Paper Example on Innovation: A Catalyst for Business Growth

Introduction

Innovation is the creation of more effective products, ideas, and processes. For the manufacturing industry, it means the implementation of new ideas, improvement of services, or the creation of dynamic products. Innovation acts as the catalyst for making businesses grow and helps one adapt in the marketplace (Borghesi, Cainelli, & Mazzanti, 2015). Through innovation, the business model is changed, and there are changes to the existing business environment for the delivery of better goods and services. Successful innovation must be part of the business strategy, where one creates an innovative culture and gives room for creative thinking. It also increases the chances of success of a business while creating more effective processes that lead to better performances and productivity (Caputo, Marzi, & Pellegrini, 2016). The manufacturing industry requires creativity and innovation in finding new things. Try adoption and creation of new ideas that will assist the business to grow beyond its existing competition (Na, Choi, & Harrison, 2017). This report examines advance innovation management in the manufacturing industry. The structure of this paper is organized into four key areas, namely the timeline, personal capability assessment, article identification and review, and conclusion areas.

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Timeline

In completing assessment three, there are key development points. The first point is that with assessment three, the industry of focus is the manufacturing sector. Production industries are those that take part in transforming goods, substances, or materials to new products. The process of transformation can be chemical, mechanical, or physical. The process of production creates value, inferring that organizations charge a premium for what they create. The mass production means that there is a swift production of goods, and with more accuracy. This reduces the prices and ensures consumer goods are cheaper. The more effective an organization produces a product, the more products are produced at minimal costs that have higher profit margins. A major trend in the industry is the use of high technology production methods. Companies are bringing in more technology as a response to the pressure from local and internal rivals. Programmable equipment, computers, and robots are common, leading to increased productivity because of increased efficiency and reduced need for unskilled labor. This report will be carried out within three months, from September to November. The timing of the scheduling is because of the need for more research, consultations, and dedication of resources.

Personal Capability Assessment

I have major strengths and weaknesses that are important to address if I seek to provide a comprehensive paper. The first major strength that I have is the availability of resources to complete the project. By resources, I mean that there are various capabilities such as the library, internet, and funds to purchase books, and even the required support to execute this project. With the required financial and material support, I believe I am well-equipped to handle this project successfully and deliver it promptly. The way of execution of the project is a huge determinant over its overall success. My lecturers provide the much-needed support whenever I seek clarifications about areas I do not understand. We are also always encouraged into consulting our peers over the areas we have difficulties, and I find this an important aspect in ensuring my overall success in these projects. The second strength that I have is having a background in innovation management. In school, we have engaged in different innovation management practices in the past. This offers me the ideal background of ensuring success in this project in the future. With knowledge about the past, it is very easy to anticipate the future and its key competencies. Different articles have identified the roles of organizations in innovation in manufacturing. With the real right innovation, manufacturing industries increase productivity across the supply chain (Bustinza, Gomes, VendrellHerrero & Baines, 2019). During production, manufacturers must execute programs for the improvement of capital and labor productivity by operational excellence. Through the incorporation of materials and energy parameters into the approaches of product design, manufacturers reduce the usage of nonrenewable materials.

However, I also have major weaknesses that I believe will possibly hamper the success of this project. At the same time, when these weaknesses are effectively addressed, I believe that I will realize better success now and in the future. The first weakness I have identified is the limited timeframe for the completion of the project. The timeframe that I have set is bound to change at some point, and nothing is definite. When there are no accuracies with the projected timeframe, the possibility of the project hitting stagnation is very high. To solve this problem, I highly consider it important to consult with my project manager to help me with the necessary advice on how to complete this aspect. Another weakness is the lack of coordinated teamwork. A group of individuals with the same objective can realize better results. However, assessment three does not need a dedicated team of individuals. Instead, it needs one to become focused on the completion of the project. To solve this weakness, I need to become focused, results-oriented, and dedicated to achieving the end-goal of the best project. This is what I seek to do towards realizing better outcomes in the project. Another weakness is the lack of enough funds to execute the project. Executing this project needs surveys and interviews, and this also needs funds. To solve this problem, I will ask for help from family and friends to help me through the difficulties of acquiring the required information about innovation management in the manufacturing industry.

Article Identification and Review

The first article used in this study is written by Tidd & Bessant (2018), and it identifies the six areas of focus towards achieving real innovation in production. In the article, the authors provide the evolution of manufacturing sector through innovation. The first aspect that Tidd & Bessant (2018) identify is increasing productivity through resource production in the supply chain. Manufactures create new value, reduce costs, and increase the stability in operations by prioritizing and focusing on four key areas. These are production design, recovery of value, the production itself, and the management of the supply chain. According to Tidd & Bessant (2018), producers must execute programs for the improvement of capital and labor. The shifts in product design increase recycling opportunities. The second approach for manufacturing industries is implementing a continuous culture of improvement. This is part of excellence in operations, and the end goal is reducing costs of operations, improving processes, and working in a permanent improvement culture (Tidd & Bessant, 2018). Focusing on real innovation in the production process establishes a standard model of excellence within a company by applying the universally accepted principles. The third approach is the creation of an innovation culture. The final aspect is developing talent and the ability to innovate. The importance of this article to the overall research project cannot be underscored. This article introduces the research topic and links it to the focus of the paper, which is innovation in the manufacturing sector. Through this article, readers develop an understanding of the impacts of an innovative culture in production activities. When correctly executed, production capabilities can be realized and expanded appropriately and according to the needs of a company.

The second article is written by Hombert, and Matray (2018), and it focuses on the ways innovation in the U.S industries can assist the country in fighting off competition from China. According to the authors, the rise of china because of the rapid integration to the world trade and changing to the market-oriented economy is a major source of disruption of the leading economies. These developments have furthered the lingering discussions on the effects of trade on workers and firms in the United States. Hombert & Matray (2018) contend that innovation is regarded as a standpoint against minimal costs competition from foreign countries. Given the time needed to adjust to the wage differences, competing on costs fails. The best resolution for companies in developed nations is the differentiation of products and becoming examples for underdeveloped nations. Innovation is vital because it gives companies the chance of increasing quality of products and differentiation, and therefore escaping competition. This viewpoint has impacted public and corporate policies. Import rivalry has influenced firms into investing in technological changes and upgrading of product quality. In this paper, Hombert & Matray (2018) test if innovation gives the US producing companies to escape route form intensified competition from Chinese firms. This paper significantly contributes to the overall goal and quality of the research paper. Through this paper, innovation is understood from a different perspective, especially in the ways it contributes to intensified rivalry. Companies must frequently innovate to meet consumer demands. A company that does not innovate is bound to fail in the current competitive climate. Through the case study approach, this article fosters the idea of innovation and how it contributes to better policies among industries.

Conclusion

The report plan, as already mentioned, is divided into three key sections. The first section is about the timeline of the execution of the project, and this involves analyzing the key resources, tools, and competencies required to finish the project. The right timeline guarantees the best project. The second element is the personal capability assessment, where there is the identification of the personal strengths and weaknesses for completion of the assessment. In this section, I have explained the ways I will address my weaknesses to improve my project submission. The third section is about article identification and review. Two peer-reviewed articles have been identified and linked to the ways they contribute to the project. The overall goal of the project is ensuring a better understanding of innovation and how it is vital for manufacturing companies. Without innovation, it is difficult to have the desired levels of product differentiation. As shown, for the manufacturing industry, innovation means the implementation of new ideas, improvement of services, or the creation of dynamic products. Innovation also increases the chances of success of a business while creating more effective processes that lead to better performances and productivity. The manufacturing industry requires creativity and innovation in finding new things.

References

Borghesi, S., Cainelli, G., & Mazzanti, M. (2015). Linking emission trading to environmental innovation: evidence from the Italian manufacturing industry. Research Policy, 44(3), 669-683. Retrieved from ftp://ftp.repec.org/opt/ReDIF/RePEc/srt/wpaper/2714.pdf

Bustinza, O. F., Gomes, E., VendrellHerrero, F., & Baines, T. (2019). Product-service innovation and performance: the role of collaborative partnerships and R&D intensity. R&D Management, 49(1), 33-45. Retrieved from https://www.researchgate.net/profile/Emanuel_Gomes/publication/316436344_Product-service_innovation_and_performance_the_role_of_collaborative_partnerships_and_RD_intensity/links/5a4b77d9aca272d29465441e/Product-service-innovation-and-performance-the-role-of-collabor...