Impacts of Technological Innovation on Sales, Profits, and Growth

“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 thealgorithms 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).

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 Spirent Communications (Plc)

2 Calisen Plc

3 Ryanair Plc

4 Kingfisher Plc

5 Vivo Energy Plc

B. Presentation, referencing and grammar (5 marks)

· 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

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 “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).

A. Evaluate the importance of Corporate Social Responsibility (CSR) for the same organisation of your choice in Task One above. (20 marks)

B. Apply Archie Carroll’s (1991) CSR model to your chosen organisation.

C. Presentation, grammar and referencinginnovation has impacted the operations, sales and the profits of your chosen company.

· 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.

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.