Discuss about the Management and Business Context for Technology.
A business context comprises of the structure, strategy, technology, structure, systems and the goals of an organization (Drucker, 2014). The organizational change is concerned with the altering the business content in order to meet the future organizational context. The innovation has become the driving force in transforming the organizational response to the high level of competition (Jay, 2013). The concept of entrepreneurship is also applied to the modern organization in which they tend to use high level of innovation in order to create changes in the organization. This report would discuss the different concepts regarding the innovation and entrepreneurship (which is one of the most important contextual factors). This report would recommend to the management appropriate contextual factors which should be adopted for improving the business scenario. The selected organization for the purpose of study is Deals Direct. The innovation and entrepreneurship factors are applied to this particular organization and the related factors are analyzed in detail.
Innovation is one of the most important tools of the entrepreneurs which imply that they view change as one of the opportunities which can be applied to different businesses (Vachon, Hajmohammad & Patry, 2013). It is important for the entrepreneurs to search for the available modes of innovation so that it can bring in improved productivity of the organization. The innovation can be presented in a disciplined manner that can be adopted easily by the users.
The concept of innovation revolves around the idea that an organization has the opportunity to find new ways of doing a task or new service components (Jay, 2013). The way of doing something in a different manner can be termed as innovation (Jay, 2013). It can be termed as an opportunity to utilize a particular business function. Entrepreneurs can be termed as innovators who can create new combinations of the business factors and then launch them in the market for gaining the feedback of the customers (Jay, 2013). The organization Deals Direct can bring in innovation in a variety of ways- Introduction of new products, introduction of new services, new production techniques and the new ways of informing the target market.
The corporate entrepreneurship can be defined as the formulation of new businesses within the existing organization which includes the internal innovation and the organizational transformation through strategic renewal (Drucker, 2014). The large organizations encourage creativity as well as innovation which enable freedom for the business unit to function independently while maintaining coordination with the company headquarters (Jay, 2013). There are nine possible organizational designs that foster the corporate entrepreneurship such as- direct integration, special business unit, new product department, micro new venture departments, new venture units, contracting, complete spin-off, independent business units and the nurturing as well as contracting (Dyer, Gregersen & Christensen, 2013).
There are certain norms which foster the innovation as well as innovation of the organization (Dyer, Gregersen & Christensen, 2013). It is important to identify the organizational culture innovation such as focusing on idea generation, risk taking, fostering continuous learning culture, tolerance of mistakes, handling of conflict and supporting the organizational change (Leih, Linden & Teece, 2014). There are five capabilities that are used by the innovators in the organizations such as–
Association- This is concerned with the drawing of the connections between problems, questions and various ideas.
Questioning- This comprises of the posing of various queries.
Observing- This comprises of the scrutinization of the behavior of the customers, competitors and suppliers (Leih, Linden & Teece, 2014).
Experimenting- This comprises of constructing of the various interactive experiences for the purpose of gaining insights (Leih, Linden & Teece, 2014).
Networking- This comprises of the meeting people with diverse perspectives and various ideas (Podsiadlowski et al., 2013).
There can be different types of contextual factors that can be experienced by the organization. The domestic contextual factors may include the goals, strategies, availability of the raw materials and culture of the organization (Foss, Lyngsie & Zahra, 2013). The organizational factors such as organizational size, physical capacity, available personnel and organizational inputs can affect the functioning of the organization(Foss, Lyngsie & Zahra, 2013) The organizational culture such as artifacts, values and the assumptions affect the motivation as well as productivity of the employees (Fullan, 2014). There is organizational socialization that affects the functioning of the organizations (Foss, Lyngsie & Zahra, 2013). There are different phases of the organizational socialization such as anticipatory socialization, in which the learning takes place before joining the organization (Grant, 2016). The availability of the raw materials also determines the output process of the organization. The goals as well as internal strategies of the organization also determine the organizational operation and the commitment of the employees (Foss, Lyngsie & Zahra, 2013).
The international contextual factors may include the economic factors such as tax rate, inflation rate and others (Mowday, Porter & Steers, 2013). It may also include the environment and the technological factors. The environmental factors may include the competitors, customers, labor market, suppliers, scientific communities, suppliers, regulatory agencies and others (Schneider & Enste, 2013). The technological factors such as information technology advancements affect the functioning of the organization.
This theory of innovation proposed by Schumpeter focuses on the historical process of the structural changes which affect the organization (Schulz & Flanigan, 2016). The innovation theory concentrates on the five types of innovation applied to the organization such as –
He argues that the persons seeking for gaining profits should know how to implement innovation in the business operations (Schulz & Flanigan, 2016). The innovation is considered to be one of the most important drivers of the economic dynamics as well as competitiveness (Boons et al., 2013). Schumpeter argued that the innovation can be compared to “process of industrial mutation” which revolutionizes the economic structure which is supposed to be destroying the old structure (Autio et al., 2014).
The entrepreneurship is an important concept which expects the executives to learn how to deal with uncertain situations through the medium of entrepreneurial leadership (Koz?owski & Bratnicki, 2015). There are usually five elements of the entrepreneurship such as –
The entrepreneurs are known to create new market opportunities and create new technologies so that improved products can be developed (Galindo & Méndez, 2014). Deals Direct entrepreneurs can utilize the new as well as existing technological advancements in order to gain access to the new market segments (Koz?owski & Bratnicki, 2015). The innovation process would make the organization to give improved services to the customers through new methods. The improved customer service through advanced technology would enhance the customer satisfaction rates (Koz?owski & Bratnicki, 2015). The increased use of the innovation would make the organization to increase its productivity. The radical innovations foster economic growth for the company. The entrepreneurs prefer to make more investments in areas which they perceive as lucrative (Galindo & Méndez, 2014). This makes the business profitable in the long run. They are also responsible for impacting the structural changes in an organization in which they adjust with the market conditions and adapt their organizational structure accordingly (Galindo & Méndez, 2014). The innovative attitudes of the entrepreneurs would allow the main source of business survival, competitiveness and the economic growth (Amorós, Bosma & Levie, 2013). Hence, this organization should strive to apply innovative business practices so that there is better operational efficiency. It would also lead to better competitive edge and greater profit generation of the company.
It is important to focus on innovative products as well as solutions so that there would be greater business generation for the company. It should try to improve its product quality so that it can have sustainable growth in the market. The international contextual factors should be used by the company to resolve the cultural issues in the workplace. There should be more integration of all employees in the workplace belonging to diverse cultural backgrounds. The company should try to focus on capturing new markets by understanding the latent market opportunities. It should also try to focus employee satisfaction by creating employee engagement strategies and enhance the motivation level of the employees. The company would also try to enhance the technological advancements in the supply chain operations management of the company.
Conclusion
A business context is one of the most important functions that affect the organizations to a large extent. Innovation and entrepreneurship are two most important functions of the organizations in which there is mutual co-relation between the two entities. This report discussed some of the most important concepts of innovation, importance of Innovation in entrepreneurship, Norms promoting innovation and others. It also focused on the international as well as domestic contextual factors which are relevant to Deals Direct. One most popular theory is being discussed- Schumpeter’s innovation theory. The concept of entrepreneurship is also discussed along with the impact of the entrepreneurship and innovation on the selected company. This report would broaden the understanding of the two most important contextual factors- innovation and entrepreneurship.
References
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