Impacts of Innovation for AVEVA PLC

Impacts of innovation for AVEVA PLC1
IMPACTS OF INNOVATION FOR AVEVA PLC
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Impacts of innovation for AVEVA PLC 2
Introduction
In globalisation, the aim for the differences in economic development and inter-nations
income inequality is described on the bases of technologies differences (BODDY 2017). The
technology can be reflected as a vital source in economic growth, and the numerous
technology variations contribute considerably in the progress of underdeveloped nations.
(Von Schomberg 2013). The objectives of science and technology are to facilitate the
individuals and enterprises to apply techniques more effectively, as this leads to minimised
costs and excellent productivity benefits. The application of novel technologies paves the
direction for the manufacture of new cheap merchandise and capital growth (Morrison 2016).
It causes progressed international competitiveness and enhanced quality for scientific
research organisation (Maradana et al. 2017). This essay will discuss in great detail the
impact of innovation to the AVEVA PLC sales for the three consecutive years since 2016.
Headquartered in Cambridge, UK, AVEVA has over 4,400 personnel at 80 places in over 80
nations (AVEVA n.d). AVEVA is an international leader in industrial and engineering
software, inspiring the digital transformation across the entire functional and asset life cycle
of capital-intensive sectors. The company planning, engineering, operations, asset
performance, control, and monitoring solutions provide proven outcomes to over 16,000
users across the universe. Its users are backed by the hugest automated software surrounding,
encompassing 4,200 associates and 5,700 authorised developers (AVEVA annual report
2018).
The company operates in the following market segments: Europe, Asia Pacific, Africa, and
the Middle East. Its engineer merchandises comprise AVEVA electrical, diagrams,
instrumentation and engineering. Its design produces includes; AVEVA Bocad Onshore,
steel, offshore and Tower. Its manage goods such as AVEVA catalogue manager, class

Impacts of innovation for AVEVA PLC 3
manager, engage, material, planning and global. Its build products such as AVEVA
automated plate nesting, assembly planning, and Bocad NC. Its operate merchandises such as
AVEVA change manager, activity visualisation platform, control of work and workmate. Its
solutions suites encompass combined applications and solutions for enterprise-level
necessity, such as enterprise resource management, integrated engineering, and design
(AVEVA annual report 2018).
Innovation and economic development
Innovation and economic development are more inter-related in that their advancements are
essential in the survival of economy. Innovation in technology leads to improved financial
systems, infrastructure development, more employment opportunities, global
competitiveness, and trade openness which lead to the increase in the net national product, an
indicator of economic growth (David & Murphy 2011). Innovation and economic growth is
seen as the feasibility of bi-directional connection where an increase in economic growth is
attributed to increase in the innovation and an increase in innovation is also attributed to the
high economic growth (Petrariu, Bumbac and Ciobanu 2013).
Financial and ICT issues
Innovation is the key driver of the economy. It refers to the process or the implementation of
a new or majorly improved product, a new organisational method in business practices or a
new marketing method, which may be either new to the firm, the market or the world (Needle
2010). Institutions and firms are relying on technological innovation to reduce both capital
and operating costs. The AVEVA innovation have aided in curbing financial and IT related
issues such as cybersecurity, cloud computing, and controlling costs (Morrison 2016).