There are different types of innovation. There are four broad categories of innovation. Following these categories are referred as the 4Ps of innovation: ‘product innovation’ — changes in the things (products/services) which an organization offers. ‘process innovation’ — changes in the ways in which they are created and delivered. ‘position innovation’ — changes in the context in which the products/services are introduced. ‘paradigm innovation’ — changes in the underlying mental models which frame what the organization does. For example, the new version of a car, a new bank account offer and a new home personnel computer are all examples of a product innovation. In comparison to a product innovation a change in the production process and machines used to manufacture the car or the home computer these examples are process innovations. Similar the example of the new bank account offer if this came up by changing procedures and sequencing in Continue reading
Modern Management Concepts
Balanced Scorecard (BSC) – A Strategic Management Tool
In the late 1980s, organisations started realizing that, in order to assess the overall health and performance of the organisation, it was important to measure and manage non-financial measures also in addition to the traditional financial measures such as profits, share values, sales volumes etc. Traditional financial measures are usually the lag indicators of the business performance and tell the story of the past. They do not provide any insight into the intangible assets and capabilities that need to be developed in order to be able to achieve the desired financial results. For example, front-line workers in a manufacturing set up are far removed from these financial measures and have no idea about how their day to day work translates into financial results. Thus, financial measures fail in assessing the intangible value possessed by the organisation or the value it can create. They can also fail the knowledge based strategies Continue reading
Public Private Partnership – Definition, Types, Strengths and Weakness
The Concept of Public Private Partnership The concept of Public Private Partnership (PPP) has been described in several ways. The Agency theory, which is often called the principal-agent theory, shows the affiliation between the principals and agents and emphasize that the principals have the basic task of choosing and controlling their agents. The theory that sees parties engaging in exchange as contracting is called transaction cost theory. It emphasize that contract should account for both personal and social expenses while reaching a contract and further noted that the process of contracting could be costly because it includes cost of structuring, bonding, monitoring, negotiation and residual loss due to principal agent problem. Partnership under evolutionary theory, is about efficiency and prudent utilization of available resources, which is aim at plummeting replication in the overhead expenses. The exchange and dependency theory, highlight on integrating disjointed policy landscape. Others viewed Public Private Partnership Continue reading
What is Business Process Automation?
Business process automation (BPA) is the use of technology to automate repetitive and manual business processes. It is a way to streamline and optimize processes, reduce costs, and improve overall business efficiency. With BPA, companies can achieve significant savings in terms of time, money, and resources. In this article, we will explore the concept of business process automation, its benefits, and how it can be implemented. What is Business Process Automation? Business process automation refers to the use of technology to automate repetitive, time-consuming, and manual tasks that are part of a business process. These tasks can include data entry, document processing, invoicing, payroll processing, and many others. By automating these tasks, businesses can eliminate errors, reduce costs, and increase efficiency. Business process automation is often implemented through software applications that are specifically designed to automate specific tasks or workflows. These applications can be customized to meet the specific needs Continue reading
Innovation – Definition and Types
Innovation is an important concept to understand as a manager and for an organisation as a whole. Used in the correct manner, innovation can give an organisation the competitive advantage they need to be a success in their market. Firstly, it is useful to look at innovation in general. Innovations are ideas that are developed into new products or processes. They result in changes that customers recognize as new. Put in even simpler terms, innovation is the process of making improvements by introducing something new. Therefore, the two words that sum innovation up are ‘process’ and ‘new’. Defining Innovation Innovation is doing things in new ways in order to achieve significant results and make a huge difference in performance compared to others. Innovation’s goal is to have a positive change, to make someone or something better. Testing and evaluation of ideas is critical in achieving this goal. The ideas that Continue reading
Spirituality and Management
In the recent past globalization has been a buzzword in most of the corporate houses. Looking dispassionately it is becoming imminent that globalization cannot be stopped in the world economy. This throws new challenges in managing the projects, people, production and market places. This need is pushing the leadership to adopt new approaches to utilize the time, human resources and the potential of the workforce. Many researchers in the field of Human Resources Development have found that spirituality is going to bring in such capabilities as the globalization process demands. Though spirituality in the life of human being is generations-old, it is being revisited with lot of conviction and confidence. We observe off and on that many successful leaders of the corporate ascribe the success of that organization to their people and not to themselves. The modern paradigm is characterized by rigid attitudes and beliefs about others and practices in Continue reading