Innovation
Innovation
Innovation
Gibraltar Solutions.Inc
Tidd and Bessant's idea is incorporated into the research. Evert Rogers' diffusion of
innovation idea is also taken into account. With roughly 50 workers, Gibraltar
Solutions. Inc is classified as a small and medium-sized enterprise (SME). The
company's problems are highlighted, and an innovative solution is proposed. Internal
resources and this one organization study are carried out, as well as potential external
challenges and the importance of organizational culture.
Table of Content
Executive Summary..................................................................................................................2
Innovation management....................................................................................................6
Innovation Process model..................................................................................................6
Search........................................................................................................................7
Select.........................................................................................................................7
Implement..................................................................................................................8
Capture......................................................................................................................8
Innovation in Practice........................................................................................................9
Company context...............................................................................................................9
Innovation in action:..........................................................................................................9
Challenge 1:...............................................................................................................9
Challenge 2:.............................................................................................................10
Challenge 3:.............................................................................................................10
Challenge 4:.............................................................................................................10
Challenge 5:.............................................................................................................11
Importance of leadership:................................................................................................11
Internal Resources...........................................................................................................12
Strengths:.................................................................................................................12
Weaknesses:.............................................................................................................13
Opportunities...........................................................................................................13
Threats:....................................................................................................................13
Porter Five Forces ( External Resources)........................................................................14
1. Threat of New Entrants........................................................................................14
2. Bargaining Power of Suppliers............................................................................14
3. Bargaining Power of Buyers................................................................................15
4. Threat from Substitute Products...........................................................................15
5. Rivalry among the existing players......................................................................15
Development & Implementation.....................................................................................16
Conclusion......................................................................................................................17
References.......................................................................................................................18
Innovation management
During the last three decades, businesses and researchers are found to be more
focused on innovation management (Lindgren, 2012). This ambition is most likely
motivated by the realization that innovation is critical to an organization's
existence(Sorescu, 2017). There is always a competition for market share, whether it
is a corporation or a service (Gottinger, 2016). Businesses are indeed highly interested
in the process of innovation and the identification of activities that will assist them in
technological advancement (Silva, Styles and Lages, 2017). Innovation can be
regarded as gradual, radical, or revolutionary depending on whether it originates from
inside or outside the pattern, and if it replaces an existing technology (Hussein, 2018).
The ability of businesses to innovate, as well as interactive learning processes that are
socially and economically oriented, determines their competitive edge. As a result, in
today's global business environment, innovation is essential for economic and social
success (Johnsson, 2018).
According to Tidd and Bessant (2018), the innovation process model is the four-stage
process of getting concepts to life and deriving value through them. As illustrated in
Fig 1.1 these four steps are:1) Search ,2) Select, 3) Implement and, 4) Capture .
Figure 1.1 Innovation Process Model (Tidd & Bessant, 2018)
Search
To begin, organizations look around them for essential traits related to opportunities,
dangers, and competition, both internally and externally (Cantarello et al., 2012).
Ideas may strike at any moment and from anyplace. Many sources of invention have
both push and pull features, and relying just on one of these innovation drivers may be
risky (Poetz & Prügl, 2010). It is critical to understand your clients' demands and
behaviour. If an issue that affects just a small fraction of the population is addressed,
the proposal is unlikely to catch on. As a result, it is critical to ask a lot of questions,
to be as varied as possible, and to seek for any relevant tendencies to steer idea
development. It's critical to identify experts who can offer suggestions and ideas for
what the project genuinely requires. Outline the project's objectives so that they may
be utilized as a guide to meet project goals (Whyte, 2010).
Select
The next step is to come up with a set of selection criteria to use when evaluating your
ideas (Eling et al., 2015). Agree on the criteria as a group and assess how each one fits
into your business in specific areas. The company should assemble a broad group of
individuals with a diversity of experience from throughout the organization
(Henttonen & Ritala, 2013). Include subject area experts as well as creative thinkers
who can think outside the box to guarantee the ideas are feasible (Jha, 2018). Perform
a preliminary assessment of all concepts. Those who refuse to address the issue or are
ineffective should be sacked. Consider which of the remaining ideas has the most
potential for collective growth. It is quite likely that one will generate a few solid
ideas that will lead to more investigation (Bonecki, 2016).
Implement
Capture
To capture value, the company must have a strong negotiating position with the
owners of the synergies that are required to harness innovation (Oksanen &
Hautamäki, 2015). Businesses must have market domination over crucial resources in
order for an innovation to generate maximum revenue (Roos, 2014). Such resources
include suppliers, production capacity, sales networks, maintenance facilities, and
advertising teams. As you move up the value chain, more information will become
available and company can analyze the flaws for future improvements (Greenacre et
al., 2012).
Innovation in Practice
Company context
Innovation in action:
Challenge 1:
During the epidemic, there were several salary cuts to deal with the financial load. As
a result of the lockdown, several employees were unable to work (Brown, 2021).
Employee-centered cooperation have certainly performed better and is responding to
the economy's eventual reopening more quickly and efficiently. Working from home
has become a need for many businesses around the world due to the Covid-19
epidemic lockdown , but it is not without risks and concerns (Hassan, 2021).
Challenge 2:
In today's security environment, cyber attacks are becoming more complex and
persistent. Attaching sensitive content directly to an email poses a security risk,
ranging from the most basic action of forwarding the email to those who should not
receive it to the more serious threat of malware-infected attachments (Horowitz &
Lucero, 2017). However, due to the fact that different companies utilize different
systems, transferring files outside of your company is getting increasingly
complicated. In order to complete their tasks on time, employees resort to using a
technology that is not licensed . This might expose sensitive company and client
information to the internet (Marcinauskaitė et al., 2019). Cyber security must become
more strong, aware, and responsive in order to guard against these attacks.
Challenge 3:
There are situations when a company must pay hefty fees to employ cloud computing.
When resources are mismanaged, such as servers that aren't used to their maximum
capacity, hidden expenses emerge (Froehlich, 2017). If application performance is
impeded, or if consumption spikes, it adds to the total cost. Another key cause of cost
increase is unused resources. Company might have to spend more money without
even using the resources if they activate cloud services and then forget to turn them
off when they are not in use (Vakilinia, 2018).
Challenge 4:
Working with the cloud can be time-consuming due to its complexity and high need
for research (Sebastian, 2021). It requires extensive subject skill set. Although there
are professionals in this industry, skill development and upgrading is very necessary
as technology advances (Oreste & Christopher, 2018). Because of the wide gap
between demand and supply, cloud computing is a lucrative profession but there are a
limited number of experienced cloud programmers, engineers, and specialists
available (Cusack & Adedokun, 2021). The organization must focus on employee
skill development in order to actively comprehend, manage, and design cloud-based
systems with the least amount of complexity and maximum efficiency (Ibrahim &
Bassiouni, 2020).
Importance of leadership:
When it comes to managing innovation, leaders perform a very significant role. They
encourage people and organizations to come up with creative solutions from the
bottom up (Ideascale, 2013). The most successful approach for a company to achieve
its top-down innovation goals and projects is through its leaders (Philmckinney,
2016). Executives at Gibraltar Solution provide effective leadership by collaborating
with the board of directors and other executives to develop short and long-term goals,
policies, and strategies (RocketReach, 2021). The leader is responsible for the overall
administration of the Gibraltar team, including resource allocation and budget
management (Indeed, 2022). Leadership drives the company's goals while also
holding shareholders, customers, and Gibraltar workers responsible (Carmeli et al.,
2010). A skilled manager create excellent communication channels both within and
outside of the sales and service teams. It establishes attainable sales and service goals
and objectives that impact individual and organizational performance (Pham et al.,
2021). The leaders are responsible for all procedures and challenges associated with
the sale and delivery of Gibraltar Solutions' goods and services. They develop and
report on metrics that define success for both individuals and groups. Create and
implement initiatives and solutions that increase profitability and help the company
meet its goals. They are in charge of developing and enforcing best practices and rules
that are consistent with Gibraltar's values and aspirations (Gibraltar Solutions, 2022b).
Gibraltar Solutions has a results-driven culture that welcomes change and challenges
while exerting significant effort. A person-driven culture prioritises employee
welfare, and employees who work in a parochial culture exhibit the same
characteristics at work as they do at home. They have a loose pragmatic culture that
allows for procedural flexibility if it means meeting customer needs (Muhammad
Yousuf Sharjeel et al., 2021).
Internal Resources
Strengths:
2. Strong Leadership
5. Skilled workforce.
1. Meetings are frequently done online since employees are not constantly at the
office due to the virtual work environment.
Opportunities.
4. Changes in consumer behaviour may offer up new opportunities for the company.
5. Changes in customer behaviour may open up new market prospects for them.
Threats:
Gibraltar Solutions, Inc. is a market leader in its sector. Gibraltar Industries, Inc.
maintains its market dominance by thoroughly examining and scrutinizing the SWOT
analysis.SWOT analysis is a fast-paced process that requires great coordination from
marketing, finance, logistics, enterprise resource planning, and strategy
implementation departments (Benzaghta et al., 2021).
New entrants into the virtualized and cloud solutions industries bring different
innovative concepts, placing Gibraltar Solutions, Inc. under pressure (Uddin et al.,
2021). As a result, the company has to reduce pricing, minimize expenditures, and
provide new methods to give value to clients (Dan, 2013). Gibraltar Solutions, Inc.
must handle all of these concerns and develop successful tactics in order to keep its
competitive edge (Baker, 2021). The corporation may be able to solve this difficulty
through innovation. New products not only entice new consumers to buy Gibraltar
Solutions, Inc. products and services, but also encourage existing customers to do so.
By achieving economies of scale, it is possible to reduce the fixed cost per unit. They
have the financial means to invest in capacity building as well as R&D (Francois &
Wooton, 2010).
If the industry is dominated by powerful suppliers, those powerful suppliers limit the
company's scope of profitability since the suppliers make the largest margins and
leave little room for other supply chain partners to gain (So, 2018). Microsoft's
operating system is used by Gibraltar solutions. Raising the price of Windows might
have a significant impact on Microsoft's profitability since the company would have a
difficult time passing on the cost to customers (Bruijl, 2018). Changing suppliers may
be costly and damaging to a company's reputation in the long run. If companies shift
to Ubuntu OS, for example, they risk losing clients who are acclimated to the
Windows experience.
3. Bargaining Power of Buyers
When a new product or service meets equivalent customer desires in different ways,
profit margin declines (Gupta et al., 2020). A replacement product or service offers a
significant risk if it provides a value proposition that differs significantly from the
company's current offerings. Gibraltar Solutions, Inc. may avoid the hazards
associated with substitute products / services by focusing on service rather than
product and addressing the customer's underlying need rather than the product they
are getting (Beke, 2017).
Due to the obvious level of rivalry among current rivals, the firm's profitability offer
may be severely constrained (Bruin, 2016). Existing player competition takes the
form of, among other things, product discounts, new product launches, service
advancements, and advertising efforts (Nicolaides, 1988). Gibraltar Solutions, Inc.
may compete more successfully in the market by building a sustainable
distinctiveness and magnitude.Rather than competing for a small market, the business
should work with competitors to expand the market (Scott, 2020).
Development & Implementation
The purpose of this study was to figure out how to redesign the Gibraltar Solution. Inc
in today's globalized environment. This study looked into Gibraltar Solution.Inc
which is a SME with 50-100 employee. The research assessed the organization's
primary challenges after describing Tidd and Bessant's innovation and process
model.Small businesses are the core of every economy, and their protection is more
crucial than ever given the global economic implications of COVID-19 .In this
situation the already implemented working system of Gibraltar made the business
thrive. It already recognized that few employees love the tedium of the same Monday-
to-Friday schedule, thus the corporation has embraced remote working extensively.
There are no limitations on the number of days workers can work from home.
Employees have more freedom in terms of when and how they work as a result of
these combined benefits. As a result, people will feel trusted and encouraged to
manage their time and responsibilities on their own. Employees like not having to
look over employers shoulders since they can complete so much of their job alone.
Cyber security is also major challenge faced by the company. Gibraltar Solutions not
only defends itself, but also aids the IT team in lowering the risk of cyber attacks and
preventing unauthorized access to systems, networks, and technology.
Furthermore,the business must go through the process of innovation. It must create
new products and services in order to attract customers and generate income. This
corporate performance management is critical for increasing the organization's
efficiency. Internal organizational resources are the most powerful weapons in the
fight against the threat. The company's SWOT analysis is reviewed briefly, as are the
potential external challenges associated with the innovation. A company's culture has
a direct impact on its performance. The significance of a strong organizational culture
is emphasized. Through the use of innovative strategies, business problems can be
solved and company’s performance can be improved.
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