Exploiting Innovation

Walmart case study.

Student`s Name

Institution

Introduction

Exploiting Innovation can be defined as the process of implementing new ideas in the development of a new process, product or service. Innovation has become an essential requirement for the exploitation of marketing strategies. Hence it’s an important plan for the growth of an organization.

The development of industry from a business idea, implementation, growth, and establishment, expansion to maturity, embracement of technology in each stage maximizes the chances of the business idea to success. Innovation process can be successful in a span of five (5) years, at this era the industry should be at establishment stage which can be achieved by owning technology machines like robots, by the tenth year an industry should be expanding its production by introduction of new brands and services.

Wal Mat stores Inc. company has embraced most of the technology tactics in production, advertisement and branding, thus giving it a higher competitive and exploiting growth over other rival competing refreshment brand companies.

The importance of Innovation for the long term survival of the company.

Beyond innovators application of their skills in exploiting innovation it has impact important:

• Creation of finance- by the innovation of new idea and implementing in business, it leads to earning on investment to the organization which in sound financial management takes a company to great heights in sales (Okeibunor, 2013).Essential innovation leads to the creation of wealth for a company funding.

• The impact of revolution of knowledge, technology, environment and migration has brought the importance of every business to acquire innovative plans to overcome this forces.

• Creation of employment and trade opportunities-innovation of industries gives space to introduction and output of new products; this can be achieved through the input of workforce. Also, by the production of new goods and services, it creates space for investors in supply and sales departments. (Davenport, 2013)

• Market stability and meet clients demands-by innovation of new ways of production for example packaging it creates a competitive impact on the brands of the same caliber.

• Complementing the revenue stream- new products, businesses or process attracts an income rate, which helps in economic growth of the respective area and country at large.

• It creates a time management scheme-innovation, and exploited saves time for other activities in an organization (Kissi, et al. 2012). The innovation of technological tactics of solving problems saves time and creates a platform for access to files, durability, and security.

For the global change of institution management, innovation has acted as the only survival tactic for the adoption and vulnerability of a trending organization.

The expected industry evolving over a period of five.

With the development trends in technology that the company has adopted, it’s moving in the right direction. This is to mean that the company in the next five years will be operating almost as a monopoly. Why this is so is because the company has innovated the best technology in both production and communication. In the next ten years, the company will still maintain its position and even influence the market more. there are companies that innovate in production methods forsaking the communication sector. This gives Wal Mat stores Inc. an advantage over its competitors. This portrays the need for innovation in every company.

The top advantage of the company over the competitors.

The top advantage that Wal Mat stores Inc. has over its competitors is the mode of innovation the company has taken advantage of the technology and how it makes the world a small village. There is an effective use of the technology in their production which is the same globally. The Their products do not change despite the part of the globe that one is in. This creates a sense of loyalty among its customers mostly those who travel a lot. Putting into consideration that the company operates globally, they have taken advantage of the communication technology which gets information to various branches in seconds. They have a central management which ensures effective communication in the company globally. The other competitors who have several branches have poor communication models since they do not utilize the technology and the innovations at hand.

The two strategies Innovative and technology trends.

Information communication technology has brought significant and advantageous trends in innovation:

• The black chain strategy- this pattern help in innovation through tracking of transactions globally, from the office table by the use of the internet.

• Robotic invention- this are self-managed devices, with the implementation of robots in innovation has significantly helped in management, working in hazardous areas human being can’t survive, they are more efficient and fast.(Davenport, 2013)

• Virtual assistant and advertisement- there are a variety of internet providers, for example, Google, who create an interface for research in innovation tactics. Also, it helps in the advertisement of new products.

• Online payment- some organizations have provided social payment which is available online, PayPal is one of this payment trends where an organization can transact sales online and overseas (Kissi, et al. 2012). This trend has ease innovators transaction processes.

Companies like Wal Mat stores Inc. have been using this trends; this gives it a competitive advantage over other refreshment selling enterprises that have not yet embraced some of this technology trends.

The strategies for innovation breakthrough.

Management structure setup- for the change process to be sustainable, there needs the availability of support management who are professions in innovation and have an ability to deliver the innovation success.(Davenport, 2013)

Embed prior plan- to achieve breakthrough innovation; one needs to have a purpose of change, implant procedures, people including employees and support team, and an available network of delivery.

Balanced portfolio in innovation- innovators should put a lot of emphasis on the strategy; it defines the probability for the success of business. A potential innovation should have financial breakthrough and capital.There is the need to have a budget and a plan whenever a business is planning to invest in a project. Projects have failed due to the lack of a well-planned scheme of operation.

Reference

Davenport, T. H. (2013). Process innovation: reengineering work through information technology. Harvard Business Press.

Kissi, J., Dainty, A., & Liu, A. (2012). Examining middle managers’ influence on innovation in construction professional services firms: A tale of three innovations. Construction Innovation, 12(1), 11-28.

Okeibunor, J. C., Akanmori, B. D., Balcha, G. M., Mihigo, R., Vaz, R. M., & Nshimirimana, D. (2013). Enhancing access to immunization services and exploiting the benefits of recent innovations in the African region. Vaccine, 31(37), 3772-3776.