In this era of increased technological improvements, automation, and best practices there is an increased risk of companies coming up with similar strategies. Trends are ubiquitously shared across companies via the internet. Automation, on the other hand, ensures that everyone in an organization performs a task in a similar manner, creating a monotonous environment. Intellectual property rights have become common. Therefore, in order to survive and remain competitive, companies need to come up with new innovative strategies faster than their competitors. This makes innovation a sought-after skill of competency and key to strategy-driven companies ( Bennett, Pitt & Price, 2012).
The term strategy refers to an action plan geared towards achieving an overall objective. Strategies focus on the competitive advantage of companies and are essential in problem-solving in the long term. Innovation refers to a new idea or method that is used to make work easier while achieving maximum output. Therefore, an innovation strategy refers to that new idea, method or action plan that increases the profits and market share of an enterprise thus making it more competitive (Teece, 2010). According to Bouhali , Mekdad , Lebsir , & Ferkha , the innovation strategy must be flexible enough to respond to the changing trends and waves in the market. The best strategy should reflect on the long-term goals of a company. Matters of profitability, financing the idea and creativity in executing the action plan should be put into consideration. In companies, some problems that exist are not always common, hence there exists no obvious solution. The role of an innovative strategy, therefore, becomes making it easy to come up with solutions to unforeseeable problems arising within a company. For companies in the same market, executing services in a similar manner is common. An innovative strategy execution make a company stand out in such a situation, therefore, luring clients towards it (2015).
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A number of factors should be considered when coming up with an innovative strategy. First, the innovative strategy should be inspiring and focused on the future endeavors of the company. Setting a high bar encourages the organization to aim higher. Most innovation strategies tend not to be sustainable in the long run. Often, the innovation strategy is usually derived from the corporate strategy. The innovation strategy analyzes the best measures to be used in realizing the corporate strategy so as to make the organization stand out from its competitors. The overall objective of the innovation strategy is to maximize on the potential benefits. Furthermore, the strategy needs to be ambitious. It should make a company not only stand out amongst competitors but also create new spaces that ensure the competition will not be in a position to contest ( Bouhali , Mekdad , Lebsir , & Ferkha , 2015).
Another factor to be considered when coming up with an innovation strategy is to leave it open. Companies should realize that the existing wide market scope could be having perceptions that do not fall under the company’s boundaries. Being open means that the company is not settling. It also means that the company is accommodative of new ideas and perceptions that exist in the public forums. A good innovation strategy should be flexible enough to accommodate changes in technology and available capabilities. The strategy should be in a position to explore better market developments and thereby singling out the most attractive opportunity. The innovation strategy should also be readily adaptive to any new insights that may exist at a particular period in time. In as much as the strategy is supposed to a reflection of the time in which it was developed, the key thing to remember is ensuring its flexibility as time changes. This is what makes an innovation strategy different from the corporate strategy ( Bouhali , Mekdad , Lebsir , & Ferkha , 2015).
Leaders in most companies will find having a manual in managing diversity within a company simpler so as to have an idea of how to approach the issue. Unfortunately, due to the complexity of the matter, it is almost impossible to come up with a common solution. A strategy that works for one group will not necessarily work for another. Diversity in the workplace refers to a workforce that is different in age, gender, social status, and ethnicity. Managing diversity, therefore, entails acknowledging the differences existing in a particular workforce and recognizing these differences as valuable. According to Saxena (2014), managing diversity also enhances the management skills of a leader and ensures there is no discrimination within the given workforce. It makes sure that everyone feels included as part and parcel of a company.
To manage a diverse workforce, a leader must come up with policies that promote equity within an organization. A key factor to consider when managing diversity is observing the performance and competencies of individuals. It is important that promotions are awarded in regards to performance, regardless of religion, gender or ethnicity. Another factor to consider when hiring personnel is the quality of experience. Having the right kind of workforce makes it easier to manage diversity issues in future, (Bennett, Pitt, & Price, 2012) . When the need to perform tasks in groups arises, a leader must encourage diversity within the given group. This ensures transferability of knowledge and skills, making an even stronger and competent team. A leader should also encourage the team members to report cases of discrimination and treat these issues seriously. This can only be achieved if the leader has a good rapport with his workforce. Lastly, having regular meetings on the topic of benefits of diversity ensures that the team stays together in unity. It is important to remember that a proper work atmosphere increases the productivity of the staff.
Some of the benefits associated with employing a diverse workforce include getting new ideas and fresh perspectives of approaching situations. Due to the difference in their background, each individual will have a different experience and approach to a problem. Sharing this ideas enables a leader, and the team itself, to explore the best alternative to a situation. It also broadens the minds and creativity of the team. Focusing on diversity also serves as a recruitment tool as in attracts people from all over. This means that an organization can easily employ the best talents due to creating an inclusive atmosphere for everyone. Ultimately, the organizations a positive reputation in the market. Besides attracting new talent, such an organization is able to keep the existing talent, reducing on the employee turnover rate. Scholars have proved that to gain top talent, an organization does not need a homogenous group. Rather, a pool of people from diverse backgrounds and experiences make up the top talent by sharing their ideas to come up with innovative strategies that work for the company in the long run ( Martin, 2014).
Another area where diversity comes as an advantage is in the productivity of a company. Martin (2014), argues that t he employees will tend to work around the strengths and weaknesses of their colleagues. They will get more challenges to work outside their comfort zones and also learn from their mistakes by observing how the other colleagues carry themselves and work on tasks. A diverse workforce often feels encouraged because of the commitment of the organization. It also ensures diversity in products and services offered. Just as people with different backgrounds are attracted to companies comfortable with diversity, so are consumers. Multilingual employees will be able to communicate with a wide variety of consumers, appealing to them and making them feel comfortable and gain trust towards the organization. This gives an organization a competitive advantage against its competitors.
As the global trade market grows, companies must also ensure they implement change as fast as possible. Consumer needs also grow on a daily basis. Luckily, technology has become a major driving force in the society today. Technology helps a great deal in managing operations within a company. For instance, online orders and payments are a benefit to both the consumer and the company ( Teece, 2010). Purchasing goods on an online platform reduces the operational costs of the company, saves on time and in addition, increases the profit margin of a company. Furthermore, examining how different department employ the internal support systems enables the management to come up with methods of sharing this services. Automation, therefore, eliminates the chances of duplication. However, the new technology employed should benefit a high percentage of the staff so as to realize return on investment.
Technology has helped in increasing efficiency and increasing productivity in the workforce. This enables employees to focus on more important aspects such as creativity and precision. This then translates to customer expectations being met by the staff members. Innovative technological software and equipment also aids in time management and the execution of tasks simultaneously. This increases the profitability of a company as more tasks are executed within a short time span. With technology, allocation of resources has also been optimized. Cost-effective alternatives are also provided with technological improvements such as outsourcing of certain services that cause burdens to a company. Companies are therefore more streamlined in their process today than in the previous years. Smooth flow of processes increases the efficiency of a company, with minimal chances of wastage. Therefore, costs of production and execution are greatly reduced ( Teece, 2010).
Technology also ensures that staff members stay connected at all times, regardless of the region they are operating from. This increases collaboration amongst the workforce, thereby increasing teamwork. Employees get to access both non-real time and real-time options enhancing their communication with their colleagues and consumers. An integrated system also ensures that there is business continuity at all times even in the absence of a particular employee. Therefore, the company’s visions and goals are adhered to on an international level. Social media platforms have also increased the interaction levels making the company stay connected to its clients at all times. This increases the marketing opportunities, opportunities to address client problems at all times and also tailor-make goods and services that entice the clients. Many organizations are now turning to social media to ensure they secure their market segment by tapping into a wider and diverse market. Collaborative measures are employees such as crowd-voting, crowdsourcing, and crowd-creation. This, together with innovative strategies, increases the competitive advantage of a company ( Bouhali , Mekdad , Lebsir , & Ferkha , 2015).
According to Bouhali , Mekdad , Lebsir , & Ferkha , changes in technology also force change in managerial functions. Managers will have an increased responsibility to ensure positive outcomes on the processes of the company. They will, therefore, place more emphasis on planning, coordinating, control and decision making. These factors will require computer bases techniques to ensure optimum execution. Employing computerized techniques also calls for having competent managers who can be at par with the changing technological advances. This means that the managerial team will also be stronger and possibly innovative. With a strong team running the organization, operations will be optimized. This team will be better placed to address issues affecting the organization and come up with a strong innovation strategy that is beneficial to the organization. Therefore, thanks to technological improvements, the company gains a competent workforce (2015).
Incorporating all these ideas to a company’s vision and goals, therefore, makes the company gain a competitive advantage. As discussed, the innovation strategy enables the company to adapt well with changing times. For this case, as the company branches out to Miami, Florida, a well thought of innovation strategy will ensure that the unforeseen challenges that may arise due to the change in scenery are tackled professionally and with minimal time wastage. The innovative strategy will also ensure adaptability of the common operations that work in Topeka but not necessarily work in Miami ( Bennett, Pitt & Price, 2012).
Second, it is important to ensure that the workforce is diverse. Moving to a new region often comes with cultural, religious and ethnic challenges. Having a diverse workforce enables easy penetration into the new market as it makes the consumers comfortable with the employees of the company. Also, incorporating an indigenous workforce from the region will aid in coming up with better and more creative perspectives of handling crisis and customer relationships. Above all, diversity gives the company a good image and public opinion ( Martin, 2014).
Lastly, technological advancements will ensure business continuity. The workforce that will be deployed in Miami will have an easy time continuing with the operations of the company as all information will be available on the database. Communication will also be made easier between the head office in Topeka and the branch at Miami, owing to technology. This will reduce on operational costs that require staff members to move from one region to another ( Bouhali , R., Mekdad , Y., Lebsir , H & Ferkha , 2015).
In conclusion, it is evident that all these three factors are intertwined and all lead to the overall execution of the company’s goals and objectives. Therefore, all three pillars should be carefully incorporated into the organizations corporate structure. With these in place and a higher competitive advantage, the profit margin will be increased.
References
Bennett, J., Pitt, M., & Price, S. (2012). Understanding the impact of generational issues in the workplace. Facilities , 30 (7/8), 278-288.
Bouhali , R., Mekdad , Y., Lebsir , H & Ferkha , L. (2015). Leader Roles for Innovation: Strategic Thinking and Planning. Procedia - Social and Behavioral Sciences , 181, 72-78
Martin, G. (2014). The effects of cultural diversity in the workplace. Journal of Diversity management. 9(2), 89-92
Saxena, A. (2014). Workforce Diversity: A Key to Improve Productivity . Procedia Economics and Finance , 11, 76-85
Teece, D. J. (2010). Business models, business strategy, and innovation. Long range planning , 43 (2), 172-194.
