Impacts of Innovation and Technology
!!! IMPORTANT!!! PLEASE READ ALL THE INSTRUCTIONS !!! THE BELOW CHECKLIST IT’S VERY IMPORTANT TO CONSIDER! TASK ONE!!! Activity Completed Define Innovation (1-2 sentences) Define Technology (1-2 sentences) Provide five examples of the ways on which innovation and technology have contributed to the economic growth of a country (with supporting data) Provide five examples of the ways in which businesses use new technology Overview of the company (1-2 paragraphs) Provide five examples of the ways in which the company is using innovation or new technology Prepare a table that compares the revenue, profit and size of the company over the past three years Discuss the ways in which the use of innovation or new technology has affected the revenue and profits of the company during the past three years TASK TWO !!! Activity Define Corporate Governance (1-2 sentences) Define Corporate Social Responsibility (1-2 sentences) Outline de development of Corporate Governance from 1990 to date (Timeline or Summary) Discuss five reasons why CSR is important for your company Explain the four levels of Archie Carroll’s CSR Model (1 paragraph each) Outline five ways in which the company fulfils their economic, legal, ethical and philanthropic responsibilities (5 points for each level) ASSESSMENT INSTRUCTIONS This is a 2,500-word assessment and it consists of two tasks. You are required to write a report of 1250 words on each of the two tasks. Each task is 50% of the total marks for this module. Therefore, you must attempt both tasks. ASSESSMENT TASK 1: (1250 words) ASSESSMENT INTRODUCTION TASK 1 “Technological advances have been at the heart of economic development. Automation includes artificial intelligence (AI) and robotics. It is because of these advances that productivity is increased, leading to economic growth. These benefits save money for owners. They can invest in technology, which involves capital outlay, but over the long term, they employ fewer people. Examples are the self-driving car and the algorithms that can answer customer service queries. But there are also new jobs being created by new technology. And the people hired are likely to be better skilled and making better salaries than those in the manual jobs that disappeared. Their work is also likely to involve greater responsibility. Hence, one of the basic messages of automation is that of changes in the nature of work. The new jobs require greater education and skills, and are likely to be both more satisfying and more rewarding (Morrison, 2020). ASSESSMENT TASK 1: A. Assess the impacts of innovation and technology and how it has affected the sales, profits and growth of one of the following companies. 1. Vivo Energy Plc 2. Kingfisher Plc ASSESSMENT CRITERIA Knowledge and understanding of technological innovation Understanding of the relationships between innovation and economic development. Abilities to appreciate the role of technological change in economic progress. Identify the financial and ICT issues for key business functions POINTS TO CONSIDER: 1. Demonstrate your understanding of innovation, and the role of technological change in economic progress. 2. A brief overview of your chosen company, and practical illustrations of how innovation has impacted the operations, sales and the profits of your chosen company. Reading List 1. Morrison, J. (2017) The Global Business Environment, (4th edition), Palgrave. 2. Needle, D. (2015) Business in Context, An Introduction to Business and Its Environment, (6th edition), Cengage Learning. 3. Boddy. D. (2016) Management An Introduction, (7th edition), Pearson Press. 4. Please visit the web site of your chosen company for its annual report and other necessary information. ASSESSMENT TASK 2: (1250 words) ASSESSMENT INTRODUCTION TASK 2: “The UK Corporate Governance Code (‘the Code’) is a set of principles of good corporate governance aimed at companies listed on the London Stock Exchange. The first version of the UK Code on Corporate Governance was produced in 1992 by the Cadbury Committee. The purpose of corporate governance is to facilitate effective, entrepreneurial and prudent management in order to deliver long-term success of the company. The code’s function should be to help boards discharge their duties in the best interests of their companies” (Cole and Kelly, 2015). “Corporate Social Responsibility (CSR) is a concept whereby organisations consider the interests of society by taking responsibility for the impact of their activities on customers, suppliers, employees, shareholders, communities and the environment in every aspect of their operations and decision-making; it is about good business citizenship” (Cole and Kelly, 2015). ASSESSMENT TASK 2: A. Evaluate the importance of Corporate Social Responsibility (CSR) for the same organisation of your choice in Task One above. B. Apply Archie Carroll’s (1991) CSR model to your chosen organisation. ASSESSMENT CRITERIA. Knowledge and understanding of corporate governance. Abilities to appraise and recognise use of corporate governance and ethics within a business context. Understanding of the importance of Corporate Social Responsibility (CSR) Understanding of a CSR model (Archie Carroll’s model) and its practical applications. POINTS TO CONSIDER 1. You must briefly discuss corporate governance, including the responsibilities of the Board of Directors to the stakeholders. 2. Explain the four areas that make up corporate social responsibility as identified by (Carroll. 1991). Apply this model to your chosen company. Please give relevant practical examples to demonstrate your understanding of this model. This assignment must be completed individually as a management report, following the appropriate academic structure: o Executive summary o Table of Contents o Introduction o Main body o Conclusions o Reference list · The word limit for this assignment is 2500 words. This word limit does not include the executive summary, tables, diagrams, appendices or references.