Role of Innovation and Technology in Business Organization and Economic Progress

Business Environment

EXECTIVE SUMMMARY
This report provides an overview of how technology and innovation can be useful for
growth of organisation and country. Report highlights importance of corporate governance and
how corporate social responsibility model can be beneficial for society and organisation both.
Use of new innovations and technologies for developing company and supporting country’s
economy is described in this report. Finally, this report explains history of corporate governance
and use of Archie Carrol’s theory in fulfilling CSR.

Table of Contents
Contents
EXECTIVE SUMMMARY.............................................................................................................2
INTRODUCTION...........................................................................................................................1
MAIN BODY...................................................................................................................................1
TASK 1............................................................................................................................................1
Role of innovation and technology on business organisation and economic progress of
country........................................................................................................................................1
Impact of innovation and technology on operations sales and profit of company......................4
Evaluating impact of new technologies on Sales and profit of company...................................6
TASK 2............................................................................................................................................6
Assessment of importance of corporate social responsibility for organisation...........................6
Archie Carroll’s Pyramid of CSR...............................................................................................8
CONCLUSION................................................................................................................................8
REFERENCES................................................................................................................................9

INTRODUCTION
This report enlightens business environment of a business industry and its various aspects.
Business environment refers to factor that may impact firm’s business ability and maintain
successful customer relationship. Business environment has both factors internal and external
factors and these factors can influence internal and external business environment (Artto, and et.
al. 2017). This assignment explains innovation and technology and its emphasis on business
organisation and economy of a country. This report introduces affect technology and innovation
in context of Next Plc. Scope and purpose of using technology and new innovations in business
is explained along with its impact on sales and profitability of company. Finally, this report
describes how CSR and corporate governance can be beneficial for country and organisation at
the same time with help of business analysis model.
MAIN BODY
TASK 1
Role of innovation and technology on business organisation and economic progress of country
Innovation is an idea which helps inventing new and unique ways of doing something. In
business context it can help in inventing new product or services or improving usefulness and
performance of old product and services of company (Bai, Cordeiro, and Sarkis, 2020). This can
be helpful in activating and developing new product in market with purpose of improving its
competitive advantage, efficiency, effectiveness etc. Correspondingly, technology refers to tools,
machines and other equipment created by human which help in achievement of objective,
producing goods or services, solving problem of society. This can be a mean to transform
scientific information into solution for issues or problems of the world. Machinery or equipment
created by applying scientific knowledge and engineering is known as technology. Innovation or
ideas can be used for inventing and developing technology. In context of business innovation is a
process of invention of new ideas and applying these ideas in business to find out distinct ways
of achieving company’s goals. These innovations can help in creating new product or services
and identifying how these can be helpful in increasing sales of company. Technology on the
other hand technology helps in running an organisation and its operational activities. It improves
business efficiency and enhance capacity of organisational operational processes (Ciobanu, and
Neamţu, 2017). It is beneficial for facilitating better structure of communication within
1