Innovation and Enterprise: A Study on BEDEO Company

This report explores the concept of innovation and enterprise in the context of BEDEO Company, a multinational electric car manufacturing firm. It discusses theories of innovation, proposes an innovative product/service/process, and provides an implementation plan. The report also analyzes BEDEO's products/services/processes and offers recommendations for the company's success.

INNOVATION AND
ENTERPRISE
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Table of Contents
INTRODUCTION...........................................................................................................................3
TASK...............................................................................................................................................3
Apply theories of innovation and idea generation to products, processes or services to develop
an innovative idea...................................................................................................................3
Devise a proposal for an innovative product, process or service for a working organisation and
produce an implementation plan............................................................................................5
Analysis of Product, service or process..................................................................................7
Recommendations and Justification.......................................................................................8
CONCLUSION................................................................................................................................8
REFERENCES..............................................................................................................................10
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INTRODUCTION
A term innovation refers to a birth of new creativity, concept, technology or anything
latest that is not in the market till date. It can be in any form say in a product, in service or in
process (Chege and Wang, 2020). The innovation is brought by companies in order to gain
competitive advantage along with generation of higher revenues compared to those firms who
are operating within same industry. Innovation in an enterprise is a need of the hour because in
today's market the customers’ demands for something unique in offerings. Enterprise refers to a
firm that is established for the purpose of earning profits through sale of either product or service
into the market. In the present report innovation in an enterprise is being studied for BEDEO
Company which is an electric car manufacturing based on United Kingdom. The report
comprises of company's overview along with some theories of innovation and generation of idea
for new product, service or processes to have innovative idea. Further a proposal is being
developed in order to have innovative product, service or process along with its implementation
in organisation.
TASK
Apply theories of innovation and idea generation to products, processes or services to develop an
innovative idea.
BEDEO is a multinational electric car manufacturing company based on United
Kingdom being founded by Osman Boyner in year 2009 aims at producing less weighted cars,
vehicles for commercial purposes, passenger’s model, etc. The name BEDEO stands for Build
Electric Drive Electric Zero Emissions. In the year 2019 company has come up with a contract
with the Peugeot Citroen Group in order to have supply along with installation of electric drive
train solutions for its light weight commercial vehicles also for trucks for refrigerated delivery.
Company is having more than 400 vehicles in its brand that is served in area of Europe and its
countries.
Theories of Innovation:
Innovation is a vast area in which there are several dimensions and layers (D'Attoma and
Ieva, 2020). The term innovation means indulgence of such activity, idea, creativity or process
that brings something new either in existing product or gives birth to entirely new product that
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has something unique then other similar products that are available in market. The theories of
innovation comprises of its some innovative aspects and its forms which are described below:
 Architectural versus Modular: The innovation pertaining to architectural nature
focuses on reconfiguration of current products and technologies in which its vital
component remains unchanged but the modification takes place in related components.
Modular innovation is totally opposite of architectural where maximum components are
static only one or two gets changed.
 Radical versus Incremental: refers to a new born technology in which the existing
business model is replaced by new and better one (Edgeman and et. al., 2020). The
incremental form of innovation shows to develop superior series in existing products or
services along with a process to measure company's competitive place for a specific time
period. Such theory of innovation is categorised as efficient and effective in terms of cost
and implementation.
 Disruptive versus Sustainability: The term refers to a some value that is added into
product or services before the sale in market. The main aim is to get shift to non-
operating market which will be new from current operating (Korableva and et. al., 2020).
Disruptive form of innovation aims at offering lower level of performances with an
enhancement in product that can develop an appeal from various markets. For instance-
transition of radio is an innovative technique that enhances below level performance with
lowest quality when compared to current operating. Innovation of sustainability concerns
about such form that operates in existing market instead of developing new networks or
values instead enhancing the past. Matrix of innovation: Innovation matrix is a dimension which presents a better and
combined innovation through a team of four (Lawrence and et. al., 2020). The four types
in innovation matrix are Radically Disruptive, Radically Sustaining, Incrementally
Disruptive and Incrementally Sustaining. These four are discussed below:
Radically Disruptive: It comprises of controlling newest technological mechanism in
order to generate fresh model for business (Medeiros and et. al., 2020). It is also referred as
stealth innovation in market. This form of innovation involves huge cost of company and takes
long time in establishment which sometimes fails in competing with latest technology.
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Radically Sustaining: This focus on improving product scope into current market in
which value is offered to potential buyers (Ni and et. al., 2020). It includes technological
revolution and sometimes gives a new life to industry
Incrementally Disruptive: This comprises of improvement in such technology that takes
enterprise into considerable disruption (Smith and et. al., 2020).
Incrementally Sustaining: It talks about having change in cumulative manner into current
offerings or in technology (Tortia, Degavre and Poledrini, 2020). Such form of innovation is
very common in market under which some new touch is given to current technology either in a
way of new feature, different design or any kind of change into product.
From the above discussion pertaining to innovation theories in respect of BEDEO
organisation is analysed in detail manner which directs firm to have various features of
innovation supported by uniqueness in objectives. For firms long term sustainability Radical as
well as Incremental form of innovation is best suitable that takes business into having new
model so to have competitive edge over rival firms. By approaching towards a specific type of
innovation assists enterprise in developing superior plan for business along with modification in
existing product to attain targets in successful way. This will help BEDEO in having greater
revenues along with high competitive position in industry among similar firms.
Devise a proposal for an innovative product, process or service for a working organisation and
produce an implementation plan.
According to a review from literature in respect to innovation and enterprise in context of
BEDEO the two different objectives are being identified that defines innovation role in particular
business organisation. The objectives that are being identified are described below:
Understanding the impact of innovation in an enterprise:
According to (Lin and et. al., 2020), Products and services of an enterprise are easy to
define in terms of factory, loyalty towards brand, promotional campaigns, value, etc. in order to
encourage potential buyers as well as market. Managers or leaders bring innovative ideas for
enterprise so to have more superior process and successful business through innovation or
reinvention. This brings a competitive advantage and long term sustainability for enterprise
along with an effective strategy for business. Innovation refers to a concept that discusses about
new ideas, approach or process in which the current offerings are modified with a new touch.
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Innovation is something that has a very important place in each enterprise which they possess
directly in their product or services comprising perspective internally. In context of BEDEO
which is a multinational firm along which drives with an innovation in its electric cars as well as
commercial vehicles to have modified business model for its market. Innovative step taken by
any enterprise brings growth and success in the field of technological enhancement based on past
performance due to its high growth in competitive world. There is an always demand of growth
by an enterprise that offers super deals along with great opportunity for their business.
Innovation is tool that allows businesses to generate higher revenue and enjoy great profits
through successful accomplishment of company's objectives or goals. After analysis it was found
that more than 600 websites are being developed online in each minute that will be connected
with internet approx by the year 2022.
Implementing Strategies for Innovation in BEDEO:
According to (Ma and Guo, 2020), strategy refers to an outline that mentions all the
feasible options that company can adopt to bring innovation so to attain business objectives in
effective manner. It is not an easy task for companies to direct each member in a team and
increase productivity of every employee to get competitive advantage in industry at same time.
The statistics shows that more than 96 per cent of business executives find problem in making
strategy which does not allows them to take any step towards innovation. The time when
formulating strategy for innovation it is not compulsory to align all the strategies of business but
can adopt those which consumes less time and brings more effectiveness innovation requires
collaborative efforts of all the departments such as finance, marketing, human resource, and
others so to accomplish innovative goal. Strategies helps firm to set some guidelines that helps
them to experience in terms of output. Formulating adequate strategies is a key to success and
growth especially when thinks for bringing innovation in product or services.
In respect to BEDEO, company makes such development strategies that allow them to
have better results with greater efficiency in best possible manner so to have success in such
innovation. Company has an option to follow a five stage innovation strategy that can help
business to develop an effective innovation plan which starts form developing an effective
strategic plan and ends at final monitoring so to have competitive position in market. In other
terms, an objective of innovation is to develop effective strategy so to have clear identification
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and definition of such set objectives. Once the objectives are clear it becomes easy for
management to commence the activity and have successful completion of set target. Once
strategies are formulated then it is being communicated to employees or those leaders who are
responsible in completion of such activities that are defined in strategic plan.
Analysis of Product, service or process.
In order to have adequate analysis towards the product or service of BEDEO Company
under which the firm has a dealings in commercial electrical vehicles and some models for
passengers with more product range carrying a motive to become big giant in market. In last few
years company got success in becoming a trusted and loyal brand in markets of UK. The
company in-builds high level of latest technology in its vehicles and its operations that makes it
different from others in industry. The main strategy that is being applied by BEDEO is to
transform commercial vehicle industry into innovative one with minimal weight of models.
BEDEO is considered as innovative organisation in which they have assurance for high profits
along with bringing an effective innovative change in market in order to gain competitive
advantage. BEDEO's hardware’s is so effective that brings competitive and effective outputs in
its commercial electric vehicles which produce less carbon emissions and light weighted models.
Company uses latest software’s in its operations that gives a smooth and updated process during
manufacturing and in its supply chain. BEDEO determines regular development in its firm so to
have continuous higher profits and large market image by involving the uniqueness in its
ecosystem. In order to remain competitive firm the company regular scan industry so that it can
have modifications as per industry trend and can lead market by its latest commercial and
passenger model vehicles which are light weighed.
From the above discussion it is evaluated that BEDEO enhances its creativity and
productivity in order to achieve its objectives or targets so to have new touch towards electrical
commercial vehicles that brings competitive advantage to the firm along with high brand image
and revenue. BEDEO goes with latest trends and technologies which helps firm to attain high
market position and offer more value vehicles to customers.
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Recommendations and Justification.
The present report is based upon the concept of innovation and enterprise which is now a
days a need of the hour and brings certain opportunities for firms. BEDEO is an innovative drive
enterprise that aims at manufacturing high quality cars and other commercial vehicles that gives
effective results to them which proves favourable for the company. It is recommended to
BEDEO that company should adopt such techniques and policies that cannot be easily copied or
found in other organisations because every company in today's competitive brings innovation for
their sustainability and can copy the idea of rival firm to have opportunity in catering market
along with other advantages that always comes with innovation. BEDEO should hire enough
experienced and talented employees who are specialized in their field so that they can use their
skills, talent and knowledge in company for its success and growth. Organisation's workforce
acts as a core and inseparable part form the company and is treated as most valuable asset for
them because they are the one who is actually performing tasks and contributes in attainment of
company's goal. BEDEO should develop such organisational culture into their business where
employees can present their opinions and views that can help firm in developing better decisions
for its success and growth. This engagement by BEDEO will help company in motivating its
employees and enhance their productivity through this kind of opportunity which ultimately
results for the profit generation of company. It is also recommended to BEDEO that it should
regular scan the external environmental factors so that they can take precautionary measures on
time which does not impacts negatively to company’s performance. Continuous check towards
environment also helps firm to grab the opportunity and take step forward more earlier than rival
firms.
CONCLUSION
From the present report it can be concluded that innovation is a key for every business in
order to attain competitive advantage in this tough market along with long term sustainability.
Innovation is a need of the hour in today's world that demands new product or service very
frequently by customers in market. There are several innovation theories which companies can
apply in their organisation that helps them in bringing innovation in effective and successful
manner such as Innovation Matrix, Architectural versus Modular, Radical versus Incremental or
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Disruptive versus Sustainability. This brings various advantages for the companies such as high
market share, large revenues, high sales, more customers and several more that is a favourable
condition for businesses. It is very necessary for enterprises to formulate effective strategies and
see its feasibility before implementing it into reality. Strategic planning outlines all the possible
steps and activities that are required to be done along with its success ratio. Without innovation
no firm can sustain in market especially auto manufacturing industry which brings innovation
every next hour into their products or in supply chain management.
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REFERENCES
Books and Journals
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D'Attoma, I. and Ieva, M., 2020. Determinants of technological innovation success and failure:
Does marketing innovation matter?. Industrial Marketing Management. 91. pp.64-81.
Edgeman and et. al., 2020. Virtuous cycles: Organizational dynamics of innovation and
excellence. Total Quality Management & Business Excellence. 31(11-12). pp.1290-
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Korableva and et. al., 2020. Designing a decision support system for predicting innovation
activity. In Proceedings of the 22nd International Conference on Enterprise
Information Systems ICEIS 2020 (pp. 619-625). SciTePress.
Lawrence and et. al., 2020. Fostering social enterprise in woodlands: Challenges for partnerships
supporting social innovation. Forest Policy and Economics, 118, p.102221.
Lin and et. al., 2020. Improving high-tech enterprise innovation in big data environment: a
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Ma, J. and Guo, M., 2020. Analysis of scientific and technological innovation influence factors
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Medeiros and et. al., 2020. Innovation and entrepreneurship as drivers of economic development.
Competitiveness Review: An International Business Journal.
Ni and et. al., 2020. Influence Mechanism of Organizational Flexibility on Enterprise
Competitiveness: The Mediating Role of Organizational Innovation. Sustainability.
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Smith and et. al., 2020. Developing university learners enterprise capabilities through
entrepreneurial WIL. Advances in Research, Theory and Practice in Work-integrated
Learning: Enhancing Employability for a Sustainable Future.
Tortia, E.C., Degavre, F. and Poledrini, S., 2020. Why are social enterprises good candidates for
social innovation? Looking for personal and institutional drivers of innovation. Annals
of Public and Cooperative Economics. 91(3). pp.459-477.
Xiaoyang, J. and Sheng, L., 2021. A factor market distortion research based on enterprise
innovation efficiency of economic kinetic energy conversion. Sustainable Energy
Technologies and Assessments. 44. p.101021.
Yubo, C., 2020. Innovation of enterprise financial management based on machine learning and
artificial intelligence technology. Journal of Intelligent & Fuzzy Systems, (Preprint),
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Zhou and et. al., 2020. IMAF: A visual innovation methodology based on ArchiMate framework.
International Journal of Enterprise Information Systems (IJEIS). 16(1). pp.31-52.
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