Successful Innovation & Change Assignment Sample 2023

Introduction: 

As everyone has enter a new decade, the most discussed, and exciting field in innovation is Robotics and Artificial intelligence (AI). In the market of any business Robotics and AI has become one if not the most useful factor. Technology is growing every day, and keeping up with today’s world businesses must adopt some kind of Robotics and AI.

In day to day life, we can and already use many AI like Self Driving Cars, Boston Dynamics, Navigation Systems, ASIMO, Chatbots, Human vs Computer games and many more. An application of Artificial Intelligence gives machines the ability to learn and improve them without the help of humans or any new programming. So it is not only limited to real day to day life. AI is seen to spread across everything, and it can change the future of businesses and companies of any sector.

Question: 1

Artificial Intelligence has given a revolutionary road to innovation and advanced technology. The modern field of technology was never a new concept; it dates back to the year 1956, but it took decades to make significant progress towards Artificial Intelligence. Most common Artificial Intelligence is Machine Learning (ML) and Deep Learning (DL). Both have an unimaginable contribution in the field of Business (Alves et al., 2019).

Machine Learning is used to process a large number of data in a short time, whereas Deep Learning is used to improve its performance according to the data it receives. In new edge businesses, Artificial Intelligence has given a new turn to Human Resource Management, Customer Handling and to the overall processing of the business.

The traditional businesses are changing their strategies every day to meet with the consumer’s expectations in a smarter way.

The main problem or challenge faced by businesses was managing human resource. Artificial Intelligence caused a significant change in Human Resource Management. It helped in reducing human biases, increasing efficiency in candidate as well as employee assessment, improving workplace learning and many more.

This challenge was first solved by IBM by introducing AI HR Function. In IBM, AI is applied in almost every area of HR management. It includes candidate attraction, hiring, learning, compensation, career management, and HR support (Chege and Wang, 2020). The reason why AI is being used by IBM in HR functions is given below:

To provide strong decision support: AI helps the information and analytical managers to manage data and information in an easier way. Not only has that it also helped in generating business decisions at a faster rate than humans.

To attract and develop new skills: The business world is facing disruption constantly, to overcome those disruptions and to adapt and response according to the changes, to stay ahead of other businesses, IBM implemented AI to develop new employee skills and smarter operating environment.

To improve employee experience: People nowadays expect to have a different kind of experience when they come to work. They want a more evolved and innovative work environment. AI provides a solution to these expectations.

To use HR budgets efficiently and effectively: With further development of AI, it helps the HR to manage the funding or budget efficiently by removing all the unnecessary expenditures and activities.

The other business models that are using AI as HR Management to curtail the peer working pressure on employees and train them in a smart work environment, which fall within the Tidd and Bessant 4P’s Model of Innovation Space has been discussed below have been mentioned below (Currie and Spyridonidis, 2019). The 4P’s of Innovation Space are Product, Process, Position and Paradigm.

SAP HANA, as a smart AI solution to perform the back-office operations such as keeping a record and calculating the company’s overall business transaction. HANA is the acronym High-performance Analytic Appliance.

According to the 4P’s of Innovation Space, SAP HANA falls under the category of Process, because it is full-fledged process-oriented. HANA was introduced to understand the business processes and upgrade it according to the technological requirement.

AVANADE – The leading global business solutions which provide innovative digital and cloud services, business analytics through artificial intelligence on a Microsoft platform. According to the 4P’s of Innovation Space, AVANADE falls under the category of Product, as it provides different businesses or companies new and innovative solutions or services.

Beyond Limits – It specializes in developing effective and customized human resources solutions to empower its employees. According to the 4P’s of Innovation Space, falls under the category of the beyond limits, because it deals with a different framework. It provides customized AI solutions to different companies. It brings about new changes in the old traditional way of working.

Thus, it can be concluded from the above question that Artificial Intelligence has created a massive change in business structures all over the world (Fecher et al., 2020). A business organization that uses AI solutions generates more revenue than traditional businesses. It has made business environments smarter and technologically productive. It has also made businesses adaptable to any kind of changes.

Question: 2

Business competency and attributes can be defined as a set of particular abilities and knowledge that makes an organization different from its competitors. The core business competencies include analytical thinking, computer competency, client-server competency, creative thinking, innovative task force, conflict solving, decision making and many more.

Every organization always has a unique representation because of its history, experience, processes and products, market position and organizational culture. The main challenge of a business is to maintain its uniqueness by sustaining competitive changes.

The COYNES 3-CONDITIONS are concerned with identifying and building certain strengths and capabilities which would help the organization to sustain in the competitive world.

The real source of competency is not always found in a company’s product or service but sometimes in the management’s ability to combine corporate-wide technologies and production skills to empower individual businesses which could help to adapt quickly with the changing times.

Dynamic capabilities are the central point of any kind of innovation, whether product-based, service-based or even technological-based innovation. According to Coynes 3-Condition,

Customers must perceive a consistent difference in important attributes between the producer’s product/service and the attributes offered by competitors.

This difference is the direct consequence of a capability gap between the producer and its competitors.

Both the difference in important attributes and the capability gap can be expected to endure over time.

The competencies and the attributes can be measured by a competency tree or a wheel. The competency tree or wheel embarks the ongoing professional growth or development along with keeping in mind about public interests (YuSheng and Ibrahim, 2019).

SAP HANA

SAP HANA is the AI technology used by Wal-Mart to get a competitive edge over others. HANA comes with different competencies and capabilities, which make it stand out from the others. It has capabilities which include innovative administration, data access, app deployment to all the employees as well as to the customers, advanced business analytics and processing. The key benefits of HANA are:

Reduced Complexity – It is used for analyzing live data inputs while reducing the manual IT operations, data footprints and many more.

Run Anywhere – It can be accessed from anywhere, either from data centres, public or private clouds.

Real and Reliable Results – It has helped Wal-Mart to achieve better business outcomes as it has decreased the cost of managing data and has increased innovations.

The competency tree of HANA states that till now, it has proved to be the best innovative management solution that Wal-Mart has deployed for its users and customers.

Fig: SAP HANA’S COMPETENCY TREE

Source: Self-made

AVANADE

AVANADE  is an AI solution which organizations with skills, talents and innovative management to achieve the objectives and cater according to the customer’s needs. It is cost-efficient, provides agility in work, and helps in diversifying skills. It helps the clients to transform their business through innovative ideas (Wikhamn, 2019). The primary benefits of AVANADE are:

It helps quick adaption of the business according to the requirements.

It makes businesses scalable.

It uses Microsoft’s Analytics for business analysis.

It empowers people to from anywhere through its AI-powered applications.

It increases workplace productivity, mobility and security.

The competency tree of AVANADE state that, it has been successful in providing the best workplace to its employees and a better innovative method of analysing the business operations and transactions. It also makes the companies scalable from the core level.

Fig: AVANADE’S COMPETENCY TREE

Source: Self-made

Beyond Limits

Beyond Limits is considered to be the number one engineering company with great AI solutions. They have proven to be the best global provider of artificial intelligence. It helps to solve complex business problems with easy solutions (Wegrich, 2019) . It provides human-like reasoning combined of both machine and deep learning artificial intelligence techniques.

It uses cognitive engines, real-time data, Internet of Things, statistical data, both structured and unstructured, to analyse business processes. Its cognitive engines use human-like insight which helps to think out of the box solutions in a short period of time. The key benefits of Beyond Limits are:

It relieves humans from strenuous, complex and repetitive activities.

It provides a fast solution to complex business problems.

It deploys human-like responses which are more reliable.

The competency tree of BEYONG LIMITS states that it has a happy and satisfied client-based, innovative solutions to complex business processes, provides human-like responses and also provides both machine and deep learning responses (Wang et al., 2019).

Fig: BEYOND LIMIT’S COMPETENCY TREE

Source: Author

Thus, organization uses Artificial Intelligence in the most innovative way to create highly advanced and technological business entities which will provide creative products and services according to the consumer’s expectations and preferences. From managing global supply chains to optimizing transportation and delivering routes, Artificial Intelligence made everything easier for every business organizations (Grol and Wensing, 2020).

Not only that it will also increase business productivity and profitability and provide more specialized jobs, but Artificial Intelligence will also bring about a new transformation in marketing and sales in every industry, all across the world.

Question 3: 

To successfully run a business, innovation is a must. With time everything changes every day. Innovating the business will help development meet new needs. Innovation increases productivity, efficiency and profitability (van der Jagt et al., 2020). New ideas and solutions, according to the current situations, will increase the growth of the company (Kafetzopoulos and Skalkos, 2019). There are both pros and cons of innovation linked with business success. Reasons are-

Pros:

Profit – Innovation can make businesses charge higher rates for their products, and that price will be beneficial for profit in the market.

Reputation – When a company is constantly evolving with innovation, then the competitors are not catching up with the products that your company is bringing into the market. That is a gainer for a good reputation. People will trust the company more because they have a good reputation in the market.

Public interest – If the company is innovating, then they are most probably going to come out with new products before other companies. That will naturally grab people’s interest in future products (Oeij et al., 2019). They will give other products a try based on their previous experience.

Marketing and partnership scope – Businesses which have many innovations can gain the advantage in marketing and partnerships. Other companies and brands will offer them with partnership plans.

Cons:

Costly – Innovation is not very budget-friendly because it takes many trials and errors in order to innovate new products. Lots of new planning goes into that that costs huge money. It can affect other products too.

Time-consuming – This is certainly not a very quick process. Starting from developing an idea to executing everything properly takes a lot of time. Just to plan successfully, there are many obstacles which need time to solve (Mohamed et al., 2019).

Failed product – It can end up making some product that does not sell in the market and that wastes resources. Developing something which has never been made before can fail many times because people do not feel the need for it because they are accustomed to using past products.

Risk factor – Innovation can ruin a business in a short period of time. If a company invests a large amount of money and does not produce products quickly, then it can make the company run out of resources, and that is worst for any business.

Hence, if I want to innovate our problem which is a human resource (HR) into Artificial intelligence (AI) I need to plan ten years ahead so that everything can fall into place properly and the company gets as many advantages as it can. There are many factors which can be improved by AI, but the most important factor for any business is customer experience (CX).

It is at the centre of all company’s growth and development strategies. And the technology of Robotics and AI is very much significant for transforming it (Martín-Rios and Ciobanu, 2019). So here are few creative and innovative ideas to improve the future of customer experience based on Artificial intelligence are-

Decision making process- A powerful tool like AI can make decision making processes efficient. They can track decades of history and analyse the available data and provide information and insight according to the trends. That will help to control the performance of the business and company, with only using the help of HR that is nearly impossible.

Online and offline behaviour of customers- Companies like Amazon, eBay use Machine learning (ML) to grasp customer’s and shopper’s intent so that they can help sellers make product suggestion lists using natural language processing (NLP) accompanied by pattern matching.

Sentiment analysis, which is a branch of  NPL can help marketers increase advocacy and awareness of brands as well as customer expectation and satisfaction by analysing the sentiment and opinions when they take part on e-commerce platforms and social media.

Personalisation- Recommender system, which is based on AI, can take personalisation to the next level. By tracking users browsing history and searches, preferences, pattern of shopping, AI can suggest services and products accordingly, and that will improve marketing.

In-store experience- With the help of AI. Online stores are a big thing now. Stores like Amazon Go uses powered by AI tracking system to run cashier-less stores of groceries. Customers get charged through their Amazon account, which is based on their digital footprint of what they purchased. They go on the app, and they take what they need and go. There is no checkout or line.

Customer service using chatbots- Chatbots can complete customer experience. It is an exemplary service for customers (Aksoy et al., 2019). It can calculate data way faster than a human can, and that decreases the time of solving small issues of customers. It can connect the service agent with customers whenever needs. They can just click ok ‘chat now’ option on the portal and interact 24×7.

Conclusion: 

Hence from the above discussion it can be concluded that there is no limitation of innovative and creative ideas to improve HR with AI. A well-researched and planned strategy can change everything for the company. AI not only change the customer experience, but it will also profit the company in every aspect.

Yes, it takes a little bit of risk, but to do something innovative risk will always be there. Involving without harming nature is the best way to thank mankind. Time is changing every second and rolling with time can only be possible by adopting the future of technology which is Robotics and Artificial intelligence. We need to keep in mind the dangers of AI too and grow with it using our knowledge and power.

Refernces:

Aksoy, L., Alkire, L., Choi, S., Kim, P.B. and Zhang, L., 2019. Social innovation in service: a conceptual framework and research agenda. Journal of Service Management.

Alves, D., Dieguez, T. and Conceição, O., 2019, November. Retaining Talents: Impact on Innovation. In ECMLG 2019 15th European Conference on Management, Leadership and Governance (p. 36). Academic Conferences and publishing limited.

Chege, S.M. and Wang, D., 2020. The influence of technology innovation on SME performance through environmental sustainability practices in Kenya. Technology in Society, 60, p.101210.

Currie, G. and Spyridonidis, D., 2019. Sharing leadership for diffusion of innovation in professionalized settings. Human Relations, 72(7), pp.1209-1233.

Fecher, F., Winding, J., Hutter, K. and Füller, J., 2020. Innovation labs from a participants’ perspective. Journal of business research, 110, pp.567-576.

Grol, R. and Wensing, M., 2020. Characteristics of successful innovations. Improving Patient Care: The Implementation of Change in Health Care, pp.87-102.

Kafetzopoulos, D. and Skalkos, D., 2019. An audit of innovation drivers: some empirical findings in Greek agri-food firms. European Journal of Innovation Management.

Martín-Rios, C. and Ciobanu, T., 2019. Hospitality innovation strategies: An analysis of success factors and challenges. Tourism Management, 70, pp.218-229.

Mohamed, M.S., Khalifa, G.S., Al-Shibami, A.H., Alrajawi, I. and Isaac, O., 2019. The Mediation Effect of Innovation on the relationship between Creativity and organizational productivity: An empirical study within public sector organizations in the UAE. Journal of Engineering and Applied Sciences, 14(10), pp.3234-3242.

Oeij, P.R., van der Torre, W., Vaas, F. and Dhondt, S., 2019. Understanding social innovation as an innovation process: Applying the innovation journey model. Journal of Business Research, 101, pp.243-254.

van der Jagt, A.P., Raven, R., Dorst, H. and Runhaar, H., 2020. Nature-based innovation systems. Environmental Innovation and Societal Transitions, 35, pp.202-216.

Wang, W., Cao, Q., Qin, L., Zhang, Y., Feng, T. and Feng, L., 2019. Uncertain environment, dynamic innovation capabilities and innovation strategies: A case study on Qihoo 360. Computers in Human Behavior, 95, pp.284-294.

Wegrich, K., 2019. The blind spots of collaborative innovation. Public Management Review, 21(1), pp.12-20.

Wikhamn, W., 2019. Innovation, sustainable HRM and customer satisfaction. International Journal of Hospitality Management, 76, pp.102-110.

YuSheng, K. and Ibrahim, M., 2019. Service innovation, service delivery and customer satisfaction and loyalty in the banking sector of Ghana. International Journal of Bank Marketing.

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