Essay Questions Innovation important form firms to compete in many industries

Essay Questions #4

  1. Innovation important form firms to compete in many industries

As a common best practice, innovation is identified as a major driver of successful organisations in being able to operate in distinct industries or sectors irrespective of their business description. In the highly competitive business environments, Rachinger et al. (2018) note that it is only those organisations which are able to embrace innovation could be successful in their operations. The authors hypothesised that by venturing into different industries and sectors, such organisation are able to disrupt normalcy to their advantage. This is by harnessing success in differentiation in their operations to manage their business in such industries. A case example is where the manufacturing organisations are able to embrace innovation to cut down their costs overruns. This is also by using innovation to manufacture goods outside their headquarters.

Further, from a personalised experience, by leveraging on innovation, it is possible to achieve sustainable development. This is in terms of people, profits and planet which is reflected in Sukoharsono (2019) 3Ps Triple Bottomline Model of Sustainability. Through an appropriate and effective positioning, the organisations are able to innovate their practices in different industries hence their dominance. This differentiate the successful organisations and failures.

  • Advantages of technological innovation? Disadvantages

According to Wang and Duan (2020), irrespective of the industry of an organisation operations, technology innovation is a positive anchor on success in growth and development. This is both for organisations and also people. Despite….

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