Role of Innovation in Aveva Plc

This essay discusses the ways through which innovation impacts the financial development of business ventures in context to Aveva Plc.

AVEVA PLC AND G4S PLC

Table of Contents
Task 1: Role of Innovation in Aveva Plc.........................................................................................2
Introduction......................................................................................................................................2
Understanding technological innovation.........................................................................................2
Identifying the ICT and financial issues for key business functions...............................................2
Underpinning the relationship between economic development and innovation............................3
Analysing the need to appraise and identify the use of corporate governance and ethics within a
business organisation.......................................................................................................................4
The role of technological changes in economic progress................................................................4
Conclusion.......................................................................................................................................5
Task 2: Analysing the activities of G4S Plc in relation to Corporate Social Responsibilities........6
Introduction......................................................................................................................................6
Nature of Corporate Governance.....................................................................................................6
Importance of CSR in Business Environment.................................................................................7
Understanding CSR in respect to Archie Carroll model and discussing its practical implications.8
Conclusion.......................................................................................................................................8
References......................................................................................................................................10
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Task 1: Role of Innovation in Aveva Plc
Introduction
Innovation being the core element for making business sector flourish in contemporary global
market scenario contributes hugely in terms of its expansion and satisfying consumers. It is
observed that encouraging innovation and implementing technological upheaval has benefitted
most of the organisation to be prominent and competent in the competitive market. This aim of
the essay is to discuss the ways through which innovation impacts the financial development of
business ventures in context to Aveva Plc.
Understanding technological innovation
Aveva Plc is a leading company for making and designing products that are primarily used by
the power, gas power and Marine, paper and pulp and many such process related industries. The
prime strategy of the organisation remains the technological development in its products which
growing demand of the market they serve. It is important to note that the organisational objective
of Aveva Plc is to satisfy its customers with utmost product manufacturing that will help them to
improve their services (Aveva.com. 2019). In order to achieve the company goals the
organisation strategically focuses on market growth, planting operators, widen the rate of
diversity of the end markets and also extend to a Digital Asset SaaS footprint. Innovation being
key ingredient for such business strategy, the company invests a huge amount of its profit on the
Research and Development department. Hence, the Aveva Plc employs the best of employees
and engineers who are efficient in creating, developing and designing complex process plants
and marine assets. Based on the understanding derived from the works of Souto (2015), in fact,
Aveva Plc is much known for its approach of keeping the technological innovation in the
forefront and considers such an approach to be the key aspect of a successful and sustainable
relationship with its customers (Annual report and accounts. 2017).
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Identifying the ICT and financial issues for key business functions
The Information and Communication Technologies are the streamline of a successful
functioning of a business sector. It is important to note that the ICT has a number of advantages
if implemented as per the requirements. In the views of Scuotto et al. (2017), it benefits the
organisation to take better decision as it helps to process, store, and share and analyse bulk data.
The operational decisions have been observed to be more specific and accurate in nature when
analysed with help of ICT system. Moreover, as stated by Santoro et al. (2017), it has been
observed that ICT solutions help the organisations to be more cost effective and time efficient in
their approach. Video Conference through technological gadgets to host meetings reduces the
travel costs and production data helps the employees and managers to identify production risks
and conflicts at an early stage. In context to Aveva Plc, the organisation has Schneider Electric’s
industrial software in order to create a leading engineering and industrial software organisations.
In the third month of year 2018, the organisation announced its endeavour to combine with
Schneider Electric’s industrial software with the intention of a digital transformation across the
operational life-cycle and assets for capital intensive industries. In the views of Salamzadeh et al.
(2017), such approaches have helped the organisation achieve operational excellence and
improve profitability.
However, the organisation in its initial stage of implementing the ICT system has to undergo and
experience a number of challenges. As per the views of Dodgson (2018), ensuring the
sustainability is very important where the ICT has significant potential to change the overall
functioning of the organisation. In the views of Needle (2010), scale the operation with the ICT
system and programs is of much importance. It is also essential to note in this juncture that
Aveva Plc has recruitments that are efficient and skilled to implement the ICT as per the
requirement and objective of the organisation. In fact, the corporate body also invests on the
Research and Development which also help to develop or chose the appropriate ICT for the
organisation.
Underpinning the relationship between economic development and innovation
Innovation being the key ingredient of the contemporary business sector for the ever competitive
market directly impacts the economic development of an organisation. According to the views of
Brijs (2016), one of the most important aspects of innovation is that it improves the
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characteristics of existing technology or system of a specific sector for a more effective and
efficient consumption of products and services by the consumers. It has been observed that new
technologies are brought by innovation and it primarily helps to boost the new ways and
techniques of producing good and services with a more efficient and effective approach. In fact,
it also supports and encourages employment and ensures a good quality lifestyle of the
consumers.
Implementing upgraded technology in the business ensures the growth of the business in terms
of its expansion and also the growth in the profit margin. In terms of Aveva Plc, the organisation
with the help of its potential and efficient Research and Development team has successfully
ensured that innovation remains its key ingredient in making the company unique in its
operational practices and sustainable in nature (Prajogo, 2016).
Analysing the need to appraise and identify the use of corporate governance and ethics
within a business organisation
The basic objective of identifying the use of corporate governance and ethics within a business
organisation is to ensure that all the functions of the organisation are carried out smoothly. It is
quite important in this aspect to note that organisation need to focus on the interest of the
stakeholders and the corporate governance of an organisation basically set path for the company
to managing the contracts, communications and interests of the stakeholders with a legal
approach. Most of the time it is the rules and regulations of the Corporate Governance which
determines the structure and culture of the organisation. Ethical behaviour amongst the
employees and suppliers and setting specific code of conducts is very important for an
organisation to run smoothly.
These organisational structure and culture determines the nature and the image of the
organisation in the market. The code of conducts and the approach of the Corporate Governance
hugely impact the portfolio of the organisation. It also states standards for the employees to
follow in order to ensure significant success in the business. Aveva Plc, follows certain
Corporate Governance and positive work ambience within the organisation and also with their
stakeholders that has helped the company to sustain its business offering innovation in every
level of its functions.
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The role of technological changes in economic progress
In the contemporary digital age implementing technological system in the business operation is
not important but has also grown into a necessity due to the high competitive market. Every
organisation irrespective of their sector aims to make the production of the goods and services to
be more efficient in nature. It is the basic aspects of overall growth of the organisation. However,
it is of much importance to consider that only the availability of the technology in the market is
not sufficient for the organisation to implement it. In the views of Visnjic et al. 2016), it is
essential for organisation to identify the appropriate technology for the smooth operation of the
organisation. It is the responsibilities of the managers of the company to judge the compatibility
of the specific technology to ensure the success of the organisation and the efficiency of the
production of services and goods. As commented by Piperopoulos (2016), the significant
knowledge to understand and implement the technological system is very essential. If installed
and utilized wisely, organisation have been observed to move towards progress and have
managed to share warm relation with the stakeholders especially their customers. In context to
Aveva Plc, the organisation has considered technological innovation as their strength.
Conclusion
Innovation has its own advantages and perks if implemented wisely. The existing global business
sector has taken step forward in this age of technology and has focused much on the
technological innovation. In context to the detailed study and the critical analysis made in the
different section of the essay, it can be concluded that Aveva Plc as part of the hardware industry
manufacturing machines and software which is used to operate the gas power and Marine, paper
and pulp and many such process related industries. The organisation has combined itself with
Schneider Electric’s industrial software recently to ensure a significant success in the existing
years and satisfy the customers. The organisational structure and culture of the organisation
encourages diversity and innovation at the same time providing the organisation to be more
productive and efficient in nature.
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Task 2: Analysing the activities of G4S Plc in relation to Corporate Social Responsibilities
Introduction
In the existing global business sector, it has become very essential to address certain
specifications of legislative loops that tend to exist in every business. Certain self-regulative
measures set by the organisation as per the organisational objectives are termed as the Corporate
Social Responsibilities. The aim of the study is to analyse the activities of G4S Plc and their
Approach of CSR which will clearly define the nature and the business environment it offers to
its stakeholders.
Nature of Corporate Governance
G4S is one of the leading global security companies which ensures great and efficient services to
the organisation. It is important to note that, the kind of service offered by the organisation is
primarily determined by the sense of social responsibility and working ethics. In the views of
Sun (2016), the organisation employs efficient employees and the organisational culture is
effectively reflected by these potential employees of the organisation. G4S considers its
Corporate Social responsibilities and its nature as one of the prime strategy of the organisation
which helps it to achieve its objectives and also helps to maintain the organisational portfolio in
the market.
As per their Corporate Social Responsibility statement and the report of 2018, the organisation
has focused on the safe and secure environment for the people they provide service to.
According to the views of McAlister and Ferrell (2016), it is important to note that, when it
comes to employing individuals who are skilled and experienced in the job role of security, the
recruitment system of the organisation is very specific. G4S Plc provides service to a wide range
of social and economic benefits to the communities they serve (Corporate Social Responsibility
Report (2016). The organisation is very concern to understand the area of focus with the
changing team thus, conducts materiality assessment after every two years. This assessment
helps the organisation to identify their core priorities.
As per 2017 assessment, it has been observed that Health and Safety of the employees is one of
the most important concerns of the organisation. Mehrotra (2016) commented that the success
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and the quality of the service is majorly determined by the employees. Thus, as a responsible
organisation of the industry of security services providing healthy and safe environment to the
employees is a key priority of the organisation. Based on the understanding derived from the
works of Bair and Palpacuer (2016), the organisation considers the Human Right to be one of the
core priorities of the organisation. Providing the communities an environment where they are
able to enjoy their rights is a strategy that G4S Plc considers important for a successful and
sustainable approach of the business. The leading company also stand against Bribery and
Corruption. It ensures that the employees are well aware about the organisational culture and the
standards of ethics.
Importance of CSR in Business Environment
In the existing global business environment, increasing competitions has helps the organisation
to improve the quality of the services by making the organisational culture more enriched. As per
the views of El-Kassar et al. (2016), in context to measuring the importance of Corporate Social
Responsibility in business environment, a number of factors of implementing value-based CSR
can be considered which affects the Business Environment of organisations in the best way.
Stakeholders, suppliers and environment are as important and crucial as the consumers are.
Implementing value-based CSR in the organisation helps in building a positive and improved
public image (Kiessling et al. (2016). The commitment and the concern of the organisation
towards the environment and the various stakeholders determine the positive image of the
organisation in the market. In respect to G4S Plc, the company take their social responsibilities
quitely seriously and also assess to identify their key priorities which changes with the passage
of time in order to provide significant services to the communities they serve (G4S.com. 2019).
It has been observed that when organisations are able to maintain the Corporate Social
Responsibilities within their organisation and the management of the company ensures that the
organisational culture has successfully able to aware the employees on the ethical standards of
the organisation, it becomes a matter of utmost concern (Frynas, 2016). G4S Plc as an
organisation is much known for its positive Corporate Social Responsibilities in the market.
In fact, a positive CSR also help the business to run smoothly in a specific region by abiding by
the legal and political changes. It is important to note that when it comes to running a business
with success, it is evident that business organisation who share good relationship with the local
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authorities. Marano and Kostova (2016) stated that developing a positive bond with such
institution help business house to get permission for the sake of various economic upliftment.
Moreover, it has been observed that, positive CSR also lead organisation to approach to
investors. Organisations which are rich with value-based CSR regulations have a more
responsible approach and thus, it becomes easier for the companies to approach investors for the
expansion of the company (Boddy, 2008).
Understanding CSR in respect to Archie Carroll model and discussing its practical
implications
The Archie Carroll model of CSR rightfully and specifically explains the practical implications
of the CSR values and also defines the aspects which make CSR so significant in the
contemporary business environment (Carroll, 2016). There are four aspects which explains the
CSR implication and the rationale behind its implementation in the current business sector. The
Economic aspect of CSR focuses the profitability of the business. It is primarily structured with a
sustainable approach which ensures profit in long term process. The second is the legal aspect of
the CSR where the organisation is needs to obey laws and other regulations of the region so that
the corporate body is able to run business smoothly. The Employment Act and Health and Safety
Act are some of the most common laws that are implemented in the organisations (Morrison,
2016). Morality and ethical approach within the business organisation are much needed for
ensuring a safe business environment. Here comes the third aspect of the Carroll’s model of
CSR. Encouraging diversity, improving existing organisational culture are the basic elements of
Ethical aspect. The fourth and the final aspect of Carroll’s model of CSR is Philanthropic where
this specific aspect or the responsibility is reverted back to the society.
However, if evaluated critically, the Archie Carroll model of CSR is too simple for the
contemporary complex business environment. In fact, considering the basic structure of the
model, many significant critics of this model that the model should have has Ethical aspect as the
prime aspect as it explains the practical implication of Corporate Social Responsibility.
Conclusion
Various businesses as per their nature and categories utilize various business strategies to
improve the productivity of the organisation. Corporate Social Responsibility is one of the
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sustainable approaches which ensure the development of the organisation both in terms of
economic and marketing aspects. In context to G4S, the organisation focuses on its CSR more
significantly as its nature of business depends on serving communities by providing them with a
safe and secured environment. The Corporate Social responsibility can be explained with the
help of Archie Carroll's model in terms of explaining the practical implication of CSR in
business. However, critically analysing the model has certain shortcomings which is not
applicable in the contemporary complex environment.
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