Technological innovation and creativity is one of the main strategic planning in the recent globalisation
Technological innovation and creativity is one of the main strategic planning in the recent globalisation era where the corporate firms try to improve their efficiency to serve the customers in a better way as well as gain competitive advantage to run the operational activities uniquely (Goldsby and Zinn, 2016). The main purpose of the assignment is to analyse the technological innovation of Insignia Technologies which are creating their services in order to serve the customers proficiently. Insignia Technologies Ltd is an innovative business with a huge range of innovative technology situated in Scotland.
The main focus of the Insignia Technologies is in food packaging industry where the colour changing indicator is useful to warn the customer when the food is past its best by colour changing feature. The range of smart pigments and inks are useful innovation of the organisation Insignia Technologies in developing the business sustainably and provide quality service to the customers (Insignia Technologies.com, 2018a). The pigments are also beneficial and it can also be incorporated in the food packaging plastic easily which further helps to minimise food wastage by indicating the customers that when the food is fit for consumption. The company Insignia Technologies is also investing in more research and development for developing innovation application of technology like UV and Oxygen and humidity indicators (Insignia Technologies.com, 2018a).
2. Intellectual property rights
The technologically advanced products and services of the company Insignia Technologies are patented. The patented ink and pigments are able to detect the CO2 and temperature. This can be incorporated in the products during food packaging through colour changing label which further indicates that whether the food is fit for consumption or not, whether the food loss of its freshness as well as temperature abuse or time from opening (Refer to appendix 1). These are the factors on which the consumption of food depends (Insignia Technologies.com, 2018b). The company is continuously focusing on developing new innovative application in the food sector that improves efficiency in food processing and increases the service quality for the customers. The patent and intellectual property rights of the technology in the Insignia Technologies further helps to gain high competitive advantage over other competitive rivals in the market (Norman and Verganti, 2014).
The other competitive firms cannot apply the technology that has been developed by Insignia Technologies which further provides an opportunity to the company to improve their monopoly power in the market and reduce the threats of competitive rivalry in the food industry. Continuous innovation and creativity of the Insignia Technologies also helps detect the changes in the level of CO2 which is effective in maintaining the value chain process in the food industry. In addition to these, the technological innovation and creativity of the employees further helps to confirm cold chain integrity during distribution and shipping of the foods (Schilling, 2015).
The intellectual property right also strengthen the market share and helps the company to gain high competitive advantage over other competitive firms in the market (Löfsten, 2016). The company has the freedom and right to utilise the technologically advanced system to operate the activities efficiently in the food processing industry and provides a scope to improve their services. The management team in the Insignia Technologies pays their registration fees and complete the task for registration in the copyright so that no other competitive firms can copy the technology of the company (Insignia Technologies.com, 2018c). The intellectual property right also help the company Insignia Technologies to run their business innovatively and secure sustainable development in near future.
3. Technological feasibility
Through technological feasibility, it is possible to evaluate the creative process and the contribution of the employees in running the technology and improves the safety and security of the foods as well as reduces the wastage of the products. The plastics and inks are effective to produce simple and cost effective colouring effects for the application of packaging. The employees and technical department are efficient in conducting more research and development in order to develop the technology and improves the safety of food by reducing its wastage. The products of the company Insignia Technologies are intelligent pigments, responding the changing levels of CO2, managing temperature (Refer to appendix 2).
The team members are also efficient in developing colour changing labels which is incorporated to response instantly over the pre-calibrated time period. The flexibility of technology and efficient team members are the main success factors for working to serve the customers in better way. The organisation Insignia Technologies is therefore efficient to provide the customised labels, freshness of the food, packaging style, opening times of the packet, cold chain integrity, temperature and damage to the packaging to the customers which further helps them to gain high market share and improves reputation of the brand (Insignia Technologies.com, 2018d). The time scale of developing the technology is realistic and planning process as well as research and development of the managers and technical team are proficient to deliver high quality service to the customers.
4. Societal factors
The company face the issue of high volume of food wastage which raise the problems in the society as it further affects the environment adversely. The technological innovation in the Insignia Technologies in this context is helpful to avoid unnecessary food wastage and run the business activities in a cost effective manner. The technological innovation also provides a scope to the company for improving food safety, managing temperature sensitivity, signalling food freshness and reducing food waste. These benefits of the implemented technology of the Insignia Technologies further represent the highest value of customer care as it helps to deliver high quality customer service (Culpan, 2014).
5. Market attractiveness
The company Insignia Technologies focuses at the customers who are daily purchasers of the food items from different retail stores (Insignia Technologies.com, 2018e). Through targeting the customers, the company mainly focuses on retaining them and increasing awareness regarding the reduction of food wastage so that environmental sustainability can be managed. In this regard, managing supply chain of the food is one of the key issues which need to be resolved in order to distribute the fresh foods among the customers according to their needs and preferences. In this context, in order to reduce the issue and improves market attractiveness for retaining the long term customers, the company Insignia Technologies needs to implement diversion programs where the food is diverted if it is not sold.
Implementing the strategy of stock rotation and freshness labelling strategy, the company tries to improve their value chain which further ensures that the products move rapidly through supply chain. Technological innovation of the company as well as customer centric business model is useful for the brand to create values for all the stakeholders including the managers, employees, shareholders and social communities (Andersson, et al., 2016). High return on investment as well as managing environmental footprint further creates value for all the stakeholders which further provide an opportunity to the Insignia Technologies to secure sustainable development in near future.
6. Business strategy
In order to run the technology efficiently, the company Insignia Technologies needs to develop effective business model where the company can enjoy future opportunities in running the business activities in the market. The company first need to develop appropriate goal of doing the business which would be to serve the customers in innovative way. After that, the company needs to analyser the internal as well as external environment where it can expand the business and utilise the technology proficiently. It has been seen that, the company has the capability to develop new technology by ensuring innovation and employee’s creativity. Other strengths of the organisation Insignia Technologies are brand reputation, strong financial investment, proficient employees, technological innovation, and skilled technical group who are able to run the technology successfully. The market demand of the customers as well as rapid growth in the global food industry further influences the company to develop more innovative technology in serving the customers uniquely.
After proper analysis regarding the internal and external environment, the comp[any Insignia Technologies needs to retain the employees through managing human resource and motivate them by providing incentives, performance related pay, freedom to work and encouraging employee’s creativity so that the managers can retain them for long run. after managing the resources and capabilities of the company, it is necessary to implement the system and develop strong communication and cooperation so that they can manage the technological innovative and meet the objective of reducing food wastage and serving the customers proficiently (Souto, 2015). This business practice further provides an opportunity to Insignia Technologies for securing future sustainable development and helps the customers by indicating the right time of consuming the food.
It has been concluded that the company Insignia Technologies is successful in creating values for the customers by colour changing labelling tactics for indicating the safety of food. This is beneficial for reducing the issue of food waste and provides an opportunity to the business to run the technology for the safety of the customers as well as the environment as a whole. The business model of managing stakeholders and encouraging innovation as well as financial strength, distribution channel, supply chain and intellectual property rights are useful to gain high competitive advantage.