Progressive Firms are Required to be Innovative and Remain Competitive (Essay Sample)
This research examines innovations and their role (APA 6th edition). Innovation is one of the most critical factors in a company's success and growth in today's business environment. Due to the intensive introduction and implementation of advancing technologies, progressive firms are required to be innovative and remain competitive in a dynamic macroeconomic environment. Due to these factors, entrepreneurial organizations are always on the lookout for upcoming business opportunities. This study examines how modern technology can increase productivity, reach more customers, reduce operating costs, and provide products that satisfy customers' needs.
source..Progressive Firms are Required to be Innovative and Remain Competitive
In today's business environment, innovation plays a significant role in the success and growth of any company. A dynamic macroeconomic situation requires progressive firms to be innovative and remain competitive due to the intensive introduction and implementation of modern technologies. Thus, entrepreneurial organizations are always on the lookout for cutting-edge opportunities. Increasing productivity, reaching more customers, reducing operating costs, and developing products that are relevant to customers are possible through the application of modern technology.
The ability of enterprises to increase productivity is a significant benefit of innovation. New inventions enable organizations to develop better, faster, and more efficient means of accomplishing their tasks. As a consequence of innovations in production, firms can eliminate redundant tasks or automate specific processes resulting in intensive production of goods at a lower cost (Fu, Mohnen, & Zanello, 2018). The invention of cutting-edge products contributes to efficient and optimized use of resources as well as improved overall competitiveness as a result.
Innovations contribute to significant cost reductions. Low-cost production increases the company's profit margins and makes it more competitive in the marketplace. Inventions allow organizations to develop new technologies that make their marketing, packaging, and selling processes more efficient. For example, the introduction of robots into Amazon's warehouses in 2019 has allowed the corporation to improve the productivity of its workers from 100 to 300 items per hour, depending on the warehouse and the team (Rey, 2019). As a result, the company could reduce warehouse operating costs by reducing the number of pickers needed to fulfill its duties. As a result, innovation can be an effective tool to boost profits and increase competitiveness within organizations.
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