Trends in Global Business Environment- Assignment
Added on 2020-10-22
13 Pages3490 Words169 Views
Business DevelopmentMarketingData Science and Big DataHealthcare and Research
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TRENDS IN GLOBALBUSINESS ENVIRONMENT
Table of ContentsINTRODUCTION...........................................................................................................................3BODY..............................................................................................................................................3GENERAL.......................................................................................................................................4Key Drivers in Disruptive Innovation.........................................................................................4DISCUSSION..................................................................................................................................9CONCLUSION..............................................................................................................................10REFERENCES..............................................................................................................................11
INTRODUCTIONBusiness environment consists of various internal and external factors which affectsoperations of a business firm. A company has to operate its business in accordance with changevarious factors such as changes in economic factors, legal factors, environmental andtechnological factors. Changes in global trends is also a factor which has an impact oncompanies overall business operations. These trends include radical workplace arrangements,change in employees performance due to automation, emergence of disruptive innovation,increasing importance of group[ performance, execution of successful business strategies anddigital disruption. Disruptive Innovation refers to innovation of new ideas and technologies with whichindustries are able to increase their network and develop new market.In the below assignment aresearch is conducted on key drivers of disruptive innovation because disruptive innovation is awidely emerging global trend and it has a high impact on business and overall economic growth.Further, this report explains findings of study conducted on the chosen topic (Key drivers ofdisruptive innovation). Furthermore, this report elaborate meaning of disruption and its keydrivers. BODY According to Gui, Ju and Ye, (2018), an organisation needs to change its production &distribution techniques in accordance to recent trends in global business environment if it wantsto expand its business in global market. Thus, disruptive innovation plays an essential role inimprovement of products & services provided by business firms.According to (Coccia, 2018), with drivers of innovative disruption individuals canenhance their knowledge and creativity with this they are able to start their own business anddevelop ideas so that they can can more profits with the introduction of new products & services.With this study views of various authors are collected and it is find out that every company hasto adapt changes in technology and innovation to win over its competitors. Further, it is figuredout that companies are able to generate more output with the adaption of this trend and that inturn provide sustainable economic growth and development. Thus, it is also studied that withDisruptive Innovation organisations are able to promote their products and services throughdigital marketing which helps in maximising customer base.
It is also evaluated in this assignment that with disruptive innovation also contributestowards overall development of countries like India, Indonesia and many more developingcountries. Thus, according to the point of view of Carayannis, Sindakis and Walter, (2015),government of developing countries are also taking initiative to promote companies to usedisruptive innovation with this production and employment in these countries gets raised andfurther expenditure on imports also reduces. GENERALLiterature ReviewKey Drivers in Disruptive InnovationDisruptive InnovationDisruptive innovation is advancement in ideas which benefits business firms inintroducing new product line and it also benefits companies in establishing competitive marketenvironment. According to Clayton Christensen, Disruptive Innovation is very beneficial forbusiness organisations as it enhances production efficiency of companies which in turn enhancesprofits and market shares. Disruptive Innovation helps in business growth by makinginnovations. Now a days, use of innovative ideas are increasing due to increase in start-up andentrepreneurship business venture because, many owners of start-up businesses are youngstersand they operating their business by creating innovation which reduces cost and enhance profits.Emergence of start-up business reduces profitability of existing companies. Further,disruptive innovation affects business operation of companies as companies are required tochange their business process in accordance with change in innovative ideas. This slow downproduction process of business for a while because companies take time to adapt that innovation.If a business venture is not able to adapt innovation than it cannot survive in market. Thus, it ismore difficult for companies to manage disruptive innovations whereas companies can easilymanage and adapt technological innovation. According to (Dijk, Wells and Kemp, 2016), Disruption has an impact on many businessorganisations and it affects operations of many sectors including agriculture, farming, HealthCare and many more. These sectors are gets affected by various key drivers of DisruptiveInnovation. Currently various innovations are made such as 3D Printing, Artificial Intelligence,robotics, deep analytics, bitcoin and block chain system. Business firms are using all this
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