Alabama Southern Community College Innovation And Entrepreneurial Behavior Paper

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Business Finance

Alabama Southern Community College

Description

Scenario:

In your quest to encourage innovation and entrepreneurial behavior in the medium sized medical equipment company you founded five years ago, you see the need to develop specific measures of performance against which innovative products or services can be measured once they are developed

Summary:

Provide a 1-2 paragraph summary describing the medium-sized medical equipment company you founded (may create hypothetical details along with brief research about such firms). In essence, what is it? What does it do? Who are its primary customers?

Description:

Provide a 1-2 paragraph summary of recent innovations your organization has implemented (may create hypothetical details along with brief research about recent innovations in the field). In essence, what are the innovations? What are the potential benefits of such innovations? What are some of the challenges of the innovations or innovation implementation process?

Proposal of Measures:

Propose how the following financial and non-financial measures will be used to assess and evaluate recent innovations:

  • Financial Measures
  • Return on investment
  • Growth in market share
  • Profitability
  • Non-financial Measures
  • Employee loyalty and commitment
  • Breadth of employee participation
  • Employee retention
  • Employee willingness to change
  • Strategic repositioning
  • Competitive capabilities
  • Potential creation of further breakthroughs
  • Number of potential future innovations

Submission Details:

  • Submit your report in a 5- to 6-page Microsoft Word document, using APA style.

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Explanation & Answer

Attached. Please let me know if you have any questions or need revisions.

Running head: PROJECT FIVE

1

Project Five
Student’s Name
Institutional Affiliation

PROJECT FIVE

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Project Five
Innovation And Entrepreneurial Behavior
Summary

Supreme health facility is a medium-sized medical equipment company that offers retail
services to healthcare facilities. The main objective of the company is to provide healthcare
equipment to its client at an affordable price. Being a profit-maximizing company, the company
purchases equipment relatively low from the producer and wholesalers and offers them to clients.
The primary customers of the company are small and medium medical facilities. Through this,
the company has been able to thrive in the market from its foundation five years ago and has
gained sustainability in the industry. Most of the company's sales are contract-based. The
company approaches potential clients and enters into a contract where the company agrees to
deliver the products needed, and the clients pay later.
Description
Various shortcomings have been noted in the business process, which limits efficiency in
company performance. The issues need to be addressed, hence evaluating multiple
vulnerabilities that provide information on the required innovation, their implementation, and
measuring the success and impact level of the innovation. Some of the innovations include the
organization's transformation towards the use of technology, the Enterprise resource planning
(ERP), a new approach to payment systems, the use of lean processing, branding, and
benchmarking. By implementing this innovation, the company will achieve efficiency and a
competitive advantage over most companies in the industry. ERP is the most challenging
innovation. This can be attributed to the fact that roughly 75 percent of ERP project fail
(Altamony et al., 2016). However, some of the benefits include access to real-time data,

PROJECT FIVE

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reduction of costs and litigation, ability to share information between different departments in an
organization, enhancing business reporting, and eliminating unnecessary data and operation.
The use of technology will help the company to become more efficient and achieve a vast
market share. This will help to increase the revenue generated by the company and ensure that
the company's financial report a positive...


Anonymous
Very useful material for studying!

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