Modern Management Concepts

Organizational Success through Creativity and Innovation

Creativity and innovation are generally understood as routine drivers of successful organizational growth. Organizations are facing enormous pressure to innovate in order to attain competitive advantage from the global environment that is increasingly becoming intricate and competitive. Due to this, organizational management has to inculcate or reinforce culture of creativity and innovation within organization; however, much of the focus in this endeavor is on the individual level but team work is also essentially encouraged. Individuals are of vital importance in creativity and the innovation process requires a supportive well-managed atmosphere that can translate novel ideas into innovative product effectively.

Generally the two concepts are diverse as creativity can be production of new ideas and concepts, which are applied through a process, which then becomes innovation.… Read the rest

Abey Francis

How Creativity Helps in Problem Solving Process?

The first step of problem solving is to define the problem. Although this may sound trivial, in many cases it is not. Many people and organisations rush in to tackle a problem by finding a solution, without previously knowing that the problem really is. So, to achieve a solution, one first has to fully understand the problem.

Once the problems have been clearly defined, the most important factor in solving it is creativity. Creativity is required in order to create a ask the right questions about the problem and find the correct and appropriate answers to them, creativity is necessary in order to provide “out of the box” ideas and suggestions and creativity is what defines the process of finding a new way in doing things.… Read the rest

Abey Francis

Types of Innovation and Mapping the Innovation Space

There are different types of innovation. There are four broad categories of innovation. Following these categories are referred as the 4Ps of innovation:

  1. ‘product innovation’ — changes in the things (products/services) which an organization offers.
  2. ‘process innovation’ — changes in the ways in which they are created and delivered.
  3. ‘position innovation’ — changes in the context in which the products/services are introduced.
  4. ‘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.… Read the rest

Abey Francis

Forms of Corporate Entrepreneurship

Corporate entrepreneurship is one that generates and exploits new technologies, products, or businesses under the corporate umbrella of an established firm. Corporate entrepreneurship can speed up processes inside the company and helps to invent and commercialize innovative products or services.

Corporate entrepreneurship is the process by which teams within an established company conceive, foster, launch and manage a new business that is distinct from the parent company but leverages the parent’s assets, market position, capabilities or other resources. Corporate entrepreneurship is also more than the development of new products; it also implies innovations to existing products or brands. Corporate entrepreneurship is also defined as the process of stimulating innovative ideas and processes.… Read the rest

Abey Francis

What is Social Accounting?

Any business accountant of an enterprise or any organisation can describe the conditions of that organisation. Social accounting is that kind of movement by which everyone can analyze the same thing as like a business accountant. The main aim of social accounting is to produce data, indices and other information to help everyone about an organisation.

Social accounting is also known in various names. These are social and environmental accounting, corporate social reporting, corporate social responsibility reporting, non-financial reporting or sustainability accounting. This is actually a procedure of communicating in which the social and environmental belongings of organisations (NGO, Charities, may be Government agencies etc.)… Read the rest

Abey Francis

Implementing BPR in Hierarchical Authority Organizations

Today the business world is characterized by unpredictable changes, under the global competition and the customers’ demands. To be successful in such an environment, a firm must operate with speed, flexibility, low overheads and a clearly defined customer focus. The term business process reengineering (BPR) refers to an approach that is used by organizations seeking improvements in their business performance.  Organizations consider BPR as an important tool of organizational improvement, as it helps them achieve the radical change necessary for today’s volatile business environment. Additionally, BPR stresses the importance of linkages within an organisation. Though its structure integrated processes are generated concerning the nature of people’s jobs and how people are grouped and organized in the working environment.… Read the rest

Abey Francis