Innovation and risk management

Innovation and risk management

Introduction

There are various types of strategic innovativeness approaches, models, and frameworks which assist firms specifically with technology to increase their productions and to strategize their operational methods. Companies, therefore, have to innovate and progressively improve its operations to counter the competitive advantage. At times on the process on how they attain these processes, they show distinction from the strategic innovation (Hanafizadeh and Ravasan, 2011). The strategic invention needs a culture which can develop a breakthrough in the current market of the company and enters the new market with great potential. The seven-dimensional innovation frameworks are a combination of approaches which when weaved together produces many results which drive the growth. Pint energy for need the strategic models so that they can be in a position to tackle the challenges that are facing the global world. Just like any other oil company, the Pint firm faces lots of competition and for it to remain the energy market; it has to apply the strategic innovation frameworks. The report will focus on seven dimensions within a strategic innovation framework that will drive growth for Pint Energy

A managed innovation process

A managed innovation process is among the processes that are at the creative center of the innovations in the firm. A managed innovation is the strategy the company, in the case of Pint energy, can use to find new techniques and the trends in the market and make efforts to fit into them through innovation (Hanafizadeh and Ravasan, 2011). The innovation includes the company structure and the products in the market. The products in the market are analyzed, and the company makes innovativeness to maintain the competitive advantage. Pint energy should make an analysis of the current situation of the market and find a way to win the competitive edge. There are new trends in the market in which the customer's preferences and taste are ever changing. Learning the customer preferences and taste will enable Pint energy to invent new product types that will win the consumer preferences.

The Pint energy should have as better and well-managed innovations by looking beyond what is obvious. It will enable the company to influence and make inspiration on the members of the staff, and through this, there will be more explorations. The investigations may include pathways that the company can take to thrive in the competitive market (Flores-Fillol et al., 2014). The company can also look or carry out research and identify new possibilities and hence adjusting to fit into them. In this case, the Pint energy may make innovations that will enable them to overcome the other competitors through innovation and zipping the gap that exists in the market.

Strategic alignment

The staff in the organization is the driving force that will steer the firm to the highest levels of company cycle. The life cycle of the business is dependent on the way the staff relates and makes decisions in unison (Hanafizadeh and Ravasan, 2011). Strategic alignment is the interest and the support between the stakeholders that can assist in the stimulation of the organization. The Pint energy firm will have a real startup if the members of staff are well organized and have the same goal for the better future of the enterprise. The strength of the company depends on the union and focuses of the stakeholders. If the stakeholders of the Pint Company are in one vision and actions, the objectives of the company will be achieved, and the competitive advantage of the market will be easily won (Tushman and Anderson, 2004). The cooperation that exists between the members or the shareholders will drive the company to a far part that the competitors will not overtake.

Customer foresight

It is how the company product can improve the lives of the people. However, it refers to motivations that prompt individuals to specific brands over the others. About the Pint energy firm, it has to develop trust for the people. It is due to reason that many individuals are it willing to share their decisions on purchases. By gaining trust from the consumers, the Pint firm should be in a position to get information that is crucial for the company (Battistella, 2014). The Pint business will, therefore, have to build this trust by assisting them in their decisions on purchases through addressing typical problems associated with its product.>

Also, Pint Energy Company should map the journey of the clients in an aim to assist in identifying the gaps in their strategies. In this particular situation, the Pint Company should understand things that motivate the customers. Also, the firm should practice the personal immersion by doing what its consumers are doing, for instance, shopping with them (Hanafizadeh and Ravasan, 2011). If the Pint firm does this, it will notice the way its brand stands out in the market alongside its main competitors. The Pint business also will be in a position to go through all the challenges which the consumers encounter with its products in the market. By doing this will help them to rectify the possible mistake and put itself on the right track with the competing firms in the United Kingdom.

Industry foresight

This particular strategy encompasses the combination of future methods with those of strategic management. It also about comprehends the external changes together with internal capabilities and drivers of the industry (Hanafizadeh, et al., 2012). By using the industry foresight, the Pint energy firm will understand the drivers of changes, and also they will check the trends which are new to the company and the energy company. The company will determine and adopt new technologies which can assist the business to think outside their undertakings. The industry foresight in the Pint business will have to work together with outside and in-house change agents by applying a systematic process. It will have to combine ideas from different sources to come up, and spot ideas for future businesses and also they will drive extraordinary opportunities of the market. The firm also will systematically identify and explore the attractive search fields (Hanafizadeh and Ravasan, 2011). In order to have more efficiency with this strategy, Pint Energy Company has to develop and use existing approaches and change agents for developing and identifying opportunities for the new products.

Disciplined implementation

Pint energy business will have to show how it has discipline with is a particular innovative strategy so that it will have to come up with effectiveness in adding more products. The Pint energy company should sketch the desired image for the organization. It can attain via work-shopping a needed future at all levels in the enterprise. The firm also should ascertain specific goals which they have to achieve for instance if it is expanding oil markets across all regions of the United Kingdom in six months. By achieving it, it disciplined implementation strategy will have worked correctly (Hanafizadeh and Ravasan, 2011).

Also, the Pint energy firm should do an assessment which keeps staff focus on the business information technology progress. The firm, however, should come up with real-time indicators in its undertakings so that they should identify early warnings on lagging results. For instance, they should track the customer feedback on service deliveries of their products so that they can solve issues instantly as they arise. The implementing and outlining the reporting processes and also holding individuals accountable for all sections they have to take part to ensure that operations of the firm done accordingly. The firm has to align reward and recognition system in all sectors of the business to motivate staff. Tweaking actions and examine process and behaviors in all necessary parts to ensure that all workforce focuses on the operational processes of the company. Stakeholders, therefore, have to input terms of perceived progress.

Organization readiness

In the every change business, world energy companies like Pint should adopt strategies that enable organizational readiness and competitive. The implementation of the contemplated variations in the organization requires availability and management total support to be successful. For instance, before the organization implements changes, Pint energy company management should hold a meeting three days to the implementation of the changes. The meeting is meant to determine the organizational preparedness and modifications that may be required to be adopted before implantation begins (Hanafizadeh and Ravasan, 2011). The meeting serves to bring attention all managers of the organization on the changes that about to take place.

For the new change to take place management team of Pint Company should consider converting to reduce or access risk that may occur as a result of the new implementation of the contemplated process or changes. The company ought to conduct an assessment of the current situation and the capability of the enterprise to adopt desired changes without failure (Flores-Fillol et al., 2014). The need to identify the key implementation points that will ensure achievement of 50% reduction of possible failures in the next six months to come after the adoption of the new business process. The changes needed by the Pint energy company needs to be specific, time-bound, measurable and realistic in, order for the proposed business process to take place. For instance, the company needs to identify the amount to be achieved in production after the process has been adopted and fully implemented.

The impacts of changes intend has to be applied apparently after identification. For the sake of the Pint companies the changes have to be identified that include increasing the number of the staff and training them to be conversant can handle the new products about to be implemented. The history of the unsuccessful implementations has never been a witness of in Pint Company owing to the fact Pint Company always carries out significant organizational changes before the enterprise adopts any changes (Cassia et al., 2012). The existences of the important issues have been solved by the motivated management team of the business. Pint Company has sufficient time, financial resources, and motivated workers working in teams to implement the desired changes. The advocacy of the shifts in the company requires sufficient human resource to advocate for the changes which are sufficiently available in Pint Company.

Core technology competencies

Core technology competence refers to the unique ways of production or model of management that reduce cost while remaining efficient on the market. For the case of the Pint energy company, they need to adopt core technology competence to deliver in responding to the external request, performance at the individual level and coordination management at advanced operations (Hanafizadeh and Ravasan, 2011). The streamlining of the personnel in the organization is required for the new proposed processes to be adopted. Core technology competencies are needed in executives, management staff and development team, support staff, researchers and the volunteers in the organization. It involves the internal organizational capabilities which exist within the firm which could be extracted and utilized well. The Pint energy business will be in a position to deliver great satisfaction to its clients; the company also will improve the brands’ equity so that the consumers’ demands will get addressed in a manner that they will get satisfied.

For the executives, core technology competencies are required implementing strategic information system plan which is a need for the communication of the firm. For instance, the use of the latest technology in communication such mail, local area network and office scheduling system. For the executive, they require the system that is faster to collect information and can reach all the employees cheaply and efficiently (Al Meshabi et al., 2010). For the management team, communication is crucial in the implementation of the process desired since coordination is of the essence. Subsequently need to access central system with ease thus internet is important for the team. For the rest of the staff such as low management level, researchers and volunteers, core technology competencies assist them to communicate with top management team via the internet and be able to process information with the help of the computers and the software installed. Therefore core technology is very useful in Pint Energy Company.

Conclusion

The Pint energy firm should adhere to seven dimensions within a strategic innovation framework to input more products to its existing portfolio. By using industry foresight, the firm will be in a position to identify and adopt new technologies which can assist the company to think outside their undertakings. The industry vision in the Pint business will have to work together with outside and in-house change agents by applying a systematic process. The Pint business will, therefore, have to build this trust by assisting them in their decisions on purchases through addressing typical problems associated with its product. The streamlining of the personnel in the organization is required for the new institution proposed processes to be adopted. The implementation of the contemplated changes in the Pint Company needs readiness and management and total support to be successful. The Pint energy firm will have a real startup if the members of staff are well organized and have the same goal for the better future of the enterprise.

Reference list

Al Meshabi, O.O., Khazindar, M.M. and Orenstein, H., 2010, January. Attitude of collaboration, real-time decision making in operated asset management. In SPE Intelligent Energy Conference and Exhibition. Society of Petroleum Engineers.

Battistella, C., 2014. The organisation of Corporate Foresight: A multiple case study in the telecommunication industry. Technological Forecasting and Social Change, 87, pp.60-79.>Battistella, C., 2014. The organisation of Corporate Foresight: A multiple case study in the telecommunication industry. Technological Forecasting and Social Change, 87, pp.60-79.

Cassia, L., De Massis, A. and Pizzurno, E., 2012. Strategic innovation and new product development in family firms: An empirically grounded theoretical framework. International Journal of Entrepreneurial Behavior & Research,18(2), pp.198-232.

Flores-Fillol, R., Iozzi, A. and Valletti, T.M., 2014. Platform pricing and consumer foresight: The case of airports.

Hanafizadeh, P. and Ravasan, A.Z., 2011. A McKinsey 7S model-based framework for ERP readiness assessment. International Journal of Enterprise Information Systems (IJEIS), 7(4), pp.23-63.

Hanafizadeh, P., Gholami, R., Dadbin, S. and Standage, N., 2012. The core critical success factors in implementation of enterprise resource planning systems. Enterprise Information Systems and Advancing Business Solutions: Emerging Models: Emerging Models, p.86.

Tushman, M.L. and Anderson, P., 2004. Managing strategic innovation.Change: Oxford University Press Inc.