Literature Review of Tech Innovation and Business Growth

Technological Innovation and Business Growth: A Literature Review

Get Free Samples Written by our Top-Notch Subject Expert Writers known for providing the Best Assignment writing service in Australia

Business growth and economic advancement are strongly connected with innovation. In terms of productivity, innovation has huge driven advances. Thus, it is trustworthy in the contribution of innovation, when it is not only a financial term (Younus, 2021). Global challenges, from unemployment to climate change and poverty are both social and economic. The internal cause of innovation is to meet continuously changing public demand (Fagerberg, 2004). This pattern has been swiftly and widely disseminated, which changes our awareness of innovation that results in a more balanced development course (Mirvis, 2017). Moreover, it is necessary to find out some ways to contribute something to social changes in the upcoming future.The thing is necessary to address social challenges through a new system of innovation by collaborating and acting universally. The following report will discuss ways to keep a business more socially engaged in social innovation, social and technical barriers or challenges associated with such engagement, and some ways for businesses to overcome the barriers. It will also explain my future role as a manager to ensure an innovation-supportive workplace in bestowing social impact.

Three Ways to Make the Organisations Socially Engaged and Involved in Social Innovation

Social consciousness is not only the responsibility of all firms but also of entrepreneurs. Social innovation and engagement are necessary for all leading firms. According to Leadbeater (2007), Abu-Saifan (2012) and Pasricha, Singh & Verma (2018), three ways to organizations engagement as follows:

• Establishment of a Social Mission: For the establishment of a social mission, the most and best-forwarded way to outline organizations is to increase social consciousness. All organization has various vision and mission but they should incorporate them with, which have social aspects. A social mission is a way to contribute something to society. That's why having some social mission makes a company’s good business establishment. Moreover, the social mission can contribute to marketing. It also creates flow in the packaging industry. A strongly planned social mission is also able to influence suppliers in connection with the organization's partner. An organization's Business needs to involve a social mission daily for employees and customers. Incorporate with the social mission the company needs to use some mediums like social media and advertisement. These should be helpful for communication with others.
• Establishment of Realistic Goals: Following the establishment of objectives, companies should begin planning actions and the precise ways in which businesses will contribute. Make a list of the objectives and wishes to accomplish in the upcoming three to six months. Don't forget to put up achievable goals that won't seriously interfere with regular business operations. The first step toward achieving a goal is the straightforward act of writing it down. You can assess your expectations using written goals. Once you put your goals in writing, they probably require more explanation. If your written goals don't align with the ones you had in mind, reevaluate and try again.

Include measurable objectives for both the short and long terms. These objectives must:

• Deal with a pressing issue in your neighbourhood.
• Using the resources, you already have, offer solutions.
• Inform or raise awareness of a problem in your community in connection with realistic goals:

Arrange in House Team of Social Responsibilities:

After educating employees within the organization, the management of the company can form an internal social responsibility team. These workers could spend some of their time gathering suggestions from the public to determine how to improve the neighbourhood more.

Additionally, Organization’s internal social responsibility team should:

• Be committed to assisting others
• Make and complete a list of jobs that can be done.
• Utilize the resources which have been set aside
• to launch awareness initiatives both within and externally
• The company will receive a report on the effectiveness of the social responsibility approach.
• Encourage volunteering among staff members.

Nowadays, the majority of people are involved in passion projects that can also benefit society, such as volunteering at animal shelters, planting trees, and promoting community awareness. Organizations should be able to guarantee that the team members can practice social responsibility by rewarding this behaviour.

Social Challenges and Technical Barriers, Associated with Positive Social Changes

Social Challenges, Associated with Positive Social Changes

Social problems in terms of unnatural and range of conditions which is as held as a manifestation of the disorganization of the society. Here are some of the problems to make social changes as follows (Aguilera et al., 2007; Klofsten et al., 2019):

• Impact of Traditional Forces: Societal change can only be possible through fostering attitudes, on a new way of acting things. Adapting to one's traditions and rejecting the acceptance of new ideas play an obstacle to new changes in society. In this case, the degree of cultural accumulation is limited because innovations introduced from other cultures and the potential for creation sometimes rely on established traditions. Comparatively Isolated societies do not need any changes, because this is the meeting ground of many people, from various cultures, which impacted on fastest social growth. In a society where people decline to interact openly and to share with others technology, customs, ideologies and knowledge. This rejection is the starting of citizens' trust in their heritage is holy.
• Racism System: Racism in society has been a great obligation in the achievement of prosperity, justice and innovation. The idea of the hereditary profession is the opposite of the concept of free competition, open opportunities, rising individual mobility, and specialization connected with innovation and economy. In urban areas, when the company staffs belong to one group among many, other groups do not willing to cooperate, because it will not benefit them. Within the company when one group has the ruling power, the innovation development programme fails to achieve a wide range of acceptance. All other castes are opposed to any project that appears to benefit one caste because they are envious of that caste's status in society or because they want to protect their status at the expense of everyone else. The intra-caste groups, like caste factions, serve as a roadblock to social development.

Technical Barriers Associated with Positive Social Changes

One of the main drivers of social change in innovation is technological progress. Advances in technology have been the foundation for developments, breakthroughs, and changes in human cultures, while the barriers to positive change are as follows (Bergek et al., 2008; Martínez-Caro et al., 2020):

• Empowerment with Information: The important result can achieve in some cases easily by using information more readily approachable to a huge number of audiences. The information's influence is overly exaggerated. The notion that knowledge equals power dates back to the Enlightenment. It is implying that the world functions like a machine, that information is an input, and that is how to get the appropriate input, the right output will come as a result. Although we all are aware of the value of accurate information, also understand that the world is not a machine and that accurate information does not always result in the best choices, regardless of the technology sometimes have not given accurate and authentic information. Thus, the empowerment of technology also can put barriers to innovation.
• Growing Cash for the Good: Growing cash for good, technology plays an important role. New Innovation needs cash and which is crucial for social changes. The advancement of technology arranges a platform for individuals and others. Social innovation sometimes faces challenges, in comparison with technological aspects. Because technology not only helps creation but also impacts negatively cash growth. Cultural and organizational arrangements are sometimes constrained by technology.

Ways to Overcome Challenges and Barriers

As a rule of thumb, "social innovation" refers to a process of adapting established practices to better serve the public good. According to Neumeier (2017) and Carvache-Franco, Candela & Barreno (2018), three crucial elements contribute to the success of social innovations, including:

• Compatibility with existing cultural norms and practises, as well as the relative benefits the innovation would provide over the status quo.
• Complexity, or the degree to which it exceeds or falls short of expectations for the intended setting of development.
• Gaining experience or a sufficient amount of it to improve the skill, and seeing the fruits of one's labours.
• The responsibility of the actors, the organisational culture, and the organisational structure of the actors are all factors that affect the actors' room for manoeuvre in the social innovation network.
• Commitment, skills, competency, and desire to innovate by the many players are all determinants of the quality of the participation process.

Furthermore, as per Hossein (2021), these socially minded firms must be intentionally rooted in the community to be effective for coloured people; otherwise, they are only disguised as social change agents. It is now more important than ever to learn about and work to advance the economic rights of people of colour.

Oftentimes, there is a shortage of gender-responsive indicators, as well as baseline data that is broken down by gender, and data on how well an activity is being monitored. As a result, it will be difficult to accurately gauge any gender disparities in participation, benefits, or repercussions (Sindhuja & Murugan, 2016). The goal of collecting sex-disaggregated data is to shift the conversation away from inputs and activities like the percentage of women in training, the percentage of women in groups, and the number of loans issued, and toward outcomes like how women and men control or profit from the loans. Some new and emerging technologies are decreasing in price at an unprecedented rate, which may provide an opportunity for developing nations to accelerate structural change and boost sustainable economic development (United Nations, 2019). Even more, cutting-edge technologies may pave the way for innovative approaches to sustainable development that take into account the societal and ecological contexts in which they are implemented.

How My Role as a Manager Ensures Workplace Nurture and Support Innovative and Creative Ideas, That Can Have Social Impact

If I am given the tools and resources to manage my team effectively, I can not only make my company a better place to work, but I can also assist my employees to improve their contributions. Fostering a new way of thinking, set of abilities, and culture is just as important as designing mechanisms to facilitate the administration and execution of new methods, tools, and ideas when designing an internal innovation strategy. If our employees do not care about the success of the firm, they would not go out of their way to come up with new ideas. It is my responsibility as a manager to keep my staff apprised of the company's progress and to solicit their opinions and advice on how to address any upcoming obstacles. Involving workers from the beginning of a process or planning phase increases the likelihood that they will see it through to its conclusion. If they are involved from the start, they will have more input, which will lead to more creative solutions.

Managers send the impression that they do not want employees' input if they seldom step out of their offices and hold meetings where only one person speaks at a time. I have a responsibility to ensure that the leaders and managers, including myself, can maintain the office doors wide open as much as practicable, let workers know explicitly that their opinions are always respected, and maintain a two-way street in official conversations. As an alternative to just asking around, I want to leverage our company's internal messaging system, have some brainstorming meetings, and maybe even set up a good traditionally fashioned suggestion box.

Conclusion

Nowadays, large companies in the market continuously resize and reshape their business production and associated with other organisations to work with them. Scholars categorized regular exchange and more lateral interaction between the organization and its environment at every corner and every segment within the firm. Social and technological aspects have a crucial role in addressing these societal issues of change, as does adopt a multidisciplinary strategy that is dynamic and involves multilateral collaboration among various stakeholders. The establishment of a social mission, realistic goals and social responsibilities are three ways identified to make organisations more engaged in social innovation. Furthermore, four social and technological challenges of positive social changes have been identified, along with ways to mitigate them.

References

• Abu-Saifan, S. (2012). Social entrepreneurship: definition and boundaries. Technology innovation management review, 2(2).
• Aguilera, R.V., Rupp, D.E., Williams, C.A. & Ganapathi, J. (2007). Putting the S back in corporate social responsibility: A multilevel theory of social change in organizations.Academy of management review,32(3), pp.836-863.
• Bergek, A., Jacobsson, S. & Sandén, B.A. (2008). ‘Legitimation’and ‘development of positive externalities’: two key processes in the formation phase of technological innovation systems.Technology Analysis & Strategic Management,20(5), pp.575-592.
• Carvache-Franco, O., Candela, G.G. & Barreno, E.Z. (2018). The key factors in social innovation projects.Mediterranean Journal of Social Sciences,9(5), p.107.
• Fagerberg, J. (2004). Innovation: A guide to the literature.
• Hossein, C.S. (2021). Racialized people, women, and social enterprises: politicized economic solidarity in Toronto.Feminist Economics,27(3), pp.21-50.
• Klofsten, M., Fayolle, A., Guerrero, M., Mian, S., Urbano, D. & Wright, M. (2019). The entrepreneurial university as driver for economic growth and social change-Key strategic challenges.Technological Forecasting and Social Change,141, pp.149-158.
• Leadbeater, C. (2007). Social enterprise and social innovation: Strategies for the next ten years.A social enterprise think piece for the Cabinet Office of the Third Sector.
• Martínez-Caro, E., Cegarra-Navarro, J.G. & Alfonso-Ruiz, F.J. (2020). Digital technologies and firm performance: The role of digital organisational culture.Technological Forecasting and Social Change,154, p.119962.
• Mirvis, P. (2017). Redesigning business to serve society.OD Practitioner,49(3), pp.28-30.
• Neumeier, S. (2017). Social innovation in rural development: identifying the key factors of success.The geographical journal,183(1), pp.34-46.
• Pasricha, P., Singh, B. & Verma, P. (2018). Ethical leadership, organic organizational cultures and corporate social responsibility: An empirical study in social enterprises.Journal of Business Ethics,151(4), pp.941-958.
• Sindhuja, P. and Murugan, K.R., 2016. EMPOWERMENT-A STRATEGY FOR SOCIAL TRANSFORMATION OF GENDER EQUALITY.ii Women and Social Transformation, p.211.
• United Nations. (2019). THE IMPACT OF RAPID TECHNOLOGICAL CHANGE ON SUSTAINABLE DEVELOPMENT. Retrieved on 20^th September, 2022 from https://unctad.org/system/files/official-document/dtlstict2019d10_en.pdf
• Younus, A.M. (2021). Technological Advancement and Economic Growth For The Business Sector.Academic Journal of Digital Economics and Stability,10, pp.56-62.