The Role of Innovation and Technology in Business Development

The provided document focuses on the significance of innovation and technology within business development and growth. It highlights the need for organizations to adapt to changing market conditions by implementing improvements or introducing new processes. The importance of ethical practices in creating a positive image is also emphasized, along with the role of corporate governance in maintaining a strong reputation.

Business
Environment

Table of Contents
INTRODUCTION...........................................................................................................................1
Task 1...............................................................................................................................................1
1. Innovation and technology.................................................................................................1
2. Innovation and technology have impacted the operations, sales and profit.......................2
Task 2...............................................................................................................................................4
1. Illustrate understanding of corporate governance..............................................................4
2. Applications of Archie Carroll's Pyramid of CSR.............................................................6
CONCLUSION................................................................................................................................8
REFRENCES...................................................................................................................................9

INTRODUCTION
Business environment refers to accumulation of internal as well as external factors which
creates impact on business. They include management, supply and need, consumers expectations
and needs, owners, suppliers, innovation, market trends and many others (Babu, 2012). These all
factors create either direct or indirect influence on organisation. In this report task 1 is based on
Britvic Plc and 2nd task is based on G4S Plc. Britvic PLC is a British producer of soft drinks
which is listed on London stock exchange and is headquartered in Hemel Hempstaed. G4S Plc
(Group 4 Securicor) is a London based multinational security service provider and deals with
services like monitoring equipment, supply of security personnel, secured prisoner transportation
and response units. This report comprises of understanding of innovation as well as technology
along with their impact on organisation. Apart from this, corporate governance along with
responsibilities of board of directors. Furthermore, CSR is illustrated by making use of Archie
Carroll's for demonstration of understanding of this model.
Task 1
1. Innovation and technology
Innovation is a full-fledged procedure with the help of which business firm must go for
implementing new ideas and level of thoughts process around products or services for giving
effective values or satisfaction to customers in response to paid by them to business firms.
Innovation is necessary for business entity for enabling business growth and process of
development to enhance profitability. In current revolution, innovation is majorly divided into
two categories named as evolutionary and revolutionary. Evolutionary is something which comes
after incremental advancement in any specified products or services to increase its value higher
and also productive (Bah and Fang, 2015). On a different side, revolutionary based innovations
are new way to bring any change works in scenario effectively. Moreover, an innovation
basically assists in generating revenues for business entities as well as it is also responsible to
build hike of any products on an optimised stage of tine or process. Those business entities are
imitators are new in market, they will generally prefers to take less risk in comparison to other
business entities as because they wants to save their initial cost. In addition to this, technology is
highly forwarded to innovation at a greater ratio than anything else. In this era, innovation is
leading initiative which is highly important to raise performance and efficiency of business
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process at an optimised stage. Lastly, this is highly prominent to take support of role of
innovation in business environment to enhance business outcomes to enhance business based
outcomes while in process of upgrading operational processes.
Several economists have told that innovation is necessary to make business works in an
effective or productive ways to establish business entities in an effective manner of increasing
their productivity. Also, economist has revealed that innovation is a productive way to enhance
adds on in value of product or any defined technology to give it a productive shape or outlook
(Cai and Yang, 2014). In current business era, innovation is highly required in technology to get
its real outcomes in definite period of time. This will helpful to brings change in communication
to other by developing technology such as phone, mobile, talking device to overcome any radical
changes into a product process. Once tactical and communication practices are attained then
things will move faster. By making use of cloud computing Britvic Plc can gain competitive
edge. Cloud computing will provide them with enhanced features by which they can provide
their customers as well as employees to access information from anywhere. Apart from this
organisation can make use of cloud to store their applications, information of employees as well
as customers. Growth of net national income does not imply the capital independently (Craig and
Campbell, 2012). It has been analysed that there is enhancement and accuracy in productivity
within organisation by making use of technology. Therefore, it can be said that advancement in
technology leads to affirmative results within organisation as well as in expansion of economy.
Britvic Plc makes use of technology within their operation and functionalities in
appropriate manner for storage of information and develops their own application as per their
specific requirement. Furthermore, they can make use of software by paying for them and
remove them when they do not need them. Apart from this, information stored here will be
secured and cannot be accessed by intruder or anyone else. This means that confidential
information of Britvic Plc will be secured. They can also have their own website as well as web
applications by which they can uphold relationship with their customer and furnish information
according to their requirements (Deasy, and et. Al, 2015).
2. Innovation and technology have impacted the operations, sales and profit
Technology is rapidly growing everyday, which facilitates organisations to carry out their
operations in accurate and enhanced manner. It also assists them to perform their day to day
operations and monitor their performance accordingly. By making use of technology Britvic Plc
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can make their innovation to work in actual manner thereby leads to production of feasible
product within market. It provides value for money for both organisation as well as their
customers. Different technologies are being used by Britvic Plc. They are mentioned below:
Cloud computing: This technology is being used by them to develop their own applications
through which they carry out their online operations. This will aid Britvic Plc to store their
information related with their customers, suppliers and employees. By this they do not need to
pay extra for database storage and their maintenance. Everything will be done by cloud vendor
and they can extend their space according to their requirements and pay according to that. United
Kingdom is one of the largest markets of data centre which is responsible for generation of new
sources as per ICT providers. This technology leads to enhancement in economy as data is stored
and software is being used rather than carrying out their execution as well as maintenance
(Erasmus, Strydom and Rudansky-Kloppers, 2016).
Robotic process automation: Within organisation most of the tasks are recurring in nature,
this implies that some kind of technology must be used by which these repetitive tasks can be
conducted. Robotic process can be used for these activities by Britvic Plc which will carry out
these tasks and these responsibilities will be carried out automatically rather than any human
being involved in this. This will save cost of human capital but the technology will be costly as
well as its maintenance will be required in stipulated time duration (Hamilton and Webster,
2018).
 Intelligent Apps: These are the software pieces which are based on machine learning
and artificial intelligence. They are basically developed for mobile devices and are
widely used. They aims at making everyday tasks easy like sending emails, saving memo,
building a schedule for meetings, interaction with people and many others. Virtualbox,
chatbots are common example of these devices. Virtualbox provides organisation with
systems which do not exist physically but they are present and they can carry out their
functionalities on them.
 Angular and react: They are the frameworks which are developed by making use of
JavaScript and are used for creation of web applications. By making use of this Britvic
Plc can create modern web applications and add more functions in them and remove them
when they require it. This will enable them to develop impelling website through which
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they can attract wide number of potential customer and also make their presence within
digital world (Harrison, 2013).
In 2017, 1430.5 million dollar and in 2018, 1503.6 revenue was generated by
organisation by implementation of these technologies within their working structure which
includes sales of their soft drinks. This helped them to gain high profit as they were able to
turn their innovations into reality by making use of technology.
Task 2
1. Illustrate understanding of corporate governance.
Corporate governance is defined as system of practices, processes and rules through which
organisation is controlled and directed. Basically, it involves manner in which corporation is
governed. It comprises of balancing between interests associated with organisations major
stakeholders like senior management executives, shareholders, suppliers, customers, community,
government, board of directors and financiers. It assist organisation to attain their objectives,
thereby shapes their performance in required manner (Hillary, 2017). Furthermore, it provides
organisation a framework by which they can formulate action plans, internal controls for
measuring their performance and corporate disclosure. It provides G4S Plc a clear structure by
which they can set appropriate guidelines for accomplishment of objectives and goals. Corporate
governance provide wide scope associated with institutional and social facets. It inspires a
ethical, moral and trustworthy environment within working premises of G4S Plc. Apart from
this, corporate governance renders appropriate benefits, they are specified below:
 Effective corporate governance make sure that economic growth as well as corporate
success can be attained.
 Capital cost is reduced thereby creates a affirmative influence on prices of share. It assists
G4S Plc to reduce risks, wastage, mismanagement and corruption.
 It also assist corporate governance to hold up confidence of investors by which company
can maximise their capital effectively and efficiently (Hilton and Platt, 2013).
History of corporate governance in UK: It is referred to combined code which creates
standard for good practices for specified organisation with respect to shareholder relation,
audit, accountability, remuneration and development. Code of corporate governance was also
called UK corporate governance in 1998. Turnbull has provided road map for accessibility
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and internal code associated with each and every aspect for providing suitable guidelines
linked with each attribute. It was done in 1999. Furthermore, in 2010 Stewardship code was
launched within market which created ethical practices for bringing harmony within
activities which takes place within organisation. Latest version was released in 2012 which
was essential for Britain and it contributes in carrying out major contributions. Company act
2006 was launched in 2013 within market which will interpret strategic report as well as
directors report regulations. Within 2014 new guidance was formulated with respect to
internal control, risk management and present concerns associated with accounting are major
areas in which rules associated with corporate governance are applied and will be
implemented by British government for attaining compatibility within various activities
(Saleem, 2015).
Responsibilities of Board of Directors: They posses legal responsibilities associated
with governing of corporation. Responsibilities and roles of each individual either they are in
management or any other employee of organisation, when they accomplish there task it indicates
that entire duty of directors is accomplished. Board of directors comprises of different members
who utilize their skills for accomplishment of vision as well as mission. It will create synergy
thereby leads to enhancement in level of contribution associated with each individual.
Organisation must take time for selection of Board of members as it is one of the most important
aspects associated with success of business (Board of director duties, role and responsibilities.
2019). They possess integrity in their character which makes them different from others; they are
active members and have ability to take effectual decisions within organisation. Their
responsibilities comprises of the following:
 Set up vision, mission and values: Board of directors are responsible for creation of
mission and vision of organisation which acts as guide in current and future development
of organisation (Savrul, Incekara, and Sener, 2014). Apart from this, goals of
organisation are reviewed by which they can be accomplished in required manner which
will lead to success of organisation.
 Trusteeship: Board of directors acts like trustees for financial aid of organisation and
property. Apart from this, they are responsible for making use of property of organisation
for attaining long run gains but they are not used for personal uses (Shenkar, Luo and
Chi, 2014).
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 Observance: It is associated with observation of returns on security, investment, social
accountability, dividend policy and many more. Monitoring is within any organisation is
conducted with respect to board of directors of specific company.
 Executive Director Selecting, Supporting and Reviewing: Board of directors are
responsible for selection of executive directors among pool of received applicants. After
formation of Board, executive director will be nominated who will carry out plans of
organisation.
2. Applications of Archie Carroll's Pyramid of CSR.
Corporate social responsibility is a concept of management where organisation
incorporate environmental as well as social concerns associated with business interaction and
operations with their stakeholders (Siewiorek, and et. al, 2012). It is an essential aspect in present
competitive world as it will assist an organisation to stay within market for longer period of time.
Furthermore, they aims at focussing on sustainable development of organisation, at present
scenario its role is extended to enhance image of brand within market and remain competitive
among their rivals. Within present context after accomplishment of CSR activities brand focuses
on customer and employees. G4S Plc plays valuable role within society and manage activities
associated with services and products according requirements of customer. Approximately there
are around 5, 70,000 employees who are working within G4S Plc for rendering enhanced
services to their potential customers.
Pyramid of corporate social responsibility: It comprises of major factors like
philanthropic, ethical, economic and social responsibility. This structure will assist them to argue
on addressing the needs related with social responsibilities (Babu, 2012). Furthermore, there
exists some essential features of Carroll's CSR pyramid: it provides profit come first, ensures that
organisation amends regulations as well as laws before they takes into consideration
philanthropic options which are essential for them to accomplish their ethical duties. There major
4 factors are provided below:
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(Source: Pyramid of Corporate Social Responsibility, 2019)
Economic responsibilities: It is the primary need of organisation for their survival within
the market. They need to acquire economic responsibility towards society which will assist them
to sustain within market for longer duration of time (Bah and Fang, 2015). It is not accredited
that economic responsibility is not only social responsibility but people are anticipating this from
organisation for their longer survival within market. Even though, economic responsibility is
base line which needs to be assembled to have competitive business environment. With respect
to G4S Plc, they need to take into account economic condition of their employees and assist
them uplift their standards if it is needed.
Legal responsibility: It includes rules, regulations and policies which are needed for
carrying out day to day activities and operations in effectual manner. It is essential for G4S to
execute legal rules and policies in their working structure in required manner. Therefore, there
will be no penalty for illegal activities as they comply with all the essential policies. Government
of every country have set their own laws associated with employees, customers and processes for
carrying out there operations (Cai and Yang, 2014).
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Illustration 1: Pyramid of Corporate Social
Responsibility

Ethical responsibilities: It is liability of organisation to act ethically as well as morally by
which employees and customers are satisfied in impelling way (Craig and Campbell, 2012). G4S
Plc has to go beyond the laws by which they can treat their employees, customers and suppliers
in required manner. Furthermore, accomplishment of ethical responsibility will lead to build
good image of G4S Plc within market and will also increase their customer base.
Philanthropic responsibilities: It comprises of responsibility of organisation in which they
will pay back to society. Responsibilities are flexible but still they are essential part of
organisation which needs to be fulfilled for their growth within market. G4S Plc makes their
effective contribution in philanthropic activities (like charity) by which they creates affirmative
experience for their customers and also in improvement of economy. It is mandatory for them to
come up with activities which are for betterment of society and will be advantageous for
enhancement and growth of organisation (Deasy, and et. Al, 2015).
CONCLUSION
From above it has been concluded that, innovation and technology plays vital role within
development and growth of organisation. As market is dynamic, therefore there is need to make
changes in working environment as well as development process of organisation as it creates
impact on their performance. Innovation means that there are some improvements made within
existing structure or something new is brought up within or by organisation. It raises the
standards of organisation if they are able to meet up requirements of their customer. Ethical
practices create a positive image of organisation within society and market. Apart from this,
corporate governance are essential for them by which they can have their affirmative image.
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REFRENCES
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Craig, T. and Campbell, D., 2012. Organisations and the business environment. Routledge.
Deasy, S., and et.al 2015. User interface for controlling use of a business environment on a
mobile device. U.S. Patent 8,954,050.
Erasmus, B., Strydom, J. W. and Rudansky-Kloppers, S. eds., 2016. Introduction to business
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Hamilton, L. and Webster, P., 2018. The international business environment. Oxford University
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imperatives. Routledge.
Hilton, R. W. and Platt, D. E., 2013. Managerial accounting: creating value in a dynamic
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Online
Board of director duties, role and responsibilities. 2019. [Online]. Available through:
https://accountlearning.com/roles-duties-responsibilities-of-board-of-directors/.
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