Innovation and risk management

Critically evaluate and use the seven dimensions within a strategic innovation framework

to produce a portfolio of outcomes that will drive growth for Pint Energy.

Introduction

There are various types of strategic innovation approaches, models and frameworks

which assist firms specifically with technology to increase their productions and to strategize

their operational approaches. Companies therefore have to innovate and progressively improve it

operations in order to counter the competitive advantage. At times on the process on how they

attain these processes, they show distinction from the strategic innovation (Hanafizadeh and

Ravasan, 2011). Strategic innovations needs culture which can develop breakthrough in the

current market of the company and enters the new market with great potential. The seven

dimensional innovation frameworks are combination of approaches which when weaved together

produces many results which drive the growth. Pint energy for need the strategic models so that

they can be in position to tackle the challenges that is facing the global world. Just like any other

oil company, the pint firm faces lots of competition and for it to remain the oil market; it has to

apply the strategic innovation frameworks. The report wil[-l focus on seven dimensions within a

strategic innovation framework that will drive growth for Pint Energy

A managed innovation process

A managed innovation process is among the processes that are at the creative center of

the innovations in the firm. A managed innovation is the strategy the company, in the case of pint

energy can use to find new techniques and the trends in the market and make efforts to fit into

them through innovation (Hanafizadeh and Ravasan, 2011). The innovation includes the
company structure and the products in the market. The products in the market are analyzed and

the company makes new innovations in order to maintain the competitive advantage. Pint energy

should make analysis of the current situation of the market and find a way to win the competitive

advantage. There are new tends in the market in which the customers preferences and taste is

ever changing. Learning the customer preferences and taste will enable pint energy to invent new

product types that will win the customer preferences.

The pint energy should have as better and well managed innovations by looking beyond

what is obvious. This will enable the company to influence and make inspiration on the members

of the staff, and through this there will be more explorations. The explorations may include

pathways that the company can take in order to thrive in the competitive market (Flores-Fillol et

al., 2014). The company can also look or carry out research and identify new possibilities and

hence adjusting to fit into them. In this case, the pint energy may make new innovations that will

enable them to overcome the other competitors through innovation and zipping the gap that

exists in the market.

Strategic alignment

The staff in the organization is the driving force that will steer the firm to the highest levels of

company cycle. The life cycle of the company is dependent on the way the staff relates and

makes decisions in unison (Hanafizadeh and Ravasan, 2011). Strategic alignment is the interest

and the support between the stakeholders that can assist in the stimulation of the organization.

The Pint energy firm will have a good startup if the members of staff are well organized and have

the same goal for the better future of the firm. The strength of the company depends on the union

and focuses of the stakeholders.

If the stakeholders of the pint company are in one vision and actions, the objectives of the

company will be achieved and the competitive advantage of the market will be easily won

(Tushman and Anderson, 2004). The cooperation that exists between the members or the

shareholders will drive the company to a far part that the competitors will not overtake.

Customer foresight

It is how the company product can improve the lives of the people. However, it refers to

motivations that prompt individuals to specific brands over the others. In reference to the Pint

energy firm, it has to develop trust for the people. It is due to a reason that many individuals are

it willing to share their decisions on purchases. By gaining trust from the consumers, the pint

firm should be in position to get information that are crucial for the company (Battistella, 2014).

The pint firm will therefore have to build this trust by assisting them in their decisions on

purchases through addressing typical problems associated with its product. In addition, Pint

Energy Company should map the journey of the clients in an aim to assist in identifying the gaps

within their strategies. in this particular situation, the pint company should understand things that

motivates the clients. In addition, the firm should practice the personal immersion by doing what

its consumers are doing, for instance shopping with them (Hanafizadeh and Ravasan, 2011). If

the pint firm will do this, it will notice the way its brand stands out in the market alongside its

main competitors. The pint firm also will be in position to go through all the challenges which

the consumers encounter with its products in the market. By doing this will help them to rectify

possible mistake and put itself in the right track with the competing firms in the United

Kingdom.

Industry foresight
This particular strategy encompasses the combination of future methods with those of strategic

management. It also about comprehends the external changes together with internal capabilities

and drivers of the industry (Hanafizadeh, et al., 2012). By using the industry foresight, the pint

energy firm will understands the drivers of changes and also they will be able to identify the

trends which are new to the firm and within the energy firm. The firm will be in position to

identify and adopt new technologies which can assist the firm to thing outside their undertakings.

The industry foresight in the pint firm will have to work together with outside and in house

change agents by applying a systematic process. It will have to combine ideas from different

sources to come up and spot ideas for future businesses and also they will drive particular

opportunities of market. The firm also will systematically identifies and explore the attractive

search fields (Hanafizadeh and Ravasan, 2011). In order to have more efficiency with this

strategy, pint energy firm have to develop and use existing approaches and change agents for

developing and identifying opportunities

Disciplined implementation

Pint energy firm will have to show how it has been disciplined with is particular innovative

strategy so that it will have to come up with effectiveness. The pint energy firm should sketch the

desired image for the organization. It is attain via work-shopping a needed future in all levels in

the company. The firm also should ascertain specific goals which they have to attain for instance

if it is expanding oil markets across all regions of the united kingdom in six months. By

achieving it, it disciplined implementation strategy will have worked properly (Hanafizadeh and

Ravasan, 2011). In addition, the pint energy firm should do assessment which keep staff focus on

the business information technology progress. The firm however should come up with real time

indicators in its undertakings so that they should identify early warnings on lagging results. For
instance, they should track the customer feedback on service deliveries of their products so that

they can solve issues instantly as they arise. The implementing and outlining the reporting

processes and also holding individuals accountable for all sections they have to take part to

ensure that operations of the firm are done accordingly. The firm has to align reward and

recognition system in all sectors of the firm to motivate staff. Tweaking actions and examine

process and behaviors in all necessary parts to ensure that all workforce focus on the operational

processes of the company. Stakeholders therefore have to input terms of perceived progress

Organization readiness

In the ever change business world energy companies like pint should adopt strategies that enable

organizational readiness and competitive. The implementation of the contemplated changes in

the organization requires readiness and management total support to be successful. For instance

before the organization implement changes, pint energy company management should held a

meeting three days to the implementation of the changes. The meeting is meant to determine the

organizational preparedness and changes that may be required to be adopted before the

implantation begins (Hanafizadeh and Ravasan, 2011). The meeting serves to bring attention all

managers of the organization on the changes that about to take place.

For the new change to take place management team of Pint Company should consider conversing

to reduce or access risk that may occur as a result of the new implementation of the contemplated

process or changes. The company needs to carry out an assessment of the current situation and

the capability of the company to adopt desired changes without failure (Flores-Fillol et al.,

2014). The need to identify the key implementation points that will ensure achievement of 50%

reduction of possible failures in the next six months to come after the adoption of the new
business process. The changes needed by the pint energy company needs to be specific, time

bound, measurable and realistic in ,order for the proposed business process to take place. For

instance the company need to identify the amount to be achieved in production after the process

as been adopted and fully implemented.

The impacts of changes intend as to be implemented clearly after identification. For the sae of

the pint company the changes have been identified that include increasing the number of the staff

and training them to be conversant is able to handle the new process about to be implemented.

The hi9story of the unsuccessful implementations has never be witness of in pint company owing

to the fact pint company always carries out significant organizational changes before the

company adopt any changes (Cassia et al., 2012). The existences of the imperative issues have

been solved by the motivated management team of the company. Pint Company has sufficient

time, financial resources, and motivated workers working in teams to implement the desired

changes. The advocacy of the changes in the company requires sufficient human resource to

advocate for the changes which is sufficiently available in Pint Company.

Core technology competencies

Core technology competence refers to the unique ways of production or mode of management

that reduces cost while remaining efficient in the market. For the case of the Pint energy

company they need to adopt core technology competence in order to deliver in responding in

external request, performance at individual level and coordination management at advance

operations (Hanafizadeh and Ravasan, 2011). The streamlining g of the personnel in the

organization is required in order for the new proposed processes to be adopted. Core technology

competences are needed in executives, management staff and development team, support staff,
researchers and the volunteers in the organization. It involves the internal organizational

capabilities which exist within the firm which could be extracted and utilized well. The pint

energy firm will be in position to deliver great satisfaction to its clients; the firm also will

improve the energy brand equity so that the consumers demands will get addressed in a manner

that they will get satisfied.

For the executives, core technology competences are required in order to implement strategic

information system plan which is need for the communication of the firm. The use of the latest

technology in communication such mail, local area network and office scheduling system. For

the executive they require the system that is fasters collect information and can reach all the

employees cheaply and efficiently (Al Meshabi et al., 2010). For the management team

communication is crucial in the implementation of the process desired since coordination is of

the essence. Subsequently need to access central system with ease thus internet is important for

the team. For the rest of the staff such as low management level, researchers and volunteers core

technology competences assist them to communicate with top management team via internet and

be able to process information with the help of the computers and the install soft ware installed.

Therefore core technology is very useful in Pint Energy Company.

Conclusion

The Pint energy firm should adhere to seven dimensions within a strategic innovation

framework in order to input more products to its existing portfolio. By using industry foresight

the firm will be in position to identify and adopt new technologies which can assist the firm to

thing outside their undertakings. The industry foresight in the pint firm will have to work
together with outside and in house change agents by applying a systematic process. The pint firm

will therefore have to build this trust by assisting them in their decisions on purchases through

addressing typical problems associated with its product. The streamlining of the personnel in the

organization is required in order for the new proposed processes to be adopted The

implementation of the contemplated changes in the organization requires readiness and

management total support to be successful. The Pint energy firm will have a good startup if the

members of staff are well organized and have the same goal for the better future of the firm.
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