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Bee - Question 1.2 - IM

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28 views2 pages

Bee - Question 1.2 - IM

Uploaded by

Mudzari Innocent
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© © All Rights Reserved
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Question 1.

According to Tang et al. (2021), innovation is the incorporation of fresh ideas into an
existing product, service, plan, or business strategy. The value and lifespan of the
aforementioned entity are also enhanced by innovation. To be competitive and
promote innovation and productivity, businesses need both ideas and concepts from
time to time (Reid & Sanders, 2023). The following analysis looks at the importance
of innovations and how they add value to companies like Unilever.

Competitive advantage
Competitive advantage refers to the critical capability enhancements that offer an
advantage over sector competitors. These may or may not be particular, depending
on the business plan and industry the company serves. For businesses like Unilever,
one of the most significant advantages of innovation is the ability to surpass the
competition. Successful and innovative companies are able to modify their
operations, services, and products to satisfy customer expectations and changes in
the market. Innovation increases a company's propensity to adapt to change and
seek out new opportunities (Meredith & Shafer, 2023).

Increasing productivity
The primary forces behind economic growth are innovation and technological
breakthroughs, which reduce manufacturing costs and enable higher output. From
the viewpoint of an organization, various automation solutions eliminate manual,
repetitive work and free up time for more essential, value-creating tasks (Fan, et al.,
2022).

Since less time is spent on low-impact activities due to greater productivity and
efficiency, work becomes more meaningful. If a corporation can commit more time to
activities that directly impact the business, such as improving processes, resolving
problems, or engaging with customers, it is more likely to genuinely decrease costs,
increase turnover, and provide consumers with solutions that are truly helpful to
them (Kumar, 2023).

Talent attraction and retention


Innovation-focused organizations attract bright people with their inviting work
environments. Top talent is frequently drawn to innovative cultures because they are
viewed as intriguing, difficult, and intellectually demanding, and they flourish in these
settings. Furthermore, businesses that value and reward innovation are more likely
to keep their top performers on board. The company may increase its revenue by
luring and keeping talent, which will also result in a more inspired, engaged, and
efficient team (Brandenburg, 2023).

Favourable effects on corporate culture


Innovation improves one's ability to acquire, produce, and use knowledge, skills, and
information, which benefits organisational culture as well. Using innovation strategies
may help foster a culture of lifelong learning, development, and growth. People may
once more be inspired to consistently improve their performance as individuals and
members of teams in such a creative environment. When a company supports its
employees and provides them with the resources they require to excel in their roles,
it eventually has a positive effect on how people regard their employment (Demir &
Paksoy, 2023).

Sustainability and societal effects


Innovation has a positive societal impact and might aid sustainability efforts. By
developing environmentally friendly products, practices, or services, organisations
may reduce their carbon footprint and contribute to the development of a more
sustainable future. Innovations that improve quality of life or address social problems
can also benefit society in the long run. Brand awareness will increase if an
organisation is socially responsible and sustainable (Reid & Sanders, 2023).

In closing, innovation may significantly increase a company's worth. Their


competitiveness is maintained, productivity is increased, corporate culture is
improved, top talent is attracted and retained, and sustainability and social impact
are supported. Organisations that encourage an inventive culture and foster
innovation are better positioned to prosper in today's fast-paced business
environment.

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