Abstract: Financial innovations can be regarded as the cause
and the effect of the evolution of the financial system. Most of
financial innovations are created by various financial institutions for
their own purposes and needs. However, due to their diversity,
financial innovations can be also applied by various business entities
(other than financial institutions).
This paper focuses on the potential application of financial
innovations by non-financial companies. It is assumed that financial
innovations may be effectively applied in all fields of corporate
financial decisions integrating financial management with the risk
management process. Appropriate application of financial
innovations may enhance the development of the company and
increase its value by improving its financial situation and reducing
the level of risk. On the other hand, misused financial innovations
may become the source of extra risk for the company threatening its
further operation.
The main objective of the paper is to identify the major types of
financial innovations offered to non-financial companies by the
banking system in Poland. It also aims at identifying the main factors
determining the creation of financial innovations in the banking
system in Poland and indicating future directions of their
development.
This paper consists of conceptual and empirical part. Conceptual
part based on theoretical study is focused on the determinants of the
process of financial innovations and their application by the nonfinancial
companies. Theoretical study is followed by the empirical
research based on the analysis of the actual offer of the 20 biggest
banks operating in Poland with regard to financial innovations
offered to SMEs and large corporations. These innovations are
classified according to the main functions of the integrated financial
management, such as financing, investment, working capital
management and risk management.
Empirical study has proved that the biggest banks operating in the
Polish market offer to their business customers many types and
classes of financial innovations. This offer appears vast and adequate
to the needs and purposes of the Polish non-financial companies. It
was observed that financial innovations pertained to financing
decisions dominate in the banks’ offer. However, due to high
diversification of the offered financial innovations, business
customers may effectively apply them in all fields and areas of
integrated financial management. It should be underlined, that the
banks’ offer is highly dispersed, which may limit the implementation
of financial innovations in the corporate finance. It would be also
recommended for the banks operating in the Polish market to
intensify the education campaign aiming at increasing knowledge
about financial innovations among business customers.
Abstract: This study examined how individuals in their
respective teams contributed to innovation performance besides
defining the term of innovation in their own respective views. This
study also identified factors that motivated University staff to
contribute to the innovation products. In addition, it examined
whether there is a significant relationship between professional
training level and the length of service among university staff
towards innovation and to what extent do the two variables
contributed towards innovative products. The significance of this
study is that it revealed the strengths and weaknesses of the
university staff when contributing to innovation performance.
Stratified-random sampling was employed to determine the samples
representing the population of lecturers in the study, involving 123
lecturers in one of the local universities in Malaysia. The method
employed to analyze the data is through categorizing into themes for
the open-ended questions besides using descriptive and inferential
statistics for the quantitative data. This study revealed that two types
of definition for the term “innovation” exist among the university
staff, namely, creation of new product or new approach to do things
as well as value-added creative way to upgrade or improve existing
process and service to be more efficient. This study found that the
most prominent factor that propels them towards innovation is to
improve the product in order to benefit users, followed by selfsatisfaction
and recognition. This implies that the staff in the
organization viewed the creation of innovative products as a process
of growth to fulfill the needs of others and also to realize their
personal potential. This study also found that there was only a
significant relationship between the professional training level and
the length of service of 4 - 6 years among the university staff. The
rest of the groups based on the length of service showed that there
was no significant relationship with the professional training level
towards innovation. Moreover, results of the study on directional
measures depicted that the relationship for the length of service of 4-
6 years with professional training level among the university staff is
quite weak. This implies that good organization management lies on
the shoulders of the key leaders who enlighten the path to be
followed by the staff.
Abstract: Now in some countries of the world the cellular
market is on the point of saturation, in others - positive dynamics of
development kept on. The reasons for it are also different, but there
are united by their general susceptibility to innovation changes, if
they are really innovative. If to take as an example the cellular market
of Kazakhstan it is defined by the low percent of smart phones at
consumers, the low population density, undercapacity of the 3G
channel, and absence of universal access to the LTE technology that
limits dynamical growth of this branch. These moments are
aggravated by failures of starting commercial projects by private
companies which prevent to be implemented and widely adopted to a
new product among consumers. The object of the research is possible
integration of wireless and program technologies at which
introduction the idea can regenerate in an innovation. The analysis of
existing projects in the market and the possible union of the
technologies through a prism of theoretical bases of innovative
activity shows that efficiency of the company by development and
introduction of innovations is possible only thanks to strict
observance of all terms and conditions of the innovative process
which main term is profit. Despite that fact that on a global scale the
innovativeness issue of companies is very popular, there are no
researches about possibility of innovative breaks in the field of
wireless access to the Internet in the cellular market of Kazakhstan.
Abstract: MSMEs are regarded as the sunrise sector of the
Indian economy in view of its large potential for growth and likely
socio economic impact specifically on employment and income
generation. In today’s competitive business environment, global
competition forces companies to continuously seek ways of
improving their products and services. The pressure on organizations
to adapt to new technologies and external threats requires
resourcefulness, creativity and innovation. Market has become more
open, competitive and customers more demanding. Without
continuous technology innovation, no organization can ever remain
competitive. Innovations reflect a critical way in which organizations
respond to either technological or market challenges. The need of the
market is to deliver high quality products through continuous
changing in features in product, improve existing products, reduce
their cost, and improve employee skills, training, technology
infrastructure and financial policies. Therefore, the key factor of
organization’s ability to change is innovation. The study presents a
detailed review of literature on the role of technology innovation in
improving manufacturing performance of industries.
Abstract: Absorptive capacity generally facilitates the adoption
of innovation. How does this relationship change when economic
return is not the sole driver of innovation uptake? We investigate
whether absorptive capacity facilitates the adoption of green
innovation based on a survey of 79 construction companies in
Scotland. Based on the results of multiple regression analyses, we
confirm that existing knowledge utilisation (EKU), knowledge
building (KB) and external knowledge acquisition (EKA) are
significant predictors of green process GP), green administrative
(GA) and green technical innovation (GT), respectively. We discuss
the implications for theories of innovation adoption and knowledge
enhancement associated with environmentally-friendly practices.
Abstract: Enterprise Architecture (EA) is a strategy that is
employed by enterprises in order to align their business and
Information Technology (IT). EA is managed, developed, and
maintained through Enterprise Architecture Implementation
Methodology (EAIM). Effectiveness of EA implementation is the
degree in which EA helps to achieve the collective goals of the
organization. This paper analyzes the results of a survey that aims to
explore the factors that affect the effectiveness of EAIM and
specifically the relationship between factors and effectiveness of the
output and functionality of EA project. The exploratory factor
analysis highlights a specific set of five factors: alignment,
adaptiveness, support, binding, and innovation. The regression
analysis shows that there is a statistically significant and positive
relationship between each of the five factors and the effectiveness of
EAIM. Consistent with theory and practice, the most prominent
factor for developing an effective EAIM is innovation. The findings
contribute to the measuring the effectiveness of EA implementation
project by providing an indication of the measurement
implementation approaches which is used by the Enterprise
Architects, and developing an effective EAIM.
Abstract: The study was conducted to produce case studies from
the Malaysian public universities stands point East Coast of
Malaysia. The aim of this study is to analyze the effects of
knowledge management on human capital toward organizational
innovation. The focus point of this study is on the management
member in the faculties of these three Malaysian Public Universities
in the East Coast state of Peninsular Malaysia. In this case,
respondents who agreed to further participate in the research will be
invited to a one-hour face-to-face semi-structured, in-depth interview.
As a result, the sample size for this study was 3 deans of Faculty of
Management. Lastly, this study tries to recommend the framework of
organizational innovation in Malaysian Public Universities.
Abstract: Innovations not only contribute to competitiveness of
the company but have also positive effects on revenues. On average,
product innovations account to 14 percent of companies’ sales.
Innovation management has substantially changed during the last
decade, because of growing reliance on external partners. As a
consequence, a new task for purchasing arises, as firms need to
understand which suppliers actually do have high potential
contributing to the innovativeness of the firm and which do not.
Proper organization of the purchasing function is important since
for the majority of manufacturing companies deal with substantial
material costs which pass through the purchasing function. In the past
the purchasing function was largely seen as a transaction-oriented,
clerical function but today purchasing is the intermediate with supply
chain partners contributing to innovations, be it product or process
innovations. Therefore, purchasing function has to be organized
differently to enable firm innovation potential.
However, innovations are inherently risky. There are behavioral
risk (that some partner will take advantage of the other party),
technological risk in terms of complexity of products and processes
of manufacturing and incoming materials and finally market risks,
which in fact judge the value of the innovation. These risks are
investigated in this work. Specifically, technological risks which deal
with complexity of the products, and processes will be investigated
more thoroughly. Buying components or such high edge technologies
necessities careful investigation of technical features and therefore is
usually conducted by a team of experts. Therefore it is hypothesized
that higher the technological risk, higher will be the centralization of
the purchasing function as an interface with other supply chain
members.
Main contribution of this research lies is in the fact that analysis
was performed on a large data set of 1493 companies, from 25
countries collected in the GMRG 4 survey. Most analyses of
purchasing function are done by case study analysis of innovative
firms. Therefore this study contributes with empirical evaluations that
can be generalized.
Abstract: From an organizational perspective, leaders are a
variation of the same talent pool in that they all score a larger than
average value on the bell curve that maps leadership behaviors and
characteristics, namely competence, vision, communication,
confidence, cultural sensibility, stewardship, empowerment,
authenticity, reinforcement, and creativity. The question that remains
unanswered and essentially unresolved is how to explain the irony
that leaders are so much alike yet their organizations diverge so
noticeably in their ability to innovate. Leadership intersects with
innovation at the point where human interactions get exceedingly
complex and where certain paradoxical forces cohabit: conflict with
conciliation, sovereignty with interdependence, and imagination with
realism. Rather than accepting that leadership is without context, we
argue that leaders are specialists of their domain and that those
effective at leading for innovation are distinct within the broader pool
of leaders. Keeping in view the extensive literature on leadership and
innovation, we carried out a quantitative study with data collected
over a five-year period involving 240 participants from across five
dissimilar companies based in the United States. We found that while
innovation and leadership are, in general, strongly interrelated (r =
.89, p = 0.0), there are five qualities that set leaders apart on
innovation. These qualities include a large radius of trust, a restless
curiosity with a low need for acceptance, an honest sense of self and
other, a sense for knowledge and creativity as the yin and yang of
innovation, and an ability to use multiple senses in the engagement
with followers. When these particular behaviors and characteristics
are present in leaders, organizations out-innovate their rivals by a
margin of 29.3 per cent to gain an unassailable edge in a business
environment that is regularly disruptive. A strategic outcome of this
study is a psychometric scale named iLeadership, proposed with the
underlying evidence, limitations, and potential for leadership and
innovation in organizations.c
Abstract: The focus of this paper is to compare common approaches for Systems of Innovation (SI) and identify proactive alternatives for driving the innovation. Proactive approaches will also consider short and medium term perspectives with developments in the field of Computer Technology and Artificial Intelligence. Concerning Computer Technology and Large Connected Information Systems, it is reasonable to predict that during current or the next century intelligence and innovation will be separated from the constraints of human driven management. After this happens, humans will be no longer driving the innovation and there is possibility that SI for new intelligent systems will set its own targets and exclude humans. Over long time scale these developments could result in scenario, which will lead to the development of larger, cross galactic (universal) proactive SI and Intelligence.
Abstract: Indian food processing industry is one of the largest in the world in terms of production, consumption, exports and growth opportunities. SMEs play a crucial role within this. Large manufacturing firms largely dominate innovation studies in India. Innovation sources used by SMEs are often different from that of large firms. This paper focuses on exploring various sources of innovation adopted by food processing SMEs in Kerala, South India. Outcome suggests that SMEs use various sources like suppliers, competitors, employees, government/research institutions and customers to get new ideas.
Abstract:
This paper seeks to compare the innovation of Mexico from an economic and human perspective, with the seven most innovative countries according to the Global Innovation Index 2013, done by the World Intellectual Property Organization (WIPO). The above analysis suggests nine dimensions: Expenditure on R & D, intellectual property, appropriate environment to conduct business, economic stability, triple helix for R & D, ICT Infrastructure, education, human resources and quality of life. Each dimension is represented by an indicator which is later used to construct a radial graph that compares the innovative capacity of the countries analyzed. As a result, it is proposed a new indicator of innovation called The Area of Innovation. Observations are made from the results, and finally as a conclusion, those items or dimensions in which Mexico suffers lag in innovation are identify.
Abstract: The German manufacturing industry has to withstand an increasing global competition on product quality and production costs. As labor costs are high, several industries have suffered severely under the relocation of production facilities towards aspiring countries, which have managed to close the productivity and quality gap substantially. Established manufacturing companies have recognized that customers are not willing to pay large price premiums for incremental quality improvements. As a consequence, many companies from the German manufacturing industry adjust their production focusing on customized products and fast time to market. Leveraging the advantages of novel production strategies such as Agile Manufacturing and Mass Customization, manufacturing companies transform into integrated networks, in which companies unite their core competencies. Hereby, virtualization of the process- and supply-chain ensures smooth inter-company operations providing real-time access to relevant product and production information for all participating entities. Boundaries of companies deteriorate, as autonomous systems exchange data, gained by embedded systems throughout the entire value chain. By including Cyber-Physical-Systems, advanced communication between machines is tantamount to their dialogue with humans. The increasing utilization of information and communication technology allows digital engineering of products and production processes alike. Modular simulation and modeling techniques allow decentralized units to flexibly alter products and thereby enable rapid product innovation. The present article describes the developments of Industry 4.0 within the literature and reviews the associated research streams. Hereby, we analyze eight scientific journals with regards to the following research fields: Individualized production, end-to-end engineering in a virtual process chain and production networks. We employ cluster analysis to assign sub-topics into the respective research field. To assess the practical implications, we conducted face-to-face interviews with managers from the industry as well as from the consulting business using a structured interview guideline. The results reveal reasons for the adaption and refusal of Industry 4.0 practices from a managerial point of view. Our findings contribute to the upcoming research stream of Industry 4.0 and support decision-makers to assess their need for transformation towards Industry 4.0 practices.
Abstract: Changes in global economy require changes in firms. They need to adapt to speed producing faster and creating new products, structures and processes. The purpose of the paper is to explore literature about organizational culture and its impact on innovation.
In the paper the method of literature review is used to examine influence of organizational culture on innovation and performance of enterprise.
Organizational culture is crucial for innovation. Literature reveals that research of organizational culture mostly confirm already existing conceptions and models, but those help to make profile of innovation culture.
Research summarize previous research of organizational culture as culture which foster innovation and provide profile of innovation culture, which may be used by managers to improve cultural environment to increase performance of their companies. Research also leads to hypothesis for further research.
Abstract: The concepts of knowledge creation and innovation
have a strong relationship but this relationship has not been examined
systematically. This study examines the utilization of knowledge
creation processes of the Theory of Knowledge Creation in Higher
Education Institutions. These processes consist of socialization,
externalization, combination and internalization. This study suggests
that the utilization of these processes will give impacts on innovation
in academic performance. A cross-sectional study was conducted
using survey questionnaires to collect data of the utilization of
knowledge creation processes and classroom-s innovation. The
samples are Business Management students of a Malaysian Higher
Education Institution. The results of this study could help Higher
Education Institutions to enrich the learning process of students
through knowledge creation and innovation.
Abstract: Due to the rise of aging population, effective utilization
of healthcare resources has become an important issue. With the
advance of ICT technology, the application of tele-healthcare service
has received more attention than ever. The main purpose of this
research is to investigate how to conduct innovative design for
tele-healthcare service based on user-s perspectives. First, the
healthcare service blueprint was used to describe the processes
of tele-healthcare service delivery, and then construct PZB service
quality gap model based on the literature and practitioners-
interviews. Next, TRIZ theory is applied to implement service
innovation. We found the proposed service innovation procedures can
effectively improve the quality of service design.
Abstract: Nowadays due to globalization of economy and
competition environment, innovation and technology plays key role
at creation of wealth and economic growth of countries. In fact
prompt growth of practical and technologic knowledge may results in
social benefits for countries when changes into effective innovation.
Considering the importance of innovation for the development of
countries, this study addresses the radical technological innovation
introduced by nanopapers at different stages of producing paper
including stock preparation, using authorized additives, fillers and
pigments, using retention, calender, stages of producing conductive
paper, porous nanopaper and Layer by layer self-assembly. Research
results show that in coming years the jungle related products will lose
considerable portion of their market share, unless embracing radical
innovation. Although incremental innovations can make this industry
still competitive in mid-term, but to have economic growth and
competitive advantage in long term, radical innovations are
necessary. Radical innovations can lead to new products and
materials which their applications in packaging industry can produce
value added. However application of nanotechnology in this industry
can be costly, it can be done in cooperation with other industries to
make the maximum use of nanotechnology possible. Therefore this
technology can be used in all the production process resulting in the
mass production of simple and flexible papers with low cost and
special properties such as facility at shape, form, easy transportation,
light weight, recovery and recycle marketing abilities, and sealing.
Improving the resistance of the packaging materials without reducing
the performance of packaging materials enhances the quality and the
value added of packaging. Improving the cellulose at nano scale can
have considerable electron optical and magnetic effects leading to
improvement in packaging and value added. Comparing to the
specifications of thermoplastic products and ordinary papers,
nanopapers show much better performance in terms of effective
mechanical indexes such as the modulus of elasticity, tensile strength,
and strain-stress. In densities lower than 640 kgm -3, due to the
network structure of nanofibers and the balanced and randomized
distribution of NFC in flat space, these specifications will even
improve more. For nanopapers, strains are 1,4Gpa, 84Mpa and 17%,
13,3 Gpa, 214Mpa and 10% respectively. In layer by layer self
assembly method (LbL) the tensile strength of nanopaper with Tio3
particles and Sio2 and halloysite clay nanotube are 30,4 ±7.6Nm/g
and 13,6 ±0.8Nm/g and 14±0.3,3Nm/g respectively that fall within
acceptable range of similar samples with virgin fiber. The usage of
improved brightness and porosity index in nanopapers can create
more competitive advantages at packaging industry.
Abstract: Bio-demographic diversity which refers to age and gender of members in a team, has been frequently identified to influence team innovation directly. As the theories expanded, biodemographic diversity was suggested to influence team innovation via psychosocial trait and interaction process. This study examines those suggestions, in which psychosocial trait and interaction process were operationalized as 'participation safety climate' and 'team reflexivity' respectively. The role of team reflexivity as a mediator to participation safety climate and team innovation was also assessed. Due to a small number of teams involved in the study, data were analyzed by using a PLS-graph. While the results show only gender is significantly related to the participation safety climate, which in turn influences team reflexivity and team innovation, there is no statistical evidence that team reflexivity mediates the impact of participation safety climate on team innovation.
Abstract: Today, any organization - regardless of the specific activity - must be prepared to face continuous radical changes, innovation thus becoming a condition of survival in a globalized market. Few managers have a wider vision that includes innovation, to enable better performance of the critical activities, namely the degree of novelty that it must submit an innovation to be considered as such. Companies need not only radical changes in the products or their services, but also to their business strategies. Not all managers have an overall view on the real size of necessary innovation potential. Unfortunately there is still no common understanding (and correct) of the term of innovation among managers. Moreover, not all managers are aware of the need for innovation. In these conditions, increasing the processes adaptability of firms (through innovation) to meet the needs and performance requirements is difficult without a systematic framework. To overcome this disadvantage, the authors propose a framework for designing an innovation management system,, to cover all the important aspects of a business system, to reach the actual performance of an organization.
Abstract: The objective of this paper is twofold: (1) discuss and
analyze the successful case studies worldwide, and (2) identify the
similarities and differences of case studies worldwide. Design
methodology/approach: The nature of this research is mainly method
qualitative (multi-case studies, literature review). This investigation
uses ten case studies, and the data was mainly collected and
organizational documents from the international countries. Finding:
The finding of this research can help incubator manager, policy
maker and government parties for successful implementation.
Originality/value: This paper contributes to the current literate review
on the best practices worldwide. Additionally, it presents future
perspective for academicians and practitioners.