Impact of Innovation, Business Ethics and CSR on Modern Business Organizations

This report assesses the impact of innovation, business ethics, and corporate social responsibility on modern business organizations, with a focus on Ocado Group. It analyzes the benefits of innovation, such as growth, competitive edge, advantage of new technologies, reducing disruption, increasing business efficiency, improving sales, and employee relations. It also examines the impact of business ethics and CSR on building customer loyalty, retaining good employees, creating a positive work environment, avoiding legal problems, and improving the bottom line.

Business Environment

Table of Contents
INTRODUCTION...........................................................................................................................1
MAIN BODY...................................................................................................................................1
Assess the impact of innovation on modern business organisations...........................................1
Assess the impact of business ethics and corporate social responsibility (CSR) on modern
business organisations.................................................................................................................4
CONCLUSION................................................................................................................................7
REFERENCES................................................................................................................................8

INTRODUCTION
Innovation can be describe as the practices of business for conducting required set of task
in appropriate and accurate manner. It is essential that company is considering innovation and
business ethics while performing different business task in order to gain competitive advantages.
This will lead to have significant impact over business and help in successfully performing
organisational practices (BULDAN and et.al., 2021). Chosen company for this report is Ocado
Group. This is one of the well known UK based company. This is a online grocery solution and
logistics business which is licenses its technology to grocery retailers around the world. In this
report impact of innovation on modern business organisation has been determined. Apart from
this impact of business ethics as well as corporate social responsibilities on modern business
organisation has been determined.
MAIN BODY
Assess the impact of innovation on modern business organisations.
Modern business organisation can be describe as the business which is considering new
and creative approaches in order to carry out business practices and task in significant manner.
This will assist in enhancing and improving overall performance level of organisation as well as
attaining desired goals. It has been determined that innovation will lead to have major impact on
modern business organisation as well as assist in enhancing business practices. This support
organisation in gaining competitive edge over other rival companies along with this helps in
accomplishing desired goals. Innovation permits organizations to stay material in the competitive
market, it similarly expects a critical part in money related turn of events. The ability to decide
essential issues depends upon new advancements and especially non-modern countries need it
more than ever (Yeung, 2021). Innovation is crucial to Ocado Group organization's
accomplishment in the present exceptionally competitive business environment, particularly as
customers become seriously requesting and astute. With in modern business organisation
innovation act as the practice of introducing something new with in organisation that includes
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new product or services, new market strategy, methods for performing business task and so on.
all of these will lead to have major impact on overall functioning and performance of
organisation with the motive of accomplishing desired goals. Now a days innovation is one of
the crucial aspects of business that needs to be consider by organisation in order to improve
business practices as well as gain competitive advantage over other rival companies. Through the
consideration of innovation respective business that is Ocado Group will be able to gain several
benefits and advantages in order to attain desired goals. Innovation truly is the center
justification for present day presence. In spite of the fact that innovation can have some
bothersome outcomes, change is unavoidable and by and large, innovation makes positive
change. There are some major impact on innovation with in business that are mention below in
detail –
 Growth of business – It has been determined that consideration of innovation and new
technology will lead to have significant impact on overall growth of business. Business
development implies, at last, expanding Ocado Group profits (Markovic and et.al.,
2021). Fruitful innovation permits to enhance Ocado Group business so can expand
Ocado Group profits. nnovation likewise decidedly affects organization culture as it
builds the capacity to gain, make and utilize capabilities, abilities and information. due to
this Ocado Group company will be able to grow its business as well as improve the way
of functioning organisational task. Innovation practices can assist with building a culture
of consistent learning, development and personal turn of events. This kind of inventive
environment can again inspire individuals to continually further develop the manner in
which they and their cooperation. Innovation can be consider as the major factor for
overall growth and development of business that will help in improving functioning and
performance level of business.
 Gain competitive edge – Innovation will lead to have major impact over Ocado Group
company in order to gain competitive edge over other rival companies. Through the
support of new and advance technology this company will be able to conduct business
operations in better and creative manner as compare to other business that is performing
its task in same market area. With globalization and a rapidly advancing market, there are
more battling businesses than some other time in late memory. Imaginative thinking can
help with predicting the market and remain mindful of client needs (Young, 2021). This
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will help Ocado Group to gain edge over other rival companies with the consideration of
new and advance innovative technology with in respective company. Organizations the
capacity to advance beyond the opposition is one of the main motivations to develop.
Fruitful, imaginative businesses can keep their activities, administrations and products
pertinent to their customers' requirements and changing economic situations.
 Advantage of new technologies – Ocado Group company will be able to gain advantage
of new technology with the consideration of innovation with in organisation. It has been
analysed that there are several factors and practices of business which is majorly affected
due to consideration of new and advance technology with in organisation (Gurzawska,
2021). Technology particularly artificial intelligence is progressing faster than at
whatever other time, which infers that there may be new, more capable advances to
further develop items, to offer Ocado Group organizations, to promote Ocado Group
business, or to follow Ocado Group show with examination. this will lead to emphatically
affect business alongside this help in attaining desired goals. By exploiting these new
technologies for process innovation, 'll have the option to streamline Ocado Group
business and gain a competitive benefit over Ocado Group rivals.
 Reducing disruption – it has been analysed that through the support of new and
innovative technology Ocado Group company will be able to reduce disruptions that will
lead to have positive impact over business. Business innovation implies monitoring the
market's bearing in light of possible disturbances or an adjustment of consumer interest.
Keeping steady over consumer data permits business pioneers to react to patterns by
utilizing the purchase, fabricate and accomplice model. Through reduction in disruption
Ocado Group will be able to smoothly conduct required set of business and focus on
attaining goals. Assuming a startup is upsetting the market, an organization can purchase
the startup, assemble it themselves or band together with the startup.
 Increase business efficiency – It has been determined that Ocado Group company will be
able to increase its business efficiency with the consideration of innovation. Having a
proficient business model is reachable with tech innovations. At the point when business
processes are smoothed out with technology, they are more affordable, save time, and
more practical (Alm and Guttormsen, 2021). These reserve funds can be reinvested into
Ocado Group organization's development or given to the client, offering both a
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reasonable and products or services. This will lead to help in improvement in business
practices along with this assist in improving efficiency of business.
 Improve sales or relationship with customers – It has been identified that innovation will
lead to have impact over increase in sales along with this help in developing better
relationship with customers. Through this Ocado Group organisation will be able to gain
benefit of improvement in sales of business along with this it will create strong
relationship with potential customers. In the event that put time and cash in innovation,
customers will see and like the additional worth 're bringing them. That ought to convert
into more deals. Innovation will help in full filling the needs or wants of customers by
providing products and services in more creative and innovative manner.
 Improve employee relations – It has been determined that innovation will help Ocado
Group will assist in improving employee relations. A creative work environment is
invigorating for employees. Cultivating pride in Ocado Group products and a longing for
Ocado Group organization to be an industry chief ought to diminish working
environment turnover and lift usefulness. Through the consideration of innovative
practices respective organisation will be able create stronger relationship with its
employees by providing them support through innovative tools and technology to
conduct business task (Steen, Sand and Van de Poel, 2021). Request their criticism on
innovation in every aspect of Ocado Group business, including how to further develop
products, marketing and productivity. They can give priceless bits of knowledge into
ways of advancing and innovating for business.
Assess the impact of business ethics and corporate social responsibility (CSR) on modern
business organisations.
In a modern business organisation ethics and social responsibility is very crucial as this
will lead to have major impact on overall functioning and performance of business. Through the
assistance of business ethics as well as corporate social responsibility Ocado Group will be able
to provide right and accurate direction to its employees for correctly functioning of business.
Moral behavior and corporate social responsibility can convey colossal benefits to a business.
The likelihood that business endeavors have a couple of commitments to society past that of
making gains for investors has been around for quite a while. Morals are codes of characteristics
and decides that control the action of an individual, or a social affair of people as for what is
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right versus what isn't being moral means applying principles of validity and sensibility to
relationship with co - laborers and customers (Griffiths, 2021). It has been determined that
business ethics as well as corporate social responsibilities will lead to have major impact on
practices of modern business organisation as well as assist in developing strong image in market
area. Business or corporate morals is a kind of applied morals or master morals that investigates
moral principles, and moral or moral issues that arise in a business climate. Socially reliable
associations will by and large attract representatives who are restless to affect the planet just as
get-together a check. With tremendous associations, there is strength in numbers, where total
laborer exercises can achieve liberal results, which assembles working climate certainty and lifts
productivity. The meaning of business morals comes to quite far past laborer dependability and
certainty or the strength of an administrative group bond. Similarly with all business drives, the
moral action of an association is directly related to benefit in both the short and long term.
Impact of business ethics as well as corporate social responsibility practices on Ocado Group
company is mention below in detail -
 Build customer loyalty - Ocado Group company will be able to build effective customer
loyalty practices with in organisation with the consideration of business ethics and
corporate social responsibility. A devoted client base is one of the keys to since a long
time ago run business accomplishment. In case purchasers or clients acknowledge they
have been managed preposterously, for instance, being cheated, they will not be repeat
clients. Through this organisation is able to develop positive image in customer mind set
that will lead to significantly affect sales and profitability of business. Likewise, an
company representing moral behavior can help it with making an all the more certain
image in the business place, which can get new clients through verbal references. The
remaining of a business in the enveloping neighborhood, businesses, and individual
monetary benefactors is fundamental in choosing if an association is an advantageous
endeavor. business ethics and corporate social responsibility practices will help in
attracting more and more customers along with this build customer loyalty.
 Retain good employees – Business ethics will lead to have major impact over retaining
good employees with in Ocado Group company (Saka-Helmhout, Chappin and
Rodrigues, 2021). Capable individuals at all levels of an affiliation should be
compensated sufficiently for work and dedication. Associations who are sensible and
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open in their dealings with workers have a predominant shot at holding the most skilled
people. Exactly when the board is driving a relationship ethically, workers proceed in
those steps. Representatives make better decisions fundamentally speedier with business
morals as a basic belief; this extends convenience and by and large labourer assurance. it
has been determined that through the consideration of effective corporate social
responsibility and proper ethics of business Ocado Group will be able to motivate its
highly skilled employees to work with in respective organisation. At the point when
employees complete work in a manner that depends on genuineness and honesty, the
entire association benefits.
 Positive work environment – Corporate social responsibility as well as business ethics are
significant in order to create positive working environment for its employees. Employees
have a responsibility to be moral. They should speak the truth about their capacities and
experience. Moral employees are seen as cooperative people rather than as people.
Through this Ocado Group will be able to encourage employees to work effective as well
as focus on accomplishment of desired goals and objectives. They foster positive
associations with colleagues. Their bosses entrust them with classified data.
 Avoid legal problems – It has been determined that Ocado Group will be able to avoid
legal problems and issues through conducting corporate social responsibility as well as
business ethics. It tends to be tempting for an association's organization to think twice
about journey for benefit, for instance, not totally keeping natural rules or work laws,
dismissing worker prosperity dangers or using unacceptable materials in their products
(Saka-Helmhout, Chappin and Rodrigues, 2021). Through this organisation is able to
develop positive image in market area as well as help Ocado Group to carry out business
practices along with the guidelines set by government.
 Impact on bottom line – business ethics as well as corporate social responsibility
practices will lead to have major impact over bottom line of Ocado Group. It has been
determined that through the consideration of business ethics Ocado Group company is
able to provide right direction to its employees for proper functioning of business. With
consistent moral behavior comes an obviously certain open picture, and there are
relatively few distinct thoughts as basic to anticipated monetary benefactors and current
shareholders. Along with this it will lead to have major impact on developing positive
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image in market area. business ethics and corporate social responsibility practices will
help in enhancing performance and productivity of the company. To hold a positive
picture, businesses ought to be centered around chipping away at a moral foundation as it
relates to the treatment of workers, in regards to the overall climate, and sensible market
practices similar to cost and purchaser treatment.
CONCLUSION
From the above report it can be concluded that innovation as well as business ethics or corporate
social responsibilities are crucial part of organisation that will lead to have major impact on
business. It has been determined that it will lead to impact over business performance as well as
way of conducting business practices in market area. It is essential for company to consider
innovation and business ethics while performing different business task in order to gain
competitive advantages. Consideration of innovative practices will support organisation in
gaining competitive edge over other rival companies along with this helps in accomplishing
desired goals. It has been determined that consideration of innovation and new technology will
lead to have significant impact on overall growth of business. Corporate social responsibility as
well as business ethics are significant in order to create positive working environment for its
employees.
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REFERENCES
Books and Journals
BULDAN, H. and et.al., 2021. The role of Islamic business ethics and market condition
on organizational performance. The Journal of Asian Finance, Economics, and Business, 8(1),
pp.781-790.
Yeung, M., 2021. A prologue on the special issue: symposium on international business,
innovation and governance: shaping the futures of smart economy (articles 9–13). Asian Journal
of Business Ethics, pp.1-2.
Markovic, S., and et.al., 2021. Business-to-business open innovation: COVID-19 lessons
for small and medium-sized enterprises from emerging markets. Technological Forecasting and
Social Change, 170, p.120883.
Young, C., 2021. Against Paretianism: A Wealth Creation Approach to Business
Ethics. Business Ethics Quarterly, pp.1-27.
Gurzawska, A., 2021. Responsible Innovation in Business: Perceptions, Evaluation
Practices and Lessons Learnt. Sustainability, 13(4), p.1826.
Alm, K. and Guttormsen, D.S., 2021. Enabling the Voices of Marginalized Groups of
People in Theoretical Business Ethics Research. Journal of Business Ethics, pp.1-18.
Steen, M., Sand, M. and Van de Poel, I., 2021. Virtue Ethics for Responsible
Innovation. Business and Professional Ethics Journal.
Griffiths, P.D.R., 2021. Conceptual Framework: Corporate Responsibility, Governance,
Business Ethics, Culture and the Knowledge Economy. In Corporate Governance in the
Knowledge Economy (pp. 7-52). Palgrave Macmillan, Cham.
Rui, Z. and Lu, Y., 2021. Stakeholder pressure, corporate environmental ethics and green
innovation. Asian Journal of Technology Innovation, 29(1), pp.70-86.
Saka-Helmhout, A., Chappin, M.M. and Rodrigues, S.B., 2021. Corporate Social
Innovation in Developing Countries. Journal of Business Ethics, pp.1-17.
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