Innovation and the Society, Australian Capacity for Innovation - Essay Example

INNOVATION Student name: Institutional affiliation: Date of submission: INNOVATION Executive summary In this study, there is the analysis of the benefits that accrue from innovation to a business and to the economy and society at large. It begins with defining innovation as the process of translating business ideas and or invention into a good and service in a bid to increase its value and for which more pay is demanded or costs of production are reduced. It is therefore the application of better solutions to meet new business requirements. There is also the analysis of the relationship that exists between innovation and ideas. In this, it is pointed out that innovation is the act of materializing the business ideas that are present and to the better of the functioning of the company or entity. Some of the benefits of innovation have also been pointed out. Some of them include reduced production costs, increased value of the products among other benefits. The future successes and developments as in regards to innovation have also been pointed out. This is all in a bid to show the increased use of innovation to the society. The rankings of the countries in the world based n their application of innovation has also been given. This is in a bid to create a good understanding of the benefits that accrue from innovation not only to the society but also to the world at large. INNOVATION Innovation can be defined as the process of translating business ideas and or invention into a good and service in a bid to increase its value and for which more pay is demanded or costs of production are reduced. (Jackson, 2015) It is therefore the application of better solutions to meet new business requirements. The process of innovation is exemplified through the production of more effective products, services, processes and technologies. It is the application of the new processes and technologies that the business is able to derive further benefits from its operations. For an idea to be defined as an innovation, it must have an economic advantage to the economy and to the business. It should therefore have the ability to derive utmost value to the company in the use of the resources that are available. Through this, it should have the ability to foster maximum utilization of the resources that are available to the company. This will aid in the increase in the customer satisfaction levels. Innovation focuses on the alteration and the modification of the existing methods of performance and workings to derive maximum value from them. This is through the creation of a degree of high resource utilization and use. Through innovation, he previously used strategies and operations are modified in such a way that there is the development of policies and measures to control the organizational performance. Through this, businesses within a country are able to operate at the highest possible utility levels. This is also to the better of the organization growth and success. (Siltala, 2010) INNOVATION AND THE SOCIETY There are many benefits that accrue to the society through the application of innovation techniques. The first area that has been impacted on mostly in the societal level by innovation is the creation of new methods for alliance creation. This is where there is the formation of collaborations and alliances between the organization and the society where it operates in. through this, the people in the society area able to derive maximum value from the operations of the company or the government. The second benefit of innovation is that it raises the buyer’s purchasing power in a given society. (Hayashi, 2015) This is where the people are boosted to make purchases for commodities. Through this, there is the creation of utmost value to the society as they can afford the things that they previously could not afford. Innovation has another benefit that it brings about to the society. This is where it aids at the creation of flexible working hours to the people. This is seen to it through the development of new strategies for managing the operations of the firm. Through this, the business is able to derive utmost value from its operations. This is usually to the better of the economy of the country as it is boosted to grow to great levels.(Dai, 2015) This is mostly so through the creation of a mentality and culture among the people in the society that fosters the development of innovative ideas and techniques. This will be to the societal and national advantage. IDEAS AND INNOVATION Ideas are defined as thoughts that a person has on the development of new ways or innovative ways of doing things in a society. According to many people, creativity is important in the development of innovative policies. (Salge, 2012) Innovation can be defined as the creation of a material method of material presentation of the business ideas that have been developed. Materialization of the ideas can be through such things as the development of measures and policies aimed at seeing to it that businesses perform and function according to the plans and the thoughts that had been developed. Businesses and governments should focus on the development of adequate measures to foster the development of innovative and inventive ideas among the people. (Huebner, 2005) The ideas that are also developed should be given the adequate support and financing from the relevant authorities. This aids in the economic growth of the country. This is because the processes that are put in place focus on the improvement of the qualities of the services that are rendered and the value that is derived from each one of them. This is towards the better of the society and the economy of the country. AUSTRALIAN CAPACITY FOR INNOVATION According to the global innovation index, Australia has been ranked 17th in the world he application of innovative strategies in the operations of the country. It has however been ranked 5th in the region behind Singapore, Hong Kong, Korea and New Zealand. With this, there are many policies that are required of the government. This will aid in the full integration of innovative policies by the players in the government sectors. This will be towards the better of the performance of the country.(Hayashi, 2015) BENEFITS OF INNOVATION Innovation as pointed out has many benefits not only to the organizations but also to the national economy at large. The benefits that accrue from innovation areas pointed out below. a. Reduced production costs – as pointed out, innovation entails the putting in place of measures that are aimed at seeing to it that there is increased efficiency in the processes of a given business. This therefore reduces the production costs of items. Reduced production costs and overheads have the effect of increasing the profits and returns that are made from the operations. (Dai, 2015) b. Increased value – through innovation, the products that are produced by a given company are increased in their value through the implementation of business ideas. Through value increment, there are more gains to businesses through their sale.(Dai, 2015) c. Better competition management–competition has the effect of reducing the returns that are made by a business from its operations. With this, innovation causes the business to embark on such activities that will reduce the impact of the forces of competition on its operations. With this, there will be great returns from the operations. This is to the better of the society as better quality products, goods and services will be offered to them by the businesses in operation. (Dai, 2015) d. Response to changes in the technology – recent days have been characterized by changes in the levels of technology from the operations of businesses. There are many benefits that are brought about by the application of technology in the business operations. With this, businesses are able to derive utmost value from their operations. This is to the ultimate benefit of the society and the national economy at large. e. Maximum utilization of the resources of the business – through innovation, there is the maximum utilization of the resources of a given organization. This is through the elimination of such things as delays in the processes. This is for the better of the respective companies. CONCLUSION In conclusion, as pointed out above, innovation is crucial in the undertakings of any business or country. This is through such things as reduction in the costs that are incurred in the processes. This is also through increase in the value that is created from the products. Maximum utilization of the resources of the company is also enhanced by innovation in the processes of the company. Based on this, the organizations and countries should focus on the building and the development of an innovative culture among the people. With this, all the sectors will be promoted to develop in the operations and this will foster the economic growth and development process. (Mason, 2015) RECOMMENDATIONS TO IMPROVED CAPACITY FOR INNOVATION As pointed out, there are many benefits that accrue from the application of innovative processes in the operations and the undertakings of the businesses. Some of the benefits that have been pointed out include cost reduction and the maximum utilization of the resources of a given entity or government. (Hayashi, 2015) With this, they will be able to derive the ultimate benefits that it brings along with it. The businesses should also finance al the innovative ideas that have been brought forward by the staff or employees. This will aid in the goal attainment process of the company. Motivation is also a key step in the seeing to it that there is the development of an innovative attitude by the employees and staff of a given entity. With this, they should be motivated to innovate their processes. The second aspect that this can focus on is the use of motivational and inspirational speakers to raise the morale of the employees. This will also aid in the goal attainment process of the company and the maximum utilization of the resources of the company. (Hayashi, 2015) References Anthony, Scott D.; Johnson, Mark W.; Sinfield, Joseph V.; Altman, Elizabeth J. (2008). Innovator’s Guide to Growth. "Putting Disruptive Innovation to Work". Harvard Business School Press. Dai, X. (2015). Innovation. Singapore: World Scientific. Hayashi, F. (2015). Innovation. International Monetary Fund. Huebner, J. (2005). "A possible declining trend for worldwide innovation". Technological Forecasting and Social Change 72 (8): 980–986. In Ørstavik, F., In Dainty, A., & In Abbott, C. (2015). Construction innovation. Jackson, B. A., & National Institute of Justice (U.S.). (2015). Fostering innovation in community and institutional corrections: Identifying high-priority technology and other needs for the U.S. corrections sector. Mason, H., & Reyes, M. I. (2015). Trend-driven innovation. Randall, R. (2005). Innovation. Bradford, England: Emerald Group Pub. Salge, T.O. & Vera, A. 2012, "Benefiting from Public Sector Innovation: The Moderating Role of Customer and Learning Orientation". Public Administration Review, Vol. 72, Issue 4, pp. 550-560. Siltala, R. (2010). Innovativity and cooperative learning in business life and teaching. University of Turku. Read More