Innovation and Business

Technologies have a big part in success of business; it affects so many things if there is no use of technologies. Technologies are mainly use for reduces complexities in the particular work. There are some disadvantages also but advantages are so high. Innovation is an innovative idea for solving a problem after analyzing the problem completely. When any problem occurred in the operation, product, and services of a company then for betterment of that take a fresh idea for make it easier to solve that problem. In this essay, I will explain about innovation role in business, innovation attributes, entrepreneurship, theories of practice, and use of technology for betterment of business. There are so many ways to solve the problem but a proper idea for solving that problem can change the scenario of that thing.

There are so many issues in current system of any organization. For resolve them and make better with new versions with the help of fresh ideas. Those fresh ideas called innovation, such as new concept in mobile phones, hardware, software, and many things. Innovation has a huge role for making business at new heights. There are main three parts of an organization for handling business, such as operations, products, and services. All the innovations are useful for changing the old systems or procedures in different companies (Teece, 2010). There are so many ways to handle a same problem but with the help of technology, it will be simple and more beneficial for organization.  There are some theories of practice by which we can take help for making business better. Information systems are very basic things for handling business in a smooth way. It is also helpful for compete in market. In the next part of this essay, I will discuss about nature of innovation, role of innovation in business, entrepreneurship, and use of technology in business (Asheim, 2007).   

This essay is based on the learning about innovation, business, entrepreneurship, and practice theories for business. It will also explain about the fourth industrial revolution.  

Innovations are backbone of a business. Business innovation further contains gate decisions as follows:

• Identification of ideas
• Validation of concepts
• Demo plan
• Validation of customers
• Growth plan

Thus, the efficacy of managing innovation and change will be constrained by the organization’s learning as well as decision-making methods. Hence, the innovation processes should return more than the investment, which we put into it. Innovation is also providing a way for startups of a business for entrepreneurs (Michaelis, et al., 2009). Anyone can take an idea and start their business, sometimes it reached at peak. There are lot of examples for solving problems, and using their small idea they start their business and make it a new face of market, such as Facebook, integral, and many more sites that are social (Baregheh, et al., 2009).  

Demonstrate an understanding of the nature of innovation and its role in business

Innovations are based on the problem arising in current system or most of the time new and fresh ideas for something for helping people. It reduces manual efforts and increasing growth rate at different level. Simply it means put less input and get high output with same thing (Carree & Thurik, 2010).

Entrepreneurship is a vision of all the innovative minds of the modern world, which is need to be implemented with the help of effective teamwork, intellectual mind, and directive approach. Self-awareness is a way to examine you and make require changes for increasing thinking power.  Design thinking is a way to solving a problem using an innovative idea. An Entrepreneur always has a vision for their business and set some small goal for getting them with lots of efforts. There are some basic things, which make it easier and it provide a best way to resolve a problem (Scarborough, 2016).     

If I will define nature of innovation then for me, Innovation is simply a novel idea, newly invented device or methodology. However, in some cases innovation is seen as applying better solutions those can meet new and updated requirements of users, unarticulated demands, or already present market requirements (Chesbrough, 2010).

Innovation as well as creativity in business is getting more significance day by day within all businesses to gain excellence and growth in order to survive in the competitive business global market. Additionally, every organization uses a number of techniques and innovative methodologies to survive in their business market while fulfilling their consumer’s requirements (Umoh, 2017).

Moreover, in contemporary business areas, iterative customer involvement is an innovative strategy and the base thinking behind the strategy is that a business innovation must be suitable for its users. For an example, when people are using a computer or laptop for generating predefined required results then the innovation in that computer must exactly fulfill that customer’s need for completing his or her job. In this way, nature of innovation lies in fulfilling the user’s newly generated demands as well as it must fulfill the basic needs of any business or process (Crossan & Apaydin, 2010).

Therefore, business or company need to know exact needs of their customers as well as what they are asking for enhanced performance. Finally, in my opinion, Innovation does not mean always victory but it is an array of unconditional continuous attempts in the pathway of bringing positive change in the business marketplace (Drucker, 2014).

Business is a process in which so many things vary for success, sometimes there are so changes in management and working process. Behavior is a main thing, which makes business at good position. There should be some ethics and morals for behavior management. Analysis of business process help for changing few things, which are required changes for betterment of business (Lowe & Marriott, 2012). I learnt that, business is not simple as it seen by us. It is a difficult task for starting and maintaining for long time. Therefore, few basic things are necessary for managing business, such as innovative behavior, changes in products, operation that is more beneficial, quality services to customers (Fillis & Rentschler, 2010).

Demonstrate an understanding of change management and innovative behavior

Successful business is not too hard but not too simple as it requires many things perfect. As an example, I take food chains, they introduce new recipes for customers and make them happy and more interested for continue with them. Management is responsible for changes in strategy and they can accept the new technologies for betterment of business. Sometimes, technologies costs are too high to implementation, but it is must for long-term advantages (Gilley, et al., 2008).

Practice theory is a theory in which a working relationship between human agency and social structure.it use for motivate them and diverse intentions for betterment of society. It is a dynamic relationship and it effects of the organization growth proportionally. These theories are contemporary western social thoughts for make work effective and transfer new ideas for innovation and it will directly help in business (Liao, et al., 2017). These theories are used for changing thoughts of a person for working properly and make it useful for society. These are some scientific methods for practice model and some facts about human behavior for interact with people and working. There is not a single theory for practice; it was a proper concept for managing social structure with the help of different theories of practice, such as paradigmatic, problem framing, and sensitizing devices (Hill, 2008).

They are uses for some specific purposes sometimes, such as fixing a problem, elaborating, combining, classifying and summarizing. According to these theories, always focus on doing rather than having an idea in mind for a problem. I learnt that always remember morals before doing something, such as whatever you do, it is not harmful for others in any way. Always have a long standing for your innovation and concepts for sociological concern (Scarborough, 2016). Practice make some changes in a normal habit of a human being for perform better for their work. These theories are not use in only business but in other system also, such as education, and culture. Communities of practice are a concept, in which you can fix the problem with help of knowledge, teaching, and transmission. It is about learning through doing. I learnt that concept and follow in my own life and I got many good results in my education (Hutt & Speh, 2012).           

The fourth industrial revolution stimulates about enhancing technology and use of Internet of Things (referred as IoT) and Cyber-Physical Systems (referred as CPS) in business for productive works. These are a step for digitalization of business and it provides different results as a growth of organization beyond the limit. These are used for manufacturing factors as well as for different operation of the organization (Liao, et al., 2017).  

Theories of Practice

Some standard technologies are useful for public policies, such as advanced robotics, Big Data/Analytics, Cloud Computing, Cognitive Computing, Cyber security, Internet of Things, Machine to Machine, Mobile Technologies, RFID technologies, and 3D printing (Schwab, 2017). All these technologies are helping to organization to make business more beneficial. There is more upgradation in these technologies for betterment. All these changes are coming from innovation and fresh ideas (Johnston & Marshall, 2013).

Entrepreneurial enlargement today has become very important; in view of it is being a key to economic development in form of business. The purposes of county growth, business development, and work generation depend upon entrepreneurial development ( Liao, et al., 2017). Entrepreneurs are, thus, the seeds of industrial development and the fruits of business development are greater employment opportunities to unemployed youth, increase in per capita income, higher standard of living and increased individual saving, revenue to the government in the form of income tax, sales tax, export duties, import duties, and balanced regional development.

Technology is an only way to reduce the complexities of working process and make it simple with more output that is efficient for organization. Now a day’s lot of new technologies in market, they are helpful for business of an organization in different perspectives (Wright, 2011). It is a part of every business now days. Every organization stabilized an IT service department for making their business more successful and it provides strength to compete other competitors. Innovation is just implementing an innovative idea in a practical form for solving a problem in a better way. There is lots of innovation for solving current system problem and make it more beneficial for human being (Lichtenthaler & Ernst, 2009).  Information Systems are backbone of any company not only Software Company but from current scenario, no one can survive without the help of information system. Digitalization is highly used for growing at individual level for an organization. There are so many things in a company, which is only complete using information technology. Customer relationship management is a good example for technology uses in a company. It is provide all the information of employees with all details from joining to current time.  It is also helpful for managing information for the customer requirements and satisfaction management.  

Conclusion

In conclusion, I assessed innovation strategies, nature of innovation and its role in business so that I can update my knowledge regarding business innovation. Besides, change management tactics as well as innovation behavior for the same is studied and analyzed by me in this discussion. Whenever we formulate any business plan, implement it then we need to evaluate it. Critically analyses about involved complexities for the sustained business plan. Additionally, managing change and innovation need critical learning because innovation requires change. Change needs learning and knowledge in that specific area. There are two type of triggers of the change of innovation include external triggers and internal triggers. These external triggers comprising of competitive offers, user needs, expectations or desires and new technologies. Innovation is providing a way to creating new face of business, it also change the many things in previous system working models.

Besides, internal triggers include leadership and personnel change, problems of operations and decisions. Thus, I can conclude that managing change and innovation must address some key questions that are very much important for business sustainability as well as growth. Those questions include how much innovation will cost, what will be the return on innovation and if the innovation fails then cost of failure should be acceptable. Finally, it is concluded that, innovation is a key of successful business. Practice theories are so helpful for making working more easily and it maintains a relationship between social structure and human beings.

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