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Innovation And Entrepreneurship: Rio Tinto Company

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Question:

Discuss about the Innovation and Entrepreneurship for Rio Tinto Company.

 

Answer:

Introduction

Simply because innovation is the coming up with new ideas that are seen useful within the market, it is therefore very helpful for the survival of business. Lately, customers are looking for the most trending product that can perform their required functions with ease. As such the whole idea of innovation comes in two forms depending on how a company has used it. The two different ideas are the sustaining and the disruptive innovation, (Farrant, 2016). In our case, the sustaining innovation idea just implies that the already available product is enhanced to meet the changing producer demands. On the other hand, the disruptive is simply the coming up of a new product so as to improve on its flaws. Moreover, the article reviews the Rio Tinto company by the contextual factors, both domestic and international that affect the business and are imperative for the survival. 

A Brief Look at the Rio Tinto Company

The Rio Tinto company is a globally-known group that mainly trades within the mining sector. The group has its headquarters in the United Kingdom. Moreover, the group compromised by both the Rio Tinto plc., which is enlisted in both the London and New York stock exchange, however, the Rio Tinto Limited is listed on the Australian Securities Exchange, (Tinto, 2014). The company has been focusing on the location, the mining and the processing of mineral resources.  Moreover, the company has been dealing with, diamonds, copper, aluminum, titanium, uranium, gold, borax, coal, salt and even iron ore. So as to improve on the output of the company, the company has adopted different technological knowledge so as to ensure that their production is higher hence their profitability.

For instance, the company has promoted innovation within the Enterprise is enhanced by putting up an Analytics Excellence Centre, in Pune, India, (Tinto, 2014). The Centre has been very instrumental in the management of the all the industrial machinery of the company. It does the analysis of the efficiency of the machines and gives an elaborate analytical view on how they could be made more efficient, (Piper, 2016). Moreover, the company has also known for the usage of the autonomous trucks which are very vital in increasing the company's productivity. The vehicles are much more efficient since they do more work for less regarding maintenance and repairs, (Marshall, 2016, p 117, 89-97). As such the adoption of such technology to perform mining has been a plus I terms of ensuring the company acquires that profitability status. 

 

Domestic and International Factors that affect the Company's Structure.

Increased competition is essential among all factors that have an impact on a company's structure. For instance, the availability of heavy competition by both domestic and international mining companies as the BHP Billiton and other major mining companies has forced the Rio Tinto o up its game, (Tinto, 2014). Heavy competition is making companies adopt the best competing structures so as they can survive within the market. For instance, the company might want to strengthen its production unit by adequately acquiring the autonomous trucks that production can be enhanced, (Jones, 2014). As such, competition has affected the strategies and the structures that companies take so as to remain relevant in the competitive market.

Similarly, the national governance is very important to ensuring the success of any business. For instance, the policies that a national government takes pertaining the economy and the labor laws that a government adopts in its laws have consequences to the companies that operate in such regions, (Tinto, 2014). For instance, when there is increased inflation in a country that accompany like the Rio Tinto operates in, the company will be forced to take adequate measures so as to maximize on input and also to cut on expenses. For instance, the company can acquire more autonomous trucks that can reduce the work power plus also save on costs regarding fuel and maintenance, (Mc Mohan, and Moreira, 2014). As such, the cuts of the workforce has interfered with the original work structure of the company hence is a factor that needs consideration.

Additionally, the company's size has a very vital role in the selection of the type of structures to be used. For instance, the Rio Tinto company's structure is very different in comparison to that of a smaller mining company. Such evidence is right only because the Rio Tinto has its operations in many countries and there is need to have a central commanding base in such a company from which all the operations will be controlled, (Tinto, 2014). However, a small business has less management team as a result of its small size. Therefore, for a company to be efficient, the size is also a consideration. As such it very evident that the bigger the company, the bigger the structure.

Similarly, people living around the company's operations will have an impact on the company's operations. For instance, the company cannot afford to have a monogamous workforce across all the countries it operates in. For the Rio Tinto to work, it needs the support of the surrounding communities, (Tinto, 2014).  Therefore is the reason why such a company strives to have a multi diverse workforce, to help the interactions of the company and the community around it. Moreover, real interactions with the neighboring community can facilitate good communications and assure the business of availability of labor. As such the strategy of the companies across different cultures changes so as to accommodate the differences in the neighboring communities which are very vital to the success of any business.

However, the availability of investment and capital by the company has a hand to do with the operation of the enterprise.  For instance, with the right amount of money, the Rio Tinto company can afford to have a larger managerial staff so as to manage its vast numbers of workers. Such has affected the company's structure and the strategies that it takes so as to ensure it realizes its full potential as compared to a smaller company which will require a lower number of employees and will adapt less expensive strategies to ensure survival. As such the amount of capital, for example, will allow the Rio Tinto company put up the analytical center hence promoting the company's profitability, (Suresh, et al. 2015). Therefore, the more there is investment then the company will be able to sustain some of the structures and strategies that are very instrumental in ensuring sustainability of the company.

Moreover, the technological advancement has a hand in determining the structure and procedures to be applied in business. For instance, the level of the technological advancement will determine the sort of structures a company can afford. For example in areas as resource management, in areas to do with communication and also in the production sector. With the more improved level of technology, a company is assured that they will attain that profitability state it wants, (Ngo, et al., 2013, p 1134-1142). Such is true since the more complex a strategy is, the more the technological detail needed in ensuring that the desired systems are enhanced. As such, the level of technology plays a very important role in ensuring that the company is successful.

Conclusion.

In conclusion, innovation is a crucial aspect for not only the survival of a company but also in the ensuring that the company focuses towards growth and profitability. However, the factor of innovation alone does not guarantee the success of business. That is the reason as to why mega companies as the Rio Tinto has incorporated the use of the autonomous trucks and also is coming up with the excellence centers, as well as other external and internal factors so as to promote growth. As such, it is evident that the growth of a company is as a result of both the internal and external factors. Therefore, the more takes into consideration the aspects the paper has elaborated, the more a company nears the realization of its goals.

 

References.

Awuah-Offei, K. (2016). Energy efficiency in mining: a review with emphasis on the role of operators in loading and haul

Dashwood, H. S. (2014). Sustainable development and industry self-regulation: developments in the global mining sector. Business & Society, 53(4), 551-582.

Farrant, K. (2016). The mining sector's response to climate change. AusIMM Bulletin, (Feb 2016), 30.

Fonseca, A., McAllister, M. L., & Fitzpatrick, P. (2014). Sustainability reporting among mining corporations: a constructive critique of the GRI approach. Journal of Cleaner Production, 84, 70-83.

Jones, O. (2014). Mining-related education geared for excellence and growth. AusIMM Bulletin, (1), 33.

Marshall, J. A., Bo ing operations. Journal of Cleaner Production, 117, 89-97.

Martin-Izard, A., Arias, D., Arias, M., Gumiel, P., Sanderson, D. J., Castañon, C., ... & Sánchez, J. (2015). A new 3D geological model and interpretation of the structural evolution of the world-class Rio Tinto VMS deposit, Iberian Pyrite Belt (Spain). Ore Geology Reviews, 71, 457-476.

McMahon, G., & Moreira, S. (2014). The Contribution of the Mining Sector to Socio-Economic and Human Development. World Bank, Washington, DC.

Measham, T. G., Haslam Mckenzie, F., Moffat, K., & Franks, D. M. (2013). An expanded role for the mining sector in Australian society?. Rural Society, 22(2), 184-194.

Nchis, A., Nebot, E., & Scheding, S. (2016). Robotics in Mining. In Springer Handbook of Robotics (pp. 1549-1576). Springer International Publishing.

Newman, A., & Weintraub, A. (2014). Introduction to the interfaces special issue on operations research in mining.

Ngo, L. V., & O'Cass, A. (2013). Innovation and business success: The mediating role of customer participation. Journal of Business Research, 66(8), 1134-1142.

Nyberg, P. (2016). Stabilization, Sensor Fusion, and Path Following for Autonomous Reversing of a Full-scale Truck and Trailer System.

Piper, D. (2016). Rio ready to expand its junior support network. Australia's Paydirt, 1(242), 30.

Rainey, H. J., Pollard, E. H., Dutson, G., Ekstrom, J. M., Livingstone, S. R., Temple, H. J., & Pilgrim, J. D. (2015). A review of corporate goals of No Net Loss and Net Positive Impact on biodiversity. Oryx, 49(02), 232-238.

Suresh, S., Gobble, M. M., Euchner, J., Crews, C., & Weinman, J. (2015). CrossRef citations Altmetric. Research-Technology Management, 58(6).

Tinto, R. (2014). Rio Tinto Mine of the Future, Next-Generation Mining: People and Technology Working Together. Rio Tinto plc and Rio Tinto Limited.

Visnjic, I., Wiengarten, F., & Neely, A. (2016). Only the brave: Product innovation, service business model innovation, and their impact on performance. Journal of Product Innovation Management, 33(1), 36-52.

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