Benefits And Drivers Proposal 1 Running Head

Benefits And Drivers Proposal 1running Head Benefits And Drivers Prop

Benefits And Drivers Proposal 1 Benefits And Drivers Proposal Michelle Straughter, Shannon James, Andy Ledford, Dre Henderson, Jeff Koll April 8, 2014 University of Phoenix Theresa OI/361 Benefits and Drivers Proposal Team C has chosen Riordan to conduct the proposal. In this discussion, Team C will find how Riordan can benefit from a new focus on creativity and innovation. As a team of consultants we wanting to help Riordan become a more innovative organization. The proposal will identify the internal and external drivers of innovation for the organization. The proposal will describe how innovation, design, and creative thinking might benefit the organization in terms of meeting its organization objectives.

Riordan is a manufacturing company that customizes designs and is also in the leading industry of plastic injection molding. The company also distributes different types of fans and precision medical devices. Riordan is a Fortune 1000 Company that employs 550 people. Innovation, design, and creative thinking are methods used by companies in order to help increase their production, increase their revenue, and establish a strong foundation for the future of the company. Innovation has an advantage over the other methods, because innovation is how companies can maintain their competitive advantage over other businesses and it has become the most important source in the competitive market.

Innovation is essentially the process of creating an idea of out scratch, thinking of a way to improve upon current product or services, or to modify the physical appearance if the product is getting maximum performance out of the thorough testing. The purpose of innovation at Riordan Manufacturing is to stay ahead of the market, to spearhead competition, and to maintain its position as the leader in plastic injection molding. There are various drivers of innovation at Riordan Manufacturing. We thrive on our intrinsic and extrinsic values, as well as internal and external changes that shape our business. An example of an internal change that shapes our company is our focus, and how we create our opportunities by listening to our customers to see what services and products they want or desire.

There are many other plastic manufacturers, but what sets us apart is our foundation and how the company was "founded by Dr. Riordan, a professor of chemistry, who had obtained several patents relative to processing polymers into high tensile strength plastic substrates" (Apollo. 2012). One of the big issues that Riordan faces is how they can continue to create new and improved ideas. Management must show leadership and motivate their employees so that each employee feels they are valued, which allows them to think outside the box more because they want to help improve the company because the company empowers its employees.

Design is the process of changing the look or physical appearance of the product, whether it be a change in size, shape, or color. For instance, one of Riordan's new innovations is the pyramid shaped bottle. Riordan is utilizing its innovation of the Pyramid bottle, because it's a new design that will catch the eye of a variety of demographics because it's a new creation which generally there is a buzz is the current trends with new innovative products. Riordan is also keeping up with all the latest technology to help keep the cost of operations down, increase productivity, and also because it creates the ability for more innovations. Creative thinking is the key to the success of the company's future, so it's imperative that leadership motivate and encourage their employees to be creative in ways to improve upon the current operation and products.

I think if Riordan were to implement a reward system to its employees that would give the employees that currently aren't involved in creative thinking the motivation due to the incentive to think outside the box on how the company can improve. If you provide the chance for each employee to have a say, then you are empowering the employees which is them giving them a reason to want to help the company so they then start contributing ideas on how the company can improve. Riordan's major customers are automotive parts manufacturers, aerospace, the Department of Defense, beverage makers and bottlers, and appliance companies. And their mission statement focuses on how they will keep these businesses by, having the Research and Development (R&D) division “remain, the industry leader in identifying industry trends, and by also being the industry leader in polymer materials†(Apollo Group, 2013).

By using the R&D division to its full extent, Riordan will also be able to assess what the market wants and become the market leader for new innovative products. Riordan’s mission statement also includes; “By assuring that our employees are well informed and properly supported, we will provide a climate focused on the long term viability of our company†(Apollo Group, 2013). Riordan, however, has had challenges in integrating its different acquisitions and facilities into a streamlined reporting model. Riordan needs to develop a method of integrating these financial tools in order to remain competitive, and to provide a simpler way to interpret metrics for financial planning and its shareholders.

Innovation does not always have to be a tangible product, but can also be a methodology for performing a task. To remain competitive, a company such as Riordan must increase its global presence. In the market place, globalization is sought by many organizations to increase profits and to sustain profitability. Research detailing how to break into regional markets will drive innovation towards products that are viable in that particular country. For example; many underdeveloped countries still use returnable glass bottles instead of plastic, so Riordan would either avoid these markets or develop a plastic bottle that is not only easily recyclable but also cheaper than glass.

Companies globalize for a number of reasons that include broadening their markets, increasing customer base, increasing productivity, optimizing buying power and maximizing their competitive edge. By opening facilities in new markets, Riordan can also be in a position to attract talented people who can use their local knowledge to drive innovation in their home country. The global market also introduces new political systems, new currency rates, varied tax considerations and regulatory agencies that need to be considered. A global structure works towards defragmenting these variables across borders and ultimately positioning the company for the most success internationally. By maintaining their market position and increasing their customer base, Riordan will continue to be a cutting edge innovator in plastics manufacturing.

Paper For Above instruction

In the contemporary business landscape, innovation is recognized as a critical driver of growth, competitive advantage, and long-term sustainability. For organizations like Riordan Manufacturing, a leader in plastic injection molding and other manufacturing sectors, fostering innovation is essential to maintain industry dominance and adapt to rapidly changing market demands. This paper explores the internal and external drivers that promote innovation within Riordan, examines how creative thinking, design, and innovation can benefit the organization, and discusses strategies for fostering an innovative culture that aligns with company objectives.

Internal Drivers of Innovation

Internal drivers are elements within an organization that influence its capacity and motivation to innovate. For Riordan, a significant internal driver is its foundational scientific expertise and history of patents, such as those developed by its founder, Dr. Riordan (Apollo Group, 2012). This technical heritage provides a solid platform for technological innovation and continuous improvement in polymer processing techniques. Additionally, Riordan’s employee empowerment initiatives serve as internal catalysts for innovation. When management demonstrates effective leadership, it fosters an environment where employees feel valued and motivated to contribute ideas. Reward systems and recognition programs are instrumental in reinforcing creative thinking and encouraging employees to think outside the box (Amabile, 1996). Furthermore, a focus on customer needs, facilitated through active listening and market research, informs internal innovation initiatives aimed at developing products that meet emerging demands.

External Drivers of Innovation

External factors significantly influence Riordan’s innovation strategies. These include market competition, technological advancements, regulatory environments, and globalization. As the plastic manufacturing industry becomes more competitive, Riordan must continuously innovate to distinguish itself from rivals. Technological progress, such as advancements in 3D printing, automation, and materials science, provides new opportunities for product development and process optimization (Tidd & Bessant, 2014). Regulatory pressures, particularly concerning environmental standards and sustainability, drive the company to innovate recyclable and eco-friendly products, such as the pyramid-shaped bottle designed for both visual appeal and functionality. Globalization expands market horizons, necessitating products tailored to diverse regional preferences and regulatory requirements (Czinkota & Ronkainen, 2013). This external driver encourages Riordan to innovate in product design, supply chain management, and market entry strategies.

Benefits of Innovation, Design, and Creative Thinking

Implementing innovation, design, and creative thinking yields numerous benefits for Riordan. First, it enhances product differentiation, enabling the company to appeal to various demographic segments and enter new markets (Porter, 1985). For example, the pyramid-shaped bottle represents a novel design that attracts consumer attention and boosts brand visibility. Second, innovation reduces operational costs by optimizing manufacturing processes, leveraging new technologies, and adopting sustainable practices (Tidd & Bessant, 2014). Third, creative thinking nurtures a culture of continuous improvement, which is vital in adapting to changing customer preferences and technological landscapes. Furthermore, fostering innovation supports strategic growth through diversification of product lines and expansion into emerging markets, especially in underdeveloped regions where plastic packaging alternatives are in demand (Czinkota & Ronkainen, 2013). Lastly, innovation builds organizational resilience by enabling Riordan to respond swiftly to regulatory changes, environmental pressures, and market disruptions.

Strategies for Promoting Innovation

To capitalize on innovation's benefits, Riordan must develop strategic initiatives that foster a creative organizational culture. Leadership plays a pivotal role by setting a clear vision emphasizing the importance of innovation and providing resources for research and development. Establishing cross-functional teams encourages collaboration across departments, facilitating diverse perspectives and innovative ideas (Osborne & Brown, 2011). Implementing formal reward and recognition programs incentivizes employees to propose and develop new ideas. Additionally, integrating an open innovation approach, whereby the company collaborates with external partners, suppliers, universities, and startups, can accelerate development cycles and introduce breakthrough technologies (Chesbrough, 2003). International expansion strategies should include market-specific innovation tailored to regional needs and preferences, leveraging local talent and knowledge (Czinkota & Ronkainen, 2013). Technology adoption, such as digital platforms for idea management and innovation labs, further supports a continuous flow of innovative ideas and prototypes (Tidd & Bessant, 2014).

Conclusion

Innovation is a multifaceted driver necessary for Riordan Manufacturing to sustain its competitive advantage and meet future challenges. Internal drivers such as technological expertise and employee empowerment, combined with external factors like market competition and globalization, create a fertile environment for innovation. By embracing creative thinking, strategic design, and collaborative initiatives, Riordan can develop innovative products like the pyramid-shaped bottle, reduce costs, and expand into new markets. Cultivating a culture that incentives innovation at all levels not only aligns with the company's mission to lead in polymer materials but also ensures its resilience in a dynamic global marketplace. As organizations continue to navigate technological and environmental challenges, fostering innovation remains a strategic imperative for long-term success.

References

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• Porter, M. E. (1985). Competitive Advantage. Free Press.
• Olson, E. M., & Boyer, M. A. (2017). Leading Innovation. Routledge.
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• Tidd, J., & Bessant, J. (2014). Managing Innovation: Integrating Technological, Market and Organizational Change. John Wiley & Sons.
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