Innovation in Paymasters Restaurant

This article discusses the innovation implemented by Paymasters Restaurant in their billing format through an application facility, and how it has helped them improve their market share and attract customers.

The innovative
company

Table of Contents
INTRODUCTION...........................................................................................................................1
MAIN BODY...................................................................................................................................1
What is it about this business that makes it innovative? ............................................................1
How does this innovativeness manifest itself? ...........................................................................2
How is it fostered within the organisation? ................................................................................2
Does it rely on one innovative person, or fostering an innovative culture? How is this done? . 3
What is it about this organisation and/or person that make the business innovative? ...............3
Has the innovativeness of the organisation changed over time (e.g. it may have initially
revolved around one person but grown to encompass wider organisational innovation)? ........4
How is the innovation demonstrated in this business reflected in its industry more broadly?
What has been the impact of innovation on this industry as a whole?.......................................5
CONCLUSION ...............................................................................................................................5
REFERENCES................................................................................................................................6
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INTRODUCTION
Innovation is consider as an important activity for every business organization to attain
competitive advantage at market place. Mainly, it is related to new ideas and thoughts that help
in meeting new requirement or existing market trends. With the assistance of this, company an
improve their performance and also accomplished their competitive image (Weisburd and Braga,
2019). Current research is based on Paymasters Restaurant, is a small company operate their
business in Australia with the hope of generating huge profitability. For attaining competitive
edge, restaurant has introduced innovation within their billing format by the help of an
application facility to customers. This can be beneficial for company to enhance their market
share.
MAIN BODY
In competitive market place, every business organisation wants to attain success and
competitiveness. For this, company focus implementing creative thinking and news ideas that
help them in improving their performance. By this they develop their competitive in unique
brand image by which customers get easily attracted. The main purpose of company to
implementing innovation within their business activities or products is to capture customers
attention. With the help of this, firm can enhance their productiveness and competitiveness at
market place. In context of this, Paymasters Restaurant is a small size and famous cafe in
Australia that provide quality food services, culture, environment to its customers in order to
make them satisfied. By this they can easily retain them for longer period of time within the
restaurant. Mainly it focus on customers demand and their taste as well so that they can easily
provide better services.
What is it about this business that makes it innovative?
Restaurant and pub are the part of service industry and in this sector competition within
market is so high. Therefore business are concern over implementing innovative ideas or
innovations in their products range and facilities in respect to attaining higher growth and
competitive edge within market place (Gawer and Cusumano, 2014). Paymasters Restaurants is a
popular Australian vegetarian restaurant, which is providing qualitative food facility to the
customers. The restaurant and its management is mainly concern over implementing an
innovation in their billing and order format, thus it is a famous restaurant where the level of
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crowd is high just because of its high quality products and effective service treatment. The
restaurant has an application which promotes innovation in providing easy billing and food order
system. The application could be helpful for customers and businesses in the manner of
effectively managing their orders and receiving bills without hampering customers private space
(Tidd and Bessant, 2018). However the company is using process innovation, in which the
restaurant is implementing an effective order and billing system which is effective in enhancing
organisational performance and functions. This idea is unique and not mainly implemented by
the businesses in the same field, so this makes the business more attractive and gaining higher
customers reach.
How does this innovativeness manifest itself?
In the context of business, the idea of implementing innovation is mainly concern over
achieving growth and sustainability within market. The innovativeness in the Paymasters
Restaurant is effective in manifesting its facility and promotes its operations at wider scale.
However, the idea of launching an application is effective in providing easy facility to the
customers which is effectual in attracting the buyers at higher level. With the help of application
the company is providing easy order system and give extra coupon and points on their each
order, therefore, these points and coupons are beneficial for the customers in making payments,
thus customers can use their points in making less pay. This innovativeness is effective in
grabbing the attention of customers at market place and helps the business in achieving higher
growth and success. The company has using the application facility in receiving orders and
receiving payments from customers side. This is an innovative way which provides benefits to
the customers in making their orders before reaching at the restaurant and receive their food on
time (West and Bogers, 2014). This is the major attractiveness of the innovation which is
provided by the Paymasters Restaurant. This plan is effective in manifesting the restaurant in
terms of gaining attention of customers at higher level.
How is it fostered within the organisation?
Every type of innovation help organisation to fostered their image at market place. Thus,
it is crucial for company to analyse the effectiveness of innovation and evaluate that how it
support company in capturing customers attention. Implementation of innovation concept is
effective for achieving growth in the market place and also sustain for longer period of time.
Paymasters Restaurant has launched innovation within their billing activities i.e. online
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application wherein customers can easily order their food or services and than make payment
with the help of payment facility (Autio and Thomas, 2014). Along with this, company also
provide cashback on payment to its customers. This is the reason that number of people are
attracted towards its process and make them famous at market place. Mainly, it is related to the
Frugal innovation that is appropriate and effective process to reducing complexity and cost of a
goods and its production. In this, it is crucial business organisation to effectively understand
customers needs and wants. As cost, time and quality are the crucial aspects and variables that
assist in satisfying customers demand. With the assistance of this, Paymasters can easily improve
their performance level and at the same time also enhance their market share. This is the reason
that it fostered the overall performance of the company.
Does it rely on one innovative person, or fostering an innovative culture? How is this done?
The company is using application facility to make easy order and payment without
hampering the management. The idea is relay upon fostering an innovative culture, which is
effective in providing easy facilities and wide food range to the customers through mobile
application. This idea is effective in developing organisational culture as the way of providing
facility has changed and customers accepts the way in which restaurant is operating its business
operations. The culture has been changed, thus the company has its its major facilities like order
and payment receiving. However, the idea is effective on influencing the culture of business, thus
this innovation is effective for the firm in easy management of crowd and receiving all the
payments and reduce the chances of fraud. This is done via the help of providing suitable
knowledge to the customers regarding the benefits of application, in the application all the
offering facility, discount offers and payment methods are mentioned. The company has
launched its idea with the help of conducting an event, in which proper idea and knowledge has
been discussed in regards to the use of application and the company has received a positive
response from the customers. Therefore, this idea has foster the innovative culture of the
restaurant which make the business unique than others in the same field.
What is it about this organisation and/or person that make the business innovative?
In market place, it is important for business organisation to keep their activities
innovative that help them in inviting more and more customers towards its services. This may
help in increasing its profitability level at market place (Camisón and Villar-López, 2014). The
process of billing is a innovative process in market that followed by Paymasters. It directly
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contribute in making them more unique and competitive because there is no other organisation
operate the same. This is the reason that company improve their competitiveness at market place
and at the same time also increase the chances of attaining higher success. In this regards,
company focus on customers satisfaction and positive experience for this they make their billing
process more effective and smooth as well (Bain and Kleinknecht, 2016). By this customers
easily order their meal and after they pay for the same. This type of facility provide cashback
over the bill in order to make customers loyal towards its services. With the help of this,
customers visit the same place again and again for enjoying Paymasters services.
Has the innovativeness of the organisation changed over time (e.g. it may have initially revolved
around one person but grown to encompass wider organisational innovation)?
Change is refers as the key aspect of business growth, thus it is required for an
organisation to implement change for the purpose of attaining growth and success. Therefore this
also create value for the firm in maintaining sustain ability within the competitive business
scenario. The innovativeness of the organisation changed over time, thus the Paymasters
Restaurant has develop new and innovative ideas in their applications for the purpose of
maintaining the application facility up-to date and more unique in nature. The company has
planned to implementing frequent change in the offering facilities as per the changing needs and
demands of the customers at market place. The company has using the facility of innovation via
receiving full payments from the customers without appointing a receptionist, thus this is an
effective and cost effective way to analyse the orders of the customers and receive payments.
This idea is effective for the firm in grabbing attention of more customers within the commercial
centre and gain higher profitability. The company and its management has implement the idea
into actual action for the reason of higher advancement in the technologies, as people are very
much based on technological advancement, so the company has implemented the idea into
proper action and launched an application which is effective in providing proper assistance to the
customers and the staff members of restaurant (Bernstein, 2015). The company has changed its
organisation processes over time, by receiving feedbacks and ideas from the customers, thus
buyers are more liable in providing proper suggestions to the firm as per their requirements. The
opinion and feedbacks from the customers are beneficial for the firm in implementing changed
over time. The existing innovation of Paymasters Restaurant, has relay upon process innovation
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and encompasses over organisational culture. Therefore, this create value for the firm in attaining
growth and success at wider level.
How is the innovation demonstrated in this business reflected in its industry more broadly? What
has been the impact of innovation on this industry as a whole?
Innovation is one of the important activity for company as it also affect the entire
industry and its activities as well. As an effective and creative thinking may aid in providing
opportunities to company in increasing their market share by establishing their competitive
image in customers mind and industry as well (Cornaggia and et. al., 2015). In context of
Paymasters, they has developed a new application wherein customers place their order and also
pay the bill for the same. For this company provide them cashback in which they get off over the
next order. This type of application may help in building positive and healthy relation with this
customers and at the same time also make them loyal towards the company and its services as
well. In addition of this, it also positively impact on overall profitability as it increase company
sales because this type of application invite huge number of customers towards its services.
Apart from this, it also may assist in developing the positive brand image at market place that
directly influence customers to consume its services.
CONCLUSION
From the above discussed report it can be concluded that, innovation is play a significant
role in business organisation in providing them competitive edge at market place. In addition of
this, when company implement innovation within the business activities than they easily make
their unique brand image in market place. For attaining the same, Paymasters has started their
new application on which customers are place their order and get cashback over the payment.
With the assistance of this, company can easily increase its sales and profitability level. This is
the reason that innovation may helpful in establishing their competitive image at market place.
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REFERENCES
Books and journals
Weisburd, D. and Braga, A. A. eds., 2019. Police innovation: Contrasting perspectives.
Cambridge University Press.
Gawer, A. and Cusumano, M. A., 2014. Industry platforms and ecosystem innovation. Journal of
product innovation management. 31(3). pp.417-433.
Tidd, J. and Bessant, J. R., 2018. Managing innovation: integrating technological, market and
organizational change. John Wiley & Sons.
West, J. and Bogers, M., 2014. Leveraging external sources of innovation: a review of research
on open innovation. Journal of Product Innovation Management. 31(4). pp.814-831.
Autio, E. and Thomas, L., 2014. Innovation ecosystems. The Oxford handbook of innovation
management, pp.204-288.
Camisón, C. and Villar-López, A., 2014. Organizational innovation as an enabler of
technological innovation capabilities and firm performance. Journal of business
research. 67(1). pp.2891-2902.
Bain, D. and Kleinknecht, A. eds., 2016. New concepts in innovation output measurement.
Springer.
Bernstein, S., 2015. Does going public affect innovation?. The Journal of Finance. 70(4).
pp.1365-1403.
Cornaggia, J. and et. al., 2015. Does banking competition affect innovation?. Journal of financial
economics. 115(1). pp.189-209.
Hsu, P. H., Tian, X. and Xu, Y., 2014. Financial development and innovation: Cross-country
evidence. Journal of Financial Economics. 112(1). pp.116-135.
DiMasi, J. A., Grabowski, H. G. and Hansen, R. W., 2016. Innovation in the pharmaceutical
industry: new estimates of R&D costs. Journal of health economics. 47. pp.20-33.
Klewitz, J. and Hansen, E.G., 2014. Sustainability-oriented innovation of SMEs: a systematic
review. Journal of cleaner production. 65. pp.57-75.
Smith, A., Fressoli, M. and Thomas, H., 2014. Grassroots innovation movements: challenges and
contributions. Journal of Cleaner Production. 63. pp.114-124.
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