Literature Review Assignment

Task - Write a literature review to address the following question: What is the role of emerging opportunities for innovation and how they can affect organization performance?

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Answer - Literature Review

1. Introduction

1. Background of the study

Throughout the history, the innovation and invention are the only constant that remained. Emerging opportunity for innovation has always shaped the world. Innovation is always beneficiary for every economy. It not only creates new jobs but also helps in money circulation. The emerging opportunity helps the poor section of a country and help them to make changes in their life. Keeping with the pace of developing demands, organizations are facing challenges with managing and sustaining the innovative changes in their organizations. It is imperative that with the opportunities of innovative developments, there comes the difficulties also. The world is becoming unequal with every passing day; the concept of inclusive innovation is changing the overall scenario of the situation. Its primary area of focus is to investigate how poor and backward class population can be benefited from innovation. The mainstream or traditional innovation is promoting inequalities however when it comes to the inclusive innovation, it helps in reducing the amount of inequalities (Sharma et al., 2018).

Scope of the study

The study mainly focuses on the inclusive innovation to understand the role of emerging opportunity for innovation. From one point of view, the emerging opportunity for innovation is getting limited and from other point of view, it is getting wider and multidimensional in nature. The emerging opportunity is creating a gap within the market for an entrepreneur to make investment and make money. However, most of the time gap is only the result of some miscalculation or something of such nature (aiia.com.au, 2019). The gap demands the entrepreneur to conduct a business in a way. Making a difference in such process can result in catastrophic failure.

Influence of emerging innovation and opportunities on organizations

The organization can be affected in a very different manner. For example, the gap for which emerging market was created could have been taken over by the very same organization. However, change in the method of delivering the process can result in market being taken away by a third party. Innovations and inventions are the driving force for any business. Good and strategic innovation can lead to increase in the revenue margin. However, innovation based without any research can lead to serious failure. For example, Black Berry is a company that makes phones and due to its innovation in the field of making mobile devices, it made serious revenue (Tidd & Bessant, 2018). However, it failed to keep its place as one of the most innovative and mobile devices selling company in the market due to lack of adaptation. If the company managed to adopt to the different scenarios, it would still be one of the most innovative company in the world. A new innovative idea can lead to catastrophic failure for other business. Rise of Apple Company and fall of Black Berry Company is one of the biggest examples of such scenarios. The change in the business market is very severe and it is taking place due to the below four reasons.

The first reason for such condition is the emerging markets are growing faster and faster with every passing day. The second reason is the dependency of industry leaders on data analytics. The mainstream companies are spending more time relaying on the analysis of data. Third reason is the accessibility of the consumers to the product information. The Fourth and the last reason is the rapid innovation itself (Zimmerman & Blythe, 2017).

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2. Purpose of the study

The purpose of the study is to understand and evaluate the role of emerging opportunity for innovation. It focuses on the Inclusive innovation that is helpful to the poor section of the population. It helps the local community to have an opportunity to make something good in their lives. It is very much different from the traditional ways of innovation that is only helps to gain a specific group of people. Most of those people are associated with the organization. The role of emerging opportunities is limitless (Hojnik & Ruzzier, 2016). Not only for the innovation sector but also for the entire economy as well. The study provides a good knowledge of the matter and helps in understanding the impact of innovation to a group or section of the society.

Discourse on opportunity and threat of innovation

Innovation can be about the opportunity as well as threat. According to Pessimistic, around 40% of Australian jobs will go away due to computers in the upcoming five to ten years. However, the creation of new job was not mentioned due to the computerization. It will create thousands of new jobs and those jobs are going to be very much different from the previous once. For example, the job of painting a car might go away but the job of creating a machinery to paint a car will be created. The change in the job sector will be there but the change in the number of jobs are not going to take place (Hatten, 2018). The creation and destruction of job is one of the primary features of the development across the countries. The displacement in millions of jobs have already taken place due to the computerization and internet. The following study makes a good discussion on the matter.

3. Structure of your literature review

The literature review will have an introduction part followed by definition of the topic. The reason for the literature review will be discussed in details. Review of the matter will also present in the structure followed by the scope of the review. It will have a good knowledge of growing opportunity for innovation.

The main body of the literature review will be organized according to common themes of the subject matter. The insight into the relation will also be provided between chosen topic and the overall wider picture of the subject matter. Specific focus will be provided on the opportunities due to innovation for an organization. The literature review will contain a conclusive part in its study. The summarization of the topic will be provided along with evaluation of the recent state of the literature review. Flaws and gaps within the literature review will also be discussed in this part. An overall outline area for the future study will be provided towards the end of the literature review.

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2. Body

1) Defining key terms, theories and concepts relevant to the topic.

Whenever we talk about innovation, we usually connect it with the paradigm of "thinking outside the box". This notion, even though is constrictive, can undermine innovation rather than promoting it. When an organization processes outside the box, it is potentially faced with two problems. First, probably it is only "thinking" instead of making use of the knowledge to generate real, sustained and feasible action. Second, when reality hits challenges arise, these "out of the box" thinkers take shelter in their conventional ideas and suppress any chance of significant innovation to take place (Bardach & Patashnik, 2015).

Concepts of emerging innovative opportunity

The World Economic Forum and the Legatum Prosperity Index has developed and reinforced international competitiveness and prosperity indices. The international forum has understood that innovation and entrepreneurship directly link to productivity, competitiveness and ultimately prosperity. This type of innovation requires a constant and radical change in mindset. Thus, one needs to do away with "the box" completely, so that governments, businesses, and organizational leaders can understand the potential strategy behind innovation. In connection with an emerging market perspective, the ability to create prosperity is the real value of innovation (Porter & Kramer, 2019). Prosperity transcends economic growth by establishing social stability, educational attainment and increasing quality of life, crucial elements to the development of emerging markets. It also creates an exemplary cycle, creating a foothold for the further development of the economy. While many governments with emerging markets are slow to embrace innovative methodologies leading to prosperity, businesses are beginning to emerge as the next-gen innovation leaders.

Emerging innovations in technological arena

With the emergence of innovations, mostly in the technological arena, the labour market will change and mould itself in response to new technology. Many who are sceptical about the impact of such innovation on people and their jobs, new opportunities and new jobs will become afoot. The change would mostly not be about people changing jobs, rather doing the same job with fewer manual, routine tasks (Spender et al., 2017). Despite concerns about the impact of emerging technologies, such as AI, automation, data analytics, and robotics, most of the world leaders are optimistic about work and job opportunities.

Considering the growing importance of innovation, a notable amount of scholarly work has paid attention to the investigation of factors enhancing innovativeness and boosting product innovation performance. In Kim and Lee and Wang and Wang's latest work, innovation is learned through group learning and individual activates within an organization, which is considered as one of knowledge intensive organizational process. When it comes to the efficiency or the effectiveness for a learning activity for an organization, the influence remains sky high from the by the innovation strategy method.

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Benchmarking and forecasting to evaluate business performance

Benchmarking is nor considered just an aspect of making evaluations to other organizations or searching and documenting other organization's facilities and procedures. When making implementation of benchmarking, an organization must not limit the scope to its own sector, nor must benchmarking be a one-time incident (Oliveira, Thomas & Espadanal, 2014). The roadmap of benchmarking was developed from the ten-step examination procedure introduced by Xerox. This process requires but-in at different levels of a company to be effective. Mostly, this is driven from the senior level. It has been seen that private-sector organizations often fear that they might lose their competitive edge by sharing data, and others fear of exposing organizational weaknesses. Application of a recognition blind procedure, whereby information is posted without attribution, could reduce these concerns.

There are various forecasting methods or metrics available. Some of these like mean absolute percent error, suggests error as a percentage and mean absolute error, which are scale reliant on. This means, they project the error in an original unit of the information. On the other hand, demand forecasting help in minimizing the risks associated with business processes and help in taking effective decisions (Mehdiyev et al., 2016). For organizations having production at the mass level, the significance of forecasting had developed more. Product forecasting helps an organization in better planning associated to business objectives.

2) Clear explanation of the themes and theories.

Performance of product innovation: producing companies are entitled to produce innovative products for the market and those products must be costly and at the same time must have a strategic cost advantage for the company as well. According to Kok and Beimans (2009), a product that are produced by a company provides superior value and helps in creation of goodwill for the company. Batra (2017) has defined product innovation can be a constant process for innovation performance and the calculation is based on the commercial outcome, level of customer satisfaction and overall project performance of the wholesome innovation processes. On the other hand, the project performance of an innovation process is related to internal efficiency. It is the total effort that an organization invests on the innovation process which is manifested via the speed of innovation, final product quality and overall cost reduction.

Innovation strategy: the manufacturing process has a good amount of influence from internal and external factors of the organization. Hence, companies can follow either of the two methods and the methods are market pull innovation or technology push innovation. From a strategic management standpoint, the above strive to achieve innovation superior performance through by developing organizational competence. According to Beyene, Shi & Wu (2016), firms pursuing technology push innovation strategy usually allocate adequate R&D resources, acquire newer technology, and accumulate better human resource competence. These have a considerable long-term effect on the performance of product innovation. The present-day research findings of Paladino and Saeed et al.

On the flip side, proponents of market-pull innovation strategy argue that for superior performance, businesses need to stay close to the customers they serve and the competitors they're engaged with. In supporting the notion, Baba, Mahmood & Halipah (2017) have stated that organizations that deliberately focus on the market for innovation idea, learn better and outperform their counterparts.

Organizational learning and its role as a mediator: Martin De-Castro point out that it is next to impossible for any company or organization to make continuous innovation and invention without to having a continuous learning process within its management. Organizations shape the behaviour of their members through learning activities and influence their overall performance. According to Cantone et al, organizational learning is a process of knowledge creation related to the acquisition, dissemination, and interpretation of customer and competitor related information, boosting the organization's competence. Organizational learning has four major components: acquisition of information, information dissemination, shared interpretation and organizational memory building. Segaro, Larimo, and Jones (2014), opined that every organization has its own commitment towards the information acquisition, which is a culture of learning and experimentation efforts.

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3) Application of the themes/theories on real-life corporate examples.

Application and explanation of themes related to emerging opportunities of innovation will be addressed based on five major themes and their real-life examples. These themes are the Smart connected car innovation, development of fintech and payments, a new phrase for television, innovative supply chain and the network effect. These five different themes will be described and their implementation process will be evaluated through instances from organizations.

Smart connected car innovation

The United Sates AT&T has launched an innovation centre in Atlanta intended to be an introduction pad for latest concepts and organizations with prime focus on the digital and connected car industries. This industry has become a core priority. Autonomous cars would gradually capable of traction in the market over the forthcoming two decades and by 2035, sales of these cars would grasp around 95.4 million yearly, presenting a 75% of all light-duty car sales, as per the sector research by Navigant Research. It has been seen that networking organization, Cisco is a core sponsor of the Foundry and would start technical and innovative skills as well as assist in scouting out third-party developers, businesses, entrepreneurs across the globe (Middleton, 2013). On the other hand, Georgia Tech and AT&T would share a mutual focus on innovation and are already cooperating in a series of areas. Partaking an AT&T Foundry innovation centre would make even prospectus scopes for the faculty and individuals, while permitting AT&T to ensure full advantage of the talent and intelligent resources at Tech, as the engage in the increasing development of Midtown as an innovation centre. In Georgia, this application economy has a yearly influence of $ 1.09bn, as per the investigation from CITA and the Application Developers Alliance (Middleton, 2013). Around 80,000 Atlantans work in IT associated jobs, with software development and manufacturing among the metropolis's capability.

Development of fintech and payments

External of specific verticals such as Cross-border economics, most fintechs continued to be local. Even around the biggest fintech players, their functions remain geologically concentrated in single market. Ant Financial, the leading fintech around the globe valued at over $150 billion, has around 70% of its Alipay consumers coming from inside China. The same level is playing out in the United States. For example, Square that recently valued around $27 billion and publicly traded, earns over 95% of their revenue locally (Lazarow, 2019). The new generation of fintechs are going international prior in their endeavours. For instance, some of the European digital banks such as Monzo and N26 have developed pan-European functions, and have said their launch to North America. Developing market originated organizations are earning South-South development at the top of their goals such as, Nigerian fintech Paga currently did, proclaiming plans to develop to Mexico. Some of the fintechs are increasing a multi-market policy from the get-go as, Tala and Branch have documented and collaboratively increased hundreds of millions in the operation. Looking at the effective fintech exists over the last time (underlined as >$100m), the biggest majority, over 75% were lower $ 800m. it has been seen that only three developed $ 5 bn: Lending Club, (IPO, eight years old, by today trades at ~$1.3b) (Lazarow, 2019). The wider majority of these were solo market players. Those, which scaled internationally did it slowly and over time.

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A new phrase for television

The United Group's head of investigation and development report outlined the facts regarding world of innovation related to the current era of television, and how the United Group, with the help of its innovations- initially and foremost the EON smart box and the EON application- is developing the regional market. One of the core facts was certainly the development of streaming technique, which help in captaining the distribution of television content on several devices, which were not at the living room TV set but also importantly modified the way the TV is watched on the fundamental, joint living room television. The precondition for it was, above all, a main development of broadband internet, fixed and mobile that help in establishing an entire new way of providing content to consumers, and then the propagation of individual devices like smartphones and tablets along with the developing existence of smart televisions (rs.n1info.com, 2019). EON was hurled on the market in a time and greatly altered and made this easier to view television in United Nations. When people look at the numbers of the devices, which are registered on the platform, one can certainly sat that this is keeping up with the tech giants.

Innovative supply chain

Preceding the retail route permitted Dell to constantly develop margins while providing customers an effective cost and price on their PCs. This innovative move also offers consumers a chance to arrange PCs as per to their certain computing needs. The dramatic development in consumers value, which resulted from Dell's innovative distribution policy propelled the organization to a leading market position. Michael Dell understood that the way functions had always been done was not the most efficient or effective process to run things at the organization (MacCarthy et al., 2016). There are numerous instances where someone took a latest look at an organization procedure and understood that there was a much effective process to achieve things done. This is always worth re-evaluating procedure-based work to confront if a change will develop effectivity. It is equally true whether it is an organization of five or 500. Harnessing the effective and accessible sales and consumer feedbacks information, which resulted online sales permitted Dell to stay fast of the demands curve in the rashly increasing PC market.

The network effects

Visa (V US) is one of the leading instances of how the network effects ensure effective competitive advantages for organizations in the electronic payments sector. Visa claims an interesting advantage in terms of its international acceptance. Its availability lent to the network effects' being the main source of the organization's moat. As more and more consumers use credit or debit cards, more traders are likely to accept them. On the other side, Amex and Discover have payments easing operations while they also issue cards directly to the consumers, unlike Mastercard and Visa. Its market share developed from 44.3% in 2012 to 50% at the recent (Guild & Bigo, 2017). The organization's leading position in the industry suggests that more traders are willing to accept this as more customers apply this, making a network effect.

Conclusion

For future research on emerging innovations, technology and understanding fusions are the core methodologies. To enhance technology and acquaintance, IT must be observed as the main tool for project-based organizations around different sectors. To underline efficient information technology systems to project level developments. IT policy must be constructively evaluated from a strategic standpoint to utilize simultaneous and communicative environment. For the service and operational management, an integrated production management for production technology system and organizational knowledge system should be developed.

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