Evolution of Business Report

Introduction

Business managers more often than not they face challenges that are as a result of evolving the business. The economic factors are primary constituents of the entire business environment. Innovation causes dynamic changes due to the structural shift in the economy that causes a greater integration of the business. Market forces are a determinant factor to the prices which has led to increased productivity in a business setting. Business operations are affected by the integration of the economies and the market size of the business. Market orientations in open economies are subject to business fluctuations and numerous uncertainties that pose a greater risk. In a dynamic evolving business environment managers need to adopt various strategies and managerial practices In order to make them survive in the market and grow with time.

Leadership and innovations

Innovation has been moved back and forth over time. As a result of innovations, globalization has been able to destroy the geographical territories and the market barriers that have for a long time been hindering managers and the business from achieving the overall potential (Sinofsky & Iansiti, 2010). This has also been hindering the employees from having creative ideas that can help the business as a result of a routine work environment. Innovation has brought fresh value to the business environment as all the business stakeholders have been able to great ideas that help the business in its operations. The stakeholders include the suppliers, the employees, customers, partners and other parties. Innovation has been regarded as a core driver that has driven growth, valuation and exemplary performance in the business (Sinofsky & Iansiti, 2010).

Senior executives see innovation as the key and the most important way for any business to accelerate into the global business environment in today’s world. Strategic thinkers have moved away from the old and the traditional way of service and product specialization (Sinofsky & Iansiti, 2010). They have found new ways in business operations, distributions, models and value chain and effective functions of the management through innovation. Generally, executives are disappointed by their ability to encourage innovation as they are not so confident in the decisions to make (Chuwiruch, Jhundra & Boonlua, 2015). This explains the difference between risk averse and risk takers managers. To build an organization with innovation as the central role results to frustrating moments to the executive managers as there are mimics to the approaches used been considered ineffective by the successful practitioners. Sustaining innovation is even harder due to its significant impact on the financial levels of an organization.

Diversity metrics, measurement, and evaluation

At times business fails to manage diversity successfully which results in economic suffering and social consequences. By failing to manage diversity at workplaces low morale, harassment, discrimination and low employees’ turnover is experienced (Daft & Marcic, 2006).  This results in poor results and low productivity in an organization. When the individuals are marginalized or they are even isolated to poor innovation ideas from the employees as a result of unconducive and unfriendly working conditions. The business is also at a risk that may arise from legal lawsuits from the employees who may seek compensation from the company. These challenges affect the overall objective of the organization creating less or no room for innovation (Daft & Marcic, 2006). By having an effective diversity at workplace there is a chance for the employees to be effective and productive in their work. This makes more employees remain in the organization creating massive numbers of employees with better skills due to the experienced gained over time. A working environment that is inclusive can simply be considered as good business.

Managing diversity will enhance success since it goes beyond adding value as it encourages human development which takes globalization into consideration. Managing diversity helps leaders recognize any social and business opportunity that leads to growth and productivity a time and money is properly invested (Scheel, Rigotti  & Mohr, 2014). As a result of diversity, there has been an increase in competition which results in multiple benefits such as increased adaptability, a variety of viewpoints, diverse collection of experience and skill and more efficient execution (Daft & Marcic, 2006). Using metrics to assess how well an organization is performing on diversity helps in evaluating its impact on the organization performance.

Implementing new technology

Technological change in an organization outlines the challenges faced by the management than in project administration. However, managers are responsible for leading a technical innovation as a routine in order to equip themselves better and gain the necessary education and experience required in innovation development. Managers should be able to manage the challenges they face as a result of technology in order to facilitate absorption of new technologies into the organization and hence be efficient (Daft & Marcic, 2006).

Technology has dramatically shaped the current status of different workplaces over the decades. Due to technological advancement employees have been able to interact in the global markets which have facilitated and created grounds for ideas exchange. Thoughts have been widely shared which has increased their knowledge levels will has been used to transform the business (Hughes, 2012). The new technology influx has generally made personal lives of the employees and the managers more convenient that has led to an increase in growth exponentially. Facility managers and resources leaders have been facing challenges due to the rapid changes and especially due to its vulnerability at the workplaces (Scheel, Rigotti  & Mohr, 2014). By embracing technology business profitability has increased due to the technological tools used.  These tools have facilitated management of the business as the leaders are able to remain relevant ad up-to-date through the effective use of the technology.

The organizational workforce has been able to be efficient and there have been increased productivity in the modern workplace. This is because management time has been properly optimized and numerous efforts have been put together to lightened everyday tasks. Technology has allowed employees to focus and emphasize on important things such as been creative and precise that have facilitated innovation. Clients expectations have also changed as a result of technology since everybody has been connected on a constant basis (Scheel, Rigotti  & Mohr, 2014).  Technology has increased collaboration due to the level of communication as people can be it, employees, co-workers, and leaders anytime any place. Communication has become more flexible as employees have become more engaged that has boosted innovation to a whole new level. Technology has led to improved cost management that has encouraged productivity hence increased profitability (Hughes, 2012). Businesses are more protected as a result technology. There has been minimally compromised situation of security to the business that has embraced technology. This has created safe havens that have created more grounds for innovative technology due to the security measures that has protected the sensitive information of the organizations. Technology has the access to information only to the right people as informational leaks are prevented (Hughes, 2012).

Inclusive and supportive work environment

It is important for businesses to recognize the importance of the inclusion and the diverse workforce at the work place. Despite the challenges in the organization talent management practices have an importance connection to the principle and corporate performance (Powell, 2011). Diversity includes a mixture of clients and different cultures that are crucial elements in today’s global market. Diversity pays off well as there is increased creativity and productivity that has created new attitudes, skills, language, understanding, processes and new solutions to problems that is considered difficult (Hughes, 2012). Managing diversity has created an important insight into the business operations as there are stronger community and customer’s loyalty, innovation and better employee’s recruitment and retention.

Diversity has included diverse talents and brought them together in the working environment. This has facilitated setting of common and realistic goals that has ignited loyalty and increase in productivity. Diverse minds have come together who have helped in coming up with a more effective solution to problems by a way of thinking. Outside employees are attracted due to the competitive edge and the retention of talent in an organization (Powell, 2011). Management of diversity has also created a sense of belonging as employees feel more appreciated. This makes the employees free as they are able to come up with innovative ideas that have led to innovation. By applying proper diversity together with management strategies not only money is saved but litigation expenses eliminated which make the business focus on the core objective of the business. Diversity has helped in building synergy between the groups in a work environment that has helped in bringing new attributes to the individuals resulting in great profits for the whole team. Diversity has also increased the market share of the organization due to customer’s satisfaction creating huge demands for their products (Hughes, 2012).

Diversity as a competitive advantage

Economic globalization has made many companies embrace workforce diversity due to the numerous benefits and the opportunity it creates. These establishments have helped the organization be a competitive edge. A diverse workforce has yielded tangible and intangible benefits for the whole organization and its stakeholders. There has also been a greater reach of business due to the diversification of the workforce (Powell, 2011).  There has been accommodation in the workplace that has allowed people together with individuals with disabilities contribute their unique talents to the workforce. The diverse workforce has resulted in an inexpensive change that has led to improved lighting that has made the work environment more comfortable, accessible and effective for the employees. Through a positive environment, there has been the motivation that has led to increased satisfaction to both the employees and the customers. There has been a broader perspective that has facilitated innovation providing the clients and the employees with increased value (Powell, 2011).

Through diversity, there has been a great opportunity that has led to the improvement of marketing and great customer’s service through the accommodation of the diverse group. Employees are also treated right and they are rewarded on the merits of fairness and productivity. Talents have been nature that has increasingly facilitated more creative ideas to the employees (Powell, 2011). The environment created by managing diversity has yield positive reports as the organization has been able to become more eligible to government tenders and contracts. The organization has been able to generate more public goodwill due to the enhanced corporate image. There is also effective management due to improved employee’s creativity that has helped in problem-solving through the diverse perspectives (Hughes, 2012).

Conclusion

Innovation has no best practice explanation to cultivate it. Many leaders should encourage their employees by highlighting the importance of innovation. Management fundamentals such as discipline should focus on the building blocks that drive innovation. There is the need to formally integrate with the strategic management plans in order to ensure there is a proper growth of the business towards innovation. Executives should also make an effort of using the existing talents from their employees without having to implement unruly changes in the programs that run the business by making conditions and room for dynamic innovation that will help the business networks emerge in a better way and enhance their flourishing. Taking explicit steps the executive managers should be in the first line fostering an innovative culture in the working environment that should be based on the trust among employees. There is the need to understand that the ideas will be valued and an employee should feel free to express their ideas as they will be appreciated. Managers should also embrace a channel of a combined workforce that will help in identifying of risks collectively in order to salvage the business. With such a working environment it will be more effective in sustaining innovation compared to monetary innovations.

Recommendations

Senior executives and leaders should more involve leading and managing innovation. This is because they will be in a better position to integrate. This will show a top priority in the company core process due to the strategic leadership agenda put in place. A top-down initiative of the leaders will show a strong indication to the employees. This indicates that they will achieve more that the short-term organizational goals. Motivational factors such as rewarding exemplary work should be put in place to encourage employees to have and come up with more creative ideas. Defining the king of innovative to drive the innovation to the business will be of substantial help as more information can be gathered. Setting targets for innovation and performance metrics will help in establishing the decision to make.

In order to sphere head innovation in an organization, there is the need to have successful management that embraces diversity at the work place. Addressing the challenges and the obstacles that cause an organization in failing to achieve diversity will help in eliminating the inconveniences that the organization faces. Developing proper work plans that will achieve diversity is a paramount duty that the leaders should take. The plans should be realistic, inclusive and quantifiable in order to achieve diversity in an organization that will help attain innovation. Managers should also be risk takers as they should consider the benefits that innovation will bring to the organization rather than the challenges they face. There should be a utilization of diversity training that will help shape the diversity policy through fostering of attitudes to help in successful business innovations.

 

 

 

 

 

 

 

Reference

Chuwiruch, N., Jhundra-Indra, P., & Boonlua, S. (2015). MARKETING INNOVATION STRATEGY AND MARKETING PERFORMANCE: A CONCEPTUAL FRAMEWORK. Allied Academies International Conference: Proceedings Of The Academy Of Marketing Studies (AMS), 20(2), 82-93.

Daft, R. L., & Marcic, D. (2006). Understanding management. Mason, Ohio: Thomson/South-Western.

Hughes, C. (2012). Valuing people and technology in the workplace: A competitive advantage framework. Hershey, PA: Information Science Reference.

Powell, G. N. (2011). Managing a diverse workforce: Learning activities. Thousand Oaks, Calif: SAGE.

Scheel, T., Rigotti, T., & Mohr, G. (2014). Training and Performance of a Diverse Workforce. Human Resource Management, 53(5), 749-772. doi:10.1002/hrm.21583

Sinofsky, S., & Iansiti, M. (2010). One strategy: Organization, planning, and decision making. Hoboken, N.J: Wiley.