Innovation & Risk Management Retail Credit Risk

Question: Identify the difference between invention and innovation and how innovation can be successfully implemented to achieve growth in an industry Demonstrate a critical awareness of the different models of innovation and how they apply to an industry case studies assignment task ? choose an innovative organisation and critically analyse the seven dimensions with a strategic innovation frame work to produce a portfolio of outcomes that drive growth in your chosen organization . Answer: Introduction: In the fast changing business environment, maintaining sustainability has become a crucial challenge to the global marketers. In order to cope up with these challenges, the marketers are trying to bring innovativeness within the offerings in terms of product or services. However, the global organisations, in many cases, experiencing a greater need of altering the existing business models to manage the global demand. Since 1990s, in the strategy literature, strategic innovation has been found one of the dominant research themes along with the impact of globalisation and the information and communication systems. The past literature indicated that managing competitive advantage by employing strategic innovation and utilisation of new game formulas have become a greater challenge to the recent marketers. The concept, strategic innovation has come to the current scenario to make the global organisations capable of meeting global challenges. Considering all these aspects, the present study demonstrates the difference between the invention and innovation, followed by analysing how the innovation is implemented for achieving growth in an industry. Furthermore, a critical awareness of the different models of innovation has been discussed considering the case study of Google. Several case studies have been discussed while conducting the study as well. Finally, a seven dimension strategic innovation framework has been analysed to produce an outcome which has driven the growth in Google. Body: According to Bolton et al. (2011), invention is the creation of a product or generation of an idea for the first time. The brands basically emphasise more on developing its patents, it provides the brand an authority to prevent the competitors from imitating its unique organisational concept. This not only facilitates the management to maintain its USP, but also to protect its pre-determined period, which allows keeping the competitors at bay. In the similar context, Busch et al. (2007) mentioned that the invention of the brand is its primary foundation, which facilitates the entrepreneur to create its brand and product identity in the target market. Innovation continues effort of the brand that offers the thriving opportunity for the brand to sustain the fierce competition of the market. In the similar instance, Banerjee and Sharma (2015) mentioned that Google can be identified as the most lucrative brand that persistently implement its hard and smart effort to innovate the new creation to upgrade its market. In the present instance, Iovine et al. (2013) commented that penetrating into the SEO (Search Engine Optimisation) segment had been the invention of Google. However, nurturing the specific product with the continuous effort to update its profile had been its innovation. Thus, evaluating both the concepts, Lombardi et al. (2016) determined that Google had enable to find out the most prospecting market, due to which the brand had selected the SEO mar54ket. Considering the market position of the current period, it could be inferred that the market is highly converting into e-marketing; therefore, Google has a huge prospect to sustain and expand the business with its continuous marketing and technical efforts. On the other hand, Maltseva (2015) mentioned that the continuous updating of the portal had been a lucrative a smart effort by Google. In has been assessed that Every Google tries to forecast an event in its home page to decorate the presentation of the portal and update the viewers with the current affairs. In the similar instance, Molina-Castillo et al. (2012) mentioned amongst all the other search engine browsers, Google gets the maximum attention of the viewers, due to persistent updating and indifferent layout of the page. However, Yahoo also follows the similar e-commerce actions like Google, yet, it fails to convert the potential viewers of Google. Thus, inference can be drawn from the prior assertions, that the viewers basically look for the presentability of the online portals, thus, Googles home decor is far ahead than Yahoo. According to Pokrovskiy (2014), the management of Google had enabled to convince its internal resources to increase the efforts on the targeted job on each day basis the employees hardly get the pressure from the management for the completion of the allocated task. Thus, ten instruction had been provided to each of the internal staffs, where the staffs need to increase the existing development based work by 10x. Moreover, Shiwaku (2011) asserted that Google Books had been introduced in 2004, in the specific time period; Google hardly had the financial base to proceed with the project. However, the internal and lucrative and the efficiency of the internal employees had facilitated the management to launch the product in the market, with its corrective technical support and advancement initiations. In the context of the present statement, Stehno (2007) that the each of the organisations has a unique insight that basically directs the brand to create its brand identity in the target market. In the similar context, Googles innovation and search engine technique are its unique insights, which had enabled the brand to enhance its market position amongst the top leading giants. Wang et al. (2010) stated that the current effort done by Google in its Chrome browser is excessively appreciable. In this, the home page directly forecast the at least on 5 to 7 current affairs topic, which might help the viewers to get updated with the social, political and economical conditions. The employees are the major assets of Google. The management had managed to understand the fatigue schedules that an employee undergoes in the technical lines. Therefore, the management of Google had enables to identify the existing aspects, thus, to enhance the motivational level amongst its internal resources, the brands had imposed certain recreational activities to remove the monotony amongst the employees. Anderson (2007) suggested that Google had also the financial rewards to the employees. This directly leads the employees to emphasise huge effort on its job role and the professional aims of each employee get aligned with the organisational goals. At present in this competitive business world Google acts as model for structured innovation. Google serves the following action for its different models of innovation. The core business of Google has been apprehended by its innovation of products in regular basis. In case of social attachments Google was leaded by the Microsoft, Twitter and Facebook. However, Fernandez-Culma (2014) argued that now the market trend is going with Apple for its innovative products like iPad, iPhone, etc. Although Google has adopted a learner release cycle for its cloud based products to retain its fame of innovation. Even YouTube was converted to use the advantage of Google technology (Korotkevich, 2011). Google+ is the unique infrastructure that embraces all the Google services together. Google earth is an instance of open technology introduced by Google that allows the Google developers to construct covers on the top of the map and able to distribute it to the rest of the world. Google is making the very long term research and development process to promote its innovative driver less car and Glass projects. It makes uproar in the market about the driver less car of Google. But the organization like Google has projected a longer time prospect for making of the cars. According to the opinion of Thory and Al (2011), Google has the potential of long term thinking on its structural innovation. In case of Glass projects of Google, no handset maker has been as imaginative. Google has the expertise in networking and distributed computing through its long term innovation process. For an example, Google has dominated the domestic TV screen through its computing technique. Tusher and Chairman (2012) added that Google has the long term strategic potential to replicate the Apples platform and the ecosystem strategy of the Facebook. Google Books is another example of Googles long term thinking process which contains the content of million online books. The enterprise tran sformation of Google is a dignified process of understanding that includes the way of generating new thoughts, analysis of current workflows, reproducing the technological innovation program and the Google box for work functionality. In the opinion of Maltseva (2015), Google published new internet technologies with some other standard committees to maximize the state of the Internet for converting the browsers more powerful. There is no pronouncements frontage for Google to highlight its innovative strategy for enterprise wealth creation (Pokrovskiy, 2014). The enterprise transformational model is used by Google for enhancing its technological improvement. The Work in the future strategy adopted by Google is its another enterprise transformational goal to unlock the power of innovations. As Samsung has the supremacy of Smartphone and tablet on the market, Google and Apple involve in a continuous process of war to grab the market with its next innovation. Google work for transformati on never ends with go-live process, but it would be forwarded with its continuous innovation within the organisation. The strategic innovation framework merged with the seven dimensions produces an assortment of the results to drive the potential growth of the Google. According to the opinion of Shiwaku (2011), the dimensions are as follows: The dynamic capability of the Google has the ability to enlarge, integrate and restructure the inside and outside competition in order to meet the rapidly changing requirements. This adaptation to the rapid changing environment provides Google the eligibility to make innovative practices for exploring a various collection of new responsibilities (Iovine et al. 2013). The organization created a game changing innovation like Google Search, Google News and Google Android, etc. Google follows the principle of a people-centric approach to support the stakeholders focusing on the individuals innovative power. In this similar context, Busch et al. (2007) viewed that at Google, the employee performance is appreciated regarding both of the aspects of creation and modernization. The top-down perception looks for understanding the continuous innovation process within the organization. According to the view of Tusher and Chairman (2012), the daily production that works best for the innovation wi th a predictable planning requires more flexibility toward the experimentations. Every year, Google eliminates the unnecessary technical and logical individuality so that the employees get more liberty to communicate and collaborate with other colleagues. The hiring process of Google is another different technique to hire the talented people who can tackle the big challenges within the organisation. Google follows a bottom-up approach for considering both the articulate and inarticulate requirements of the existing and potential customers. It is the set of internal capabilities of Google that could potentially be influenced for delivering value to the customers, including all the technologies, brand equity, intellectual property and the strategic relationships. Google is more or less open to integrate with its surroundings. In the opinion of Thory and Al (2011), the innovative companies have the vulnerable restrictions with having a constant and conscious exchange of the information with the surroundings. This dimension may drive to execute new thoughts and policies of Google to manage the financial, cultural, operational and political burdens successfully. The overall success of the company like Google is enabled or restricted depending on the effective disciplined implantation within the workplace. As stated by Bolton et al. (2011) Google follows a systematic approach to work differently from the predictable graphical way of working. Googles semi structured organization facilities can balance the strategic framework innovation within the organization. Conclusion: The primary assertion of the essay indicates the innovation and risk management strategies of the company like Google. While conducting the research the difference between invention and innovation is analysed here to create its brand and product identity in the market. To evaluate the steps of innovation some strategies like Thinking 10X, Unique insights and More focus on employees needs to be implemented for attaining the industrial growth of the Google. The critical awareness of different models of innovation and its process of applying in the present industry is also examined in the research. The Google Innovative Every day, Google - The long term innovation and Google Enterprise Transformation is evaluated in the study to evaluate the critical analysis of different models of innovation followed by Google. 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