Housekeeping Service Company - Intellectual Property - Case Study Example

Housekeeping Service Company (ACAS)  Innovation  It is essential for the Housekeeping Service Company to highlight the benefits of adopting an innovation in their business plan. According to Komninos (2013), innovation is a critical component of the business plan. Any company needs generation of new ideas to ensure that success is achieved. Despite the fact that every business has its own priorities, it is evidence that those companies that fail to innovate run the risk of losing ground to competitors, losing key staff, or simply operating inefficiently. Market leaders and the market followers differ because of innovations. It is essential to maintain employees who are able to generate new ideas. These innovative employees are hard to get them, and it can be lost if the company fails to engage them. Intellectual property The Housekeeping Service Company can develop a good business plan so that they can use as a mechanism for detecting whether the resources and the assets of the company are being utilized as it was planned. The top management of the Housekeeping Service Company can easily benchmark their services through the utilization of the best business plan. According to the chief executive manager of the ACAS company, it is a challenging task putting together a good business plan into work. However, the chief manager cites the following as the main uses of the business plan to the ACAS. The company examines the feasibility of its business ideas through the use of the business plan. A well designed business plan helps ACAS Company to think through all the key issues. Some of these key issues comprise the demand for the services provided by the company, the nature of the competition in the market and the possible entry strategies. The business plan also assists the company to access the startup services and financing. Most of the business incubators, lenders and investors are willing to invest in companies that have sound business plans. Companies with no business plans face financial problems because investors are not willing to invest in them. Business plan provides strategic guidance to the company. The ACAS Company integrates  intellectual property (IP) in its business plan because of the following reasons In the current century, the key driving force for the success of a company regardless of whether it is profit making or not is the new ideas and the creative expression of the valuable ideas. To build a business or the company effectively requires valuable resources such as a network of relationships and sources of funds. The intellectual property is an essential resource for the Housekeeping Services Company because the IP  protection system provides a key tool for the company for: a) Obtaining funds to be used in the ACAS Company b) Improving relationship between the company and other 3rd parties c) Keeping at bay unscrupulous competitors The ACAS Company will only attract investors by having a quality business plan that takes an objective look at the prospects of the proposed business. The Housekeeping Services Company will convince the potential investors by showing that the company has high demand for their services, the company’s services are superior to that of other competing companies and finally, the company is strategising on how to eliminate the ‘free riding' on your success by dishonest competitors. The benefits of including IP in your business plan There are various motivations for developing business plans though they vary depending on the organizations. In the case of the Housekeeping Services Company, the primary motivation includes the raising of funds and attracting potential donors. Provided that it is well protected, managed and valued, the intellectual property is likely to benefit ACAS Company in the following ways. Firstly, it will improve the appearance of the company and attract potential investors to invest in the company. Secondly, it will ease the normal procedural process of getting loan approval, and finally, raising the necessary finance for research and development. Researchers believe that the intellectual property rights, at the societal standpoint, rewards the creative thinking through giving investors a monopoly in their work, maximizing the value by maximization of the scarcity. Despite the nature of the company, it is essential to adopt the intellectual property because it is considered as a valuable commodity. It is considered valuable because the tool is critical in fostering the innovation within the company. It is also important to understand the intellectual property in the company so that third parties and managers are able to put a value on them. It is also essential to categorize those intellectual properties that are not utilized by the company analyzed to the cost that are incurred on them. Furthermore, there is a need to recognize the process used in creating and maintaining the intellectual properties in the company. And finally, it is essential to have all the documents of ownership for these intellectual properties, so that the assets are legally owned (Witzel and Warner, 2013). Intellectual properties are essential to all business and companies. However, it can be stressful if these assets are acquired in an illegal means. Companies need to ensure that they obtain the intellectual properties in a legal way so that they can avoid future wastage of resources as a result of infringing the rights of third parties. Many companies have wasted resources by acquiring intellectual properties that are later returned to their real owners without compensation. Growing Strategy and Public Policy Importance Currently, intellectual property is considered as a mark of innovation in the companies. It acts as a sign of the company’s competitiveness. Furthermore, the intellectual property has enabled researched and development investment. In addition to this, intellectual property has facilitated collaboration and co-operation across the company. However, all is not smooth for the companies owning intellectual properties. There are various challenges facing these companies. Some of these challenges comprised of the following a) International companies are facing problems because countries have different laws interpreting intellectual properties differently b) Depending on the statutes of the country, companies can enact their own intellectual property laws, making them be different other countries on which companies cannot enact such laws c) Finally; management of the intellectual property can be challenging especially for non profit making companies. Operational plan implementing the innovation theory This is the most crucial part of the ACAS Company. This is because innovation facilitates the growth of the company. It drives for the future success; it is also considered as a key pillar that allows the business to sustain their viability in a global economy. The fact that innovation is the key determinant for the success of an organization is usually appreciated by the managers and researchers. In fact, scientific managers regard innovation as a ‘life-and-death matter for a firm’ According to Rothaermel (2013), organizations that have adopted an innovation are able to respond to changes in an environment as compared to those that are non-innovative organizations. Innovation needs to be within the company so that they can be beneficial. It is not enough to adopt new ideas that can change the market. The organization as a whole need to be ready to absorb innovation. Business organizations, companies and even firms need to copy companies such as Google Company and the Apple Company. These are great companies that have adopted innovatively in a great way. Teams in these companies are working together to ensure that they get new solutions for the new problems. In these companies, you cannot see only good ideas and charismatic leaders, but you will see that the companies are built to share an innovation mindset. In these two companies, the entire staff is very hard working and less replication. Managers are embracing the spirit of teamwork by engaging junior staff to participate in the projects. Successful projects are always shared ad lesson learned. They also take failed projects as future lessons so that they will avoid strategies that are not working in the future. In this company, a good selection criteria and ongoing managerial support are essential in confirming execution. The Housekeeping Service Company needs to adopt parameters that are efficient I implementing innovation in the company. This is because research reveals that companies cannot fully implement innovation without the relevant parameters. This is shown after studies taken from large companies that are acknowledging the importance of innovations. From the studies from these large corporations, it reveals that innovations that are carried by visions, slogans, or professional titles cannot achieve a real innovative change. In simple terms, Housekeeping Service Company should invest in setting up an innovation culture throughout the organization before thinking of investing innovative ideas. Top management of Housekeeping Service Company should know that innovation can only be implemented effectively across the company  once actual innovation projects are supported by innovation methodologies. Implementation of new ideas requires total commitment from the entire organization. It is also essential to set up proper mechanism that is efficient in introducing new commercialized products into the market. Leaders and line managers need to participate with other staff members especially at the implementation periods. Managers need to set an environment whereby the employees are thinking independently and creatively and sharing skills and knowledge with other employees. To innovate, ACAS Company needs to adopt a culture that is flexible and can support change within the company. Efforts in developing new ideas and new ways of doing things need to start on optimal execution. Implementation Methodology The Housekeeping Service Company can effectively implement innovation by following the core functions and processes as defined by the TrendsSpotting. Some of the features that are used to examine whether the ACAS Company is ready for innovation are shown below. The shared perceptions regarding innovation in ACAS Company a) The ACAS Company considers innovation as a strategic priority. There are should be a clear explanation on how the company will benefit from this b) Top management must communicate the fact that innovation will serve as a competitive advantage for the ACAS Company c) The requirements that are needed for the innovation should be clearly defined by the human resource manager of the company. The ACAS Company must invest human efforts on the innovation a) ACAS Company must install efficient communication tools within the company. The management must also develop clear visions and goals for the company b) The leaders for the company should show commitment to innovation. This can be achieved through motivating employees to deliver quality services c) Cross organization employee involvement and delegation of duties Tools and platforms a) Managers should ensure that innovative learning tools are available to the employees b) Managers should provide innovation incentives and rewards for employees c) There should be a clear channel of communication within the company Why the Innovation Fails After interviewing business leaders, they confess that many companies fail in the process of adopting an innovation. The company fails to achieve their target of innovation because of one common problem. This issue making the company fails while trying to adopt innovation techniques is the past vs. future problem. It is, therefore, essential for the ACAS Company to ensure that there are no two modes of operations because they are most cases incompatible. In a situation, one mode focuses on the future while the other one focuses on the past, and the inability to integrate the two explains why ACAS Company will find it so hard to innovate (Holland, 2013). Most businesses have found it hard to manage their operations because of poor planning. For example, a well established company enjoys smooth operations because of efficiency and effectiveness. But with time, this business becomes irrelevant in the market. On the other hand, start up business are great spotting unmet needs and driving towards its goals – only to find that the system adopted is weak to sustain the current business model. Such issues need to be discussed by the management to avoid various disappointment that can come in either way. There are innovative companies that are able to handle such situations regardless of the situation. An example of such organization is the Apple Company. Apple can perfectly  find a way to do both, keeping an eye on the bottom line while sensing the hearts of their customers. ACAS company need also to copy Apple Company so that they can adopt an innovation regardless of the possible challenges that are likely to be faced. ACAS Company to strategy well on how to integrate their past and future. Before making any decision, it is essential to access the past decisions and their effects and also estimating the future. Finally, employees need to train on the latest technologies so that they Can come competitive when handling computers and machines in the company. Employees are the one for driving change in the company. It is, therefore, essential to train them. It is vital to adopt new technologies in the company so that it can transform the operation of the company. ACAS Company needs to adopt modem technology so that they can improve their performance. In addition, the ACAS Company will make a huge difference on how they operate in the market. Before adopting new technology, it is essential for the ACAS Company to access the present technology they are using, and check how well the existing system works (Selig, 2013). In this ever changing world, ACAS Company can only sustain its long term growth by adopting and implementing innovation. ACAS company n only gains competitive advantage in the market through innovation (Wood, 2013). Furthermore, the company has to adopt this technique so that they can handle these complex customers whom demands are continuously growing. Innovation will facilitate the ACAS Company to create new solutions and services that will provide a better experience for consumers. It is also essential for the top management team of the ACAS Company to understand that innovation is not only about technology, but it is sort of understanding and exploring untapped user needs that require to be addressed in an efficient manner. This must take place on the stage of developing solutions and beginning the product life cycle. Many companies across the world are having innovation as their first priority in a global business environment. ACAS Company must innovate so that they survive and grow to a greater extent. There are high chances that the company will succeed because their managers believe in the spirit of teamwork. Some of the key innovation areas that require improvement in the ACAS Company include the product development and improvement and the creation of a new system of delivering services to the customers. They can also consider improving he supply chain so that they can be efficient, flexible and responsive. The ACAS Company can utilize the supply chain innovation to reduce costs, provide better assortment of customer centric products, decreasing a time to market and driving growth. In conclusion, a business plan is an essential tool that shapes the corporate life of ACAS Company. It also helps the company to adopt various efficient strategic options. Elements such as innovations and intellectual properties help in decreasing to the cost of production, increasing the income of the company and improving the efficiency of the company. It can also append the research and development department of the company and brings in the latest technology that will improve the performance of the company’s services and products. References Komninos, N. (2013). Intelligent Cities: innovation, knowledge systems and digital spaces. Routledge. Rothaermel, F. T. (2013). Strategic Management: Concepts & Cases. McGraw-Hill Irwin Holland, J. (2013). Employment Law 2013. Oxford University Press. Wood, R. W. (2013). Accounting for an Acquisition. Corporate Acquisitions and Mergers, 3. Witzel, M., & Warner, M. (Eds.). (2013). The Oxford Handbook of Management Theorists. Oxford University Press. Selig, G. J. (2013). Introduction to IT/business alignment, planning, execution and governance. Read More