The Relevance of Innovation for the Long-Term Sustainability - Essay Example

Research Methodology and Methods Understand the relevance of innovation for the long-term sustainability Aim of the Study This research study will be conducted in order to provide comprehensive requirement of creativity, and innovation for the long-term sustainability of the business of 3M. Objectives of the Study Evaluate the relationship between innovation activities and business succession Importance of considering the aspect of innovation for the benefit of the company Organisational Application The aim of the study is to determine the relevance of innovation activities for the better sustainability of the organisation in long-term. In this context, study will be undertaken through taking into consideration the example of 3M Company. Research Questions The research question that needs to be evaluated is: How innovation is practiced by the organisation? What is the key objective behind the innovative activities of the organisation? How innovative strategies can help the company to succeed in the long run? How innovation helps in providing values to its stakeholders? How effective are the innovative activities for the organisation? Literature Review Overview of Innovation. Lager (2010) stated that innovation is a significant process that resulted from the creativity of employees’ that considerably targets towards providing value to customers. Thus, the process of innovation is regarded to be inventive part of organisation that is attained from the knowledge, skills and experience of employees. Additionally, in the context of business units, innovation is regarded to be the process that allows employees to implement new idea, develop dynamic product or rather make significant changes in existing working for the growth and succession of business. According to Hana (2013) with the event of globalisation and advancement in technology the need for innovative activities, have increased for the sustainability of the organisation. Innovation is important to meet the changing demand of people and earn profitability. Additionally, it has been affirmed that in today’s competitive environment, an organisation can significantly gain the competitive advantage through stimulating its activities by implementing innovation strategies for future development. Moreover, with the increasing use of resources in the current scenario and its adverse impact over the environmental stability has significantly led organisations to contribute over the innovative activities. Furthermore, it is highlighted that innovation is not necessarily been regarded as the process of new scientific discovery rather it may also be arise from the application of existing technology based on new context . On the other hand, Betz (2011) highlighted that innovative technology and its management is organisational practice that allows the company to manage its overall business process. Furthermore, the innovation with the changing trend led the team members of organisation to have proper understanding of the ultimate goals and objectives of business units and avail the external and internal opportunities in deriving innovative new ideas, product or process (Betz, 2011). Additionally, in current business environment in order to maintain the sustainability and competitive advantage in long run, business organisation needs to be focused over the different activities that differentiate them from other business. Thus, the business organisation that focus over continuing its activities without any significant differentiation in its practices will gradually suffer in sustaining in the long run (Armbruster et al., 2008). Innovation and its Importance for Organisation. Mobbs (2010) argues the view through stating the fact that innovation is highly integral aspect and is considerable important in different levels, as in the context of nation innovation is important for overall economic development. On the other hand, for the prospect of firms innovation is highly beneficial, for the development of the competitive edge, survival growth and maximising the position of stakeholders. Moreover, implementing and enduring innovative practices allows the business to ensure effectiveness of operations through minimising anticipated risks, strengthening the operation and protect the market share. Likewise, the continuous innovation in the activities will enable business to grow its reputation, cost savings, operational efficiencies for the organisation, and markets its position for long-term sustainability and growth (Canadian Dairy Commission, 2010). Correspondingly, Skarzynski & Gibson (2013) argues the fact that innovative means of performing the respective operation of the business provides and play integral role, as innovation process is highly based on the internal and external analysis of the market. Furthermore, the process of innovation allow the business to distinguishes its activities from other for certain period of time and likely to earn competitive advantage in market place. Apparently, Rosenbusch et al. (2011) argues that through engagement the business activities towards innovation can enhance its share of profitability substantially through providing them with the opportunity to establish monopoly in the market place. Thus, it ensures the business to earn advantages from such practices in the form of developing innovative products, processes, as well as business models to stand in competitive business position over its rivals. Similarly, in this regard Ashford & Hall (2011) highlighted that innovation is prior part of business development in a way to distinguish the business product from its competitors. Moreover, production and distribution are highly driven by cost of production on the other hand through implementing the concept of innovation manufacture can ensure quality in the product through making significant alteration and minimise the cost. Moreover, the innovation is highly important for the usiness to meet the ever-changing demand of customer and provide them significant level of satisfaction through innovation. Nevertheless, in the context of long- term succession organisation must have to focus towards fulfilling the demand for its products in the market. However, with the ever changing and advancement in technology new product creates significant changes as per the taste and preferences of customers. Thus, it has been integral for the business to cater such changing demand through the process of innovation (Ashford & Hall, 2011). Innovation and Long-term Sustainability. According to Charter & Clark (2007) it is argued that innovation is regarded to be an activity that assists the organisation to develop new products for the enhancement of the economy to earn competitive advantage and growth. Besides, in current business, scenario organisation is highly concerned over its long-term sustainability thus; the innovative strategy plays a considerable role that led them to create monopoly in the market through its innovative products and services. Contextually, innovation allows the business to create a significant position in the global environment. Moreover, the innovative process allows the business to carry out its activities through considering the cultural, social, economic and environmental issues effectively. On the contrary, Ashford & Hall (2011) refers to innovation as the strategic way of conducting the business operation through integrating the various activities that benefit and helps in developing the business image in the market. Furthermore, it has been worth to mention in this regard that companies significantly adopted and implemented the same and will require proper planning for growth and enhancement for profitability. Moreover, the approach of innovation were highly linked with the sustainability and long-term development, as it regarded to be effective strategy that significantly helps to boost the capacity and scope for further innovation, which congruently will have multiplier effect over the goodwill and succession of the business at large. In this regard, Adams et al. (2012) affirms that organisation to succeed in the long-run needs to evolve its behaviour with the continuously changing global scenario through transforming its operation accordingly. Furthermore, regardless it could be highly beneficial to an organisation in maximising its profitability, as it helps to earn high reputation in the mind of consumers that could alternatively have a direct impact on the sustainability and efficiency of the business in long run. Nevertheless, the approach of innovation led the organisation to meet the changing demand of customers through the development of new product that will suffice its demand through the company offering. Research Methodology Research Approach. This proposed research study aims towards determining the significance of innovation in 3M Company. In this consideration, the inductive approach will be utilised, as the approach will help to take into consideration the research question and narrow down the scope to critically understand the importance of innovative activities for the success of the organisation. Besides, the main reason for utilising the inductive approach in the study is that it is relevant in small study sample and it is a theory building process that seeks towards generalisation of the fact under the investigation through observations of the instances (Jebreen, 2012). Data Collection Method. In order to derive the aim and objective of the study, the necessary data will be collected in the form of primary data through the help of the questionnaire survey. Moreover, the survey will include 50 employees of 3M from different departments having profound knowledge and understanding regarding the innovative activities of the organisation. Furthermore, employees are selected from different department of the company in order to provide comprehensive outlook of the innovative activities in the organisation. On the other hand, secondary data will also be collected through reviewing different journal, articles, and other online source like official reports over the different innovative activities of the company (Onwuegbuzie & Leech, 2006). Data Analysis. In any proposed research study analysis of the collected analysis play a decisive role in deriving valid conclusion of the study. As affirmed earlier that this study will be undertaken through utilising collection of data in primary as well as secondary method. Thus, in this regard, the analysis of the data through utilising mixed research approach will be applied in the study, as it provide high level of flexibility and vitality to mitigate the possibility of encountering limitation. Moreover, it has been expected that application of mixed approach i.e. inclusive of both qualitative and quantitative method will provide proper understanding regarding the concept and determine reliable outcomes. Furthermore, utilisation of mixed approach in the study will provide opportunity to widen the scope of the study through in-depth understanding regarding the subject matter and conduct the study in much a comprehensive manner. As the qualitative research, helps to provide richer explicatory data for the effectiveness of the research. On the other hand, the quantitative method will allow quantifying the data using the statistical tool to visualise appropriate information. Hence, in order to determine and derive aim and objective of the study mixed research approach will be followed in the given study (Thomas, 2003). Ethical Consideration. Correspondingly, in order to attain the aforementioned aim and objective of the study, reliability and validity concern will be given utmost importance. In this regard, the ethical issues will be given prior importance while collecting primary data from employees of 3M. It is worth mentioning that data and information that will be acquired from employees will be kept confidential and undisclosed. Moreover, the data from the secondary sources will be collected through reliable and authenticated sources (Halai, 2006). Time Frame. In order to determine the aim and objective of study a specified schedule has been framed that has been depicted below. Tasks Number of Days Needed Identification of issue 20 Days Further research over the issue 15 Days Conducting literature review 30 Days Developing the theoretical framework 15 Days Data collection 20 Days Data analysis 30 Days Findings and recommendations 10 Days Checking errors 10 Days Submission 150 Days References Ashford, N. A. & Hall, R. P. (2011). The importance of regulation-induced innovation for sustainable development. Sustainability, 3, 270-292. Adams, R., Jeanrenaud, S., Bessant, J., Overy, P. & Denyer, D. (2012). Innovating for sustainability. Network for Business Sustainability, 7-94. Armbrustera, H., Bikfalvi, A., Kinkela, S. & Laya, G. (2008). Organizational innovation: The challenge of measuring non-technical innovation in large-scale surveys. Technovation, 28, 644-657. Betz, F. (2011). Managing technological innovation: Competitive advantage from change, 3rd edition: competitive advantage from change. United States: John Wiley & Sons. Charter, M. & Clark, T. (2007). Sustainable innovation. South East England Development Agency, 5-46. Canadian Dairy Commission. (2010). Innovation: Why is it so important? Retrieved from http://www.milkingredients.ca/userfiles/expert/pdf/expert2010-01_en.pdf Halai, A. (2006). Ethics in qualitative research: issues and challenges. The Aga Khan University, 4, 1-13. Hana, U. (2013). Competitive advantage achievement through innovation and knowledge. Journal of Competitiveness, 5(1), 82-96. Jebreen, I. (2012). Using inductive approach as research strategy in requirements engineering. International Journal of Computer and Information Technology, 1(2), 162-173. Lager, T. (2010). Managing process innovation: from idea generation to implementation. UK: World Scientific. Mobbs, C. W. (2010). Why is innovation important? Innovation for growth, 1-4. Onwuegbuzie, A. J. & Leech, N. L. (2007). Sampling designs in qualitative research: making the sampling process more public. The Qualitative Report, 12(2), 238-254. Rosenbusch, N., Brinckmann, J. & Bausch, A. (2011). Is innovation always beneficial? A meta-analysis of the relationship between innovation and performance in SMEs. Journal of Business Venturing, 26(4). 441-457. Skarzynski, P. & Gibson, R. (2013). Innovation to the core: A blueprint for transforming the way your company innovates. USA: Harvard Business Press. Thomas, R. M. (2003). Blending qualitative and quantitative research methods in theses and dissertations. United States: Corwin Press. Read More