Creativity & Innovation in Business

Introduction: Innovation, Technology, and International Business

• Claude Chalem presented an introduction to innovation, technology, and international business on November 4-20, 2024.
• This is a 6 day seminar, run over 2 weekends.
• Key Dates:
  • Innovation topics were on 04/11/2024
  • Technology and business were on 05/11/2024
  • Introduction to international business was on 18/11/2024
  • Innovation and international business was on 19/11/2024 and 20/11/2024
• Two central development drivers have become increasingly interconnected since the first industrial revolution: innovation and internationalization.
• The seminar includes discussions of articles such as:
  • Generative Al-anxiety, Reid Blackman, HBR, Aug 2023
  • What Is Disruptive Innovation, Clayton, HBR, DEC. 2015
  • Innovation and international business, John Cantwell, https://doi.org/10.1080/13662716.2016.1257422

Innovation Definitions

• Innovation involves creating and implementing new ideas, products, technologies, or processes that offer value to individuals or organizations.
• Various Forms of Innovation:
  • Technological advancements
  • Business models
  • Marketing strategies
  • Organizational processes
• Innovation typically means challenging norms, thinking creatively, taking risks, and questioning assumptions
• It requires a willingness to explore new possibilities combined to solve a problem
• Investigation of unexplored terrirtories and curiosity are key

The Essence of Innovation

• Innovation is an iterative and continuous activity that involves idea generation, testing with collaboration and experimentation
• It requires adaptability and willingness to deal with potential failures
• Crucial For:
  • Individuals
  • Business
  • Societies by driving progress and growth
• Improves:
  • Efficiency
  • Productivity
  • Competitiveness and the quality of life
• Enables the creation of value, differentiation in the market, and relevance
• By embracing innovation creativity thrives in a changing world

Innovation vs Invention

• Innovation: The process of implementing and creating new ideas, products, technologies, or processes benefiting organizations and individuals
• Invention:
  • The creation of completely new and unique idea, product, or technology that has not been seen before
  • Introduces entirely new things to the world

The Context of Innovation: Creativity

• Idea Generation: It is the driving force in finding unmet needs, alternatives, and possibilities
• Problem Solving: It allows individuals to approach problems from different perspectives and create solutions
• Adapting for businesses and individuals by increasing flexible thinking
• Differentiation: Setting entities apart through unique ideas
• Incremental Innovation: Creativity also plays a role in improving existing ideas and allowing individuals to identify improvements

Types of Innovation

• Product Innovation: This improves or creates new services or products, develops features that meet new unmet needs.
• Process Innovation: Boosts the qualities of existing processes, reducing costs, streamlining, eliminating waste, improving the workflow, and adopting strategies
• Business Model Innovation: Rethinking how a business generates value and redesigning the way an existing business functions by capturing market share and entering new markets
• Incremental Innovation: Making small evolutions to what is there whether it be processes, business models or tech

Innovation Further Types

• Disruptive Innovation: Involves the creation of entirely new goods, services, or biz models, shaking up the industries with a fundamental shift in thinking
• Open Innovation: Developing new solutions, services, or ideas through collaborating with other entities like customers or suppliers
• Social Innovation: Improving the well-being of a community and addressing new challenges, creating innovative solutions for cultural and environmental problems in various sectors

The Importance of Innovation

• Economic Growth: It is the driver, creating new products, industries, and services, stimulating economic activity and generating jobs
• Competitiveness: Helps companies differentiate themselves with innovative products, maintaining a competitive edge
• Problem Solving: Addresses complex new solutions through adoption of a fresh approach
• Customer Satisfaction: It allows for adaptation, meeting customer needs, continuous improvement, retention, and loyalty

More Importance of Innovation

• Adaptation to Change: Crucial for organization, enabling resilience and agility with changing consumer preferences and new tech
• Efficiency and Productivity: Makes processes streamlined leveraging new tech, maximizing output and reducing costs
• Sustainable Development: Is achieved through renewable energy solutions, optimized resources and practices, without the ability to compromise

The Significance of Innovation Continues

• Continuous improvement: Fosters a culture of companies and innovative and helps them to stay at the edge, seizing various opportunities
• Employee Engagement: Boosts satisfaction with engaging work and opportunities
• Positive Impact on society: Leads to societal transformations through improvements in transport, healthcare, education, and can lead to breakthroughs

Innovation is Crucial Across Industries and Sectors

• Technology Sector: Companies revolutionize the way we live, work, and communicate with new products and services like AI tools
• Healthcare: Healthcare enhances outputs for the patient through treatments, pharmaceutical development, and innovative technologies
• Energy and Environment: Critical as a need for sustainable energy conservation increases, renewable energy such as hydropower and solar have been developed

More Innovation is Crucial Across Industries and Sectors

• Retail and E-commerce: Significant innovations can be seen, like payment methods and personalized recommendation systems
• Financial services: Lead to fintech services, solutions like money mobile bank and crypto
• Transportation and logistics: Autonomous electric vehicles, delivery drones, platforms like ridesharing apps revolutionize movement

In Summary

• Innovation is critical so sectors to grow are shaped efficiencies and challenges are addressed

Technology and Business

• Technology boosts efficiencies and productivity facilitating project management

More Technology In Businesses

• Communication and collaboration is streamlined, automating mundane tasks providing centralised management that improves analytics
• Managing data in centralized and data systems by eliminating record-keeping increasing productivity that allows businesses to store access and manage
• Analytics are improved creating visualizations that identify trends

How Embracing Technology can Contribute to Overall Business Success

• Plans can be tracked, planned with features enabled, assignments and deadlines
• The technology in tablets and smartphones allow work access from anytime
• Systems and applications make a reduction, seamless integration, for duplicating tasks in CRM with automation

Key Impacts to Business from the Digital Revolution

• Communication and collaboration with video conferencing and messaging apps
  • Remote work is enabled across global collab increasing flexibility and operations
• Revolution has gathered amounts of data through the analysis of operation performance
  • Helps businesses identify opportunities

More Key Business Impacts from the Revolution

• Areas like accounting and inventory can now be automated through Digital tech reducing costs and freeing resources
• Disruption with innovation like the adoption of new business models
• Companies leverage digital technologies to improve business services
• Focuses around customer trust needs and cybersecurity to protect threats

Key Business Impacts: Continues

• Engagement through revolutions with mobile apps and social media
• It supports essential to a build strong maintaining tool
• A strong presence in online media with a website makes it crucial for competition

Technological Convergence Overview

• Various Industries Are Shaped Transform and Bring Together with separate solutions
• Convergence brings different capabilities, functionalities and tech into a simple platform
• Integrations of previously separated technology can be found into singular solutions
  • Digitalization miniaturization and wireless communication are all tech advancements

Tech Convergence Sectors and Influences

• One combo can be broadcasting with computing tech and telecommunication all found in smartphones
  • Act as web browsers or music players and cameras
  • Media consumption and digital entertainment has been transformed
• Media Content Is Improved:
  • Stream online with smart tv to access social media

Continued Tech Convergence Sectors and Influences

• Reading Has Digitized:
  • Digital printing created E-readers and allowed to access vast content libraries
  • Healthcare roles are crucial with wearable tech
• Healthcare: sensors, connectivity, and analysis helps diagnose conditions and improve patient care

Final Tech Convergence Sectors and Influences

• IoT Is improved from interconnected sensor devices analytics creating efficiency in manufacturing and healthcare
• Smart Homes: Provide convenience
• Integrated tech such as voice activated sensors and assistance

Tech Trends

• Prevailing in patterns having potential to shape a futures
• It Is critical to monitor so investments and strategy are adopted to make well
• Ethical considerations in technology such as privacy to be observed as adoption continues

More Important Trends

• Artificial Intelligence (AI) and Machine Learning are revolutionizing various industries by allowing machines to reason, learn, and make decisions.
• The Internet of Things (IoT) has the potential to transform various sectors. This trend has potential to allow improvements and gain insights
• Blockchain Technology enhances security, transparency, and efficiency. Blockchain is a decentralized.

More Tech Trends

• Fifth-generation wireless (5G) technology promises increased network capacity, faster speeds, reduced latency which makes it capable to emerging applications
• Overlaying digital information using augmented reality (AR)
• Robots and AI will automate processes making productivity reliable and precise
• Manipulation at a small scale through nanotechnology delivers potential breakthroughs with medicines

Industry Impact of These Tech Trends

• Healthcare: Revolutionized, data is now digitized through EHR, with consultations through telemedicine with wearables collecting health vital data
• Manufacturing: Enhanced by robotics real time monitoring and automation
• Retail: E-commerce has had a great change in online presence with Al enabling recommendation with smart shelves and data analytics for personalization
• Transport can have safety improved with driverless cars and less carbon
• Processes are made mobile payment and online are more simple to bank with finance being impacted

Summary of Tech Evolution

• Tech potential have made it easier
  • To manage risks and challenges
  • Create new opportunities and drive efficiency
  • Al is seen

Technology Change Management

• Vision needs clearly be defined with objectives
• Make sure stakeholders support with a plan that is change comprehensive alongside programs that offer appropriate support
• Tech helps make employees adopt the modern innovation by engaging their concerns

Technology Change Management: Continued

• Regular monitoring is needed to support employees through the use of guides with feedback
• Promoting innovation also can create a culture that support challenges to be addressed and technology change

Ethical Challenges in Technology

• Storing data use with proper care to protect access, misuse, and abuse
• Cyber security to keep organizations from attacks, breaches and theft
• Al Is ethically concerned on how AI can influence bias

Continued Ethical Challenges

• Algorithms are created by data leading to unintentional misinterpreation bias
• Social media spreads misinfo Ethical issues

Key Points to Overcome Potential Challenges

• Digital accessibility and responsibility to increase opportunities when designing accessible systems
• Tech production contributes to large amounts of energy consumption waste
• All parties have to use tech for only its intended purposes

General Data Use

• All Regulations need to ensure the safe and legal use of all personal data
• This includes policies and protections from disclosure
• And access via strong methods
• Opts-in need to become more frequent

Data Privacy

• GDPR is wide data that has protection for EU members states
• Enhance rights for personal data

RGPD'S Requirements

• Must obtain all data protection before individuals processing
• Individuals and authorities given personal data

Key Points For Use In Technology in Businesses

• Encrypt data when storing to stay protected

Final Responsible Use of Key Points In Business

• Make sure to use Al in a inclusive or ethical manner
• To check environmental impacts

Understanding International Business

• Definition: Exchange of resources and goods occurring between governments, organizations, individuals, and countries on a global scale through finance investments

Goals

• Increase profitability and enter larger consumer demographics reaching new markets
• Allow business to tap into cost-effective resources and raw sources
• Diversify dependencies across markets, reduce fluctuations, and limit single market operations

Other Influences

• Best Collaboration fosters through adoption of new solutions
• Increase economy sales
• Greater business relations through cultural exposure

International Factors

• PESTEL factors are key to influencing an individual, or business, from doing business
• Must take political stability, legal frameworks, government regulations, and trade policies to be successful

Macro Economics

• Economies are influenced with exchange, GDP growth, and inflation alongside trade agreements

Local Factors

• Take into cultures and social norms to get successful market entry
• Make decisions with political tensions

Tech Integration

• A vital role in accessing logistics, info, and communication

Regulatory Impact Factors

• Sustainability practices and climate change

Trends and Challenges

• Staying customer focused while embracing digital evolution and stay ahead and manage various trends in tech

Entry: Modes of 6

• Exporting, selling domestic companies products to foreign
• Licensing: Granting the usage or rights to another
• Venture with cooperation: Share profits and companies
• Foreign Direct Investment (FDI): When investors buy companies or open manufacturing spots
• Franchising the grant brand and business rights
• Subsidiary: Company establishes into international market

Considerations

• It Is key to have
• Adequate cultural understanding and understanding of financial resources

Pros and Cons of Options

• Pros exporting includes minimal quick marketing, less costs
• Cons: Limited transporting control, high cost

Continued High Cons And Pros

• Low risk and minimal Investment is what licensees offers
• Quality and infringement and is an important aspect

How It Affects The Profit Numbers

• Ability with low knowledge that is marketable
• High disputes and sharing of profits

High Value and Disadvantages

• Has management, culture and operations to give out brand
• Need to be good to face market challenges.

Key Points of Agreements

• Trade deals need to be followed and local talent hired by relationships

Understanding Business And Legal Differences

• Communication needs to understand the language with cultural nuances
• Products need to be understood with consumer insights and etiquette building

What You Need to Know

• Understanding of laws and regulations will dictate various aspects of the workplace
• Understand stability and risk to make sure you remain long term
• Involvement with governments

Final Differences To Understand

• Property enforcement can also require contract that have varying legal frameworks
• Compliance with labor laws and help understand regulations

To Understand

• Connect with talent make partnerships and adjust service or conduct research to learn more.

Understanding and managing Cultural Diversity

• Recognize diverse values with sensitivity across borders
• Open communication is needed
• Provide training

Important Actions to Improve

• Build cultural intelligence to help encourage cultural norms adapted.
• Allow a work environment where cultures can merge together
• Lead by example

Making Relations Sucessful

• Be able to be culturally diverse in any situation

How To Guide Relations

• You need to understand cultures before starting conversation to minimize error

A Guide for Team Members

• Ensure teams have clearly communicated, all goals, projects timelines
• Communication is easier through video programs creating trust

Making Change Sucessful

• Build relationships and listen to new feedback

Managing Cultural Intelligence

• By supporting new changes to improve processes while staying ahead of the change

What Is Helpful

• Can be more profitable because it will help in several areas

Is More Helpful

• The best thing to do is by
• Help customers, the company, and adapting to varying markets from different regions

Finally You Are Able To:

• Develop unique services

The Benefits to The International Market

• New innovative concepts and perspectives
• There is sharing with other industries
• There is continuous change

Keys To Innovation

• This starts by understanding local customs

Challenges and Solutions

• Cultural adaptation is necessary which can be fixed legal consultants.
• The innovation always are in line

Key Points With the International Market

• Better Understanding from all teams Understanding can give better legal contracts

You will be very well

• With technology you enable customers

Most Importanat to All to Know

• Need help which helps in trade

Finally

• Is it now ethical protect for your long to ensure

Positive Key Points

• With technology productivity is going to be at max
• Have people join in growing
• New Markets with more sustainable energy

Other Influences

• A vital role in accessing logistics, info, and communication

In closing:

• Innovation requires flexibility and must meet ethical considerations