The Importance of Innovation in Business

Even in our line of work, we often meet people who aren’t very familiar with innovation. As such, we often get to answer the question of what exactly innovation in business is, and why businesses should care about it.

The Importance of Innovation in Business

The Importance of Innovation in Business

Modern businesses grow and succeed in today’s corporate climate for a myriad of different reasons. Some are known for their products, others for their services, and others still for less easily-defined factors such as strong brand loyalty or captivating ad campaigns.

If you were to look at the organizations that truly stand out from the pack today as clear leaders within their industries, however, it would be clear that they all have one common factor: they all embrace innovation.

These innovative leaders include relatively new organizations such as Uber and Amazon —which changed processes at the core of their industries in order to disrupt the status quo—as well as stalwarts like Microsoft and Apple , which have been around for decades but owe their continued success to constant reinvention and innovation. Yet, no matter its industry or current standing, an organization cannot expect to maintain a competitive edge if innovation is not part of the overall business strategy.

Three industries embracing business innovation

Law

Cambridge-based law firm, Taylor Vinters, has partnered with artificial intelligence-focused startups Pekama and ThoughtRiver. At the same time, it has sold off other elements of its business, such as regional real estate, that were deemed a distraction from core aims.

The firm’s managing partner, Ed Turner, explains: “Assuming it’s an accepted proposition that fundamental change is going to be necessary, it’s important to understand the purpose of your organisation and why there’s a need for it in the future. Having a clear understanding of that is absolutely essential, particularly in the mid-market.”

Packaging

When it comes to business innovation, the packaging sector offers some of the most exciting examples around. Public opinion and global expectations of sustainability, health, and convenience dictate packaging design and currently the tide is turning against plastic. This has encouraged retailers and manufacturers to explore alternative materials and led to the rapid development of fibre-based materials and creative inventions, such as biodegradable seaweed pouches for ketchup.

New technology has also allowed companies – particularly those in the food and beverage sector – to innovate and adapt to meet new demands. Online grocery retailer, Ocado has embraced “co-botics”, where robots work alongside human employees. Robots deliver pallets of goods to humans who pick out the specific customer orders. It is likely that this is where the future of automated packaging lies, delivering a superior performance than could be achieved by either robots or humans working alone.

Online food delivery service Just Eat is trialling seaweed sachets, developed by Skipping Rocks Lab, which are biodegradable within six weeks

Healthcare

It is not only the private sector which must be constantly looking to innovate. The NHS is one of the largest employers in the world and with increasing demand placed on it by the UK’s aging population, finding ways to cut costs and improve services is crucial.

To do this, the NHS is harnessing new technologies and making much better use of data. Along with implementing artificially intelligent chatbots to help patients self-serve, the NHS Blood and Transplant department has begun working with digital consultancy T-Impact to improve and automate its process for matching donated hearts with recipients. This has resulted in the world’s first allocation of a heart using a cloud-based system.

This streamlined process has removed 40 steps that were performed manually by staff, creating a 68 per cent reduction in NHS administration time. “These are the sort of improvements that well-run digital transformation programmes can deliver,” says Keith Stagner, chief executive of T-Impact.


Examples of innovation in business

Now that we’ve established that innovation is both crucially important for the future of any business, and that it’s something that every business can do, let’s dive a bit deeper by looking at a few examples of the kinds of innovations that businesses could pursue.

The Innovation Matrix

Generally speaking, the more new technology an innovation includes, and the bigger of a market impact it pursues, the more likely the innovation is to fail. On the other hand, these kinds of innovations also lead to superior returns if they are successful.

Thus, a business that is new to innovation shouldn’t usually pursue these kinds of innovations unless they have their backs against the wall and have no choice since they simply don’t have the experience or the skills to pull off such an unlikely feat, at least on paper.

It’s thus usually a much better idea for a business new to innovation to continue operating with proven technology, and in a market with known demand that they also happen to understand, while gradually building the capabilities needed to succeed in innovation.

SpaceX synchronous rocket landing


Process innovation

Thus, there are typically plenty of opportunities where even minor adjustments could lead to significant savings in cost or time. The beauty of addressing these low-hanging fruits is that the benefits start to compound quickly, which leads to a significant impact in the long run.

Business process innovation

So, if you’re not sure where to start innovating, asking your employees how they’d improve the current processes related to their own work is an easy way to get started and gain some momentum for innovation. It’s virtually guaranteed to lead to useful improvement and is something everyone can relate to.


Incremental product innovation

However, especially with product innovation, there will always be more ideas than you can implement. Thus, prioritization will be of the utmost importance if you’re looking to innovate around an existing product.


Improved customer experience

With the added competition we’re seeing in nearly every market, a solid customer experience is simply a prerequisite for staying in business. Furthermore, a superior customer experience can even become a key competitive advantage.

The nice thing with customer experience is that there are typically a few major pain points and opportunities which can be quite easy to fix with the right kinds of innovation, and be enough to lead to measurable results.

Customer experience is a great focus area for innovation


Business model innovation

These are naturally big changes, but if you’re able to find the right business model that complements your strengths, business model innovation can create a a strong and sustainable competitive advantage.

In the last few years, we’ve seen more and more industries adopt innovative business models, such as moving from selling individual products to subscription services and value-based pricing models. If you’re looking for inspiration, this list provides you with a plethora of possible business models to consider.

Sources:

https://www.northeastern.edu/graduate/blog/importance-of-innovation/
https://www.raconteur.net/business-strategy/business-innovation-guide/
https://www.viima.com/the-innovation-archive/innovation-in-business

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Strategies for Answering “What Are Your Salary Expectations? ” in an Interview

Crawford also recommends thinking beyond base pay alone. “Ask yourself: What do you value?” This might include stock options, paid time off, a yearly bonus, commuter benefits, or childcare benefits. Think about how the presence or absence of these would affect your salary expectations. For example, you might decide tuition assistance or the ability to bring your dog to work is worth more to you than another $5K a year. On the flip side, major gaps in benefits—like the lack of an employee health insurance plan—might raise your salary requirements drastically. Check the job posting or the company’s website or Muse profile ahead of all your interviews to get a sense of what benefits and perks each company offers.

How to answer: ‘What are your salary expectations?’

The way you respond to this question can be a real factor in whether you get the role, and the way that you’re paid if you do. Aim too high without backing it up and you may lessen your chance of landing the role, but go too low and you may send the message that you don’t know the value of your work. But a little research and preparation can help you to hit the right mark.

Employers want to know how well you know your worth—or level of skill and experience in the industry. They also want to ascertain if you are at the level that they are looking for. But the main reason employers ask about your salary expectations is to ensure that they’re not wasting anyone’s time, says Leah Lambart, career and interview coach at Relaunch Me.

“There’s usually no point progressing with the recruitment process if the candidate’s salary expectations are way outside the salary range that has been budgeted for the position,” Lambart says. “In most cases, the hiring manager won’t have a lot of room to move outside of the range, unless the role is highly specialised and it’s likely to be very difficult to find a suitable candidate.”

“If this question is asked in the initial screening call, it’s likely that the recruiter is trying to gauge whether you’re at the appropriate level for the role. If your salary expectations are way under the range, then it’s an indication to the recruiter that you may be too junior for the role. In the reverse, if your expectations are way above the range, then this is an indication to the recruiter that you may be over-qualified.”

Give a Salary Range

Responding to questions about salary with a single number limits your ability to make something work with the company, Crawford says. Her secret recipe for successful negotiations is to “come from a place of collaboration and service.” By giving a salary range, you show that you’re willing to be flexible and work with your prospective employer.

And by giving any numbers at all you’re “voicing the value you bring to the table,” Crawford says. Showing that you’ve done your research and you know what you’re worth tells an interviewer that you’re serious about your skills and what you can bring to their company.

Of course there are some drawbacks to giving salary numbers in an early round interview. Waiting until you have a job offer could give you more leverage to negotiate, Fink says. You might also fear leaving money on the table by going too low or losing the opportunity by going too high. But if you’ve done your research, going too low is less likely and going too high means the job wasn’t right for you.

When giving your salary range in an interview, “try to keep the bottom of your range toward the mid-to-high point of what you’re looking for,” Fink says. For example, if you’re personally looking for $85,000 to $100,000 and your best guess of what the company has budgeted is $80,000 to $95,000, you could give a range of $92,000 to $100,000, so that even if the company negotiates below the range you stated in your interview, you’re still happy.

In your answer, “it’s usually worth pointing out that the salary is only one component of what you’re looking for, and that you are considering salary as part of an overall opportunity,” Fink says. You might also want to reiterate what you bring to the table for a prospective employer when formulating your answer to support the range that you’re giving, Crawford says. The company is getting something for their investment—a great employee.

How to research job salaries

When preparing an answer to a question about your ideal salary, it’s crucial you provide not only a number you feel comfortable with but the appropriate compensation for the job based on real data. Luckily, it’s easier than ever to find this information.

to find the average pay for the position you’ve applied for. These salary estimates come from data submitted anonymously to Indeed by users and collected from past and present job advertisements on Indeed.

can also help you get an idea of what other employers are offering for similar roles—75% of new jobs posted directly on Indeed include salary information.

Keep in mind that salaries vary not only by career level and company but also by geographical location. When researching the typical salary range for a position, remember to consider where the role is located and the cost-of-living in that area. For example, a job located in a big city like Los Angeles will likely pay a higher salary than the same position located in rural Texas. When using Indeed Salaries, be sure to select the location from the drop-down menu.

This page will tell you how the salary for the position in your geographic area compares to the national average, the salary for the job at various companies nearby and the average salaries in other cities near you.

This data can help inform your answer to questions about salary expectations, but this isn’t the only criteria to consider. Your salary expectations should also factor in your seniority, experience level, educational background and any specializations or unique skills other applicants in the field may not have.

How to deliver your answer

Be confident

Being self-assured when talking about your salary expectations can signal to the interviewer that you know your worth. If you’ve done your research and feel confident in the experience you would bring to the role, say so.

State your expectations with a clear, calm voice. If you’re feeling nervous, take a deep breath before answering. Maintain good posture by sitting up straight, and try to reduce fidgeting. One of the most reliable ways to feel confident is to prepare your answer. Have your reasons written down and with you so that you can be prepared to justify your salary expectations.

Share your reasoning

This can include citing your years of experience, education level or unique skill set that only you bring to the role. Giving an honest informed response can help the interviewer better understand whether your expectations align and if you both determine you’re the right fit, what salary is appropriate.

Learn the Art of Salary Negotiation

  1. When negotiating a job offer, keep things positive – even if the offer is one you’re having a great deal of difficulty drumming up enthusiasm about. Show gratitude for the offer and enthusiasm about the potential of the position before you dive into negotiating mode.
  2. Make your counteroffer one that is fair, well-reasoned, and thoughtfully presented. CBS Money recommends providing a salary range as part of your counteroffer – indicating that companies will often avoid offering the lowest range in an effort to avoid seeming impolite. Though if you do provide a range, make sure the bottom number is one you can live (and work) with. Providing a salary range also gives the employer the impression that you’re flexible – a trait they often prefer in employees.
  3. The third tip, and perhaps the most important when it comes to your long-term career goals, is this: be willing to walk away if the offer isn’t right for you. It’s hard to do, especially in a competitive job market. If you’re not desperate to put food on the table or a roof over your head, it may be better, in the long run, to wait for the right offer, rather than simply taking the opportunity that’s available right now.
  4. Finally, keep in mind that some companies may have a limit on salaries they can offer, but that doesn’t mean they can’t offer compensation in other ways. If you get pushback on a higher salary, try negotiating for other benefits that could sweeten the deal for you:
  • Performance bonuses
  • Signing bonuses
  • Future pay raises
  • Additional vacation days
  • Company stock
  • Retirement contributions
  • Health benefits
  • Flexible work hours

References:

https://www.seek.com.au/career-advice/article/how-to-answer-what-are-your-salary-expectations
https://www.themuse.com/advice/what-are-your-salary-expectations-interview-question-answer-examples
https://www.indeed.com/career-advice/interviewing/interview-question-what-are-your-salary-expectations
https://www.indeed.com/career-advice/interviewing/what-are-your-salary-expectations
https://resources.biginterview.com/interview-questions-answers/salary-expectations/

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Impressive Essay About Dogs

The dog is a pet animal everyone would like to have. It is the most loyal and faithful pet animal. A dog is from a carnivore’s category is a mammal animal. It is a very sharp-minded and most active animal. It is a life-saving animal. It proves itself more than a friend and recognizes the owner, friend, or fellows. Their sense of listening is too active and sharp. They are more likely to obey you than any other animal.

People love to hold a dog as a pet animal, and People love their pets, regardless of age and gender. A cute puppy grabs the attention of everyone. A dog is the most active pet that anyone can have, and It has a sharp ability to recognize its owner or friend. A dog can swim and play with you. Their sense of smell is too bright and active. Therefore, they are held by intelligence agencies and in police stations not as a pet animal but as an employee.

Some Will Do My Essay On Groups of Dogs Well

Depending upon the bread of a dog, there are more than ten groups of dogs. A dog is just like a family member in almost every home. Many essays written on dogs are provided by professional writers from various platforms. With the wide range of dog breeds available at the market, as well as a ton of essays to write on them, getting good writers provide service on writing is essential.

Such breeds include those whose height is in between 15 to 110cm. They sleep daily for almost 12 to 14 hours. Not all dogs are good at all things. Some of the types with elaboration mentioned below:

  • Working Dogs
  • Toy breeds
  • Terriers
  • Herding Dogs
  • Hounds
  • Sporting dogs
  • Non-Sporting dogs
  • Multifaceted Group

Writing Essay On Dogs

  • Writing an Essay On Working Dogs

A working dog is one that acts as a helper to all humans. There are many essays available on the working dogs’ group. A working dog will not ask you to do my essay. It’s something writers write about them. They act as a security guard not only for your but for your office and working place as well. They help you in all work, either pulling, pushing, or carrying some load. This group of dogs is not comfortable to hold. They are large-sized dogs. Great Danes, Boxers, and Akitas are some of the examples of working group dogs.

  • A Professional Will Do My Essay On Toy Breeds

Doing essay writing on the toy dog breed is quite easy. One must know in this regard. Students who don’t have enough knowledge ask others to do my essay in this matter. The toy group of dogs comprises of the dogs having little low weigh that is in between 4 to 16 pounds. This group of dogs is easy to keep and hold at home and in the workplace. Pomeranians, pugs, are some of the famous examples of toy group breed dogs.

  • Writing an Essay On Terriers

The most emotional and energetic group of dogs that are short tampered. Essays writing on dogs is most popular nowadays. Students work on articles, and many websites provide the option for doing my essay for college students. They are not put up in quiet places. They may be harmful to keep. Irish terriers and bull terriers are the most common examples of this group.

  • Writing an Essay On Sporting Dogs

The sporting dog’s group includes the dog’s breed having the feature of most active and energetic. Essay writing on the sporting dog’s group is trending. Essayists provide me with services by doing my essay to some students having little knowledge about dogs. Writers help the student in writing articles on various topics.

Conclusion

Many animals are at home as a pet animal. The dog is one of them. There are many essays available on the dog’s topic. Dogs are various in types and breeds. Dogs put up for the sake of tracking, security, and other purposes.

 

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Antibiotic Resistance

Antibiotic resistance takes place when an antibiotic is unable to kill a bacteria or inhibit its growth. The bacteria, therefore, become resistant to a wide range of known antibiotics. The condition is commonly referred to as MRSA. Bacteria become antibiotic resistant when they come up with mechanisms to prevent antibiotic action on them. Bacteria contain a cell wall, whose production when inhibited will limit survival. For antibiotics to be effective on bacteria, they limit cell wall production, block synthesis of DNA and RNA and also interfere with protein synthesis. Through mutation and other defense mechanism, bacteria can resist this antibiotic action on them, hence termed as resistant.

Neisseria gonorrhoeae is one of the bacteria that has been verified to have high antibiotic resistance. It is highly resistant to antibiotics such as penicillin. This antibiotic kills bacterium by inhibiting the enzyme transpeptidase which is responsible for the last step of cell wall biosynthesis. Penicillin’s mechanism action is to hinder new cell wall formation. Hence the bacterium is exposed to outside pressure and quickly dies.

Due to improper usage of antibiotics, bacteria are likely to be resistant, thus causing increased rate of mutations and transfer of genetic information for resistance to antibiotics. Chromosomal mutations of Neisseria gonorrhoeae has weakened penicillin penetration on the outer membrane. There has been a high-level penicillin resistance in the mutated Neisseria gonorrhoeae with plasmid-mediated penicillinase production.

Horizontal transfer of genetic information occurs when there is gene transfer between different species of bacteria. Resistant bacteria are transmitted through physical contact, and it could also be airborne. It can be regulated by observation of hygiene and following medical prescriptions of antibiotics administered. In animal husbandry, regular MRSA screening should be done to avoid the spread of antibiotic resistant bacteria.

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Genetic Engineering to Reverse Antibiotic Resistance

Genetic engineering technique has been developed by researchers allowing bacteria that is drug resistant, for the first time to be considered drug sensitive. This method of negating antibiotic resistance seems to be cheaper as compared to other recent drug development approaches. At the moment, scientists can hijack the biosynthetic bacteria machinery to create antibiotics that grant individuals vitality (Aydin et al., 2015).

Professor Chaitan Khosla’s lab has its genetic engineers insert the largest to-date genes into the bacterium of Escherichia coli, altering this microbe to make it an organism that can produce new erythromycin precursors in large quantities, a substitute of penicillin. To give erythromycin novel properties as well as modify it the genes are re-programed (Baym et al., 2016).

Initially, chemistry was used to alter the erythromycin molecule, an approach that is very costly. Today, the experiment doesn’t apply chemist, and the genes are reprogramed to make erythromycin that is modified. This technique takes a shorter time and is more efficient.

Opportunities for research funding is available through several channels including the research grants. These include the Collaborative Research Programme and the International Center for Genetic Engineering and Biotechnology, a source devoted to financing projects addressing the scientific problems that are original and are of specific importance for the host country as well as regional interest. Host countries benefit in that this reduces the cost of dealing with the disease if a cure is found. Many human lives would be saved (Yosef et al., 2015).

Several people have interest, and their reasons are clear. A successful process would save several human lives. Moreover, individuals would pay less for an efficient treatment. Numerous people would be saved in a year.

There are several significant concerns. One primary care is that the process uses viral vector carrying the functional gene in the body of human beings and until now there it is unknown to where the genes that are functioning are being placed. This might lead to the health situation. Another concern is that the process is irreversible. There are fears that the disease-causing organism might bring a worldwide disaster.

Currently, there are regulations monitoring GMO’s. In the United States, genetically modified organisms are regulated regarding health, safety, as well as environmental legislation that governs unoriginal products. The country’s approach to GMO’s regulation is based on the assumption that management ought to concentrate on the products nature, instead of the production process.

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