...“Critically appraise the role of crowd sourcing in today’s rapidly changing global business environments and its contribution to innovation.” Assigment 3 “Critically appraise the role of crowd sourcing in today’s rapidly changing global business environments and its contribution to innovation.” Assigment 3 “Critically appraise the role of crowd sourcing in today’s rapidly changing global business environments and its contribution to innovation.” Crowdsourcing is finally coming of age especially with a prominent rise in recent years, it is recognised crowdsourcing is an online phenomena which aims to distribute problem solving and production to impact on the present day’s rapidly changing global business environment. This essay provides an introduction to crowdsourcing, analysed through a theoretical basis in reference to examples, moreover paying particular attention to distinguish and define crowdsourcing from open source production. Furthermore this essay also critically explores the prospects for the paradigm. The potential to exploit and impact a crowd of innovators will be assessed likewise to an evaluation of the opportunity for the use outside ‘for-profit’ organisations. To conclude, this essay recommends an outline and plan for research into the role of crowdsourcing and its contribution. It is recognised that the key to success is inevitably put down to creating; such an attitude has made way for an era for open innovation. Open innovation allows businesses an...
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...In the business world, there are a number of interlinking factors to achieve certain goals such as the most important goal, attaining industry success which directly relate to the economic development of a country as well as the global economy. In such a relationship, entrepreneurship with innovation is the major driving force behind the sustainable economic development and thus, entrepreneurs play the key role in manipulating the factors of production that include land, labour, capital and also the natural resources (Econlowdown, n.d.) to cause economic growth. In short, entrepreneurship contributes to the economic performances by introducing innovations, effectively allocating resources and creating changes. Hence, the aim of this essay is to discuss the nexus of entrepreneurship, innovation and economic development as well as the role that creativity and problem solving play in this relationship. From the business point of view, entrepreneurship is referred to the capacity and willingness to develop, organise and manage a business venture along with any of its risks in order to make profit by using the factors of production (BusinessDictionary.com, n.d.). Clearly, entrepreneurs are the people with particular characteristics and traits of behaviours whereas entrepreneurship is the result of what entrepreneurs do and refers to events and their economic impact (Lumsdaine and Binks, 2006). Innovation on the other hand is one of the key tools that could assist entrepreneurs...
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...Nottingham University Business School Undergraduate Programmes TITLE OF MODULE: Entrepreneurship and Business (N11440 MY) Title of Work: Discuss the relationship between entrepreneurship, innovation and economic development. What role if any do creativity and problem solving play in this relationship? Refer to both theory and examples from the business world to support your discussion COPY 1 TITLE OF MODULE: Entrepreneurship and Business (N11440 MY) Title of Work: Discuss the relationship between entrepreneurship, innovation and economic development. What role if any do creativity and problem solving play in this relationship? Refer to both theory and examples from the business world to support your discussion COPY 2 Austrian writer, professor, management consultant and self-described “social ecologist,” Peter F. Drucker once said “Innovation is the specific instrument of entrepreneurship. The act that endows resources with a new capacity to create wealth.” (BrainyQuote, 2014) This essay aims to show how innovation, entrepreneurship and economic development are all linked together as shown in the statement above. Even though many a time the spotlight has been shined on entrepreneurship as the propellant towards success, there are still many factors that have to be taken into account such as creativity and problem solving skills...
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...entrepreneurship, innovation and economic development is a multidirectional cycle, which means that they affect each other in two directions. From one direction, when there is a problem entrepreneurs would use innovation which comes from creativity to solve it by entrepreneurship. Innovation deliveries new industries or get exist industries developed and both of those actions will lead economic to develop. The births of new industries encourage people with entrepreneurship to organize new economics. From the other direction, the development of economic absorbs new investments. Those investments include not only labour, land and capital, but also innovation which can improve the new good or service. The development in new industry can also offer money or other capital to encourage people with creativity to innovate. Innovation can be protected by entrepreneurship because it relies on innovation. As Thomson Edison* said, his inventions were from seeing a worthwhile need to be met and trailed after it until it came. So it can be seen as innovations are from solving problem and creativity. As an entrepreneur, spotting a problem and turn it into opportunity by creativity is called entrepreneurship. Entrepreneurship sets innovation to processing first and then gets profits from economic development. As Bolton and Thompson (2000) has recognized, entrepreneurship is about change and innovation. So every entrepreneurs needs to understand how to apply or utilize innovation. Processing or...
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...The Role of Product Lifecycle Management Systems in Organizational Innovation Hamzeh K. Bani Milhim, Xiaoguang Deng, Andrea Schiffauerova, and Yong Zeng* Concordia Institute for Information Systems Engineering, Faculty of Engineering and Computer Science, Concordia University, 1455 Maisonneuve West, Montreal, Quebec, Canada, H3G 1M8 yong.zeng@concordia.ca Abstract. Innovation is a critical ingredient of today’s organizations. Innovativeness helps organizations to maintain their success and position in the market. Numerous research studies examine the factors that impact successful organizational innovation, for example organizational learning capability, organizational structure, etc. Product Lifecycle Management (PLM) systems have been widely implemented to support organizational innovation as well. In this paper, we will discuss the role of PLM systems in fostering the organizational innovation success. Moreover, future trends based on the current PLM systems that would provide further support to the organizational innovativeness will be explained. Keywords: organizational innovation, PLM systems, fostering innovation. 1 Introduction Innovation is considered as the major engine of organizational success. Organizations need to adopt and develop new products and services, and to improve their processes in order to maintain their goals such as profit, growth and continuous development. In addition, they are constantly required to increase their effectiveness...
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...International Bulletin of Business Administration ISSN: 1451-243X Issue 11 (2011) © EuroJournals, Inc. 2011 http://www.eurojournals.com Role of Knowledge Management to Bring Innovation: An Integrated Approach Kashif Akram Lecturer, Department of Commerce The Islamia University of Bahawalpur (Pakistan) E-mail: kashifdms@yahoo.com Tel: +92 63 9240298 or +92 334 7266860 Suleman Hafeez Siddiqui Lecturer, Department of Management Sciences The Islamia University of Bahawalpur (Pakistan) E-mail: sulman.siddiqui@yahoo.com Tel: +92 63 9240298 or +92 322 5172513 Muhammad Atif Nawaz Lecturer, Department of Economics The Islamia University of Bahawalpur (Pakistan) E-mail: atifnawaz_iub@yahoo.com Tel: +92 63 9240298 or +92 314 6864997 or +92 333 3030313 Tauqir Ahmad Ghauri Lecturer, Department of Management Science The Islamia University of Bahawalpur (Pakistan) Ph. +92 63 9240298 Cell +92 333 6183035 E-mail: tauqir.lec@gmail.com Amjad Khawar Hayat Cheema Lecturer, Department of Economics The Islamia University of Bahawalpur (Pakistan) E-mail: khawar790@hotmail.com Tel: +92 63 9240298 or +92 321 4076799 Abstract Purpose: The basic objective of the study is to reconcile the literature on knowledge management and innovation in organizations. The study seeks to examine and elaborate the linkage between knowledge management process and innovation process to dig out the important relationships and flows of activities. Design/Methodology/Approach: The study is induced using qualitative methodology...
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...A brief discussion of the relationship between entrepreneurship, innovation and economic development as well as the role of sustainability in the relationship Introduction: The origin and development on theory As early as the 17th century, the French term "entreprendre "appeared in economics, which evolved into "entrepreneur" as commonly used (Dees,1998). The concept of entrepreneur keeps on developing and varies with the development of socio-economics. Richard Cantillon published his in 1775 “Essay on the Nature of Trade in General" (Murphy,1986). Since then, entrepreneurship was given a definition in the perspective of behavior, including decision-making, sound judgment, supervision of production, innovation, and resource reallocation (Herron, 1993). The new definition of the "entrepreneur" credited by French economists was put by Jean Baptiste in the 19th century "the entrepreneur shifts economic resources out of an area of lower and into an area of higher productivity and greater yield". In this time, entrepreneurship was given the meaning of "creating values"(Dees, 1998). In 1911, “entrepreneur as innovator” was put forward by Schumpeter. In his theory, entrepreneurship nearly the same as innovation is thought to be a critical factor in the promotion of economic development. This theory was unceasingly completed by Schumpeter. Through the process of “disruptive innovation” (Schumpeter, 1942), entrepreneurs create economic opportunities and obtain economic benefits by causing...
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...the Role of Innovation in the Economic Growth Process Surrounding the Role of Innovation in the Economic Growth Process Innovation Innovation is an essential element for any organization in order to survive, grow and significantly influence the direction of any industry. Development does not; however, guarantee success, but most be followed up with successive streams of innovation and change, from the incremental to the radical. The most reliable way to be successful in the industry is to innovate better and longer than the competitor, leading companies develops innovation portfolios that they can use to help sustain growth over the long term. Innovation and change is an essential part of any business activity, but only some people recognize its importance and significance. Often, management fails to notice the implication of innovation and change, which becomes the reason of the change failure. Innovation can be summarized in two main areas: innovation is doing something nobody has done in the history of the world or do something that we have not done before. Innovation does not always fit with what we do, and a lot of new opportunities that are found in the company do not sit well with her. So the first step is to create a "space" where these opportunities can be developed, at their own pace and without neglecting the routine tasks. It is therefore; necessary to release resources to enable people to experiment with these new ideas. It is also necessary that...
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... Birmingham Business School Student ID Number: 1517083 Programme Of Study: MSc International Business Module: Global Shift Assignment Title: The Global Shift Essay, Critically evaluate the role innovation plays in the emergence and development of international business. Date and Time of Submission: 11-11-2015, 12:00pm Please ensure that you complete and attach this Submission Form to the front of all work that is submitted online. Before submission, please ensure that your name does not appear anywhere on your work, only your Student ID number. By submitting your work online you are confirming that your work is your own and that you understand and have read the University’s rules regarding plagiarism and the consequences that will arise should you submit plagiarised work. Critically evaluate the role innovation plays in the emergence and development of international business. Introduction Innovation has been playing a significant role in the history of business and trading since the ancient time. Generally speaking, the innovations that have effected international business can be classified into technological innovation, theoretical innovation and institutional innovation (Daniel, 1983). Among the three kinds of innovations, technological innovation is probably the most obvious one as the technology along with its influence is directly visible. In general, technological Innovation has four main effects...
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...Research series The role of the board in innovation PREPARED BY Dr Robert Kay and Dr Chris Goldspink GOVERNANCE LEADERSHIP CENTRE companydirectors.com.au/glc Contents Introduction 3 Innovation and directorship: a role at the core of good governance? 4 Reading the context and steering the approach 5 CEOs and innovation 7 Differences between the public and private sectors 12 Conclusion13 References14 2 GOVERNANCE LEADERSHIP CENTRE companydirectors.com.au/glc Introduction What is the role of the board in innovation? There are mixed views on this question within the governance literature. Part of the problem relates to the ill-defined nature of innovation itself, how it relates to the strategy of the organisation and the division of responsibilities between the board and the executive. This paper will draw on research conducted for the AICD during 2014 (Kay and Goldspink 2015), involving interviews with over 100 Chairs of listed, private, public and not for profit boards, as well as two other studies conducted by the authors. These additional studies involved interviews with 25 CEOs drawn from both listed and private organisations, as well as 25 Departmental Secretaries and Directors-General drawn from both the federal and state public sectors. These latter studies canvassed executive views on what innovation means to them and what it takes to innovate effectively within their respective sectors (Kay and Goldspink 2012a, 2012b). In combination, these three...
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...long-term and difficult process. There is an undeniable resistance to change the former way to the new and evolving way of doing business. As businesses continue to expand in the global markets, it will require a strong leadership commitment to change the vision of what the goal of change will be in order to sustain continuous innovation. In the excerpt of Vineet Nayar’s, “Recasting the Role of CEO: Transferring the Responsibility for Change. How Leaders Tap the Creative Energy of Employees”, it demonstrates the concept that if management can remove itself and allow employees to lead that the collaboration process will lead to continuous and sustaining innovation. This assessment will explore the transformation that Nayar implemented within HCLT to change the organizational structure, culture, and processes to support and sustain innovation in the changing global markets. Recasting the Role of CEO is as it states is the role reversal change that Nayar implemented to change the organizational structure of thinking within his organization. From that trend he developed and equally important initiative call Employee First Councils which evolve from EPIC. As Nayar points out he saw that his organization would need to rethink the role of CEO and to transfer much more responsibility for change to the employee (Nayar 2). By reversing the role of CEO the goal was to rejuvenate the management within HCLT. This innovative and practical approach was a transformation to change...
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...Discuss the forces of innovation, change and continuity underlying the diffusion of management accounting systems Ran Tao Introduction Accounting is the process of identifying, measuring and communicating financial information about an entity to permit informed judgments and decisions by users of the information. (Weetman, 2010) Management accounting is a specialist branch of accounting which has developed to serve the particular needs of management. It helps companies to formulate business strategies and make right business decisions. Many different kinds of management accounting systems are available, some include cost-accounting system, job-costing system and inventory management system. In order to make a smart business decision, it is important to select an appropriate management accounting system that integrates with the company’ financial accounting system. Management accounting innovations and origins An innovation is the successful introduction of an idea perceived as new into a given social system, management accounting innovations involve a set of design characteristics. (Hopper, 2007) The innovation aspects consist of for example types of cost objects, financial or non-financial data and allocation bases. If a proposed system leads to better decisions than the existing system, and the expected benefits from the proposed system exceed the cost of implementation, the new system is adopted. (Feltham, 1972; Demski, 1980) In this case, innovative management...
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... www.ijbssnet.com A study of Organizational Citizenship Behaviours, Organizational Structures and Open Innovation M. Muzamil NAQSHBANDI* Dr. Sharan KAUR Deptt of Business Strategy and Policy Faculty of Business and Accountancy University of Malaya, Kuala Lumpur, Malaysia- 50603 E-mail: virkul@gmail.com* Abstract With increasing technological advances, the need to create not only innovations but faster innovation has become a part of sustaining or gaining competitive advantage. Open innovation paradigm answers this need by utilizing larger resources and expertise that firms involved in the open innovation process offer. Given the recency of the concept of open innovation, the factors that influence the creation of open innovation are hazy. Most of the research on open innovation looks at the “hard” aspects of organizations, while the soft issues stand less researched. This conceptual paper draws attention to two such aspects of organization: organizational citizenship behaviour and organizational structure. This paper proposes that practicing organizational citizenship behaviours by the employees enhances the chances of creation of open innovation while not doing so can botch up the whole exercise particularly during the infancy stage. It is also proposed that informal organizational structures favour creation of innovation in the open innovation paradigm more than the rigid formal structures. It is further argued that besides proper citizenship behaviours...
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...Personal Definition of Innovation Innovation has a different meaning to different people. Innovation in simple terms as I see it is creativity and problem solving. Thinking outside the normal realm of everyday life whether as an individual or an organization. Innovation is about addressing issues and challenges and brainstorming for new ways to grow as individuals. Innovation takes chaos and turns it into order. Creativity is a thought in our minds and taking that thought and improving on something that already exist or an idea of something new. Invention is taking that creative idea and put it into form that can be used. Innovation is taking this idea or product/idea to the market. Creativity consultant Joyce Wycoff (1991) defines creativity as "new and useful". Creativity is the act of "seeing things that everyone around us sees while making connections that no one else has made." (p. 22). Inventions are new to the world, never seen before or to put it into a better perspective, to discover something new. Nevertheless, innovation is about changing or improving something or some would say ideas to improve the quality of life or business. For example, the phone was an invention where cell phones are an innovation. In some form, creativity, invention and innovation work together to bring the idea/product to life. With the changes that have taken place over the last century, Organization has had to face the realization that in order to move...
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...function as an inseparable part in the context of economic development since their close involvement in the processes of manufacture, trading and profit generation. However, it also appears that the term entrepreneurship is not easy to understand although this subject seems similar to the term of entrepreneur. Based on this background, this essay will first fully analyze the principal subject of entrepreneurship reflecting various economists’ perspectives, and secondly illustrate the relationship between entrepreneurship and innovation, before suggesting that in general, entrepreneurship is closely linked with innovation and they are both significant elements in the development of economy. Furthermore, this essay will also illustrate that creativity and problem solving are effective capabilities in entrepreneurial processes of business planning and decision making in the realization of innovation. To understand the relationship between entrepreneurship, innovation and economic development, it is crucial and necessary to analyze the keywords in this statement. First of all, what is entrepreneurship? In fact, despite the potential that every individual may take a mutual view directly on the term of entrepreneurship, there is no fixed definition of this term. As is noted by Baumol (1968: 64), the concept of entrepreneurship is in fact obscure and it is not often the case that, this term can be defined explicitly in the theoretical scope. Traced back to the early history in economic context...
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