This blog provides insights and evidences in relation to innovation and decision making. It discusses the importance of innovation and improving decision-making for successful management.
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INNOVATION AND MANAGEMENT Innovation and Management Decision Making Student Name: Student ID: University Name: 1
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INNOVATION AND MANAGEMENT Innovation and Decision Making Quittalkingandbegin doing is the way of getting started Aim of this blog is to give insights and evidences in relation to innovation and decision making. (Source: Author-made) What is innovation? According to Cross, et al., (2017)innovationcan be described as an act to introduce something new, product (eco-friendly outwears, stitch free clothing) or method (use of block chain to avert unethical business practices, new business process etc.) or material to apply into commercial or practical objectives. Innovation providesresources with a new capacity to create wealth.A numberofinnovativecharacteristics/features/attributes,andcustomer“touchpoints”in combination is frequently offered by Cotton On to maintain innovation. Always think Out of the Box to be innovative! 2
INNOVATION AND MANAGEMENT Why the need for innovation? A significant impact of changeforces such as socio-cultural, economic, technological and environmental is seen on the success rate of Cotton On’smarketing campaigns.According to Stroh (2016), the forces of today’s business environmentis highly volatile and seeing and acting proactively upon the opportunities for change through innovation will not onlyhelp Cotton On in its survival but will also help to attain flourishing success during the toughest of the economic conditions across the globe. For developing rapid innovation culture and effective business processes, innovation is used as technological and a strategic tool by Cotton On. Out of various environmental factors contributing to innovation in business,education and learning are one of the key factors. In Cotton On’s ability of becoming innovative, a lot will be done by education as it will enable its people to thinkout of the box toget things done. Another salient environmental factor which is perceived as an aspect of innovation is access to capital. According to Palm, Lilja and Wiklund (2015) innovation is influenced by economic forces, which is linked with the type of government. As Australia is democratic country its government is more inclined in fostering innovation for business likeCotton Onas compared to any other type of government. Innovation ismore readilyfostered by the ruling government because of its contributions to improve the society as a whole. The current business environment is witnessing a rapid and continuous change in the technological forces, all thanks to the evolution of digitization. For catching up with technology advancement Cotton On needs to be innovative through effective promotion of digital communication tools like intranet, chat rooms, discussions forums etc. in its workplaces. More revenue streams can be generated from this connectivity and aggregation of data for leveragingthecurrentassetindramaticandprofit-makingways.AccordingtoMoussa, McMurray and Muenjohn(2018)since technological forces are also changing the basis of 3
INNOVATION AND MANAGEMENT competition, somoving towards technology advancement will enable Cotton On to competeas it isoperative into apparel industry.Further, impactof socio-cultural forces (people- users, choosers, and influencers) can be seen on all products/services, so to deal with growing awareness of people Cotton On need to innovatein terms of use ofelements in production process, so as to reduce harm to society and meet people’s expectations. Improving Decision-Making: A Framework for Innovation For successfully being innovative Cotton On needs to improve its decision-making. This can be done by collecting better information about markets and its capabilities; accumulating and drawing on their own or others’ experience; recognizing and reducing bias and error in judgment. According to Galvez, et al. (2018)uncertainty and risks always comes across decision-makings however, by taking adequate measures to improve foundations, the odds of making good decisions can be increased byCotton On thereby, attaininggood results. For responding totechnological and socio-cultural forces and trends like rise ofmiddle class, aging population, heterogeneous society etc. and Artificial Intelligence,touchscreen technology with one-click shopping, thestrategic innovative respond of Cotton On will be limpet to capitalize on established technologies. The business paradigm supporting this innovative response will be ServiceDominantLogic,furtherensuringtheintegrationofproducts/servicestoprovide effective experience to its customers. Organizational innovation: Example from Samsung Samsung had engaged a Chief Design Officer for giving creative talents direct access to top management, for the first time allowing employees table their ideas in front of the Executive Board.According to Li, et al. (2018)recognizing the strategic importances of freedom of hierarchy, in its Design centres the employees at Samsung are encouraged to speak their minds and without fear. This approach has bridged the barriers in innovation at Samsung. Such an approach can be used at Cotton On’s to nurture innovative thinking and creative minds and build strong foundation for future innovation. 4
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INNOVATION AND MANAGEMENT References Cross, R., Arena, M., Sims, J., andUhl-Bien, M. (2017). How to catalyse innovation in your organization.MITSloanManagementReview,[Online]58(4),39-47. Available:https://search.proquest.com/docview/1916720849?accountid=30552Accessedon 17/3/2019 Galvez, D., Enjolras, M., Camargo, M., Boly, V., and Claire, J. (2018). Firm readiness level for innovationprojects:Anewdecision-makingtoolforinnovationmanagers.Administrative Sciences,[Online]8(1),6.Available:http://dx.doi.org/10.3390/admsci8010006Accessedon 17/3/2019 Li, W., Tahseen, A. B., Nasiri, A. R., Hamid, A. S., andFayaz, A. S. (2018). Organizational innovation: The role of leadership and organizational culture.International Journal ofPublic Leadership,[Online]14(1),33-47.Available:http://dx.doi.org/10.1108/IJPL-06-2017- 0026Accessed on 17/3/2019 Moussa, M., McMurray, A., andMuenjohn, N. (2018). A Conceptual framework of the factors influencinginnovationinpublicsectororganisations.TheJournalofDevelopingAreas, [Online]52(3),231-240.Available:https://search.proquest.com/docview/1963328656? accountid=30552Accessed on 17/3/2019 Palm, K., Lilja, J., andWiklund, H. (2015). Agencies, it’s time to innovate!International Journal of Quality and Service Sciences,[Online]7(1), 34-49. Available:http://dx.doi.org/10.1108/IJQSS- 04-2014-0029Accessed on 17/3/2019 Stroh,P.J.,C.M.A.(2016).Areyoudrivinginnovationvalueorstagnating?Strategic Finance,[Online]98(6),26-33.Available:https://search.proquest.com/docview/1848824355? accountid=30552Accessed on 17/3/2019 5