Describe about the Innovative Strategy for E-Business Change Management.
In business basically an innovation refers to a new idea or a product that that is better than the one that was previously used. As a process, Innovation is the translation of the new idea or invention into goods and services that have added value. An innovation strategy is a plan designed by a business aimed at advancing its technology and products .Designing of an innovation strategy involves substantial research by an organization so that it can understand the requisites for having in place an innovation strategy (King & Anderson, 2001).
Innovativeness is a critical component of any business’ success .The ability of a business entity to come up with new products, services as well as efficient ways of doing things especially trough adoption of technology and increasing overall efficiency in operations creates the difference between success and failure in organizations. An innovative strategy can therefore improve the performance of an organization in comparison with its competitors as well as improve business prospects. In particular innovation can be significantly important for a business operating in a very competitive industry. Innovations may include development of technologies that are not in the market, use of new management and production procedures among other types of innovations (Mcintyre, 2015).
Basically, there are four types of innovations breakthrough innovation, new product innovation, sustaining innovation and Disruptive .This means that the innovation strategy that is undertaken is dependent on the outcome that a business intends to achieve. A breakthrough innovation strategy is a strategy that new and way ahead of the existing strategies, it usually combines different attributes into one big innovation. Sustaining innovation strategy is a strategy of improving a product or service that is already there from one stage to another until it gets to the end of its life cycle (Wang, 2012). New market innovation refers to application of an existing product in new ways and it could as well involve new customers. Disruptive innovation is an innovation aimed at providing simple, low cost solutions to existing customers problems (Thomas, 2013).
Before an innovation strategy is implemented, there are usually a number of factors that are considered .The first and most important is how inspiring a strategy is to the organization .This is achieved by comparing the present state of an organization with the future state of the company .An organization needs to choose an innovative strategy that will move it from its current state and proper it to higher levels. The strategy adopted also has to be ambitious. An organization strategy should not be aimed at getting an organization to its competitors’ level but it needs to outshine the competitor’s strategy. It should be aimed at beating the competition and creating a new space (Singh & Waddell, 2004). The strategy must also clearly identify the business capabilities as well as the gaps that need to be filled within the organization. It should not be beyond the capability of an organization.
XYZ Company is among the leading Business enterprises in Ghana dealing with non alcoholic drinks. It has competed favorably with other players in the industry for quite a while but it seems to be lagging behind because of using outdated technology in its operations .My recommended innovation for XYZ Company is adoption of modern technology in its provision of services to its clients. The rationale for this is that it will enable the Company to remain competitive in the industry that has been regarded as the most competitive based on the frequent emergence of new players almost on daily basis.
Benefits of Technology innovation strategy
This innovation strategy is likely to bring about a number of commercial benefits to the organization .The changes will increase efficiency in the production process by minimizing the amount of time taken to produce each unit .It will also lead to minimization of the amount of resources used in the whole process .Besides that, the strategy will also considerably save resources by making more efficient the production process.
Adoption of technology will enable the organization to reach large publics trough advertisements. It will also make it possible for the organization to get feedback and converse with their current and potential clients on the areas that they need to improve to bring more consumer satisfaction. Consumer satisfaction will ensure that the company’s sales are maintained if not improved trough coming on board of new clients.
Modern Technology will also enable the company to keep an eye on the strategies adopted by its competitor’s .Usually in any business; any move by the competitors, either positive or negative is likely to affect other players either positively or negatively. With modern technology, the company will be able to monitor the actions of its competitors and take counter actions to ensure that it remains as the best in the industry.
The innovation strategy to be implemented will be use of a modern technology catering for all the needs of the organization from Production, to Product innovation and marketing .The strategy chosen will work towards ensuring that the company achieves its objectives both long term and short term .This presents a critical step that need to be handled professionally so that there are no repercussions resulting from the implementation. Before the implementation of an innovative strategy a number of factors are considered. Basically any implementation depends on the availability of resources both capital and human resources (Thomas, 2013).Without implementation is likely to remain a pipe dream only written only on paper.
For XYZ Company it is endowed with both capital and human resources. Being among the leading organization in the industry, it has been able to attract some of the best talents in the market. With such talents there are no gaps existing in as far as implementation of the new strategy is concerned. However a little expert advice may be necessary but this will not be very significant .Additionally, the company has adequate resources to enable the new changes. The company has the necessary financial strength to fund the new technological innovations without affecting its other operations.
However financial capability and availability of human resources which are the first steps to be considered are internal considerations before the implementation process is carried out. There are other processes besides these two internal processes.
Usually after an innovation strategy has been identified, the next step involves scrutinizing all the associated aspects to ascertain all the areas that need to need to be considered to ensure that the innovation achieves its intended goals and objectives or to ensure that it helps in the realization of organizational goals by impacting the business process positively. Such aspects include the market segment targeted by the Innovation, the components to be incorporated in the strategy as well as the associated risks. Consideration of this ensures that that the plan is adjusted appropriately to ensure that it works out as intended.
For any invention to fully achieve its objectives, it must consider the opinions of all stakeholders. It would be wrong for the executive to come up with plans and proceed to implement them without seeking the views of the employees and other stakeholders. For this Technological innovations therefore after all the factors have been analyzed, the next thing will be to seek views of all the stakeholders concerning it. This will allow necessary modifications of the Innovation to meet the needs of each and every one based on the views offered by the employees, the members of the public who are either current or potential customers among other shareholders. After all the opinions have been sought, the next step will be to consider the opinions in making the necessary amendments to the innovation plan so that it is in line with the expectations of each and everyone.
After all the considerations have been put in place the Innovation will implemented in one or a few departments to ascertain the impact of the innovation before rolling it the whole organizations .Partial implementation will give an opportunity to identify the weaknesses of the innovation before rolling it out to the whole organization to allow room for the necessary improvements on the Innovation.
After the Innovation has been tried in some departments and the faults or areas of improvement have been identified, the necessary amendments will be incorporated to make the plan more objective in terms of achieving its intended results. After these amendments have been made, the innovation will then be rolled out to the whole organization
All these steps that have been identified are aimed ensuring that the business meets its objectives that were identified earlier. Having in place the Innovation strategy makes it possible for the company’s operations to go on as planned which ensures the achievement of the overall goals and objectives.
Every plan that is made in an organization depends on resources available within the organization. If there are sufficient resources within an organization, the possibility of the plan succeeding is very high unlike where there are no sufficient resources. (Cooke., Parrilli & Curbelo, 2012)
For organization goals and objectives usually there are budgets for the various departments within the organization. The amount of budget for a department is dependent on a number of factors. First is the size of the department, the largest departments handle a wide range of activities so it will be necessary for the departments to be allocated huge budgets than the other departments (Molacek, 2008).It is also dependent on the nature of activities taking place. The marketing department caters for the needs of the whole of the organization so it may require a little more resources to ensure that it achieves this objective.
Human resources are also deployed depending on their skills and qualifications .In a particular department will be lacking certain important skills recruitment will be necessary to ensure that all departmental needs regarding human resources are met. So for this organization, the deployment of human resources will be solely on the departmental need and not on any other basis.
After the budget has been prepared a request will be sent to the finance manager detailing the financial requirements and how the requested finances will be used. The budget will then be scrutinized and then a feedback will be given by the manager .If there are discrepancies identified, the budget will be sent back for reviewing but if everything will be found to be in order, it will be approved and the dates for releasing of the finances will be communicated (Henry & Mayle, 2002). The Funds can be released in phases or the whole amount can be released once.
The use of new technologies in the business will offer several advantages for the business .This will be established by comparing the performance before and after the implementation. Triple bottom line is a business concept that analyzes performance of Organizations along three lines namely Profits, Planet and people. This is a signifier of the fact that performance of an organization measured on several considerations. An organization cannot be said to be faring well in the market if only one of these factors is considered. All factors must be considered for there to be an objective conclusion.
The Company had until the invention of the new Technology was relying on outdated production methods based on outdated technology. These have been costly for the organization because of the fact that they negatively impacted on the environment, they did not lead to cost reduction and finally they did not offer the variety of products to meet the demands of the clients of the company satisfactorily.
A new Technological innovation has the ability of increasing the profit margins for organizations. Having in place technology that is superior to the ones used by competitors can leads to the rise of sales of more goods .Basically goods produced using high quality and unique technology have the ability of standing out in a competitive market .This uniqueness is what is likely to attract and capture consumer interest to try out the products. This gives a company a competitive edge over other companies operating in the industry .For this organization the use of innovative, modern and unique technology will enable it to stand out in the quite competitive industry in which it operates .This standing out translates to more sales for the organization which leads to an increase in the profit margins of the organization (Cooke., Parrilli, & Curbelo, 2012).
New technology also enables organizations to widen their market .This is because they are able to reach more able to reach out to new market segments through technology based research as well as establishing consumer trends in the market .This can enable them to establish the existing gaps in the markets, the opportunities that are there and the strategies that can be used effectively for the organization to take advantage of these opportunities. For XYZ Company, its market has only been concentrated in some parts of Ghana because the technology that has been used by the company had some limitations. Because of technological limitations the market of the Organization was only limited to a small segment within the country. This did not give room for profit maximization by the company(Molacek, 2008). .However, the new technology will open new market segments for the organization in other areas which will increase the amount of sales translating to more profits for the company.
Additionally, the use of modern technology enables organizations to become more efficient in operations .Efficiency in organizations is a critical component of business success. Basically for an organization such as XYZ, efficiency in operations means the use of fewer resources in the production process and taking minimum time possible to create a single product unit. This is advantageous in that the use of minimum resources in the production process significantly saves the production costs .Same also applies to advertising; new and modern technologies allow more appropriate advertisements for products. Customized advertisements considerably save costs for organizations. If the company is able to spend less in advertisements and in the production process, its profits margins will be quite high which will lead to the achievement o f its profit maximization objective.
Any practice by an organization has to be considerate of its impact o the environment. There are various regulations concerning business operations and their impact on the environment. Every business has a responsibility of ensuring that it does not affect the environment negatively through pollution or through the depletion of natural resources (Molacek, 2008). The company majorly depends on a number of products in the production of its beverages. This means there are potential negative impacts on the environment if there is over exploitation of these resources.
Not only do organizations affect the environment trough exploitation of resources but also through emissions of pollutant gases and industrial affluent in the environment which reduces the quality of the environment. The new technological invention will ensure that the negative impact on the environment is minimized through the use of more environmental friendly approaches. Additionally the new technology will significantly minimize the resources used in the production process which will minimize the exploitation of resources thus leading to environmental sustainability. The innovation will therefore reduce further deterioration of the environment through reduction of the possible negative impacts on the environment.
The people are the most important component of any Organizations success .How well an organization treats its employees will lead to their retention or departure from the organization. The new innovative strategy has a lot of benefits to the people. Usually for any unethical practice by an organization, the public is the most affected. Because of the significant role the public plays in the success of an organization, any strategy implemented by an organization need to consider its potential impact son the public.
The public is likely to benefit from the innovation strategy by not being exposed to health hazards as a result of environmental pollution resulting from industrial activities. Any measure to safeguard the environment against degradation will lead to quality life for the people (Poole,2000). Additionally with the organization being able to open new markets and attract new clients there will be the need of hiring more staff .In this scenario also the public will be the number one beneficiary as the additional staff will be sought from the public.
As analyzed the new innovation strategy is also meant to bring about profit maximization for the organization. If a company can make more profits it has the potential of engaging in corporate social responsibility activities. The public is therefore likely to benefit through sponsored community based projects such as digging of boreholes, educational programs, and improved health care among other areas that are impotent to the society (Betz,2011).
Conclusion
Based on the above analysis, it is important to note that innovation is quite important in any business venture .this is because the benefits of innovations do not only accrue on the organizations but also on other stakeholders on whom the success of an organization depends. All organizations should therefore embrace technological innovations to ensure success in its operations as well as positive impact on the societies where they are located.
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