Business Innovation and its Significance-Free-Samples for Students

Question: Discuss about the Business Innovation and its Significance. Answer: Introduction: Business innovation and its significance: Business innovation is one of the most recognizable ways of rendering business success by ensuring growth, sustainability as well as competitiveness. With the dynamic growth of market the needs and demands of the customers are changing gradually. As per the general concept of the eminent scholars, the overarching term innovation signifies rendering unique feature in product, process and services as well as on management. Bringing innovation in product is highly important for maintaining sustainability (Siegel and Wessner 2012). With the changing needs and demands of the customers business experts have to add new features within their products so that people from different attitudes and backgrounds tend to show their interest in purchasing products. On the other hand, innovation in service process is highly significant for drawing the attention of customers. Service innovation brings a new taste in the mind of customers. With the help of technology large number of business organizations has decided to maintain online service process in order to save the time of customers. Customers do not have to visit the shop physically for receiving the products. Service providers are flexile to place the order as per proper destination. The emergence of online delivery, home delivery has made the entire service process of business more convenient. After the implementation of this innovation within service process customer service users have been highly benefited. As a result, the internal communication between the service providers and the service users has been increased. Innovation in management is the concept based on which managers tend to make an effective relation with the employees (Audretsch, Lehmann and Wright 2014). It is undeniable that the success of a business organization is highly dependent on the performance level of the employees. Therefore, the business managers should implement innovative strat egies and policies based on which the employees show their interest in performing well towards the services. Technology transfer and its significance: In a word, technology transfer is a broader process of acquiring and transferring skill, knowledge, technology, intellectual property and management process and personnel development from one mode of state to another. The underlying term technology transfer is not only about the intervention of technology. Technological transfer is related to the entire internal property of organization based on which the organizational sustainability is highly dependent (Algieri, Aquino and Succurro 2013). With the gradual progress of business industry customers are getting advanced technology. In the realm of globalization business organizations are stretching their widespread wings in the International market as well. In order to satisfy the demands of international customers business experts have to use innovative technology and management based on which the customers would like to show their interest in purchasing products as well as services (McAdam et al. 2012). Relation between business innovation and technological transfer: The two overarching term business innovation and technology transfer are inseparably related to each other. Technology transfer is the part of business innovation with the help of which business organizations have applied large number of innovative process within their service process for enhancing the range of target customers. The ways of technology transfer is highly dependent on the business organization and their demands on customers. For an example, a particular traditional business sector intends to implement e-commerce business for expanding their wings (Comacchio, Bonesso and Pizzi 2012). This particular strategy can be categorized under business innovation. On the other hand, before implementing ecommerce business the business experts have to change their entire technological equipment for communicating with the customers through online. On the other hand, the business experts have to render a drastic change in the structure of team as well. In order to maintain traditional business process employees need not to e very much advanced in technology, but while handling the demands of customers through ecommerce business process the employees should have technological efficiency (Wright 2014). Woolworths at the very initial stage was a very prestigious supermarket chain in the market of Australia. After raising the needs and demands of the customers the business organizations started to implement online delivery process as well. At that time, the business experts felt the importance of technological transfer for fulfilling the demands of customers from different geographical boundaries. Therefore, implementing something new within the business process is otherwise named as business innovation. Methodology of analytical approach Types of business innovation: Carayannis, Sindakis and Walter (2015) stated that business innovation is constituted with two major types including process innovation, marketing innovation and organizational innovation. Process innovation is the systematic method of implementing improved product or services within the business in order to decrease of service or product cost. In many cases, it has been observed that the supply chain sector of an organization has been dependent on the advanced technology in order to reduce the labor as well as overall operation cost. This particular cost can be saved for other purpose as well. Bucherer, Eisert and Gassmann (2012) opined that marketing innovation is the systematic method of implement new business plan for the purpose of marketing or promotion. Providing the quality of products and services is the only way of achieving the success of an organization. Along with maintaining product quality the business experts have to make an in-depth focus on the promotional activitie s as well. With the competitive market scenario, various business organizations are using different kinds of promotional activities for placing their brands and products in the international market. On the other hand, organizational innovation is the process of implementing innovative strategies and policies within the organization in order to satisfy the needs and demands of both customers as well as service employees. It has been observed the large number of employees intend to switch over to another company after getting better packages, facilities and benefits (Hewitt-Dundas 2013). In this kind of situation, it is undeniable that organizational innovation is highly important for maintaining the sustainability level of the organization. Organizational innovation includes improving workplace satisfaction, transaction cost, reducing the administrative cost and so many. As emphasized by Teece (2012), in order to compete with the current business market of retail sector TESCO has decided to start eat happy project. This particular project ensures that children should be attracted towards healthy foods and vegetable. The product managers have decided to manufacture products in such a way that children love to have those foods. As a result, the parents are showing their interest in purchasing those foods from TESCO. At the same time, it is undeniable that some of the employees under eat happy project has visited schools of UK for providing training to the children so that they can be encouraged towards cooking and self services. This particular initiative can be considered as the major part of process innovation. Landry et al. (2013) stated that on the other hand, organizations like Verizon Communications Inc., AT T Inc are the organizations that primarily focus on making online advertisement in order to draw the attention of global customers. This particular business innovation method is otherwise named as marketing innovation. In order to place the brand in the mind of international customers the business experts are primary intending the place their brands in digital media especially. Importance of technological transfer within the business process: In order to maintain organizational sustainability the business organizations needs to render business innovation. One of the most effective ways of business innovation is to render technology transfer. In most of the cases it has been observed that business organizations have to receive major threats from its competitors. Trimi and Berbegal-Mirabent (2012) opined that after the emergence of ecommerce business process traditional business organizations have to face innumerable challenges in order to maintain their image and reputation. In order to overcome this kind of situation the traditional business organizations have rendered some of the most effective innovative strategy within their business process. Implementation of visual merchandise is one of the most effective strategies of innovation after the implementation of which business organizations have achieved different outlook. Bradley, Hayter and Link (2013) stated that most of the business organizations especially belonging to the retail sector tend to draw the attention of large number of pedestrians. In many cases it has been observed that people do not have proper idea and knowledge about the products as well as services. Visual merchandise can be considered as one of the most effective ways of market innovation. This particular process of promotional activities helps to draw the attention of customers. Feldman and Massard (2012) opined that the concept of visual merchandise is one of the most effective ways of technological transfer based on which large number of business organizations draw the attention of customers. Large number of business organization intends to use technological transfer in order to handle the major threat from its competitors. People belonging to different geographical markets would like to purchase the products and services only when they would like to receive necessary benefit s and facilities form the customers. Technological transfer is the most effective way to place their product in the realm of international market. People of different geographical boundaries after facing the business innovation show their interest in using the products of organization. Business innovation theories: As per the concept of Andersson and Lf (2012), disruptive innovation theory is the concept which refers to the innovation of creating new market and value network in order to give a major threats for its competitors. As per the point of view of Clayton Christensen, the founder of disruptive innovation theory, organizations would have to create a continuous market value for enhancing the number of target customers. On the other hand, people belonging to different geographical boundaries are not very much accustomed with the organizational cultures and behaviors. On one hand, marketing managers need to be more efficient in rendering new marketing strategies for drawing the attention of customers. Becher and Kuhlmann (2012) opined that the emergence of monitory benefits towards a particular products as well as services, the implementation of point system are the systematic ways based on which business experts intend to create a market value of their products as well as services. With th e current market scenario, competitors in different business sectors are growing rapidly. In this kind of situation, business experts need to implement some of the major strategies and policies based on which customers of different geographical areas can be attracted towards the service process. However, disruptive theory helps to maintain employee sustainability as well. Whenever a particular business organization is facing huge rate of employee turnover the significance of business innovation with the implementation of disruptive theory is highly important. Factors affecting in the implementation of technological transfer In order to implement technology transfer for rendering business innovation the importance of economic strength along with physical equipment within the organization is highly important. In order to implement the promotional activities of visual merchandise the organizations need to have enough economic strength. Mas-Verd et al. (2015) opined that economy can be considered as one of the most important factors due to which most of the business organizations fail to implement business innovations. In last five years it has been observed that Woolworths is facing innumerable challenges in maintaining their business image and reputation. Due to the high rate of employee turnover the organization is unable to maintain a balance between customers demands and product supply. In this kind of situation, the business experts failed to get the proper revenue growth. Therefore, economy is one of the most important factors based on which organizations cannot implement business innovation strategy within their service process. On the other hand, physical resource is one of the most important factors that highly affect in implementing technological transfer. Autio et al. (2014) commented that physical resource includes in-house equipments, technologies and so many. In order to make a traditional business sector into ecommerce large number of business organizations has to implement sufficient technological equipments in order to operate the entire business process. It has been observed that most of the business experts failed to implement business innovation due to the lack of having sufficient technological equipments. Impact of technological transfer and business innovation for organizational success Parrilli and Elola (2012) opined that technological transfer is possessed with both positive as well as negative impact. On one hand, after the implementation of business innovation the rate of internal employee sustainability increases. People belonging to different geographical markets tend to show their interest in using products and services. The business experts become successful in drawing the attention of customers even going beyond the regional market. On the other hand, the organization is very much successful in rendering huge range of revenue growth. At the same time, business innovation and technology transfer is having some of the major negative impacts as well. If the employees fail to operate the advancement of technology while providing services to the customers, the entire rhythmic process would be highly affected. At the same time, it is undeniable that due to the lack of technological proficiency employees fail to provide their best performance (Gallouj, Rubalcaba and Windrum 2013). The entire revenue growth of the organization is highly affected. Findings on critical evaluation After making an in-depth critical methodology about the business innovation and technological transfer some of the evaluation can be conducted. As emphasized by (Anja and Neil 2012) technological transfer is very much relevant for every organization in order to place their brand in the international market. It has been observed that most of the organizations fail to implement business innovation strategy and policy due to the lack of economic strength. At the same time, the organizations are having the lack of proper physical resources (Hovhannisyan and Keller 2015). This particular factor acts as a major hindrance for implementing business innovation. The above illustration has discussed all aspects associated with the business innovation procedure. The study has highlighted several types of business innovation procedure like product innovation, management innovation and technological innovation that organizations utilizes for achieving sustainable growth in the market. Increasing c ompetition has left no options for the organizations than to utilize different unique strategies or procedures for maintaining competitive advantage in the market (Anja and Neil 2012). For instance, all these technology-based organizations have focused on providing new updates for the software or other services so that it can able to stay ahead of the competitors. On the other hand, management innovation focuses on developing new unique strategies to maximize the utility of the available workforce. The dynamic business environment has complicated the roles and responsibilities of the managers for keeping the internal business environment at the desired level. On the contrary, the study has highlighted technology transferring as process of transferring technology among different organizations. Over the years, different universities and research studies have conducted lot of research for developing groundbreaking process and techniques that can completely transfer the way businesses are conducted previously. The study has also highlighted technological transferring process as the transferring of the scientific findings from one business institution to another. It includes identification of new technologies, proper protection through copyrights and patents and commercialization strategy (Parrilli and Elola 2012). In the present time, business innovation has allowed organizations to implement different changes in their business procedure. It allows organizations to remain different from other competitors present in the market. The study has also mentioned different models of innovations including industry model innovation, revenue model innovation and enterprise model innovation. Industry model innovation is utilized where companies move into new segments for developing compl etely new industry. For instance, Google is looking to lead the path of developing self-driving cars, which will completely transform the way of transportation. Revenue based innovation focused on re-configuring the products or services offered at different price level. The different pricing model has allowed organizations to reach more customers for gaining major profit from the business. On the other hand, enterprise model innovation has focused on transforming internal and external process that changes the entire value chain activities (Becher and Kuhlmann 2012). Now, business innovation process in one organization has automatically induced other organizations to implement similar strategies for maintaining competitive advantage in the market. Thus, business innovation process is actually increasing the practices of technological transferring in a major way. Specifically, IT companies utilize these types of strategies for covering all areas associated with the operational procedure. Moreover, globalization has induced management to implement new strategies and policies, which will enhance the effectiveness of technological transferring procedure. With time, businesses across all sectors are becoming extremely competitive, which is inducing organizations to gain superiority in the market (Bradley, Hayter and Link 2013). The study has discussed all aspects of the business innovation and technological transferring procedure in a major way. It has highlighted the way these strategies can allow organizations to achieve sustainable growth in the market. Moreover, the study has included the future implications of business innovation and technology transferring procedure within the corporate sector in an in-depth manner. Conclusion: The entire study has provided an in-depth analysis about the importance of technological transfer and business innovation for rendering the success of business. With the continuous change of market and business growth the organizations are intending to implement numerous strategies and policies in order to draw the attention of customers. With the upgrading progress of globalization the rate of customers are getting enhanced day by day. Therefore, technological transfer and business innovation can be considered with the part of business strategies and policies. This particular study has provided detailed analysis regarding the impact of business innovation on customer behavior as well as on maintaining organizational success. In this specific study some of the major factors affecting business innovation have been highlighted. Among most of the major factors the significance of economy as well as business resources is the most important factors. Rendering business innovation within the strategy ensures placing the brands and products in the international market. As a result, customers belonging to different geographical boundaries show their interest for being the part of this organization. Reference List: Algieri, B., Aquino, A. and Succurro, M., 2013. Technology transfer offices and academic spin-off creation: the case of Italy.The Journal of Technology Transfer,38(4), pp.382-400. Andersson, M. and Lf, H., 2012. Small business innovation: firm level evidence from Sweden.The Journal of Technology Transfer,37(5), pp.732-754. 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