Innovation and change are centripetal forces in organizations. In the global mar
ID: 362186 • Letter: I
Question
Innovation and change are centripetal forces in organizations. In the global marketplace if an organization is not innovative it frequently ceases to exist. Why is this the case? There are many types of innovation. How does the different types of innovation make organizations more competitive? It has been said that success in the past is no guarantee of success in the future. What is the implication of this statement? Change is a constant. Management of change is crucial to successful change and implementation. What innovations and changes have occurred in your workplace with what results? If results were positive what do you attribute to the positive results? If they were negative what in your opinion were the reasons?
Explanation / Answer
Solution:-
The global market place is much competitive than any other domestic markets. This is because the global players come from any part of the world and showcase their products in the market. It gives the opportunity to the buyer to choose one from many alternatives. As a matter of product life cycle, every product will go four phases Beginning, Growth, Maturity and Decline. By the time a product reaches to the third stage, the company which manufactures that product should start research and develop a new product called as innovation. If it doesn’t happen, then the product ceases to exist and ultimately the company also ceases to exist.
Company goes for Architectural innovation when it is into new markets with an existing technology. Radical innovation required when it finds new markets with its new technology, most common innovation is incremental innovation it happens with existing markets with existing technology with slight modification and finally, Disruptive innovation known for existing markets with new technology. Each type of innovation gives unique advantage to the organization with its rivals. Hence, the different types of innovation make organizations more competitive.
The past performance is not guaranteed for the future due the element of uncertainty in future. Be it is the human resources, financial resources or physical assets of the organization; we cannot get the same performance from them always. Some natural factors could influence them not to perform as in the case of past.
In the present working organization, all new things were undertaken by the management and now we are enjoying the success. The management has appointed a CEO for the organization first time in the history of the organization. He developed are guidelines and rules with new philosophies. The organization has achieved many mile stones after his charge as CEO. Some are Autonomous Status, NBA Accreditation, NAAC Accreditation and No 1 Place in A.P. Engineering colleges. The way of understanding the current situation though discussions, forums and opinion polls etc. and developing action plans with the limited available resources are the keys to the present success.