Innovation and Risk Management TABLE OF CONTENTS
Added on -2020-07-22
Innovation and risk management are very essential for any firm in order to meet the demands of market so that they will be able to sustain in the market and reducing the risk of income deficiency (Nikolova, Kuporov and Rodionov, 2015). SEVEN DIMENSIONS OF STRATEGIC INNOVATION Innovation is very essential for Shell-Mex and BP, so that they will be able to improve their position in the market.
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Innovation and Risk Management
TABLE OF CONTENTSINTRODUCTION...........................................................................................................................1SEVEN DIMENSIONS OF STRATEGIC INNOVATION...........................................................1CONCLUSION................................................................................................................................5REFERENCES................................................................................................................................7
INTRODUCTIONInnovation is the new idea or method which are used to find out the better solution tomeet the new requirements according to the needs of the market. The management of risk can beconsidered as the process of identifying and controlling the threats which is faced by Shell-Mexand BP. Innovation and risk management are very essential for any firm in order to meet thedemands of market so that they will be able to sustain in the market and reducing the risk ofincome deficiency (Nikolova, Kuporov and Rodionov, 2015). This assignment contains differentmodels of inventions which can be applied by the oil and gas industry to reduce the market risk.Further, it shows the importance of innovation to achieve the growth in energy industry. SEVEN DIMENSIONS OF STRATEGIC INNOVATIONInnovation is very essential for Shell-Mex and BP, so that they will be able to improvetheir position in the market. This can be considered as the approach used by the organizations tobring together their assets and capabilities, so that they will be able to enhance their services andproducts to drive the growth of the company in the oil industry. The dimensions of strategicinnovation are as follows: A managed process of innovationThe first and foremost dimension of the strategic innovation is in context with theproperly managed innovation process. This will be having various activities which have to befollowed in sequential manner from the beginning through execution. Shell-Mex and BP is usingthis, so that they will be able to identify the faults or defects in their new idea of innovation. Thisprocess will be including both conventional and unconventional elements. It contains the currentmarket trends, the demands of consumers and the competitive analysis (Brunswicker andVanhaverbeke, 2015). This process will be helpful for the organization to develop the strategicthinking which will be based on the new idea and innovative technologies. The company will beable to think new working ways, so that they will be able to work with their consumers andbusiness partners in more effective ways and in very short duration of time. The process of innovation which is managed will play a critical role in the developmentof the core of strategic innovation. This will give proper direction to the company, so that theywill be able to create more innovative products which will help them in achieving the growth inthe market and in oil industry. It may happen that the company will think about all the1
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