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Assignment - Business Environment

   

Added on  2020-10-22

10 Pages2952 Words481 Views
BusinessEnvironment

Table of ContentsINTRODUCTION...........................................................................................................................3TASK 1 ...........................................................................................................................................3TASK 2............................................................................................................................................6CONCLUSION ...............................................................................................................................8REFERNCES ..................................................................................................................................9.........................................................................................................................................................9

INTRODUCTIONInnovation is an important and essential part of business. It is the process of developingand implementing new ideas to accomplish goals and objectives of the company (Brunswicker,and Van de Vrande, 2014). This process includes adding value to products and services in orderto execute a plan. Innovation helps an organisation to maximise it's profit in global businessenvironment. It is an important element for success and growth of the company. The companywhich is considered in this essay is Aveva Plc. This is a British multinational informationtechnology company founded in 1967 and it's headquarters are located in Cambridge, UnitedKingdom. This company deals with engineering and industrial software. This essay explainstechnological innovation and and role of technological change in economic progress. It alsodescribes corporate governance and Archie Carroll's model of CSR in context of Aveva Plc. TASK 1 Technology can be defined as the process or products that is used to make daily activitiessimpler and easy. It can also be described as an application used for solving problems.Technology is used in various areas like work, communication, learning, scaling businesses,securing data, manufacturing, transportation, etc. It is human knowledge that includes materials,tools and systems. On the other hand, innovation is defined as the process of translation of anidea or invention into a service or good which creates value. Innovations helps in creating newmethods for creating alliance, joint venture, creation of buyer's purchasing power and flexibleworking hours. There are two types of innovations evolutionary and revolutionary. Evolutionaryare those which are made through incremental advancement in technology and revolutionaryinnovations are those which are new (Aarikka-Stenroos, Sandberg and Lehtimäki, 2014).Innovations in a business can make profits for the company or they can create a great risk as newproduct is launched in the marketplace. The imitators take less risk as they will start a newproduct in market. Some of the examples are PC of IBM launched against Apple computers,launch of Compaq's PC and Dell's PC. UK is a developed country and it still works uponinnovating and developing technology in products and devices to increase the value in front ofcustomer and clients. There are various role of technology and innovation in the development oforganisation. Technological innovation helps in maintaining customer relationship. Atechnological change and innovation provides new features in the existing products and make it

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