Free «Innovation Strategy» UK Essay Sample

Innovation Strategy

Introduction

Innovation strategy is the part of the business strategy of the for-profit companies, which aims at the introduction of the qualitative changes in the structure and composition of the organizational, commercial, and production activities (Oke, Walumbwa, & Myers, 2012). Commonly, the need in innovation appears due to the technical and scientific advancements, changes in the organizational policies, modernization of the corporate structure, or competitive and marketing shifts. In any case, the implementation of the innovation strategy requires a thorough analysis of the company’s activities, objectives, and goals since its management directly affects the entire performance of the organization on the market. The implementation of the innovation should be accompanied by the relevant innovation management plan, resource and budget estimation, risk management and evaluations (Oke, Walumbwa, & Myers, 2012; Cooperrider, 1996). In fact, the innovation strategy becomes an essential component of the modern companies since the rapid economic, social, technological, and organizational development requires qualitative and relevant changes and shifts in the working performance (Barsh, & Capozzi, 2008). The situation gains special urgency and significance in case with the Middle East companies, which continue following the traditional policies and conventional corporate structures. The aim of this paper is to discuss the nature and essence of the innovation strategy, define the basic characteristics and stages of innovation management, apply the information to the case of Al Jaber & Al Jaber Group, identify the resource and risk management, and suggest the solutions for the appropriate implementation of the innovation under analysis.

Business Description of Al Jaber & Al Jaber Group

Al Jaber & Al Jaber Group is a private Middle East company, which has been operating in the construction industry, since 1970 (Almezaini, 2012). At the end of the 20th century, the CEO of company created the holding group of organizations, making Al Jaber & Al Jaber Group a leader on the UAE market of the construction and oil extraction. The company has around 50,000 employees and spreads its business activities around the entire Muslim world (Almezaini, 2012). The main activities of Al Jaber & Al Jaber Group include the construction of the traffic roads, commercial buildings, machinery, oil pipelines, and infrastructure. The company closely interacts with the heavy transportation, heavy lifting, industrial fabrication, and oilrigs refurbishment as the parts of its for-profit directions (Almezaini, 2012). As a result, Al Jaber & Al Jaber Group plays an important role in the development of the construction and oil industries of the Middle East and strongly controls the market for those services and products.

In addition, Al Jaber & Al Jaber Group widely deals with the logistic purposes and transportation missions. The current mission of the company focuses on the utilization of various tools, resources, and practices as well as the demonstration of the outstanding business capacities for the sake of the effective commercial performance and interaction with the clients (Almezaini, 2012). The owner and CEO of Al Jaber & Al Jaber Group Obdaid Al Jaber informs that the main vision of the company consists in the intensification and amplification of the business activities with the help of innovative and transformative management and new practices in the marketing and production since 1970 (Almezaini, 2012). From this point of view, it is possible to assume that Al Jaber & Al Jaber Group is ready to accept the innovation strategy and rethink the business activities in favor of the qualitative changes and characteristics.

Innovation Strategy in the Context of Al Jaber & Al Jaber Group

Innovation strategy in the private companies presupposes the inauguration of a range of tools and techniques, aiming at the qualitative changes in their structure, objectives, and mission (Oke, Walumbwa, & Myers, 2012). Commonly, the innovation strategy is implemented in case of the necessity to introduce changes in the production and organizational process under the influence of the external marketing and business factors. Commitment to the innovation strategy presupposes the rethinking of the companies’ structural components, organizational aspects, cultural and social background, employment peculiarities, and interaction with the consumers, stakeholders, and partners (Oke, Walumbwa, & Myers, 2012). The main purpose of the innovation strategy is the qualitative modernization and improvement of the companies’ services and production and the introduction of the optimal solutions for the profitable commercial and business activities.

There are different approaches to the innovation strategy and innovation management in the business environment. The model, suggested by S. Inayatullah presupposes the implementation of such basic components as mapping, anticipation, timing of the future, deepening, creating and transforming of the future (Inayatullah, 2008). Such a model focuses on the outcomes of the innovation on the future business activities and regards them from the perspective point of view. Another approach states the significance of such stages of innovation strategy as background improvement, structural improvement, goal-oriented changes, proactive changes, launched by the individuals, and renovation of the culture and business capabilities in general. This theory dwells on the importance of the gradual changes and implementation of the innovation strategy within the private companies.

Overall, the innovation strategy requires an alternative approach to the existing business, cultural, and organizational background and its qualitative renovation. Partially, the effect can be gained through the implementation of new working techniques, tools, practices, and experience. However, the crucial role in the innovation strategy and management belongs to the changes in the companies’ goals, objectives, and mission statement.

In case with Al Jaber & Al Jaber Group, it is relevant to introduce the innovation management plan, based on the continuous, long-term improvement of the changes within the organization. In the last decades, the question about female employment in the Middle East companies has gained special attention. Currently, the company does not employ many women due to different organizational, cultural, social, and ethical restraints and limitations. However, some positive changes have been already observed within Al Jaber & Al Jaber Group. Particularly, the occupation of the Chief Operating Officer belongs to the woman as well as some other leading positions have been already assigned to the female workers (Kets deVries, 2016). Therefore, one of the notable innovation strategies of Al Jaber & Al Jaber Group should focus on the empowerment of female employment and promotion of the female leaders and executives. The introduction of this innovation strategy should include the following steps.

The first part of the innovation strategy is the consideration of the business goals and objectives (Rothaermel, 2015). Al Jaber & Al Jaber Group follows the progressive way of development, focusing on the improvement of the production and organizational tasks and performance with the help of technological modernization and up-to-date practices in the HR and communication. The innovation regarding the empowerment of female employment fits the current strategy and mission of the company and demonstrates high probability of contributing to its business success and prosperity. Therefore, the introduction of this innovation does not call for the significant changes in the business goals and objectives of the organization.

Secondly, the promotion of female employment calls for the creation of the strategic route map, which aims at the identification of the involved participants, budget and resource capacities, indication of the timeframe and evaluation of the potential outcomes. In case with this innovation strategy, Al Jaber & Al Jaber Group should implement additional trainings and workshops for the employees, concerned with the importance of the gender balance and equality in the working surroundings. Moreover, it should establish compulsory quotas for the female population, organize the internship and vocational training programs, correlate the current business activities with the suggested changes and introduce changes to the organizational regulations and ethics of the company. Apparently, such changes influence the entire business environment of the organization and organizational ethics (Duflo, 2011). As a result, the innovation management should consider the impacts of the suggested innovation on all the aspects of the production and organizational line.

Thirdly, the innovation strategy involves the program reforming, which includes the modeling of the modernization of process, technology and organizational composition (Wu, & Lin, 2011). The proposed innovation of the increase of female employment will affect the gender balance in the workplace and create a demand for the trainings and seminars, aiming at the improvement of female education and professional competences. Correspondingly, the proposed innovation will affect the quality of the working process and increase the professional knowledge and skills of the employees.

Finally, the application of the innovation strategy will influence the ethical code and business approach of Al Jaber & Al Jaber Group. Considering the questions of globalization, humanistic approach to business and implementation of the ethical and justified treatment of all employees, the proposed innovation strategy will significantly improve Al Jaber & Al Jaber Group’s business environment and transparency of its functioning. As a result, the suggested innovation will positively affect its global reputation and image on the market.

Besides, the implementation of the innovation strategy at Al Jaber & Al Jaber Group calls for the preliminary evaluation of its effects and influences on the organizational policies and issues (Rese, & Baier, 2011). The empowerment of the female employment will influence the entire organizational structure of the company, in terms of the gender balance, quality of knowledge, creation of the extra facilities for the social diversities, and introduction of the new standards and code of working (Hattab, 2011). Moreover, it will change the global orientation of the company, shifting its policies to the humanistic attitudes and non-discriminating treatment of the employees. Besides, the innovation may affect the production line as well by introducing new strategies of communication with the clients and services. Finally, the proposed innovation will influence the business and negotiation relations of Al Jaber & Al Jaber Group with the partners and stakeholders due to the shift in the cultural and social perception of the female workers and equality in employment.

Overall, it is suggested that the innovation strategy aimed at the empowerment of female employment will positively affect the working performance and business success of Al Jaber & Al Jaber Group due to the increase of the professional labour force, diversification of the employment capacities, and inauguration of new regulating and organizational policies. However, it is also necessary to consider the potential risks and threats, connected with the application of this innovation.

Resource and Risk Management

While implementing the innovation strategy at Al Jaber & Al Jaber Group, it is important to evaluate the potential threats and include the risk management evaluation. The empowerment of the female employment can cause several potential risks, threatening the stability and working performance of the company. Thus, the first prominent risk is the lack of the educated female workers due to the shortage of female education in the Middle East countries (Wolf, 2015). The conventional social traditions and stereotypes deprive many women of the possibilities to acquire education and work in the business sphere. Therefore, the company may encounter diifficulties in finding the skilled and qualified professionals among women. In order to reduce this risk, Al Jaber & Al Jaber Group should consider the possibility of introducing trainings, courses and vocational trainings, aiming at the increase of women’s qualification and skills.

Secondly, the increase in the number of female workers and female leaders may lead to the ambiguous relationships with the partner organizations. Since the majority of the Middle East companies follow the conventional values and social attitudes, the cooperation with the female executive officers and leaders may cause some difficulties in the negotiations and business relationships. Therefore, Al Jaber & Al Jaber Group should launch the official campaign to demonstrate the importance of the gender balance and non-discrimination at work (Wolf, 2015). The references to the global practices and acceptance of the humanistic approach in business will make the suggested innovation quite reliable and valid for the total recognition and comprehension.

In addition, Al Jaber & Al Jaber Group should consider the risks of the changes of the internal culture of the company. Particularly, the involvement of more female workers may lead to the controversial responses from the current employees (Wolf, 2015). As a result, there is a need for rethinking the corporate culture and environment within the organization. For this purpose, Al Jaber & Al Jaber Group may introduce team-building and group-forming activities and emphasize the importance of tolerant and respectful attitudes to all employees and diversities.

In addition, Al Kaber & Al Jaber Group should identify available resources and capacities for the introduction of the innovation strategy. It involves the discussion of the company’s readiness to accept changes on the corporate, social, technological, and business levels. In case with Al Jaber & Al Jaber Group, the top management and progressive orientation of the company allows accepting the innovation, though it should be correlated and coordinated with the other involved parties and sides. As a result, there is a need for rethinking the availability of the resources for the innovation and checking their efficiency of the suggested change.

Incremental Plan for the Innovation Strategy

Considering the above-mentioned information and analysis, it is possible to outline the incremental plan for the implementation of the innovation strategy at Al Jaber & Al Jaber Group. To start with, the innovation strategy begins with the identification plan, which focuses on the evaluation of the existing resources, data and budget, collective discussion of the potential effects of the suggested innovation, correlation of the change with the existing structure and business model, and indication of the principal directions of further business development and growth (Drechsler, & Natter, 2012; Lee, 2008). The pre-evaluation and consideration of the innovation strategy also involves the budget estimation, risk management, and discussion of the alternatives.

The second stage of the incremental plan includes the validation of the selected innovation and its practical implementation (Naranjo-Valencia, Jiménez-Jiménez, & Sanz-Valle, 2011). It involves the identification of the duration of the innovation strategy, deadlines for its fulfillment, and consideration of its reliability and viability for the company (Drechsler, & Natter, 2012). In case with Al Jaber & Al Jaber Group, this stage focuses on the analysis of the time boundaries and priority methods and tools of its application.

Thirdly, the incremental plan involves the demo implementation of the suggested innovation. This presupposes the measurement of the innovation’s success and applicability in practice, observation and prevention of any drawbacks, and improvement of the preliminary plan and outline (Drechsler, & Natter, 2012). Particularly, Al Jaber & Al Jaber Group can introduce the trial period for the female employees at the company to check the influence of this innovation on the company’s performance and efficiency. The demo implementation also allows to check the effectiveness of the innovation and introducing the necessary changes.

The following part of the incremental plan includes the validation of the innovation strategy on the official level and its coordination with all involved parties (Johnston, & Bate, 2013). In other words, the company has to approve the chosen innovation strategy, coordinate its activities with the partners, stakeholders and employees and include it into the vision, mission, and objectives of the business in general.

Conclusion

To sum up, the innovation strategy is the progressive and qualitative process within the organizations, which helps companies acquire new experience, improve technological and production characteristics and modernize the structure and the components of the organizational structure. The analysis of Al Jaber & Al Jaber Group and its innovation strategy allows to make conclusions about the positive impacts and effects of the innovation management on the functioning of the company in general. The innovation strategy can be regarded as a part of the broad business mission and goals, which aim at the modernization and intensification of the working capacities and facilities of the organization. In case with Al Jaber & Al Jaber Group, the innovation strategy helps rebuild the corporate policies, overcome the conventional social stereotypes, and increase the productivity of the human labour. At the same time, it is important to consider the potential risks, connected with the implementation of any innovation strategy. In order to minimize the threats of the innovation, the companies should fulfill the valid risk management plan and evaluate the available capacities of their production and services. Overall, the innovation strategy at Al Jaber & Al Jaber Group claims itself as a reliable, valid, and notable way of increasing working capacities and performance of the company.

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