Analyzing the Impact of Innovation and Technology on Business Success

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BUSINESS ENVIRONMENT

Contents
Task 1..........................................................................................................................................................3
Task 2..........................................................................................................................................................7
Reference list.............................................................................................................................................13
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Task 1
1. Demonstrating an understanding of different types of innovation and
technology and how they have impacted the economic progress of the
country, with particular emphasis on business organizations
Innovation and technology
According to Labaki et al. (2019, p.531), the innovation can provide positive effects on the
business process. The companies use innovation and innovative technologies to develop their
business operations. The innovation is the process of developing something new with creative
thoughts as well as ideas. The customers demand innovative and high quality products. In this
case the companies need to provide the products to their customers and this can help them to
satisfy the needs and demands of their customers. The creativity as well as innovation always
attracts the modern people towards them. With the help of the new and innovative technologies
the company develops and manufactures high quality products. However, the innovation is the
process of translating an idea or invention into a good or service that creates value or for which
customers will pay. In business, innovation often results when ideas are applied by the company
in order to further satisfy the needs and expectations of the customers. Like this the companies
can provide effective products and services to their customers and this can help the company to
develop their profits as well as sales. Apart from this, it can be seen that the technology helps
people to manage their activities positively and it can develop their activities faster. So, this
develops the efficiency of the organization along with their sales.
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Practical examples of how innovation and technology have contributed to the
economic growth of the country.
Effective technology always provides positive effects on the business activities of the company.
As per early discussion the companies can develop their activities with effective new
technologies. This is how the company can easily attract their customers and which help them to
gain profits. As stated by Ken and Zhang, (2019, p.149), along with this, it can be seen that the
companies can sales effective and attractive products to the customers like this the profit margin
can be developed of the organization. Basically, the customers get satisfied with the innovative
approaches of the company. For example, Apple Inc is successful company that provides their
customers the innovative products. Thus, the customers of Apple Inc can easily get towards with
the company as well as their products. In order to conduct the study the company Card Factory
Plc has been selected. This company sales greeting cards and this is a British organization. The
company effectively provides their products to their customers. This can increase the sales of the
company and like this the company can effectively provide some taxes to the government. This
is how the economy of the country easily get developed in a positive way.
Business organizations use new technologies in their operations
New technologies can always help the companies to develop their activities in a positive way.
According to Boso et al. (2019, p.370), the technologies can enhance the ability of the company.
Time to time the technologies has been developing and it is implemented by the organizations.
So, few impactful uses of new technologies have been analyzed here.
 Development in the communication process: The new technologies can be used in the
organizations in terms of developing their communication process. The communication
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can be developed by the company for their customers as well as the employees. As per
Wynn and Jones, (2019, p.20), the development in communication can help the
companies to enhance the ability. With the help of the interaction with the customers the
company can understand the needs and demands of the customers. Like this they can
develop their operations in a proper way. On the other hand, the communication with the
staffs can also help the companies to manage their operations properly. So, automatically
the business can be get profitable as well.
 Effective customer care: In terms of managing the business it is important for the
company to develop their customer service in a positive way. The customers can need
several kinds of helps from the company. In this case they want to take the helps of the
customer care of the organization. Thus with the help of new technologies the
organizations can effectively develop their operations along with their customer service.
 Proper project management: Project management is important for a business. As stated
by Rydehell et al. (2019, p.19), the company needs to develop their product management
as well as product development process in a well manner. In terms of developing or
manufacturing the products the company gets some deadlines. In this situation it is
important for the company to manage their activities properly. With the help of the new
technologies the companies can easily develop their project management which help
them to grow their business efficiency in a well manner.
2. Practical illustrations of how innovation and technology have impacted
the operations, sales and the profits of the company
New technologies and how they are being used by Card Factory Plc
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Technology has been developing effectively. In the recent years the technological development
can provide different kinds of effects on the business of the organization. The company mainly
manufactures greeting cards as well as they have gift store. In this case the company uses new
technologies in terms of manufacturing the cards (Nam et al. 2019, p.233). On the other hand,
the company also uses effective software to handle their business website. Like this the company
can properly offer their products to their customers. In this case the internet facilities are the
main factor of the business.
Compare the sales and profits of the company before and, after the new
technologies were introduced
With the help of technology the company has increased its sales. Though the Card Factory Plc is
a successful company and they were running their business proper in the market but they
developed their sales with the help of their new software and website as it can help them to offer
their cards positively to their customers.
Sources: Shad et al. (2019, p.415)
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Findings
In the finding it can be seen that, with the help of the technologies the companies can get positive
impacts. Proper management as well as sales can be enhanced with the help of the technologies.
Card Factory Plc is an effective and popular company which has been managed their business
successfully in the competitive market. With the help of new technologies such as internet and
website the company effectively enhanced its sales. Like this the efficiency of the technology
and innovation can be identified.
Task 2
1. Demonstrate an understanding of corporate governance.
Corporate governance
In the modern days the corporate governance can be identified as an effective system which can
provide some effects on the business of the companies. The corporate governance is a system of
the rules, processes as well as the practices which can help the government to control the
operations of the companies. On the other hand, it can be seen that this is the set of rules that
help the organizations in terms of managing the business activities in a proper way. Also the
corporate governance can help the board of directors of the organization to balance attraction of
the stakeholders. As stated by Quinlan et al. (2019, p.8), Brewin Dolphin plc can be identified as
the British investment and financial management company. In this case they need to maintain the
rules of corporate governance for proper management. This is how the company can effectively
fulfill the strategic objectives and they can keep some controls over their activities as well.
However, there are some pillars in the corporate governance and which are transparency,
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fairness, assurance, leadership, accountability, as well as stakeholder management. Like this the
investors can get attracted towards the company as well as they also can get some positive
contributions to their business as well.
Brief history of corporate governance in the UK with examples
Basically, corporate governance can provide different effects on the business process of the
companies. The country UK time to time develops their corporate governance in terms of
supporting their business activities. In this case it can be seen that in the year 2008 the version of
the corporate governance has been changed. Along with this, in the year 2009 the main report of
the corporate governance was written (Parente et al. 2019, p.291). The FRC published their final
report on the review on 1 December 2009 as announced in a press release issued the same day.
A consultation on the revised UK Corporate Governance Code closed on 5 March 2010.
Along with this on 28 July 2009 the FRC issued a Progress report: Review of the effectiveness of
the Combined Code which summarized the results of the consultations and research carried out.
However, in 2018, the FRC has announced the publication of the revised the UK Corporate
Governance Code as well as accompanying Guidance on the board effectiveness.
Responsibilities of the Board of Directors
As sighted by Metaxas et al. (2019,p.590), the board of directors have proper role in the
company. As per early discussion it can be seen that Brewin Dolphin plc is an effective company
that deals with different financial management activities. Thus, they need some helps of their
board of directors in terms of handling their business in a positive way. In this case it is
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important to analyze the roles and responsibilities of the board of directors of an organization.
This idea can help Brewin Dolphin plc to develop their activities. Thus the responsibilities are
 Proper planning: In terms of running an business successfully the company needs to
develop effective business as well as operation plans. In this case the board of directors
can help the organization with effective strategy. Like this Brewin Dolphin plc can easily
manage their business activities and which may support their business to gain profits.
 Managing and monitoring financial resources of the company: Brewin Dolphin plc is
mainly a financial management organization. In this case they need to have proper
management in their investments and finance. Otherwise they cannot handle their
business properly. In this situation the board of directors of the company can be helpful
for Brewin Dolphin plc to manage and monitor their financial resources in a well manner.
 Developing skills of the company: The board of directors of the organization has the
responsibility to develop the skills of the company. As stated by Lu et al. (2019, p.334),
by developing the skills the company can enhance their profit and expand their business
more. Therefore, they can develop the skills of their staffs with proper training in terms
of getting effective result.
 Bringing new board member: The board of directors can also recruit new board members
in the company. This is how the activities of the Brewin Dolphin plc can be managed
effectively. Along with this the board of directors can also get some helps from the
members in order to handling their responsibilities.
2. Explanations of Archie Carroll’s Pyramid of CSR
Corporate social responsibility
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As per Harrington et al. (2019, p.260), basically, the corporate social responsibility is an
effective part of the business process which can provide some supports to the stakeholders of the
company. In this case the company can develop their activities in terms of helping the society.
The companies can effective give donations to the needed people of the society as well as they
also can manage the environment by developing their activities. With the help of CSR the
companies can effectively develop their relationship with their staffs. According to Brewster et
al. (2019, p.60), they mainly help the society and manage the environmental resources which can
help them to impress their customers. Like this the overall reputation of the company can be
increased and the sales of the company also can be increased as well. This is how the company
can effectively gain competitive advantages in the market and this helps them to sustain
positively in the competitive environment. Along with this it can be seen that CSR effectively
develops the brand image of the organization and this also can develop the customer loyalty as
well. The overall social as well as environmental issues can be solved with the help of the CSR
process. Like this the government of the country can also be impressed by the company and they
also can give some supports to the CSR activities. Like this they can effectively develop their
overall business activities and this can support them to survive in the competitive market. On the
other hand, the profit margin of the organization can also be increased with the CSR activities.
However, there are four kinds of the responsibilities of the company in their CSR process and
which are the direct philanthropic giving, environmental sustainability initiatives, ethical
business practices, as well as the economic responsibility. As stated by Birudavolu and Nag,
(2019, p.67), thus, the company needs to maintain these responsibilities to support their business
process as well as to develop their corporate social responsibilities.
The four areas of CSR as identified by Archie Carroll
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Corporate social responsibility is very important for the companies to improve the society
effectively and this also helps them to sustain in this market effectively. Archie Carroll has
identified four areas of CSR and these four areas describe four responsibilities that company
needs to have for running their business successfully. Carroll’s Four pillars of CSR can be
identified as ethical business practices, economic responsibility, environmental sustainability
initiatives and direct philanthropic giving. Different layers are available in this pyramid and this
helps the managers to see different types of obligations that society expects of businesses. The
details of Carroll’s pyramid are given here
Sources: Gohil et al. (2019, p.3)
Economic responsibilities- In this case the company needs to have some economic
responsibilities for sustain in this market. First they need o identify the requirements of this
society and then depending on this they need to produce proper goods and services for attracting
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them towards the company easily. This also helps the company to provide effective services to
the society successfully.
Legal responsibilities- The Company needs to have some legal responsibilities for running
their business successfully in this market. In this case they need to follows some important laws
set by the society for improving the society effectively and this also helps the company to
manage their resources in an effective way. Law is society’s codification of right and wrong and
therefore the company needs to follow this for protecting their future successfully.
Ethical responsibilities-The Company needs to have some ethical responsibilities for attracting
the customers towards the company easily. This also helps them to do their business successfully
in this market (Gohil et al. 2019, p,56), it is the kind of responsibilities to do what is right and
fair and therefore this can definitely help the company to avoid harm in this society easily.
Philanthropic responsibility-The Company needs to have some philanthropic
responsibilities for improving the quality of life of the employees successfully. This can also
help the company to attract the new employees towards the company successfully and also helps
them to improve the society effectively as well. Therefore it is very important and available on
top of the pyramid.
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