Assessment Sample
Introduction
Innovation is considered as the foundation for success and growth of company. It allows in developing new products and services, making changes in process, use of new methods. Without innovation it has become difficult for firms to survive in market for long term. They are not able to compete with rivals. There are different types of innovation like disruptive, radical and others which is done. It depends on organization needs and market trends. So, more innovation will lead to gaining competitive advantage in market. But it is essential to adopt innovation in effective way otherwise it can lead to failure (Robertson, 2020). There are certain factors which affect innovation such as relative advantage, complexity and others. So, it is essential to determine those factors so on basis of that relevant measures are taken to mitigate it. The asset is maintained in order to make utilize it in proper way. It also helps in reducing wastage and its cost.
This assessment will describe about stages of diffusion of innovation and factors that affect it. Also, it will be discussed of the theories of maintenance strategies in infra asset along with pros and cons. At last decision making problem will be explained.
Main body
Discuss typical phases of diffusion of innovation and factors that affect the innovation adoption
Diffusion of innovation is a major theory of innovation which describe speed and pattern at which new thinking, ideas, products, practices would be spread among population. With this theory it can be understood that how innovation can be spread among people and at what speed. Innovation is a complex process. So, there are various phases in which it is done and adopted within the Adagene. Thus, they are defined as :
Knowledge:
This is a first phase under which knowledge would be created among adopter with the use of marketing tactics. Here adopter have no idea about innovative product and has exposed to product for the first time (Katz and Hamilton, 2021). This phase is important because knowledge is created but on a critical note chances of adoption to innovative product is low because of no exposure to product. For example, an adoption of new software in clinical testing in Adagene is less likely to be adopted with lack of knowledge and exposure.
Persuasion:
This is an important phase under which adopter is open to new adoption of new ideas. Here an adopter is ready to take knowledge and information about idea so that it can take and adopt that product. Here marketer convey benefits associated with the products to adopter. This is a critical stage because every innovation has positive as well as negative aspects and points so while persuading negative aspects of product need to be reduced in order to add more adopter and service user. For example, explaining benefits of software like how easy to test and use and how it helps in analysis in Adagene.
Decision:
This is most crucial stage under which adopter make decision regarding an adoption or rejection of innovative product with an evolution of pros and cons of products. This is the phase wherein it will be decided that innovation will be adopted or not (Cain and Mittman, 2018). On a critical note it is to be noted that an innovation with a presence of cons and negative aspects will have more chances of rejection. For example, an adoption of software will be made decided by company only with an evaluation of its pros and cons that whether it will benefit them or not. Here, decision of adoption is made only if that software carry benefits more than its disadvantages.
Implementation:
This is a later stage under which innovative product is implemented and practiced by an adopter. This is the stage wherein innovation actually works and used for which it is made. Here an implementation and use will of product or service will take place. On a critical note it is to be noted that an inventor must always need to assure that innovation and its quality will be kept ensured so that it will continue be use in market. This will bring trust and loyalty among staff of Adagene (Dearing, 2019).
Confirmation:
Under this phase user evaluate their decision of using that product or make an abandon use of that product. This is the last phase and here product will be either be kept in use or it will be overlooked in competitive market. here personal examination as well as social use of product will take place. Critically it is to be noted that this is the deciding stage of keeping a product in use in health sector or its exit from it. This can be justified with an example under which business will continuously perform using that software and various other companies will also join it.
Factors which affect adoption of innovation
There are different factors which affect on adopting innovation in negative way. It is necessary to identify those factors so that relevant measures are taken. The factors may exist inside or outside Adagene. They are:
Relative advantage:
This is an important factor because if an innovation will not be able to offer benefits for which it is made then it will be eliminated from health sector (Kaminski, 2017). As per this factor if an innovation will not be able to offer any benefit then it puts negative impact towards its use and adoption. Since, an innovation need to be made for resolving an issue or to meet a need and if that will not be provided or meet by innovative product then it will not be adopted.
Comparability:
This is an important element under which it will be compared that with an innovation, past experience as well as need or demand of situation is meet up by innovation or not. If an innovation is highly comparable and bring changes in an individual life or in situation, then there are more chances of its adoption and use. This means it is important factor that an innovation will be comparable and bring changes in the situation for its likely adoption.
Complexity:
Chances of adoption and use of innovation is depended upon its working and simplicity to use. This means with an existence of more complexity in innovative product regarding its use or implementation then there are less chances of its use and adoption (Balas and Chapman, 2018). Thus, complexity is an important factor which lead to an adoption of innovation by Adagene.
Trial-ability:
As per this factor it is important that an innovation must be tried on few bases before its implementation. An innovation which is triable and practically devoting advantages have more chances of its adoption. This is important aspect that if that innovation will be succeed in trail basis then it carries equal chances of its success in its real and practical use. Thus, an adoption of innovation is also depended upon this factor.
Observability:
According to this factor innovation will be adopted only if its results are clearly observable and visible to users. This means an innovation which shows an observable results and outcome will more likely to be adopted and used by Adagene (Zhang and Hung, 2020).
Thus, an adoption of innovation is depended upon various factor which if meet then it will be more likely to get adopted.
Theories and concepts of maintenance strategies used for infrastructural assets and compare them and discuss pros and cons
It is important to do maintenance of asset in proper way. This helps in utilising asset and also ensuring that its value is not highly depreciated (Peraka and Biligiri, 2020). There are several theories and models of maintenance strategy used in that. They are discussed as:-
Preventive maintenance strategy – It is strategy in which there is continuous maintenance of asset done in order to decrease risk of failure resulting in downtime. The purpose is to enhance use of machinery. Usually, in this time or interval based technique is utilized. It helps in avoiding delay in production. In this 3 types of strategies is there that is time, use and condition. Besides that, continuous monitoring of asset is done in order to make sure that asset running time is not failed. For example- repair, lubrication is done for maintenance. This strategy differs from reactive one. The strategy is applied when asset is operated or utilized.
Predictive strategy– In this there is algorithm or software used to track maintenance of asset. Hence, it makes easy to reduce downtime. There is use of IOT in it that allows in tracking of maintenance. In this various other technologies like vibration analysis, emission testing, oil analysis is used (Errandonea and Arrizabalaga, 2020). The weak areas are identified in this strategy. Moreover, there is real time data analysis done in it. Alongside, the areas on which it focuses are asset controlling, work data order and MRO benchmark.
It can be compared that both the theories focus on maintaining of infra asset in effective way. Besides that, purpose is of efficient utilization of resources. In both theories regular asset monitoring is done and then asset is repaired and maintained. There is use of data in it to analyse asset maintenance. As name suggest the strategy helps in preventing asset from failure.
However, on contrary in predictive software is used for asset maintenance and in preventive is repairing is done but no data is used (Hilorme and Korovchuk, 2019). As name shows predictive refers to making prediction of asset use and then maintaining it. Also, each of them is having their own pros and cons that are as:
Preventive
Pros
- It reduces plan downtime
- There is continuous repair done as it is less expensive process.
- It enhances asset safety and risk of injury from asset is decreased.
- In machine or asset there occurs only few break down in it.
- RCA data collected is improved.
Cons
- It includes high cost and risk of excessive maintenance
- The entire procedure is time consuming and complex.
Predictive
Pros
- It is highly reliable strategy.
- The time of asset maintenance is decreased.
- Production hour is decreased in maintenance
- Asset is maintained before its shut down.
Cons
- It is time consuming process that can led to delay (Rubino and Veltri, 2020).
- As there is prediction made in it so it is not reliable and accurate
- It needs highly skilled staff to execute strategy.
- The strategy can not be applied to all assets.
Formulate decision problem and calculate minimum cost for buying 700 sensors, 5 wi fi access point and 700 transmitters?
Conclusion
It can be summarized that innovation is necessary for Adagene to sustain in market. In health care sector new technology is being used which has modified process. Adagene is firm which is operating in health care industry. The stages of diffusion are knowledge, persuasion, decision, implementation and confirmation. In knowledge stage, awareness is created among people, in persuasion ideas are adopted by gathering info. in decision stage there is analysis done of innovation and then decision is taken and finally innovation is adopted. Also, the factors that affect adoption of innovation are relative advantage, comparability, complexity, trial ability and others. Furthermore, theory of maintenance strategies in infra asset are RBV, utility and multi attribute utility theory. The pros of RBV is it optimize asset but con is resources nature is subject. Utility theory advantage is risk is analyzed but disadvantage is risk decision is not considered. Besides that, preventive and predictive are strategies as well. In predictive there is use of software. Furthermore, decision problem is theory to get answer of a problem with help of using algorithm. There is step by step process followed to get solution. The minimum cost identified is 19610 and new minimum cost is 15000.
References
Balas, E.A. and Chapman, W.W., (2018). Road map for diffusion of innovation in health care. Health Affairs, 37(2), pp.198-204.
Cain, M. and Mittman, R., (2018). Diffusion of innovation in health care.
Dearing, J.W., (2019). Applying diffusion of innovation theory to intervention development. Research on social work practice, 19(5), pp.503-518.
Errandonea, I and Arrizabalaga, S., (2020). Digital Twin for maintenance: A literature review. Computers in Industry, 123, p.103316.
Gackowiec, P., (2019). General overview of maintenance strategies–concepts and approaches. Multidisciplinary Aspects of Production Engineering, 2.
Hilorme, T. and Korovchuk, Y., (2019). Human capital cost accounting in the company management system. Academy of Accounting and Financial Studies Journal, 23, pp.1-6.
Kaminski, J., (2017). Diffusion of innovation theory. Canadian Journal of Nursing Informatics, 6(2), pp.1-6.
Katz, E. and Hamilton, H., (2021). Traditions of research on the diffusion of innovation. American sociological review, pp.237-252.
Peraka, N.S.P. and Biligiri, K.P., (2020). Pavement asset management systems and technologies: A review. Automation in Construction, 119, p.103336.
Robertson, T.S., (2020). The process of innovation and the diffusion of innovation. Journal of marketing, 31(1), pp.14-19.
Rubino, F.E. and Veltri, S., (2020). Accounting for Sustainability—Could Cost Accounting Be the Right Tool?. Accounting, Accountability and Society, pp.81-91.
Zhang, H. and Hung, T.K., (2020). Cultural distance and cross-border diffusion of innovation: a literature review. Academia Revista Latinoamericana de Administración.
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