Remittances and Innovation Processes †Free Samples to Students

Question: Discuss about the Remittances and Innovation Processes. Answer: Introduction: During 1990s, the world was faced by changes in social life, politics, and technology. People began to think about terms like globalization and the internet. These terms exactly show what the current world is facing. It is evident from history that the world has faced two great revolutions; for instance, the agricultural revolution and industrial movement. Most researchers have indicated that we are currently in the middle of the third revolution (Abella, 2004). The agricultural movement was concerned with farming, which requires certain technological advances to make it successful. The agricultural products must also pass through industries in order to come up with other products through manufacturing processes. All these things require development of ideas that are arrived at through innovation. Therefore, innovation has aided revolutions both industrial and agricultural. The building of factories characterized the industrial movement where products were turned into goods that are more useful. A lot of research therefore needed to be done in order to know more about the procedures and get viable information. The third revolution that we are is thus characterized by the presence of personal computers and smart phones that make it possible to search for information in the internet easily to enhance our understanding help us to be innovative, and develop new ideas (Adams, 2002). The most important factor in innovation is the development of ideas. Ideas have unique characteristic, for instance, it is not exhaustive- that is, other people can still use an idea that has been used by somebody severally. In the world of business, new inputs can be employed to improve and not to lower the returns. The process of managing innovation depends on the type of innovation at hand. This is because there are several types of innovations that can be explored by an organization or a firm, but the most common types revolve around product and services. There is an ongoing debate about the need for successful innovation in order for it to be a greater one. According to Tidd and Bessant, 2011, innovation does not mean an idea only, but it represents implementation as well. Irrespective of how one defines innovation, it is important to note that the aspect of innovation is not a current one, but that which has existed for several years (Amuedo-Dorantes, Pozo, 2004). For instance, in history, there have been instances where ideas are converted in to realization. Throughout the time, several innovative ideas have been developed, tested and implemented. Some of these ideas have gone a long way in helping organizations achieving their goals and objectives. It is important to consider innovation as one of the critical things that keep organizations or firms moving. Due to the changes in technology, new ideas come in to perspective irrespective of those at the helm of management or leadership. They usually face changes that are inevitable. Innovation therefore has several roles that would be fundamental to the success of the firm or organization. Researchers have indicated that development of products arise because of innovation and ideas that are put into action. According to Marcus, (2010), several ideas can be conceived by different members of an organization, evaluated, tested, and implemented. However, this calls for the good practice and good will from all the stakeholders of that organization. With all the stakeholders working as a team, important ideas can be put into action to with an aim of achieving and promoting the livelihood of organizations objectives and goals. Many authors of business books and articles have been able to describe various models of innovation ranging from first to fifth generation, which includes the integration of systems as well as networking. Innovation and investments In recent world, many investments are done in relation to developed ideas. Therefore, innovation is the one that drives the investments because people constantly come up with such viable ideas that when put into action would see projects being established (Bharathi, 2016). Several studies have shown that individuals who develop viable ideas seem not to implement them; rather others who have the machinery and adverse financial background implement them. In this age where we have enhanced capability to learn through the internet, it is expected that investments will be increasing as many people have devised good ways of becoming innovative. In the year 1998, many businesses were because of innovative ideas that were extremely being exploited and implemented. Hopes were that they do not collapse due to weak research, but as time moved, the managers have been able to invent new ideas and improve on the initial ideas. All these have enable these organizations excel despite the challenges that come with those innovative ideas. According to Chinn, (2003), innovation come with challenges and every innovator must learn to face the challenges by not allowing them to ruin the good idea that he has developed. There is need for proper management of innovation in the United Kingdom. A report by DTI of 1994 indicated that In 1990s, most manufacturing industries in the UK improved at a faster rate than other industries in developed countries because of innovations. However, recent studies and reports have shown that the UKs GDP has remained unchanged for quite some time. This instance has been alluded to the fact that there has been very little done to improve innovation. The UK and other developed countries have allegedly exhausted the innovative ideas and there is thinking that no more ideas can be conceived further (Miller, Biggart, and Newton, 2013). However, in the world of business and management, ideas are in exhaustive. People will continue coming up with new things and even modifying and improving the ones that are existing. As have been indicated in this report, one can realize the kind of importance innovation has on businesses. However, innovations also come with challenges and hindrances. This literature explains some of these hindrances. In organizations, these barriers can be classified as external and internal barriers. External hindrances include things like infrastructure, lack of proper education and training, improper laws, unrecognized talents in the society (Acosta, Caldern, Fajnzylber, Lpez, 2008). Internal barriers are things like bureaucracies and rigid organizational rules and processes, rigidity in formal communication systems, resistance to changes, and inadequate or lack of motivational activities. From the ongoing discussion, it can be concluded that most innovative ideas are generally thwarted by lack of commitment from organizations. For example, most managers may think that it is too expensive for an organization to implement a new idea. Dimensions of innovation Incremental Radical Product 32 bit chips to replace 16 bit chips. Launch of compact-disc Player. Process Upgrading quality inspection system. Product prototyping on computers. Organizational Implementation of quality circles. Teleconference meeting. Innovation can classified under three main dimensions. These dimensions include product, process, and organization. Product innovation involves circumstances where a person conceives an idea about a product. Product innovation is the most critical dimension of innovation that must always come first (Andrews Russell, 2012). The management should therefore be keen on all the aspects about product, from conception to final step where it would be ready for consumption. However, it must be noted that during conception, the process and all other factors that would ensure that the achievement is met as accurate as needed. Many scholars of management have indicated that product is a critical aspect of an organization. The stakeholders, employees, and management staff all focus their attention on the product and how it can be made and improved to satisfy the needs of customers. However, it may be a hard task to link the product innovation and the process innovation at the initial stages, but it may call for patience to see how the two can be intermingled and work cohesively. The second dimension of innovation is the process innovation. It is obvious that a product has to pass through several processes in order to get to a stage where it is called finished product. The process dimension is directly linked to product dimension in the fact that raw materials have to be changed to consumable product through a well-defined process (Lavy, 2013). The aspect of innovation is critical at this point because proper arrangement has to be put in place as to minimize challenges that may make it hard to arrive at the targets. With the advances in technology, it may be necessary to automate processes that can be automated to increase efficiency, improve quantity and quality, and to minimize wasted time. Processes are varied depending on the nature of product that is at hand. Some processes are complex while others are simple. Consequently, the kind of innovation follows the nature of the process. The history of innovation indicates that there are varieties of innovation and all of them reconcile a particular type of process to be followed. In recent studies, there are suggestions that thinking about process and at the same time, the product will create a clear path and shade more light on innovative ideas that can be implemented. The UK and other developed countries have allegedly exhausted the innovative ideas and there is thinking that no more ideas can be conceived further (Miller, Biggart, and Newton, 2013). However, in the world of business and management, ideas are in exhaustive. People will continue coming up with new things and even modifying and improving the ones that are existing. The last dimension of innovation is the organizational dimension. The process innovation and product innovation, all must be brought together in a perfect organization in order to achieve the objectives. Organizational dimension is mainly concerned with creating ideas that would enable an organization perform its duties concerning management and everyone who is associated with it either directly or indirectly (Desa, and Basu, 2013). The greatest concern of an organization is to make sure that its customers are satisfactorily treated because the customer is the main purpose for their existence. It is important therefore to strive to come up with ideas that will not only enhance the achievement of organizational goals but also to improve customers consciousness, happiness, and satisfaction. In 2002, a study by the World Bank on management principles indicated that most managers are cognizant to the fact that a conducive environment for employees would positively affect their input to t he organization in terms of how much they put effort to achieve the goals and objects of the organization. In recent world, many investments are done in relation to developed ideas. Therefore, innovation is the one that drives the investments because people constantly come up with such viable ideas that when put into action would see projects being established. Several studies have shown that individuals who develop viable ideas seem not to implement them; rather others who have the machinery and adverse financial background (Haasler, 2013) implement them. In this age where we have enhanced capability to learn through the internet, it is expected that investments will be increasing as many people have devised good ways of becoming innovative. There is need for proper management of innovation in the United Kingdom. A report by DTI of 1994 indicated that In 1990s, most manufacturing industries in the UK improved at a faster rate than other industries in developed countries because of innovations. However, recent studies and reports have shown that the UKs GDP has remained unchanged for quit e some time. This instance has been alluded to the fact that there has been very little done to improve innovation. The UK and other developed countries have allegedly exhausted the innovative ideas and there is thinking that no more ideas can be conceived further. However, in the world of business and management, ideas are in exhaustive. In the year 2013, many businesses were because of innovative ideas that were extremely being exploited and implemented. Hopes were that they do not collapse due to weak research, but as time moved, the managers have been able to invent new ideas and improve on the initial ideas. All these have enable these organizations excel despite the challenges that come with those innovative ideas. Conclusion It has been shown in this paper that innovation is one that drives the activities of organizations in these modern times. It would be impossible to achieve some things if an organization disregards innovative ideas (Potters, 2002). When we considered the three most dimensions of innovation, we realized that all the three dimensions are interlinked and none should work independently. It is suggested that organizations should allow adequate research on ideas that would enhance their activities. Innovation act as a transformational factor of internal capabilities of a firm or organization, and several research studies indicate that there is a link between innovation and the performance of a firm. A recent research on Italian SMEs by Brick Lee (2013) indicates that there is a great impact of innovation on performance of an organization. Although many firms have realized the importance of innovation, some barriers tend to backtrack the efforts put in place to ensure innovation is encourag ed and any innovative idea is implemented. Lack of proper implementation strategies and will makes it hard to achieve the required as per the innovative idea. In fact, all the dimensions discussed are critical if one means well for innovation purposes. In the case of a firm, the product innovation is where an idea about a product is conceived and it must pass through a process. However, there must be an organizational management to look at it all. In recent world, many investments are done in relation to developed ideas. Therefore, innovation is the one that drives the investments because people constantly come up with such viable ideas that when put into action would see projects being established (Bharathi, 2016). Several studies have shown that individuals who develop viable ideas seem not to implement them; rather others who have the machinery and adverse financial background implement them. In this age where we have enhanced capability to learn through the internet, it is expec ted that investments will be increasing as many people have devised good ways of becoming innovative. The world is changing at pace. Companies are rethinking, restructuring and, in many cases, diversifying into new sectors to hedge their risk of disruption. Strategies to scan, learn and adapt to the new tech venture landscape are fast becoming pivotal to a companys horizon planning. The new ventures you will read about today will be different to those you were tracking yesterday; your customers expectations are continuously evolving; and your competitors will slowly get the hang of this innovation malarkey if they have not already. Bury your head in the sand for a few years of "transformation," and it is guaranteed you will come up for air in a new world one where you do not have permission to play. References Andrews Russell. (2012). Innovation and development: strategy, evaluation and impact. Higher Education, Skills and Work-Based Learning, 2(1), pp.33-44. Bharathi, A. (2016). Development of ideas. Higher Learning Research on Innovation, 6(4). Haasler, S. (2013). Technology and its impacts. International Journal of Training and Development, 17(3), pp.233-243. Lavy, I. (2013). Soft Skills An Important Key for Innovation in the "Shift to a Service Driven Economy" Era. International Journal of e-Education, e-Business, e-Management and e Learning. Miller, L., Biggart, A. and Newton, B. (2013). Basic innovation skills. International Journal of Training and Development, 17(3), pp.173-175. Potters, E. (2002). Improving Skills and Innovations in the 21st Century. Industrial and Labor Relations Review, 55(4), p.739. Desa, G. and Basu, S. (2013). Optimization or Bricolage? Overcoming Innovative Constraints in Global Social Entrepreneurship. Strategic Entrepreneurship Journal, 7(1), pp.26-49. Panagiotakopoulos, A. (2012). Development new ideas and skills in Greek higher education institutions (HEIs). Higher Education, Skills and Work-Based Learning, 2(2), pp.141-150 Abella, M. (2004). The role of innovation in management. In D. Massey Edward Taylor (Eds.), International migration: Prospects and policies in a global market (pp. 201 - 211). London: Oxford University Press. Acosta, P., Caldern, C., Fajnzylber, P., Lpez, J. H. (2008). Do remittances lower innovation levels in Latin America? Adams, R. H. Jr. (2002). Precautionary saving from different sources of innovation: Evidence from rural Pakistan (Policy Research Working Paper Report No. 2761). Washington, DC: World Bank. Amuedo-Dorantes, C., Pozo, S. (2004). Workers' remittances and the innovation processes: A paradox of gifts. World Development, 32(8), 1407 1417