishments to ensure that they have an effective mechanism within their organizational domain that can effectively manage innovation and constantly keeps themselves updated with all the latest trends in the world of technology (Cooke, 2008). The TLE business establishments needs to recruit technically skillful and qualified individuals who are proficient and adept in working with all the latest technological advancements. They must ensure that the people who are in charge of handling all the technological innovation have a in-depth knowledge and understanding about these technological advancements. This will help the TLE business establishments to utilize and manage their technologies in a faultless form using technologies in a suitable mode. Through this strategy TLE business establishments are noticed to experience maximum benefit out of the innovation and technologies which have been incorporated within the business establishments.

References

Håkansson, H., &Waluszewski, A. (Eds.). (2007). Knowledge and innovation in business and industry: The importance of using others. Routledge.

Tamasy, C. (2007). Rethinking Technologyâ€ÂOriented Business Incubators: Developing a Robust Policy Instrument for Entrepreneurship, Innovation, and Regional Development?. Growth and Change, 38(3), 460-473.

Ferneley, E., & Bell, F. (2006).Using bricolage to integrate business and information technology innovation in SMEs. Technovation, 26(2), 232-241.

Trott, P., & Hartmann, D. A. P. (2009).Why’openinnovation’is old wine in new bottles. International Journal of Innovation Management, 13(04), 715-736.

Trott, P. (2008). Innovation management and new product development.Pearson education.

Laranja, M., Uyarra, E., & Flanagan, K. (2008). Policies for science, technology and innovation: Translating rationales into regional policies in a multi-level setting. Research Policy, 37(5), 823-835.

Cooke, P. (2008). Regional Innovation Systems, Clean Technology &Jacobian Clusterâ€ÂPlatform Policies. Regional Science Policy & Practice,1(1), 23-45.

Kandampully, J. (2006). The new customer-centred business model for the hospitality industry. International Journal of Contemporary Hospitality Management, 18(3), 173-187.

Kang, K. H., & Kang, J. (2009). How do firms source external knowledge for innovation? Analysing effects of different knowledge sourcing methods.International Journal of Innovation Management, 13(01), 1-17.

Schaffers, H., Cordoba, M. G., Hongisto, P., Kallai, T., Merz, C., & Van Rensburg, J. (2007).Exploring business models for open innovation in rural living labs.