In this week’s submission, you will re-include what you originally submitted for Parts 1 and 2, and you will complete Part 3. Last week, you constructed the first two sections of a busin

Module 3 Assignment: Harnessing Creativity and Innovation to Meet Business Needs

Prepared by: Yaina Delgado

Date: December 17th, 2023

Walden University

WMBA 6020: Fostering a Culture of Innovation

Part 1: Laying the Foundation for Innovation

Company Overview:

Mack’s is a medium-sized technology consulting company and is a strong player in the information technology (IT) field, with a strong staff of around 200 professionals. The company is known for its high-quality performance and offers a wide range of services, such as software development, system integration, and IT consulting. This technology giant works with a wide range of businesses in fields like healthcare, manufacturing, banking, and telecommunications.

Business Problem:

Mack’s company operations have been significantly affected by the pandemic necessitating the need for a new way to work. The sudden demand for new forms of work technologies has seen a demand for innovative technology services to aid the quick transition to remote work. Healthcare technology and remote working tools are the major tools that have experienced an unprecedented demand; however, other industries have witnessed a rapid decline (Battisti et al., 2022). Uncertainty regarding the project environment leads to three issues: allocating resources, project management in a complex environment, and maintaining client relationships stable in this unstable setting.

This leads to other major issues, in this case, the need for quick adaptation to the new working conditions. This will help in meeting the rapidly changing demands of clients while at the same time protecting the productivity and wellbeing levels of employees (Kozlowski & Ilgen, 2020). At this point, the company's future will rest on smart choices and fresh ideas that help it not only get through this problem but also become stronger and more resilient in the long run.

SWOT Analysis:

Strengths:

The company is a thought leader in its field because it has an extensive amount of specialized knowledge in new technologies. This, along with the company's long-term relationships with clients, gives it a strong base to sustain itself through tough times. The company is more flexible and able to meet customers’ needs now that it uses agile project management methods.

Weaknesses:

Even though the company has many strengths, it also has a few shortcomings, such as relying too much on certain industries. Due to this, the company is exposed to downturns in those industries. The sudden shift to remote work has also shown that the company doesn't have a lot of experience organizing projects in a virtual setting, and there may be skill gaps in new technologies that are important for working remotely.

Opportunities:

The company can take advantage of the current problem to make money off the growing demand for digital transformation. The company can carefully place itself to meet new needs by adding healthcare and remote collaboration tools to its list of services. There are more opportunities for new business because of the increased attention to cybersecurity and the rise in remote work.

Threats:

The global financial crisis caused the economy to slow down, which might negatively impact client funds and the firm's ability to make money. Another problem is that global players are becoming more competitive and using their existing remote work skills to their advantage. Problems in the supply line of IT hardware make it even harder for the company to finish projects on time.

Readiness to Innovate:

Even though the company has a good track record of being open to new ideas, most notably in the way it uses agile methods, the problem has shown that its remote project management isn't as good as it could be. For the current situation to make sense, there needs to be a stronger context for innovation. Since the organization's culture has always valued innovation, taking risks may be met with resistance, especially due to the uncertain environment. When figuring out how ready an organization is, it is important to examine how quickly it can change, how willing it is to take measured risks, and how well it can learn from mistakes. These are all important skills for encouraging innovation during tough times. A careful look at these factors will help come up with suitable solutions to the important business issue at hand.

Part 2: Considering Stakeholder Needs

Stakeholders:

Stakeholders play a very important role in the complex web of organizational processes (Hendricks, 2023). Leaders, employees, the clients, and the shareholders are all important in this case (Hendricks, 2023). To come up with solutions that meet the needs and concerns of everyone involved, it is important to know what those needs are.

1. Leaders:

Leadership has a great deal of problems during a crisis since it is what holds a company together. A stable project stream is one of their most important needs. This makes sure that there are always projects to keep the business going and the staff employed. At the same time, the ability of employees to be flexible is very important as the company learns how to handle remote work, which means quickly adapting to new ways of doing things. Given that they understand how important these relationships are to the organization's long-term success, leaders must keep relationships with present clients strong and make new ones.

2. Employees:

Employees are the lifeblood of any business, and they have unique needs during a time of crisis. The most important of these is the need for support for remote work, which includes providing people the tools, infrastructure, and emotional support they need to make the transition easy. Opportunities to improve one's skills are very important, both for personal growth and to make the company more resilient in a world that is always changing. Mental health and well-being programs are also very important because they recognize and help workers deal with the mental effects of the crisis so that they can stay productive and engaged.

3. Clients:

Clients are the organizations’ external drivers hence making sure that project delivery remains ongoing is important for maintaining trust and building long-term relationships, even when there are problems. In times when resources are limited, clients look for cost-effective solutions that focus on reducing costs without lowering quality. They also look to the organization for new ways to deal with the problems that the crisis has caused. This shows how important it is to stay on top of industry changes.

4. Shareholders:

Shareholders have specific worries since they are responsible for the long-term health of the company. The most important of these is the need for financial security, protecting investments, and maintaining trust in the face of uncertainty. Shareholders also want clear, forward-looking plans that will set the company up for long-term growth after the crisis is over (He et al., 2019). This shows how important long-term vision is. Crisis management that works, as shown by a strong plan, reassures shareholders of the company's strength and ability to adapt, which boosts trust in the organization's overall ability to weather the storm.

Greatest Points of Need:

Sustaining client relationships, ensuring that projects stay on track, and figuring out the complexities of remote work are the most important things to worry about at the present time. Management and staff are both dealing with uncertainty, and the company needs to deal with these issues in a comprehensive way to keep the business running.

Considerations for Stakeholder Buy-In:

During crises, one common problem is resistance to change (Hubbart, 2023). To get people to accept change, especially during times of crisis, there must be a planned and inclusive method that includes all stakeholders. It becomes clear that communication is key, and open conversations about the need for growth and change are key to building trust (Bucăţa & Rizescu, 2017). Inclusive decision-making is very important. Getting employees involved in developing ideas and making decisions builds a sense of ownership and commitment, which helps the workforce work toward the organization's goals (Hubbart, 2023). Targeted training programs help workers improve their skills and show that the company cares about them, which makes them feel better about themselves. Paying attention to programs that help workers' mental health adds another level of support to the work environment and makes people more likely to support the company when times are tough.

Challenges and Recommendations:

When a business plans for the worst, it must deal with issues like employees who are opposed to change or are afraid of losing their jobs, as well as the chance that client relationships could be harmed. Strategic suggestions are made for how to get past these issues in the best way possible. Before anything else, a full change management plan needs to be put in place. This way of making changes makes sure they happen slowly and in an organized way, so they don't get in the way of daily work and give the company time to get used to them. Staying in touch and being clear is an important part of this process. Keep the lines of communication open and constant to calm down the employees and build trust and confidence among everyone.

One of the most important ideas is to make changes gradually (Boyles, 2023). Step-by-step approaches can help the company deal with the shock of sudden changes. Using this approach makes the change easier, which helps the staff be more flexible. There is also a clear message about how important it is for workers to have a say in what is decided. Employees are more open and ready to help when they feel like they are part of the group. This makes it easier to be creative and flexible. These ideas will help businesses get through the tough global crisis. I will show them the way to help them stay strong and deal with change.

Part 3: Bringing It Together

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References

Battisti, E., Alfiero, S., & Leonidou, E. (2022). Remote working and digital transformation during the COVID-19 pandemic: Economic–financial impacts and psychological drivers for employees. Journal of Business Research, 150(1), 38–50. NCBI. https://doi.org/10.1016/j.jbusres.2022.06.010

Boyles, M. (2023, March 16). How to Implement Organizational Change Successfully. Business Insights Blog. https://online.hbs.edu/blog/post/implement-organizational-change

Bucăţa, G., & Rizescu, A. M. (2017). The Role of Communication in Enhancing Work Effectiveness of an Organization. Land Forces Academy Review, 22(1), 49–57. Researchgate. https://doi.org/10.1515/raft-2017-0008

He, A., Babcock, A., & Tellez, V. (2019, March 6). Driving the Conversation: Long-Term Roadmaps for Long-Term Success. The Harvard Law School Forum on Corporate Governance. https://corpgov.law.harvard.edu/2019/03/06/driving-the-conversation-long-term-roadmaps-for-long-term-success/

Hendricks, A. (2023, June 21). The Role of Stakeholders in Corporate Governance. Simply Stakeholders. https://simplystakeholders.com/role-stakeholder-corporate-governance/

Hubbart, J. A. (2023). Organizational Change: The Challenge of Change Aversion. Administrative Sciences, 13(7), 162–162. https://doi.org/10.3390/admsci13070162

Kozlowski, S. W. J., & Ilgen, D. R. (2020). Enhancing the Effectiveness of Work Groups and Teams. Psychological Science in the Public Interest, 7(3), 77–124. Sagepub. https://doi.org/10.1111/j.1529-1006.2006.00030.x

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