Case Study Group: Unleashing Innovation through the FEP-KLTSA Business Challenge
Mohammed Ashraf Hasanain(TP078045)
Where Good Ideas Come From:-
As a result of competing in the FEP-KLTSA Business Challenge, all the groups realized that the best solutions and ideas exist where everyone in the group is involved. Whether it was the assessment of the needs of the market, understanding what customers desire, or considering the suitability of new technology the experience of combining all our abilities and skills into one was so encouraging. Thus, we were able to establish that valuing the members of the respective groups along with offering equal chances for all to contribute directly leads to innovation. (2023, January 13)
For example, one of the members proposed ideas on cost-cutting measures since he/she was from the financial department; another identified new trends in consumer behavior in light of their marketing background. Regarding the technology, it was employed by the technically informed members of the teams for the improvement of the previously employed processes. Those directly engaged in managing customers provided useful insights into common occurrences that customers are likely to encounter, as well as the former’s needs that are not currently being met. This allowed this work environment to be highly productive and packed with new ideas which can only be of great help to the final product. on the one side, it expanded the base of ideas that we can consider and discuss during brainstorming on the other hand, it allowed us to check our final ideas to make sure we have strong and versatile ones that can be used to address different aspects of the business challenge.
Mohammad Abdelrahman(TP073489)
The Power of Brainstorming Sessions:-
These
sessions are so precious in the FEP-KLTSA Business Challenge to unleash the
creativity. Such meetings are described as the seat of focused and shared
attention of a group of people that fosters integrated vision and innovations
among them. This is because participants are allowed to think through something
and come up with ideas concerning any topic they want, therefore, radical ideas
as seen by the participants are entertained hence different solutions are
proposed. There must be adequate employment of professional personnel from
various fields to enhance problem-solving since multiple approaches are used in
tackling the problem.
It also assist in arriving at potential risks and
opportunities which can be addressed ahead of time with the view to achieving a
head start. Some of them include mind mapping, six thinking hats among others,
as they assist in mapping the process of the flow of the discussion, and to
make it more comprehensive and thorough in a sense that it does not only
operate out of one angle of figuring but from all sides. All the strength of
the participants could significantly benefit from collective thinking; the
facilitators could wake up the Business Challenge ‘s potential and bring out
more creativity in the participants.(Aug,2022).
Abdel Rahman Ashraf Hasanain(TP077708)
Leveraging Research and Data:-
Staying in your comfort zone, will not make you able to be creative and work under tremendous pressure, therefore people must challenge businesses and discover new things, by Leveraging research and data. Such as identifying the problems, which plays a major role in in not making the same mistake again and discovering different solutions, not only that but it will also allow you to recognize the problem’s scope and the impacts of these problems.
Furthermore is by doing a lot of research, will give you the potential to be creative and to have variety of ideas, as well as to discover the hidden solutions for a specific issue. Moreover, is having the ability to adapt to any changes that are likely to happen in a sudden way, because there are some people who are afraid to take the risk and learn new things, and that’s because of their fear of not completing and succeeding in the new tasks or jobs, and this may lead to limiting their potential and creative ideas. Lastly is continuous improvement, this is also done by learning and discovering new data, as it also has great impacts on people, like you will be able to catch up with the upcoming developments. McRae (2024, January 25)
Adel Zeinab(TP078282)
Encouraging a Culture of Continuous Learning:-
Fostering an Innovative Culture: The building blocks of concept consistency therefore fall upon the establishment of the work culture as one that is open to improvisations for efficiency and periodic risk taking. The practice of giving out bonuses for those who continuously seek out and create fresh ideas effectively communicates the company’s organizational culture regarding the importance of innovation. Furthermore, always conducting brainstorming meetings with different groups helps to maintain the flame of creativity.
Continuous Learning and Collaboration: Knowledge remains a keynote aspect that fuels the growth of innovation across the business world. Maintain the desire for learning by offering tools for education, professional development programs and the knowledge of the latest developments in the industry and new technologies. It can never be overemphasized that partnership is a very effective strategy! Perhaps attending conferences, symposiums or agents’ meetings, as well as relevant workshops may be a good idea. Outsourcing to other businesses, both small scale and large, and even university partnerships can create new ways of thinking and see the flame of creativity reignited.(Amabile,1998)
Hana Okamura(TP074493)
Continuous Improvement in Risk Management:-
It's critical for business owners to comprehend the various risks associated with launching and running a company. Entrepreneurs are exposed to various types of risks, such as competitive, market, financial, and operational risk. Every risk has a different types of difficulties and has to have its advantages and disadvantages understood. (Kappel, 2023)
An enterprise-wide strategy to control risk and prevent or lessen anticipated losses is known as risk management. It is important to foresee potential hazards and take precautions beforehand in order to do this. It is critical to minimize risks and losses in order to stabilize a company's management. To estimate how hazards would affect the company, its size and state of operations must be examined. (Tucci, 2023)
Identification of risks: The process of identifying risks involves identifying and documenting both positive and negative actions that may affect the company.
Examination of Risks: Basically, the risks are judged in terms of their likelihood, type, complexity, nature and so on.
Evaluation of risks: The results of the risk analysis are compared to ascertain whether countermeasures are required or prioritised. Accurate risk avoidance depends on accurate risk analysis.
References:
AIContentfy team, March 28 2024, How to manage risk as an entrepreneur-https://aicontentfy.com/en/blog/how-to-manage-risk-as-entrepreneur
Amna. (2024, June 4). case study week 5. https://foebusiness.blogspot.com/2024/05/case-study-week-5.html
Ang, J. (2024b, May 16). 6 Ways to Use
Mind Maps for Business Brainstorming and Growth. Venngage.
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