BSOM078 Assessment Sample
Introduction
In today’s business era, there are many new innovations which is being done in health sector. The focus is to enhance care services and lifestyle of people. Basically, innovation is concept of new idea generated or new product or service is developed. Usually, main purpose of innovation is to gain competitive advantage. However, in health care sector innovation is done to improve quality of services and care. Also, new vaccines are invented through clinical testing. There are 4 types of innovation that are descriptive, incremental, radical and sustain. Also, a process is followed to adopt innovation in organization. Infra asset management means sustainable use of assets. It is done to ensure that asset is utilized in efficient way and there is minimum waste in it. Moreover, asset also serve society by fulfilling their needs (Balas and Chapman, 2018). There is huge amount being spend in health care industry in R&D for innovation.
In this report it will be explained about diffusion stages of innovation and factors that affect its adoption in Adagene. Moreover, concepts of maintenance strategies in infra asset will be described. Besides that, advantage and benefit of concept will be discussed and decision making problem of case study is done.
Main body
Discuss typical phases of diffusion of innovation and factors that affect the innovation adoption
Innovation is a long process in which different stages is there. Usually, diffusion means theory that shows pattern at which new idea, product or service is adopted in Adagene. The speed at which innovation is adopted is determined in it. Basically, there are 5 stages that is included in it which is as below:
Knowledge– It is first phase where the knowledge is created among Adagene with help of marketing. In this there is no idea about use of product or service by Adagene. It is crucial phase as knowledge is created but the adoption chances is low as there is no exposure to product or service. For instance- adopting new technology in hospitals but due to lack of training or knowledge its pace of adoption is low (Nyblom and Salo, 2018).
Persuasion– This phase where people gets to open to adopting new ideas. Here, people gets ready to gain or possess info or knowledge about idea so that it is easy to adopt product or service. Besides, it is conveyed by industry about benefits of adopting of product or service. This phase is critical as there are positive or negative affect of innovation thus there is need to focus on positive affect so that innovation is easily adopted within Adagene. For instance- to show advantage of efficiency of technology and its working. Also, how easily it is used in giving treatment to patients.
Decision – Here, the stage where there is decision taken by people whether to adopt or not adopt innovation. Thus, there are certain criteria and aspects which is considered as well in taking of decision. Along with it, there are benefits and drawbacks taken into consideration. For instance- the use of technology in hospital will analyze pros and cons of it and then decision will be taken to adopt it or not.
Execution– In this stage the new product or service is being executed by people. Here, innovation works and is used as well. Basically, the product or service is being used in it. Moreover, it is required for inventor to ensure that innovation and its quality is maintained so that its use is continued in Adagene. For example- continuous update in software or technology used in Adagene to ensure it efficiency is maintained. Besides, it will ensure that performance is enhanced as well (Starkweather and Kardong Edgren, 2018).
Confirmation– this is last stage where decision evaluation is done that whether use of new product or service is satisfactory or not. Thus, innovation will be used in continuous way in market or it will not. Hence, there is analysis of social use of product or service is done as well. Generally, it is deciding stage where either product remain or gets exit from market. It can be stated from that in Adagene use of technology will allow in enhancing quality of care.
Hence, these are phases of diffusion of innovation. In that they all goes one by one and this results in adopting of innovation in Adagene in effective way.
It is evaluated that there are many factors which affect on innovation adoption. Due to that, it becomes highly difficult to adopt it because of the factors. The factors are explained as below:
Relative advantage
It is a factor which affect innovation adoption because if innovation do not give benefits for which it is done than it does not remain in market for long time. This means that it creates a negative affect towards its adoption and use in Adagene. However, there is need for innovation to fulfil social needs or solve issue but if not provided then adoption is affected (Greenhalgh and Peacock, 2015).
Comparability
It is also a factor which affect adoption. In this the innovation is compared with past experience or market situation. It means that if innovation brings change in situation or in life of individual. There is comparison done with past product or service so if results are not positive then it affect on adoption. It entirely depends on what changes are brought by innovation to be likely adopted.
Complexity
This factor affect on innovation adoption. In that it depends on its simplicity or its usage. Therefore, having more complexity in product or service use then the chances of adoption is less. Hence, complexity is factor which affect on this (Buchanan and Keohane, 2021).
Trail ability
This factor refers to trying of innovation before it is executed. Thus, innovation which is having more benefits has more chances of fast adoption. It means that if innovation is successful in trial stage then the chances of its adoption is more. Alongside, if in trail basis innovation gets failed then it creates negative affect on its adoption.
Observability – It is factor in which outcomes or benefits of innovation are visible to user then only it will be adopted. This means innovation that results are shown in Adagene will be easily adopted otherwise not (Ganglmair Wooliscroft and Wooliscroft, 2016).
Therefore, it is evaluated that innovation adoption is affected by various factors. They all have to be analyzed. The main factors are observability, complexity and relative advantage. These all has to be considered by which it is easy to adopt innovation in Adagene.
Theories and concepts of maintenance strategies used for infrastructural assets and compare them and discuss pros and cons
In Adagene there are a lot of infra asset which is being used in clinical testing. The asset needs to be maintained in proper way as they are very costly. So, for that there are various strategies which are developed and applied (Zhang and Wang, 2014). However, there are few concepts and theories of maintenance strategy which is considered. It is as below:
Preventive– In this regular maintenance of asset is done so that downtime is reduced in it. Usually, it is used for heavy asset and machinery. There is specific time period set on basis of which maintenance is done. So, the delay in production is avoided in it. There are 3 types of PM strategies in it that are time, usage and condition based. The actual time in which this strategy is used is when operating on asset. In this regular inspection is done on basis of schedule to ensure that asset does not get failed. This strategy also helps in costly reactive maintenance of asset. For instance- regular tasks are equipment repair, lubrication, schedule maintaining. The strategy is adopted in industries that rely mainly on asset. It is different from reactive maintenance.
Advantages
- It reduces plan downtime
- There are few break down of machine or asset in production
- The repair done are less expensive
- It improves RCA data collection.
- The safety is enhanced and injury risk is decreased.
- There is continuous repair done in it.
Disadvantages
- It includes high cost and risk of excessive maintenance
- The process is very lengthy
- The start up cost is high.
Predictive – In this algorithm and software is used for maintenance of asset. However, there is tracking done in it with help of using advance technology that is IOT. Thus, software track health of asset regularly and also monitors its performance. Along with it, different other technologies are used as well. It contains a 5 step process. In this anomalies is identified in operations. Besides that, data is gathered and analysed by which weak areas are determined. It works as there is use of past and real time data in it. Moreover, the strategy emphasis on 3 areas of firm that is real time monitoring of asset, work order data analysis and benchmark MRO.
Advantages
- It is highly reliable strategy.
- It ensures asset is maintained before shut down. Therefore, it led to decrease in cost and time of maintenance.
- It reduces time to maintain asset
- Also, it reduces cost of spare part and supply.
- The production hour incurred in maintenance is reduced.
Disadvantages
- It is time consuming process that can led to delay.
- The skill and experienced required is high
- Not all asset gets failed so this strategy is not applied in it.
- The prediction is based on judgement which is not correct.
By comparing the theories, it is found that preventive and predictive are commonly used maintenance theories. In both of them it is ensured that asset downtime is not broken. Besides that, both are cost effective and in that repairing of asset is done (Adams and Crespo, 2016). In both as well there is high risk involved in maintenance of infra asset. All theories emphasized on value of asset. But on other hand, it is evaluated that in predictive there is use of software to track equipment monitoring and maintenance progress. But in preventive one there is not software used. Besides, tracking is done with help of algorithms.
Formulate decision problem and calculate minimum cost for buying 700 sensors, 5 wi fi access point and 700 transmitters?
A decision problem is formulated in order to solve problem or get solution. It is process to solve problem through algorithm (Horngren and Foster, 2021). So, by analysing the case study it is found that there is list of 8 suppliers given with their bid cost of each product. In hospital there is need of a lot of transmitters, sensors to set up a network. The CTO is required to calculate minimum cost of product to purchase from suppliers. Thus, decision problem formulated is as :
| Analysis of bid |
| Selecting lowest bid |
| Calculation of bid |
| Calculation of cost |
| Selection of supplier |
From analysing the list, it is said that supplier S7,8 5 and 3 have given bid of 3 products and rest supplier has not given bid of all products. Hence, by calculating lowest bid cost it is found that supplier S7 bid is very low as compared to others. So, on basis of that calculation is done as :
700 sensors- 700/50= 14
5 wi fi- 5/2= 2.5
700 transmitters- 700/50= 14
The total bidding cost is 1100 of supplier 7 and minimum cost is 19610
With high number of sensors and transmitters required it is asked to ensure that at least 4 suppliers for sensors, and 4 for transmitters. What would be the new minimum cost?
Now, CTO wants to ensure that requirement of products must be fulfilled so he has asked to ensure that 4 supplier of sensor and 4 of transmitter must be selected. Thus, new minimum cost is :
4 suppliers for sensor
S1= sensors= 700/500= 1.4
S3= sensors= 700/100= 7
S5= sensors= 700/1000= 0.7
S7= sensors= 700/50= 14
S8- Sensors= 700/250= 2.8
4 suppliers for transmitter
S1- Transmitter= 700/500= 1.4
S3- Transmitter= 700/200= 3.5
S5- Transmitter= 700/500= 1.4
S7- Transmitter= 700/50= 14
S8- Transmitter= 700/300= 2.3
The 4 suppliers for sensors are S7, 6, 3 and 4.
For transmitters are S7, 2, 3 and 8
Hence, new minimum cost will be 15000.
Conclusion
From report it can be concluded that innovation is complex process but is important in health care industry. Also, its main purpose is to gain competitive advantage and 4 types of innovation are descriptive, incremental, radical and sustain. So, there are certain stages of diffusion in it that are knowledge, persuasion, decision, implementation and confirmation. Thus, innovation is adopted through all these stages and becomes successful. Besides, factors which affect innovation adoption are relative advantage, comparability, complexity, trial ability and others. They impact in negative way on it. The theory and concepts in maintenance strategy of infra asset is preventive and predictive. In preventive downtime is decreased for asset and in predictive software is used to track maintenance. The advantages of preventive is that there is regular repair is done in it, it improves RCA collection, safety is maintained and others and disadvantages is excessive maintenance, lengthy process. The advantages of predictive is it is reliable concept, maintenance time is reduced, spare cost and supply cost is decreased and disadvantages is time consuming, high experience needed, prediction is based on judgement. Moreover, decision problem helps to solve problem through algorithm. The minimum cost of buying products is 19610.
References
Adams, J. and Crespo, A.M., (2016). Towards dynamic criticality-based maintenance strategy for industrial assets. IFAC-PapersOnLine, 49(28), pp.103-107.
Balas, E.A. and Chapman, W.W., (2018). Road map for diffusion of innovation in health care. Health Affairs, 37(2), pp.198-204.
Buchanan, A. and Keohane, R.O., (2021). Justice in the diffusion of innovation. Global Justice and Bioethics, pp.102-34.
Fenner, R.A., (2021). Approaches to sewer maintenance: a review. Urban water, 2(4), pp.343-356.
Ganglmair-Wooliscroft, A. and Wooliscroft, B., (2016). Diffusion of innovation: The case of ethical tourism behavior. Journal of Business Research, 69(8), pp.2711-2720.
Greenhalgh, T.. and Peacock, R., (2015). Storylines of research in diffusion of innovation: a meta-narrative approach to systematic review. Social science & medicine, 61(2), pp.417-430.
Horngren, C.T. and Foster, G., (2021). Management and cost accounting. Harlow: Financial Times/Prentice Hall.
Nyblom, J. and Salo, M.A., (2018). Statistical analysis of network data—an application to diffusion of innovation. Social Networks, 25(2), pp.175-195.
Starkweather, A.R. and Kardong-Edgren, S., (2018). Diffusion of innovation: Embedding simulation into nursing curricula. International Journal of Nursing Education Scholarship, 5(1).
Zhang, W. and Wang, W., (2014). Cost modelling in maintenance strategy optimisation for infrastructure assets with limited data. Reliability Engineering & System Safety, 130, pp.33-41.
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