This website uses cookies to ensure you have the best experience. Learn more

Innovation Essay

1881 words - 8 pages

Introduction This paper will discuss how the changes in the external environment and changes within NZI (New Zealand Insurance) Corporation led to make radical and progressive organisational and operational change.This paper will discuss how NZI embraced the new Government legislation, which led to the deregulation of financial markets and used this opportunity to increase profitability and gain competitive advantage over a number of areas within their organisation.I will also discuss how NZI not only analysed their own internal operations but also looked at the external markets to assess their adaptability with the view to compete more aggressively in order to increasing company profitability. The essential driver in achieving this outcome was implementing a new computer system named "˜POLISY'. This paper will discuss how this system was implemented and the ensuing effects on organisational culture.Additionally I will be discussing how NZI used the "Power" model to implement the changes and the likely increased succuss factors had senior management adopted the "Systems View Model" within the transition period.I will also address specific effects the changes had on particular jobs and roles of those involved.New Zealand Insurance's Implementation of Competitive Change In the 1980's, the Australian Government introduced regulatory changes that seriously affected the viability of the insurance company products and the nature of corporate operations. These changes deregulated the financial market and opened it up to internal competition. Old traditional insurers were faced with a volatile external environment and as such, they needed to implement radical change or face the very real proposition of going out of business.In the case of NZI they used this opportunity to implement, radical and aggressive change aimed at reducing massive underwriting losses and increasing profitability.The board established an interim management team, whose primary objective was to "˜Turn the company around'. The new General Manager emerged from this team, a person who filled the role of the "˜Change Agent' while possessing a number of skills associated with that of being a corporate magnate. The new interim team was fully aware of the need for change and the associated goals that needed to be achieved, which resulted in the "top- down" approach being adopted.The suddenness and aggressiveness of the changes shattered the existing traditionalism and therefore raised a number of cultural issues that I feel were never effectively addressed: The clashing of two different organisational cultures.The removal of traditional career paths and incremental pay rises.The loss of manager and employee empowerment and autonomy at the local level.The loss of job enrichment as staff was reduced to computer operators.Invasion of technology into a non computer-literate culture.To achieve these changes NZI management used the "Power Model" (MITC Study...

Find Another Essay On Innovation

Innovation & Change Essay

3750 words - 15 pages Innovation & ChangeIntroductionThe focus of this assignment looks at the nature of leadership and what effect it has on the ability of an organisation to be innovative. Appropriate Leadership and innovation theories and models will be used to answer the question of whether leadership is all an organisation needs to be innovative. First of all the meaning of leadership is looked at and discussed followed by a critical discussion of the role

Implementing innovation Essay

1567 words - 6 pages IntroductionNowadays with the technology, especially IT technology, development, the business environment is becoming more quickly changing, and the competition is becoming severer, business organization therefore must introduce appropriate innovation strategy. BMW, as a leading automobile producer, continuously concentrates on the innovation to meet customers' need. This essay discusses the innovation implementation in BMW through the analysis

Innovation economy

815 words - 3 pages Ans. 1) Innovation Economy is the latest and one of the most relevant doctrine of economics which places knowledge, innovation, technology and entrepreneurship at the forefront. Knowledge management is the key in Innovation Economics and higher productivity is ensured by making the right innovations to ensure optimum usage of all resources.Innovation economy is a marked shift from the industrial economy and involves a whole set of different

Innovation Process

1627 words - 7 pages Innovation Process Essay PAGE 1 RUNNING HEAD: INNOVATION PROCESSUniversity of PhoenixOI 461 - Innovation, Design and Creativity for a Competitive AdvantageKristyna Flowers, Brandon "Scott" Lewis, Donna Ray, Victoria Richardson, Tawanda TownsendInnovation Process EssayProfessor Charisse WoodleyMarch 19, 2009Creating and implementing a product or service for a new or existing organization is a process that requires patience, testing, feedback

Innovation Leadership

2015 words - 8 pages Innovation Leadership ProjectInnovation leadership ProjectDarlene LaBarreMBA6006 Foundational Skills for Business LeadersInnovation 8Capella on LineAbstractProcter and Gamble (P&G) was formed by William Procter a candle maker and James Gamble a soap marker on the 31st of October 1837. It is an American multination consumer good manufacture and one of the largest in the world. It manufactures products ranging from beauty and grooming, pet

IBM Innovation

4435 words - 18 pages products and its style in terms of manners of address both up and down the hierarchy, dress codes and formal procedures. Many of the artefacts of IBM gave the impression of a very formal culture 'says David Yaun'.David further explains during interview about organisational culture and innovation used by IBM and said that, a strict uniformed dress code was in place, with management wearing different colours from subordinates, and formal forms of address

product innovation

2982 words - 12 pages Marketing Principles PRODUCT INNOVATION AND PROMOTION PROJECT      Our assignment is to create and promote an innovative product. In developing a new product, we started with an idea generation. This is a systematic search for new-product ideas. Companies go through many ideas before they come to find some good ones. We had to do the same thing. We thought of many ideas on our own. It was more of an internal idea

The Innovation of Google

1038 words - 4 pages Innovation has been around for many years in different environments, for example the invention of the telephone or the first TV set. Innovation is an important area of study for many business leaders today. Business leaders are able to use innovation to be competitive. Innovation needs to be constantly monitored and researched in order for any business to remain competitive. “The trouble is that innovation involves a moving target-not only is

Role of Innovation

1564 words - 6 pages may do well under the new law."Nicoló MachiavelliDefinitionWhile many organizations accept that innovation is significant to their growth and success, the "innovation" term has various definitions:According to Yuri Ljuri and Robert Lawrence innovation has the following features;Innovation is1. product extension (same base product with slight modifications; identical product in a new segment),2. new platform product (net product from which

Innovation and Knowledge

2753 words - 11 pages For centuries now the subject of innovation has given ground for much discussion and debate. In its wider context economic historians and sociologists have theorised and argued its contribution to economic growth and society in general, nevertheless, many have termed innovation as the ‘engine of growth.’ Therefore, to appreciate the extent of benefit that innovation can offer business this introduction begins with some of these theories. Famous

Innovation, design, and creativity

577 words - 2 pages Innovation, design, and creativity:The terms innovation, design, and creativity are now common place in the business world, but how many people could truly define them? How do innovation, design, and creativity differ and how do they come together in order to bring new products to the marketplace or improve products or services that all ready exist?Dosi (1988) defines innovation as "the search for, and the discovery, experimentation, development

Similar Essays

Innovation Essay

582 words - 2 pages Innovation is defined as, “Introduction of a new idea into the marketplace in the form of a new product or service, or an improvement in organization or process (” Lockheed Martin strives to be at the forefront of innovative technologies. Since Lockheed functions as a primary source of information for the U.S. Government, several government agencies, as well as many foreign governments, it is critical to Lockheed Martin’s success

Innovation Essay

4397 words - 18 pages Introduction:Innovation is about coping with change, "which can take two forms - in the things which an organization offers, and change in the way in which they are created and delivered" (Tidd, 2001). As international competition intensifies and product life cycles shorten, the pressure to innovate heightens.Talking about innovation, there are usually two levels at which innovation take place: the inter-firm level and intra-firm level

Innovation Essay

7435 words - 30 pages Engineering and Technology Management, 8 ( 1991 ) 67-83 Elsevier Towards a new theory of innovation management: A case study comparing Canon, Inc. and Apple Computer, Inc. Ikujiro Nonaka Institute of Business Research, Hitotsuhashi University, Kunitachi, Tokyo, Japan Martin Kenney Department of Applied Behavioral Sciences, University of California, Davis, CA 95616, USA Abstract This paper argues that innovation can be best understood as an

Innovation Metrics Essay

989 words - 4 pages Comcast Corporation (Nasdaq: CMCSA), number 46 on the Fortune 500 list (Cacace, 2013), has a broad innovation program that would and likely does benefit from many of the metrics listed in Table 6.2 of Making innovation work (Davila, Epstein, & Shelton, Making innovation work: How to manage it, measure it and profit from it, 2013, p. 173). As a public company, stock price measures and sales and income are important measures of overall success