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Innovation and Enterprise in the Service Sector

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Innovation and Enterprise in the Service Sector

Introduction

Peters and Pikkemaat (2012) maintain that innovation and new services development are significant strategic features to ensure there is growth and sustainable wealth in the industry. It is mainly effective in the industries that have saturated markets and customers choose product and services from different parts of the world. Development of new products and innovation helps in creating additional value for clients (Peters and Pikkemaat, 2012). Also, it influences sustainable growth for entrepreneurs within the hospitality, events and tourism sector. The current portfolio will focus on Beyond Certainty which is an event management company. It will focus on how the company has successfully managed new services and at the same time focused on the future of the service sector. Additionally, it will focus on both internal and external forces that are influencing innovative strategies to enter the new markets.

Task 1

About Beyond Certainty Limited

The Beyond Certainty team is considered as the most innovative event management organization in the UK. It offers event management services globally. The company has more than 19 years of experience as well as expertise. The team ensures that the events that they manage run smoothly and they are unforgettable (Beyond Certainty Limited, 2020). The company makes sure that they meet clients’ requirements and bring their vision to life by offering them quality services. Another important factor about their services is that they pay attention to detail. Some of the services that they offer include Christmas events, venue finding and corporate as well as private events. The company has an extensive client list, they include oil industry, FTSE businesses, media, fashion houses and tourist companies. London offers the base for the company to work all over UK and any place in the world (Beyond Certainty Limited, 2019). It has a dedicated team that would travel to any place that the clients want and hold a great party.

Beyond Certainty Limited is committed towards offering their clients quality products. Therefore, they have invested in technology to ensure that their clients enjoy the best. Events have changed and developed as times are transforming. It is evident that the role of technology is increasingly significant.  Companies are using technology to enhance their relationship with the customers within the event sector. They use social media to create awareness and share information about their services. Event technology has become a common aspect in the event industry. It includes the application of technology in the event industry to improve and help in developing experience.

Beyond Certainty Limited is dedicated towards enhancing its services for clients. The company is always on trend and inventing new concepts for their clients. They ensure that they offer their clients services based on their budget. Another way that the company has managed to successfully manage to develop new services is through working with their teams and understand their clients (Beyond Certainty Limited, 2019). The team creates the best atmosphere as well as ambience to ensure that they have a lasting impression. They ensure that their event can be themed by incorporating the clients’ interest. The company can add a seasonal twist for their clients.

Beyond Certainty Limited has experience of more than 15 years within the event industry (Beyond Certainty Limited, 2019). The company’s creativity as well as exceptional standards and attention to detail will make the clients’ events. The creative production team offers a multitude of tailored services assisting individuals.

Mega-events are important as they develop to be a building block of tourism in various destinations (Khodr, 2012). They are driving forces of the economy. Traditionally, they are viewed as components of tourism. Governments consider events as tourism development goal as well as tourism stimulator. When entering new markets, it is important for a company to have approach to new strategy because of wide range of issues that need to be solved (Khodr, 2012). There are various forces that are driving innovative strategies to enter new markets.

Driving forces of innovation for Beyond Certainty Limited

Organisations try to innovate for diverse reasons. It is important for a company to understand the purpose for innovation. Additionally, it needs to determine its significance when considering the drivers of innovation activities (Kallmuenzer, 2018). Innovation activities can be hindered by different factors. Some of the factors can be economical or legal. It is important to understand drivers of innovation in the event industry. Organisations in the event industry mainly rely on their ability to innovate so as to attain business growth. Therefore, products and innovative procedures that are jointly offered by a huge number of actors are constantly developed or transformed. It is significant to develop a good understanding of the drivers of innovation in the event sector.

One of the internal drivers of innovation within the company is employees. Workers play an important role in driving innovations. They are involved in exploring and testing new ideas (Liu and Cheng, 2018). Workers in the events and tourism sector are a significant element in generating innovation. Beyond Certainty Limited has innovative team that is involved in coming up with ideas to help deliver unique events for their clients. They are always on trend and coming up with new concepts. It enables them to fulfill all their clients’ briefs (Beyond Certainty Limited, 2020). The employees ensure that their events are themed and incorporate their customers’ interests. The organisation can add seasonal twist. They offer their customers various possibilities.

Another driver of innovation is expanding the scope of business. Mostly, companies tend to focus on market development strategy. Innovation is intended to expand the company’s operations beyond the market and generate more opportunities (Liu and Cheng, 2018). Beyond Certainty Limited offers services to their clients in London and all parts of the world (Beyond Certainty Limited, 2020). Innovations for the company are focused on expanding their operations.

Another driver of innovation is increasing the business scope. Mostly, companies tend to focus on a market development strategy. Innovation is intended to increase the business and generate more opportunities (Liu and Cheng, 2018). Organisations hope that their operations as well as new businesses improving their value. Beyond Certainty is focused on expanding its operations. Their clients list is extensive, they include BP, NetApp and leading law firms (Beyond Certainty Limited, 2020). The company does not only concentrate on clients in the tourism and hospitality sector. Instead, it reaches out to diverse clients from different industries that include oil industry and FTSE businesses.

Models of used to change and restructure Beyond Certainty Limited

It is important for organization to plan change processes for them to maintain competitive advantage. ADKAR model is one of models of change applied by companies (Teczke et al., 2017). It includes five consecutive steps. They include understanding the need for change. At this stage, the organisation describes the reasons of change. For Beyond Certainty Limited, it focused on expanding its operations and offering their customers unique services. Another step in the particular model is the desire as well as willingness to change. At the particular stage, the organization makes the decision to support the changes. Another step is understanding how the firm should change (Teczke et al., 2017). Information is gathered on the necessary factors. Also, it is significant to understand what needs to be change. It ought to ensure that they have the needed skills to support the transformation. The company should also assess whether they have the ability to implement the needed change. At this point, the company should focus on the employees and the barriers of changes. Next, the firm ought to understand the efforts to support change within the company.

Task 2

Role of creativity has been applied within the entrepreneurs and their modern notion

Most of economists maintain that innovation is linked to entrepreneurship in diverse ways. The hospitality industry consists diverse branches that include event planning as well as accommodation. Companies in the sector have to come up with ways of enhancing services they offer based on the clients’ needs (Enz and Harrison, 2020). Over the past years, organization in the hospitality industry have been focused on creating innovative and original experience for their customers. In most cases, the companies utilise innovative measures. The adopt innovation to help in the growth of the company. For the organization to maintain its competitive advantage, it needs to ensure that they combine innovation and innovative actions.

Innovation and entrepreneurship involve using available facilities creatively. Nevertheless, in the hospitality industry their most important role is building interest (Enz and Harrison, 2020). It is significant to ensure that the company can handle the available capacity. Additionally, they ought to use the cultural background s of the new market. Innovation and entrepreneurship would assist in filling the gaps between the clients’ expectations. Innovations would help in minimizing clients’ discontent with services. Innovations and entrepreneurship are two significant tools in increasing services as well as customer satisfaction in the hospitality industry.

Companies in the hospitality industry are focused on creating unique and original service experience for their clients. Therefore, for them to achieve the best quality services, they are required to invest in innovative projects. It is important for a company to carefully plan for a specific strategy for the adoption of innovations (Zaridis et al., 2019).  Top executive needs to be involved in planning for the business strategy. For innovation to be successful, it is important to involve the employees. They also need to be trained and the company needs to make sure they are accustomed to the innovation. Today, entrepreneurs are focused on coming up with innovative strategies that will help them grow their businesses. The approaches work in the saturated sector of hospitality industry. Their entrepreneur’s modern notion is to enhance creativity within the industry to increase competitive advantage.

Importance and impact of technology

Companies in the hospitality, events and tourist industry are implementing technology to enhance their services. It also helps in increasing their quality by using different technological innovations. One importance of technology is that it increases competitive advantage (Kazandzhieva et al., 2017). Technological innovations are being used widely in the hospitality industry. It is evident that investing in technology increases the company’s productivity.  The adaptation of technology is considered a source of opportunities for the company and employees. Technology has played an important role in changing the consumers’ behavior (Kazandzhieva et al., 2017). It will ease the process of delivering services to the clients. In the events sector, technology influences the quality of services offered to the consumers. Technologies play a significant part for the organization. They use them for to enhance services to the clients. Mainly, technology adds value and generates amenities. It helps in increasing convenience and comfort for the customers and employees. The future of the hospitality industry is based on technology.

Another importance of technology is that it helps a company grow. Organisations are able to grow at their sphere. It assists different industries to use their benefits (Kazandzhieva et al., 2017).  Technology helps individuals to share information in the technology industry. The impacts that are brought about by technology has been manifested in huge sectors of the economy. The hospitality and tourism sector need extensive marketing in the international markets. Technology also facilitates globalization (O’Connor, 2020). People are connected by the internet networks. They can share information at a fast rate. Hospitality industry has incorporated the use of technology. Technology is also transforming the events industry. It is impacting every aspect of an individual’s life. The event industry is affected by different factors. There are various technologies that are coming up. Therefore, competitors in the sector are being forced to adapt to the changes (O’Connor, 2020). Organisations are using technology as a means of staying close to their customers. Companies are using internet to connect with their clients. Internet offers events an opportunity to communicate with their clients as well as endorse their events. It is important for event organisers to adopt technology as it has a critical role in planning events.

Strategies influencing successful product and services in the hospitality sector

Innovation in the hospitality sector has attracted major interest due to diversity of its processes as well as activities. It is significant for a company to have innovative strategies in the current competitive environment. One significant driver is the need for diverse forms of innovation to remain competitive advantage (Martin-Rios and Ciobanu, 2019). Innovation strategy allows a company to remain proactive. It may impact the company’s competitiveness. Companies have diverse preferences of innovation strategy. Many companies have limited resources and innovation abilities. They face diverse innovation choices, they include process, marketing, product and organistional. Product innovation includes coming up with new products in the company. The innovations are expected to offer firms with competitive advantage. They focus on decreasing costs for the company. A company may also decide to implement organisational innovation.

It is an important strategy as it helps in the growth of the company. In most cases, a company may focus on increasing its profitability. Therefore, it will implement a strategy that will help it achieve its goals (Martin-Rios and Ciobanu, 2019). Marketing innovations are important as they help in introducing a new marketing approach. It is mostly used by companies for promotion pricing purposes. The innovations focus on the needs of clients and launching new markets. Successful marketing innovations assist companies to strengthen their competitive approach. Innovation in the services industry has gained popularity in the recent years.

Companies are focused on decision-making processes concerning innovation in the industry. The hospitality industry is introducing hybrid complex innovation approaches (Panwar, 2016). They mainly combine product or service innovation and organizational innovation. The company can as well combine service innovation and marketing innovation. Although the strategies are effective it is important to make sure that the company is ready (Kavoura et al., 2020). It should have the capability to use the available resources that will help them grow. Additionally, with the rising use of technology, the company should be ready to change. It will help it adapt easily to the market. Companies with strong readiness capability can use the current resources to help the company grow. It can as well use the new opportunities effectively. Hence, the link between technology and innovation is important for the growth of the organization.

Conclusion

In conclusion, it is evident that there are various innovative changes taking place in the hospitality industry. Companies are coming up with approaches that help them remain competitive. Companies such as Beyond Certainty Limited are embracing technology to enhance their services. They understand that clients need quality services. Therefore, for them to achieve this, they need to embrace innovation. Innovation in the hospitality sector has attracted major interest due to diversity of its processes as well as activities. It is significant for a company to have innovative strategies in the current competitive environment. One significant driver is the need for diverse forms of innovation to remain competitive advantage. One importance of technology is that it increases competitive advantage. Technological innovations are being used widely in the hospitality industry. It is evident that investing in technology increases the company’s productivity.  The adaptation of technology is considered a source of opportunities for the company and employees. Technology has played an important role in changing the consumers’ behavior.

References

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