Business Management by Pavan https://padlet.com/pavan123/1rnfex34j0df Wesfarmers en-us 2019-03-18 08:48:05 UTC 2024-10-03 10:20:07 UTC hello@padlet.com Importance of innovation issues pavan123 https://padlet.com/pavan123/1rnfex34j0df/wish/342285116 Innovation issues are important to highlight in order to bring change and improvising the organisational culture, people and management. Each highlighted innovation issue has equal importance to Wesfarmers in order to compete successfully in Australia, to remain sustainable and adaptive towards a co-creative economy and to operate ambidextrously. Contemporarily, a new age of services and customers is emerging. Organisations are required to bring innovation in products and services. For instance, organisations like Wesfarmers should switch from offering customised products to individualised services in order to provide a customer experience innovation in the competitive world. ]]> 2019-03-18 08:48:05 UTC https://padlet.com/pavan123/1rnfex34j0df/wish/342285116 Innovation Issues pavan123 https://padlet.com/pavan123/1rnfex34j0df/wish/342285117 Wesfarmers is a conglomerate business with a wide range of businesses operating under it. Thus, such huge diversification has transformed the company into a more bureaucratic style of management. This reflects the need for innovation in organisational culture. Being the most employment offering company, Wesfarmers need to bring innovation in its management and culture to realign the scattered workforce towards its long-term objectives. For instance, the need for innovation in a business model can work best for the Wesfarmers. 
  • In Coles, there is a need for the right people and the right leadership in order to compete in Australia in a better way. 
  • Innovation in social co-creation , the employees are needed to be socially innovative in order to continue businesses successfully.
  • Organisational ambidexterity is another factor that often leads companies towards innovation 
Large organisations like Wesfarmers need research and development to bring constant improvement in its processes and services to avoid future ambidexterity. 
]]> 2019-03-18 08:48:05 UTC https://padlet.com/pavan123/1rnfex34j0df/wish/342285117 Company Background pavan123 https://padlet.com/pavan123/1rnfex34j0df/wish/342285118 Wesfarmers is a diversified corporation established in 1914 and has grown into one of Australia’s largest listed companies. Wesfarmers diversified business operates in home improvement and outdoor living, office supplies, apparels and general merchandise and industrial division (www.wesfarmer.com.au). However, the primary goal of Wesfarmers is to offer a satisfactory return to its shareholders. However, bringing innovation in a diversified business with high employment is not an easy task. As organisations grow in larger in size, they become bureaucratic, which means less creative. Organisations commonly understand the culture, social co-creation, and organisational ambidexterity as key issues leading to the need for innovation in its management. ]]> 2019-03-18 08:48:05 UTC https://padlet.com/pavan123/1rnfex34j0df/wish/342285118 Introduction pavan123 https://padlet.com/pavan123/1rnfex34j0df/wish/342305516 IInnovation can be defined as the way organisation changes, updates and improvise its management methods and internal processes. Organisations need to bring innovation in order to introduce new knowledge, concept, products, services and processes in an organisation and the marketplace. Innovation is now progressively replaced from inventions towards finding better ways of serving the customers. This report will study Wesfarmers as a case study organisation in order to evaluate present innovation issues and its importance to the company.]]> 2019-03-18 09:59:13 UTC https://padlet.com/pavan123/1rnfex34j0df/wish/342305516 New Specialized Technology pavan123 https://padlet.com/pavan123/1rnfex34j0df/wish/343237906 To bring innovation in its production, Wesfarmers launched a specialised technology “Decipher” to resolve the farmers’ problems to boost productivity and revenues (Thompson, 2017). The purpose of this innovative technology in production was efficient data management. Introduction of this technology narrowed down the investments to only fertiliser supply in Australia. One the other hand, Wesfarmers moved Coles as the “dog” product (BCG matrix) because of the intense competition. By doing so, Wesfarmers continued to earn profits as well as customers’ loyalty (Mortimer, 2018). With such innovations, Wesfarmers succeeded to improvise its financial statements.  ]]> 2019-03-20 10:24:17 UTC https://padlet.com/pavan123/1rnfex34j0df/wish/343237906 Efficiency Improvement pavan123 https://padlet.com/pavan123/1rnfex34j0df/wish/343238517 Wesfarmers introduced innovation in its processes to boost up farmers efficiency and overall business revenues. Since innovation in process in important to maintain organisation ambidexterity, Wesfarmers employed technological improvement in farming, that reduced the investments, but improved overall profits. This could be the best example of Wesfarmers innovation. ]]> 2019-03-20 10:26:22 UTC https://padlet.com/pavan123/1rnfex34j0df/wish/343238517