In 1992, The American Heritage Dictionary acknowledged the popular use of a new word, intrapreneur, to mean “A person within a large corporation who takes direct responsibility for turning an idea into a profitable finished product through assertive risk-taking and innovation”. Intrapreneurship is now known as the practice of a corporate management style that integrates risk-taking and innovation approaches, as well as the reward and motivational techniques, that are more traditionally thought of as being the province of entrepreneurship.  They are entrepreneurs who catch hold of a new idea for a product, service, or process and work to bring this idea to fruition within the framework of the organization. Intrapreneurs with their innovations and dedicated effort are perceived as a valuable asset by the organization, inspiring others. He serves as a champion to others in the organization. In recent times, a number of intrapreneurs are leaving their jobs to start Continue reading
Modern Management Approaches
Open Innovation vs. Closed Innovation
Innovation is one of the important catalysts to the sustainable organizational growth and performance. The term of innovation is already used over the century ago and innovation meaning is focus more on the changes or improvement made by the organization either to their product/services, processes and paradigm. Innovation is the use of new technological and market knowledge to offer a new product or service that customer want and the new product must new, lower cost and the attributes of the product are improved with the attributes that never existed in the market before. The concept of innovation also defined as the process of making changes of something established by introducing something new that adds value to customers and contributes to the knowledge store of the organization. In simple words, innovation is described as a change that is made to the product and services and also to the process. Innovation has Continue reading
Benefits of Corporate Retreats in Organizations
Corporate retreats can be of any type, such as a sport retreat, or a seminar-style retreat. They are to promote a feeling of teamwork and to build a better understanding among company employees. Corporate retreats can also help employees gain some problem-solving skills that lead to better teamwork and better overall productivity. These team-building activities focus on events where everyone has to work together to reach a common goal. The examples are river rafting, rock climbing, mountain climbing, everyone hiking blindfolded while holding on the same rope, team scavenger hunts, friendly competitions between company departments, etc. Corporate retreats can be customized to fit the company’s need. They can make the employees learn about what the temporary retreat goals are, as well as the long-term results that the company is striving for. Why corporate retreats can increase productivity? This is because organizations can derive some valuable skills from corporate retreats. These Continue reading
Value Added Statements – Definition, Advantages and Disadvantages
Meaning and Definition of  Value Added Statements The main thrust of financial accounting development in the recent decades has been in the area of `how’ we measure income rather than `whose’ income we measure. The common belief of the traditional accountants that profit is a reward of the proprietors has been considered as a very narrow definition of income. This was so because previously the assets were assumed to be owned by the proprietor and liabilities were thought as proprietor’s obligations. This notion of proprietorship was accepted and practiced so as long as the nature of business did not experience revolutionary changes. However, with the emergence of corporate entities and the legal recognition of the existence of business entities separate from the personal affairs and interest of the owners led to the rejection of proprietary theory. Value added is now reported in the financial statements of companies in the form Continue reading
What is a Lean Supply Chain?
A supply chain is a network of facilities, functions and activities that are involved in fulfilling customer demand. Supply chain is the network of organisations that are involved through the upstream and downstream linkages, in the different processes and activities that produce value in the form of products and services in the hand of the ultimate customer. The coordination within the entire chain is therefore very important. The supply chain covers activities on the business process, procurement, production, inventory carrying, storage, handling and distribution within an organisation. Supply Chain Management is therefore, the integration of key business processes across the supply chain for the purpose of adding value for customers and stakeholders. The size of the business determines the extent of Supply Chain Management it will get itself involved in. Companies invest heavily in Supply Chain Management to give their customers value for their money since supply chain management is Continue reading
Technological Discontinuity and Corporate Alliances
A technological discontinuity might be defined as a breakthrough innovations that advances by an order of magnitude the technological state-of-art, which characterize an industry. Technological discontinuities are based on new technologies whose technical limits are inherently greater than those of the previous dominant technology along economically relevant dimensions of merit. Organizations are now being managed through a period of discontinuity because of revolutionary technological changes causing what they called “creative destruction”: where existing methods are changed in favor of new and better methods. Each technological discontinuity brings about a technological cycle. Some discontinuous innovations are competence destroying, while others are competence enhancing. Competence enhancing is when a breakthrough pushes forward a new state by building on an existing knowledge, while competence destroying totally obsoletes the old technology and knowledge and replaces them with new products and brings about new learning curve. Usually competency-destroying discontinuities require new skills, abilities, and knowledge Continue reading