Question

Process improvement is important because managers can have 100% control over it. It is even more significant because process can create competitive advantage for business. Take examples of process innovation and the competitive advantage that process innovation brings to business and innovation and explain.

Answer 1

Many firms which are smaller in size do not have enough resources to get the technological innovation. They would rather prefer following the technological innovation than investing a large amount of money in developing the specific Technology it is relatively less costly and a good cost of entry which is easy to determine.

If I were in a grocery business I would have directly benchmark the inventory management system as well as the total electronic implementations inside the organisation. By having a specific order to manage the inventory and to have specific kind of managerial system which is depending on the technological advancement for the grocery system would be my main benchmarking concern. Buy innovating in the logistics as well as provision of the services to the customers and increasing the interactiveness between the organisation and customers.

If I am operating a small grocery store then the companies would be outside my industry as I would be directly dealing with the smaller grocery stores which are limited to a region. If I am owner of a large retail supermarket and dealing in large quantities then I would be having competition with the companies and this would definitely require technological innovation rather than following the technological innovation.