Role of Technology and Innovation in Business Environment

Business Environment

EXECUTIVE SUMMARY
Business environment includes all the external as well as internal factors such as consumers,
suppliers, demand and supply, taste and preference of customers. The report talks about the
relation of technology and innovation that helps the organisation to achieve success. It becomes
easier for organisations to achieve their goals and objectives effectively and efficiently. This
report is about use of technology and its advancement is important to follow in this environment.
Innovation is essential for growth of that particular organisation as it helps to achieve more profit
as leads to increase in sales. The benefit of innovation in relation to increase in sales and
profitability in the organisation. By improving the product a company can make a good image in
the environment. Also, it is important for businesses to follow corporate social responsibility to
create a brand image in the market and Archie Carroll’s model is also used to elaborate it. The
importance of corporate governance and how it evaluated. The benefit of using corporate social
responsibility in an organisation. Corporate governance are the codes that are essential and need
to be followed by the organisation and helps the organisation to be successful.

Table of Contents
INTRODUCTION ..........................................................................................................................4
TASK 1............................................................................................................................................4
Innovation and technology..........................................................................................................4
Practical examples related to innovation and technology that have contributed to the economic
growth of the country..................................................................................................................5
Use of new technology in operations by business organisation..................................................5
A brief overview of your chosen company.................................................................................6
Describe the new technologies and how they are being used by your chosen company............6
Comparison of sales and profit...................................................................................................7
TASK 2 ...........................................................................................................................................7
Meaning of Corporate Governance and Corporate Social Responsibility(CSR).......................7
Brief history of Corporate Governance in the UK .....................................................................8
Importance of CSR in relation to the chosen organisations........................................................8
Demonstrate understanding of the four areas of CSR as identified by Archie Carroll. .............9
CONCLUSION .............................................................................................................................10
REFRENCES.................................................................................................................................11
Books and Journal.....................................................................................................................11

INTRODUCTION
Business environment means the environment in which the business is operating and
includes both internal and external factors such as employees, customers and their needs and
wants. Also these actions taken by government and the impact of technology, the trends in
market and the economic condition (Lisowska, 2016). Technological advancement is the need in
today's environment and with right use of innovation a business organisation can be successful
and earn more. The report is about Ryanair Plc. That is a low cost airline that has its headquarters
in Dublin, Ireland and was found in 1984. The role of technology and innovation in relation to
the company and the4 benefits that the company has got by studying the trends in the market are
discussed in this report. The innovation brings more options and adds new features to existing
product and service that is profitable for company. Moreover the role of Corporate Social
Responsibility and its importance in the company as well as to society is mentioned and a model
is used to explain the concept of CSR further.
TASK 1
Innovation and technology.
Innovation means use of new ideas and technology to improve the existing goods and
services. It is done by understanding the needs and wants of customers and by studying the
trends in the market. Innovation is required in business to compete in this dynamic environment
and to satisfy the customers and also to increase the market share by attracting new customers.
By innovating the company needs know about the competitors and the technology that they are
using and always try to provide better and new then what they are offering.
Technology is the most important thing that is required for innovation and inventing
something new. There is regular advancement in technology that is given by the IT sector.
Businesses update their technology on regular basis to capture the market and to carter the needs
and wants of customers effectively (Alaloul, Liew, and Zawawi, 2017). The business get the
opportunity by using technology advancement and it helps to increase the productivity of the
business and also to reduce cost.
Innovation and technology both go hand in hand and it is important for an organisation to
regularly update its technology and innovate its products and service to satisfy the needs and