Concept of Innovation in Emaar - Essay Example

Concept of Innovation in Emaar Introduction Before going into the details of whether Emaar Construction Company believes in innovation or not, let’s get a better understanding of what innovation actually is. We can say that innovation is the act of launching a new product or service into the market. If, in a market, a product is introduced which was not available before in the market, that product is said to be an innovative product with new ideas and thoughts behind the product. “Innovation is the lifeblood of any organization” (Reavis 2009). Innovation is a complete process of generating new ideas and plans regarding a product or a service and then taking appropriate steps for the implementation of those ideas and plans in the product development process in order to create a new product. Christiansen (2000) found that newly developed products are introduced into the market by a company to get some economic gain. 2. Emaar Construction Company While talking about the concept of innovation, let’s talk about a company which has really embedded innovation in all of its processes and activities. The company which we are talking about is Emaar Construction Company. Emaar is a public joint stock company whose motive is to provide the people with high standard and premier life styles. Emaar has really proved its worth in the field of construction. It has become one of the leading construction companies in the world because of its professionalism and commitment towards fulfilling the customers’ needs and requirements. Emaar is basically a Dubai based Construction Company and has been working effectively and successfully since 1997. Emaar has managed a rapid growth due to its professionalism in satisfying the housing needs of the people of United Arab Emirates. 3. Does Emaar Believe in Innovation? Emaar Construction Company strongly believes in the concept of innovation and stresses on innovative and creative ideas in all aspects of the company. Emaar has completed a lot of outstanding and marvelous projects which were based on innovative ideas. It is due to Emaar’s constant urge for innovation that it has proved to be one of the most successful construction companies of the world. Emaar Construction Company competes in various areas related to construction industry. These areas include building beautiful homes, providing value added services to the customers, master planned communities, various construction projects, and providing the customers with full range of high life style requirements. Emaar’s main competitive strategy is based on creativity of new ideas and Emaar considers innovation and modernization of ideas to be the basis of success in any competitive market. 3.1 Characteristics that Facilitate Innovation in Emaar Emaar’s Construction Company’s characteristics regarding innovation include creativity of new ideas, establishing a motivation-oriented business environment, creation of a corporate structure, innovative marketing strategies, constant desire of finding out innovative ideas and a way to implement those ideas, and finding out resources which promote innovation in the products and services provided by the company. Emaar Construction Company has really proven its worth in the field of construction through providing the customers with high quality life styles. It is due to innovative characteristics of Emaar that it has proved to be one of the leading construction firms of the world. McCallum (2010) states, “creativity is important, particularly in business to remain competitive, to provide opportunities for staff and to create a fulfilling environment which has no constraints on free thinking”. The three core factors of Emaar’s success include innovation, resilience and compliance. Emaar Construction Company possesses all characteristics of an innovative organization which include use of latest construction technologies, business segmentation, geographic expansion, risk taking, intense customer focus, cross-functional teams, development of innovative marketing strategies to sustain businesses, and providing the people with premier life style. Emaar has not only implemented innovation oriented strategies in all departments of the company but also it has successfully developed an innovation based culture in order to demonstrate innovation in all aspects. Gillies (2009) states, “innovative culture can often be the difference between a successful and a not-so-successful organization”. Emaar encourages people to experiment and explore the world as much as possible. Dodgson (2000) found that an innovative organization should develop such environment which could promote innovation in all aspects of the business. Emaar has successfully maintained a balance between speed and quality which is also one of the key factors of Emaar’s success in the construction industry. It is the innovative thinking style of Emaar’s management employees which has enabled Emaar to develop various outclass buildings and projects which include the world’s tallest building Burj Khalifa, Downtown Dubai, Dubai Marina, Arabian Launches, Streets of Dreams, The Meadows, Hattan Homes, and Gold and Diamond Park. 3.2 Innovation Process in Emaar The innovation process of Emaar, which I examined while carrying out research regarding Emaar Construction Company and its success in the construction industry, is based on seven staged process. The steps included in the innovation process include generation of new idea of a product, analyzing market’s economic conditions for the implementation of ideas, beginning the development process, developing a business-effectiveness strategy for the product, brining in latest technology to create high standard buildings, developing innovation based marketing strategy to launch the product, and launching the idea in the shape of product into the market. In Emaar, every employee is encouraged to come up with new ideas in order to develop an outstanding product for the satisfaction of the customers. It is due to Emaar’s innovative strategies that Emaar has achieved a high rank in the construction industry and is successfully expanding its businesses almost all over the world. 3.3 Most Innovative Products of Emaar Emaar has succeeded in developing its name in the field of construction industry by bringing in innovation in every area of the company. Emaar encourages its employees and the management to take bold steps regarding creation of new ideas because Emaar believes in modernization of the lifestyles and the management of Emaar puts every effort in developing such innovative projects which should be able to attract the local and foreign customers. Some of the most innovative projects developed by Emaar Construction Company include Burj Dubai Downtown, Dubai Marina, Arabian Ranches, Emirates Living, and Emirates Hills. There are also various residential projects developed by Emaar in which the houses were so well developed and ground-breaking that they were bought like hot cakes by the local public and foreign investors. These projects include The Meadows, The Springs, The Greens, and Hattan Homes. 3.4 Effects of Innovation on Emaar Innovation in all aspects of the business operations of Emaar has enabled it to develop a name in the field of construction. It is due to endless efforts of the management and all employees of Emaar that it has become one of the leading construction companies of the world. The goal of achieving success in construction industry is achieved through exploring creative and innovative ideas regarding the projects. The market share has tremendously increased and the businesses of Emaar have expanded to several countries due to creation and implementation of innovative ideas in the projects developed by Emaar. 4. Conclusion Summing it up, it can be said that innovation is the key to success for every firm in the construction industry. No organization can achieve market domination without brining in new and advanced technologies in order to develop an innovative product. Emaar Construction Company has developed its name in the construction industry through brining in innovation in each and every aspect of its business operations. It is due to Emaar’s innovative strategies that Emaar has proved to be the leader in the field of construction. References Christiansen, J., 2000. Competitive Innovation Management: Techniques to Improve Innovation Performance. London: Macmillan Press Ltd. Dodgson, M., 2000. The Management of Technological Innovation: An International and Strategic Approach. New York: Oxford University Press. Gillies, A 2009, Innovative Culture in Business, viewed 29 April, . McCallum, L 2010, Innovation - 6 Steps to Innovation and Creativity, viewed 29 April 2010, . Reavis, D 2009, Innovation Definition - The Four Requirements For Innovation, viewed 29 April 2010, . Read More