Essay on Innovation and Business Development

Question: Write an essay on the "Innovation and Business Development". Answer: Development of Ideas The innovative ideas program relates to the reduction of cost reduction production method. This shall be a breakthrough in the operational processes of a business entity and add to the existing profitability levels. There shall be overall changes in the production processes of the organization, which shall reduce the expenses of the business enterprise. Spieth et al. (2014) mentioned that the ideas in the manufacturing processes of the organization should also relate to making the operational process more effective in terms of the cost savings of the organization Exploration of Ideas The ideas shall be captured after analyzing the inherent strengths and the weaknesses of a business enterprise. As such, it can be said that the analyzing the existing market situation would assist a business enterprise to identify the relevant factors which would assist the business enterprise to achieve further growth in the market. Sahut and Peris-Ortiz (2014) mentioned that these ideas should be analyzed in a detail manner after considering the factors like the market competition, the technology requirements as well as the existing organizational needs of the organization. As such, it is necessary that the stakeholders of the organization are consulted before implementing such changes in the organization. In particular, the opinions of the investors in the organization have to be consulted before implementing any change in the organization. Davenport (2013) mentioned that past records and journals relating to the change management shall assist the business organization in adapting to the alterations in the operational processes of the business organization Evaluation of Risks The risks would be evaluated in the organization after considering the required factors in the organization. The risks would be assessed after considering its impact on the sales revenue of the organization. In addition, the risks in the organization can have an adverse impact on the morale of the employees. As such, it is important that the employee reaction and feedback is taken accordingly. There would be some amount of risks associated with the implementation of the change management in the business organization. There would be financial and the operational risks associated with the implementation of the lean management in the organization. Assessment of Costs There would be certain costs after the lean management change is implemented in the organization. In addition, it is essential that such costs and its implications on the financial condition of the organization be analyzed. However, Alon et al. (2013) noted that in the long run these costs in the organization shall be reduced which shall help in strengthening the financial condition of the business enterprise. The financial expenditures has been an essential part of the implementation of the change management of the organization. Gaining approval The management or the core leadership of the organization have to play an effective role in the process of gaining the approval of the business entity. There are a lot of factors that the organization has to consider before granting approval to the lean change management in the organization. In this regard, it can be said the brand has to ensure that the financial strength and the operational constituents of the organizations have to be considered in framing the operational policies of the business enterprise. Paasi et al. (2012) mentioned that the procedure of approval of the organization has an essential impact on the existing operational policies of the business enterprise. Evaluation Effectiveness The effectiveness of the ideas shall be assessed in regular intervals of time. The lean management would reduce the operational expenses of the business enterprise. In addition, the lean management shall affect every step in the production process in the organization. Thus, goods shall be produced with minimum amount of time and effort. The trial should be done in quarter amount of time. If the trial is left to prove unsuccessful, the every change in the lean management process shall be re-innovated in a proper manner. Patton (2013) stated that the errors in the operational processes of the business enterprise shall be identified and prompt action shall be taken. The financial policies adopted in the case of the lean management policies would be re-considered to prevent financial, losses for the business enterprise. This would also help in analyzing the marketing strategies to see if a better path is created to assist the organization in its growth. Recognition strategies The staff of the organizations would be awarded with financial and non financial incentives in the process of implementing the change management in the business organization. The benefits obtained through the process of lean management in the organization shall be partially offered to all the employees of the management. The key people associated with the process of lean management shall be identified and therefore would be recognized in the organization. The process of reward and recognition would be initiated throughout the year in motivating the staff of the organization. According to Sahut and Peris-Ortiz (2014), the reward and recognition policies have been useful for the organization in encouraging the level of commitment in the organization. Program maintenance The lean management in the organization have to be communicated as well as support in the organization. According to Patton (2013), the lean management of the organization has to be supported through the effective human resource policies. The program has to be implemented as per the needs of the production process. Besides this, the management of the business organization have to execute the operational policies as per the lean management program adopted in the business organization. References Alon, I., Jones, V. and McIntyre, J. eds., 2013. Innovation in business education in emerging markets. Springer. Baden-Fuller, C. and Haefliger, S., 2013. 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