Innovation and the Sustainable Organisation
Added on 2020-10-05
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Innovation and the Sustainable Organisation
ContentsINTRODUCTION...........................................................................................................................1PART A...........................................................................................................................................1Section # 1: Reflection...........................................................................................................1PART B............................................................................................................................................3Section #2 Company and its sustainability offerings.............................................................3Section #3 Relevant Literature...............................................................................................4Section #4 Chosen company’s Sustainability Stakeholders...................................................5Section #6 Recommendations for Managers..........................................................................5Section #7 Conclusions..........................................................................................................6Section #8 References............................................................................................................6Section #9 Appendix from Seminar Diary Notes...................................................................7
INTRODUCTIONInnovation is the creation of new production or addition of value to the existing productsand services with a view to gain the attention of large number of people. In today’s modern eraand hyper competitive era, the organisations ensure that they undertake steps to undertakeinnovation in a manner such that sustainable practices can be integrated along with it. Thepresent report is based on Centrica Plc which is a multinational company dealing in energy andrelated services, having its headquarters within Windsor, United Kingdom. The major activity ofthis organisation is to supply gas and electricity to companies as well as consumers of Ireland,UK and North America. This report is divided into two parts. The first part consists of reflection.The second part comprises of overview of company and its sustainability offerings along withliterature on sustainable practices. Also, it comprises of organisation’s sustainability benchmarkand stakeholders. Further, it includes recommendations for managers as well as diary notes ofseminars.PART ASection # 1: ReflectionIn today’s modern and hyper competitive era, with fast development of industrialisation,concerns associated with issues or challenges such as global warming, pollution and renewablesources have gained massive awareness as they are found to largely be affecting the ecosystem ina negative manner. With a view to put an end to unethical and illegal business approaches,practices and processes and promoting the concept of sustainability, governments all across theglobe have enforced several laws and legislations like the Environment Act 1995, EnvironmentalProtection Act 1990 and more such types of regulations. During the tenure of taking lectures, Igained knowledge by way of a Brundtland report formulated by the World Commission ofEnvironment and Development. As per the results and findings of this report, organisationsshould lay emphasis upon certain essential concepts and practices for promoting, fostering andsupporting the agenda of sustainability within corporate world. This comprises of latest andinnovative technologies, ethical procedures, practices and approaches, innovative techniquessustainability and many other such concepts. By facilitating the execution of technologicaladvancement, companies can largely enhance their operational and functional activities to comeup with eco-friendly and green offerings. In the modern era, the population has largely become1
aware of the concept of sustainability and thus, it now prefers to acquire products and servicesfrom such entities which provide eco friendly or organic and sustainable products. Thus, with theview to gain the attention of people as well as to retain them for a long duration of time, it issignificantly relevant for businesses to come up with effective software so as to launch productswhile incorporating innovations within them. In order to gain a strategic and competitive edge over rival firms, organisations should alsoexecute strong and effective sustainable practices and/or approaches such as reduction ofwastages, minimisation of carbon emissions, making significant investment in Corporate SocialResponsibility initiatives and many more. Reduction of waste will assist in minimising theimpact of industrialisation upon the natural ecosystem, thereby also minimising the carbonfootprints from manufacturing. While carrying out CSR activities, organisation will be able toimprove its global brand image within the society and the target audience. Further, it also aids inpromotion and encouragement of sustainable practices within an organisation with a view totarget the right audience more effectively and efficiently. It is essential for companies to focusupon certain tools and techniques to gain competitive advantage. These comprise of analysis ofexternal factors that impact upon business operations and functioning, research and development,competitive analysis etc. in this regard, Porter’s five forces model provides assistance toorganisations in analysing the bargaining power of suppliers and buyers, threats of a newindustrial entrant, threat of substitute products and rivalry position through the help of whichappropriate strategies can be effectively developed. By making use of such kinds of tools andtechniques, an entity can ensure its long term existence in competitive market place. Besides this,the classroom lectures also helped me in gaining knowledge about the changes that must betaken up by businesses with a view to foster sustainability within the organisational premises. Inthis relation, companies can make use of solar technology, optimise water utilisation, humanresource management with a view to enhance the overall productivity and performance ofbusiness. This would aid in inflating the life cycle of products and services for a long period oftime within a market. Thus, from overall study, I gathered knowledge base regarding the conceptof sustainability through the use of innovation together with the ways in which it will prove to beadvantageous for organisations in running the business in an effective manner.2
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