Role of Technology and Innovation in Business Environment

This report discusses the role of technology and innovation in the business environment, with a focus on Ryanair Plc. It explores the importance of technology and innovation in achieving success, practical examples of their contribution to economic growth, and the use of new technologies by businesses. The report also covers the meaning of corporate governance and corporate social responsibility (CSR), the history of corporate governance in the UK, and the importance of CSR in chosen organizations. It concludes with a comparison of sales and profit in Ryanair Plc.

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

wants of customers and serves them better. It is vital for organisations to know about t5he
advancement and innovate time to time for the success of their business.
Practical examples related to innovation and technology that have contributed to the economic
growth of the country.
The economic environment of the country is getting benefited with innovation.
Developing new products and offering new services to the business while contributing to
economy is considered as innovation. With the use of technology the productivity level has
increased in comparison to that it used to be earlier. Also the innovation has led to cost saving
and achieving economies of scale by the company. As the productivity is increased it will
directly impact the sales of place and also the increase in sales with economy of scale will
increase the profitability of the organisation (Okeyo, Gathungu, and K’Obonyo, 2016).
The development of economy is taking place due to innovation and technological
advancement as they have provided solution to many problems that have arised in the process
and that were hindrances in the growth process of the organisation. Technology has given many
new tools, procedures, products that have helped the organisations to be more success by
completing the task in time. As it helps organisation to use the resources optimally and gain
better from them. As by using they sources that are available and then innovating in the products
and services that are offered by the company as it helps to improve the productivity status of the
company and better the production more will be the company able to sale its product and this
will have a direct impact on business environment.
 It increases the productivity in the country £ 64100 gross value added per year.
 It increases the employment rate by around 2.4
 It helps and improves the quality of research and has benefited £9.8 billion.
Use of new technology in operations by business organisation
The organisations to be successful and earn more use new technology. The technologies is used
by every department of business and get benefit. The technology advancement leads to faster
achievement of goals of business. So businesses make use of updated technology as and when
required. Some of the methods that are used by businesses are as follows:
 Marketing- The most important function of an organisation is marketing as it is the
department that makes people aware about the product or service and helps the
organisation to boost the sales by promoting its products and services. With the use of

innovation the organisation are able to promote their product better and reach more
customers and create the image of product better in minds of customers (Bedianashvili,
2016). Digital marketing has increased the reach in market. The various parts that come
under digital marketing are social media marketing, content writing and e-mail marketing
that has helped business to reach the potential customers.
 Market Research- To innovate and serve the customers better it is important for the
businesses to make a research and then provide the customers with what they want. The
businesses are using research from long but with the advancement of technology the
business are unable to make the research faster. The collection and sorting of data has
become easier and the analysis of information can be done in more efficient way that
benefits the business to serve the customers with what they want.
A brief overview of your chosen company.
Ryanair Plc. is an airline service providing company that is offering its services at lower
cost to attract more customers and getting competitive advantage in the market. The company is
operating since 1984 and has established a brand image in the market, they headquarters of the
company are in Dublin, Ireland. The image of company is formed that it is using sustainability
and techno friendly business that is serving its customers as well as society.
Describe the new technologies and how they are being used by your chosen company.
Ryanair Plc. is also making use of technology and regularly transforming its products and
services and adopting the digital ways. Ryanair Plc. has launched its airline’s push to change the
aviation industry for becoming a digital travel company in 2016. The organisation has used
customer focused strategies and cutting-edge user experience (UX) design to satisfy the
customers and to serve them better (Miftari, 2018).
With the use of digital disruption the organisation has made applications with the use of
technology. The application had helped business to provide better performance. The company
has hired 200 technical workers two years back and had given 3500 iPads to the pilots. A new
channel was developed by using 36000 hours that were developed with software engineering
firm Commerce trade that increased the speed of booking process. The increase in speed will
increase the profitability of the organisation. The idea of application was successful and provided
Ryanair’s 106m annual passengers that have increased the value and information that is
communicated to the customers like sharing the taxis with other passengers and receive

restaurant tips and etc. It is important for companies to use the technology as its helps business to
achieve their goals and satisfy the customers need and wants better. As it increases the value to
customers and it helps in serving them with unique services.
 By the use Artificial Intelligence the company can communicate effectively and
efficiently with their customers.
 The coming of 5G network will make the networks stronger and will help the customers.
 There is new opportunity of inflight connectivity in future and will benefit the
organisation.
Comparison of sales and profit
The revenue from operation were 4260 is 2015 and then it raised to 4967.2 when the
innovation took place that is in 2016. Afterwards in 2017 the revenue came down to 4868.2

which are lesser than that of 2016 but more than 2015. The profit shows the same figures and
were 866.7 in 2015 which rose to 15591in 2016 and then the profit in 2017 was 1315.9.
TASK 2
Meaning of Corporate Governance and Corporate Social Responsibility(CSR).
Corporate Social Responsibility is a management term that helps the organisation to serve
the customers while contributing to the society. As the organisation get resources from society
and it is the duty of businesses to use them optimally and in return provide them with what they
desire by not harming the environment (Chattopadhyay and Bhawsar, 2017). It is the
responsibility of companies to contribute to the society and they are accountable to public,
government and the society for the actions that are taken by them.
Corporate Social Responsibility is an important thing and it is really responsibility of
company to follow that as it creates image of company and brand image in the market. It is not
always adding values to society and they should work ethically and creates positive impact on
the environment. By doing this the society will start creating a positive image and this will
increase their customer base. It creates a good image in eyes of employees and they also respect
the place where they are working also will learn the same and work with ethics and contribute to
society and will try to develop relations with customers.
In relation to corporate social responsibility in Ryanair Plc. The organisation provides the
greenest and cleanest airline facilities that are really desirable by the customers. The avoid
wastage and also they focus on providing low cost airline facilities to its customers so as they
can afford the facility (Morosan-Danila and Bordeianu, 2020). The company is also making
customer friendly products to attract the customers and completing its operations effectively by
adding value to society by using sustainable means and using new technologies.
Brief history of Corporate Governance in the UK
Corporate Governance is set of rules and regulation, laws and practices that help the
business to run effectively and run the business smoothly. Completions of all the tasks ethically
by following the set rules help the company to establish a positive image in the market. It
includes the impact of both in internal and external factors in the businesses that are in interest of
the stakeholders (Newman, Rand, and Trifkovic, 2020). The company was known as only

governance 20 years ago and now it is important for business to follow corporate governance to
become and establish a good image in the market.
Now the concept is used by companies and society. This revolution started when
“Cadbury Report” in 1990 and after that the stock exchange and several cities started adopting
the practice and using this phenomena. Afterwards, “Greenbury Report” added to the concept
in 1995 by adding of new principles and remuneration of executive directors and BOD’s. This is
how new laws were being made and they were adding values to the corporates and businesses.
This was improving the regulations and covering number4 of notions in the company.
Importance of CSR in relation to the chosen organisations
Corporate Social Responsibility is a wider concept and it includes contribution to the society
as the business gets the resources from the society and it is the duty of businesses to give back to
society (Sharma and Singhal, 2016). So by using and doing CSR the organisations follow the
rules and not harm the society. In relation to Ryanair Plc. the company uses sustainable means to
operate in the market and causes minimum damage to the society and environment. The
importance of using CSR in relation to Ryanair Plc. is as follows:
 Improves Brand Image and Awareness- The social responsibilities add value to the
company and creates a positive brand image of the company in the market. In context of
Ryanair Plc. it is offering user friendly brand and sustainable means or operating in the
market. The company has goodwill and established a image due to its services in the
market. Due to this the organisation is attracting more customers and helping them to
increase the sales (Benmamoun, and et.al., 2016). The loyal customer base of the
organisation has also improved and the profitability of the organisation is also improving.
 An advantage over Competitors- the Company that follows Corporate Social
Responsibility has more benefit as compared to competitors in the industry. The
customers are more attracted and the society also has a better image. In relation to
Ryanair Plc. they comply with all the laws and complete the business tasks ethically and
making the use of resources in best possible ways. The company is trying to reduce the
wastage of resources by using them optimally in a sustainable way. This helps to gain
advantage over the competitors and attract more customers. Having competitive edge
means the company have more customers to serve and can earn more profit in
comparison with the competitor.

 Improved public image: By fulfilling corporate social responsibility the companies
build a positive image in front of public and help the organisation to gain profits.
 Cost savings: By using sustainable methods and using the resources sustainably the
company is able to save cost.
 Greater employee engagement: The employees like the organisation and are engaged
and try to know about the strategies made by the organisation in relation to CSR and
increase the engagement level of employees.
So it is important for companies to follow Corporate Social Responsibility and work with
ethics to maintain an image in long run.
Demonstrate understanding of the four areas of CSR as identified by Archie Carroll.
Archie Carroll model helps the organisation to understand the need of business to follow
Corporate Social Responsibility and its needs in businesses. It is a pyramid like structure that
helps the organisation to achieve profitability. It is mandatory for businesses to follow the rules
and regulations accomplish all the necessities. The models with respect to Ryanair Plc. are
mentioned below:
 Economic Responsibility- It is the responsibility of company to fulfil the needs and
wants of customers in by offering them the goods and services that are desirable by them.
Ryanair Plc. aims to know the economic conditions and then offer goods and services
that are needed by customers. By improving the sales the flow of money in the economy
will also increase.

 Legal Responsibility- The business should follow all the rules and regulations that are
desired to be followed. In context of Ryanair Plc. the company works according to the
laws that are made in the industry also the customers are treated fairly. The laws need to
be followed as that helps the business to work smoothly.
 Ethical Responsibility- This means performing all the activities of business ethically.
Under this the company has to think beyond the laws and it bis essential to be followed.
Ryanair Plc. works according to ethics and fulfil the requirements of business
environment. Working ethically helps the business to successfully achieve the goals.
 Philanthropic Responsibility- This was not considered as part of responsibility earlier
but now it is important in this changing environment as it is expected by society that the
business does and performs voluntary activities. This helps organisation to create a
positive impression in mind of customers (Ahmadi, Rahimi and Rezaei, 2018). In relation
to Ryanair Plc. the company takes part in social activities that are not compulsory for the
company does to create a good image and attract customers and rendering back to
society. The company makes donations to charitable funds, benefits shareholders and
volunteer in the community work. That has helped the company and established a brand
image.
CONCLUSION
From the above report it can be concluded that it is important to make right use of
technology to compete in this market. Innovation is required by businesses for its smooth
operations and is required at every stage of business. Ryanair Plc. has used innovation to form
this image in the market and increase profitability and sales of the organisation. Also it is
important for an organisation to follow corporate social responsibility and corporate governance
as it is most desirable by the society.

REFRENCES
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