Role of Innovation in 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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