Introduction of Sim’s hardware is known as the largest hardware retailers in Australia

In this report, there is proper information related to the industry and its innovation techniques. Sim’s hardware is known as the largest hardware retailers in Australia. Across the country, it has 138 stores along with 10,000 staff approximately. The products provided by the Sim’s hardware are available in wide range at the most competitive prices. These products can better be used for the purpose of making the improvements to the homes. Sim’s hardware is serving as the Australian retail landscape from last many decades.

The first store of Sim’s hardware was opened under the name of Sim’s Home Goods. It was opened in George St Sydney. Initially, the selling of manufacturing and the small household furniture was the specialty of Sim’s hardware. Later on, further extensions were made i.e., product wise and the region wise. It helped the company to attract increased count of the customer at different localities. Along with the other strategies, one of the important strategy that the company adopted was the provision of re-training facility to the existing staff for sale of manufacturing and the small household furniture along with the modification of the customer-supplier relationship.

The business repositioning took place in the early 1950s. This is the time when the company started dealing with the wood as well as the hardware items. Over the next 10 years, the company expanded its business to all the states. Also, the business was renamed to the Sim’s hardware. At present, the business has 138 stores with the huge count of the employees.

Current position of the business of Sim’s hardware is known as the largest hardware retailers in Australia

Sim’s hardware started its business with different domain in which it has excelled later on i.e., hardware. Currently, it has 138 stores along with 10,000 staff approximately across the country. The business intends to provide the high-quality services to its customers by its skilled as well as excellent staff for the selling of the differentiated products. The business is operating with great locations in order to beat the competitors. The business brand’s recognition provides it with the 8% market share along with the availability of online products. The problems that the business is facing at present include as given: entry of the new competitors to the market place most specifically in the e-commerce domain, uncertainty in the economic climate worldwide, along with the impact on Australian spending, international e-commerce growth, and lack of potential prime locations.

Range of techniques of Sim’s hardware is known as the largest hardware retailers in Australia

It is important for the organizations to innovate as it the key to success and innovations lead to success. New innovations are generated by the simple ideas that are generated in our mind we just have to shape our ideas and these ideas will lead to new innovations. Creative and new innovations prove a game changing ideas for the companies and they have led to new heights of success, like the use of advanced technological systems and devices in the companies. (Ramos, 2019)

In order to better cater the market place as well as for the personal & team innovation the given tools and techniques can better be used:

·         Conduct the market research by formulating effective marketing strategies. It will help to know about both the potential competitors and the customer’s needs.

·         Welcome the people from other domains/ departments to your department. It will help to bring the innovative ideas for serving the market place by bringing the innovations.

·          The people who share the innovative ideas need to be rewarded for sharing the unique ideas.

·         Encourage the employees to benefit themselves from other’s innovative ideas.

·         The rejection of the brainstorming sessions need to be eliminated.

·         The unexpected areas need to be focused more for the innovation purposes.

·         The team members are to be encouraged for providing their feedback regarding an existing situation or issue. It helps to enforce the positivity.

·         The technological advancement is desirable to be implemented in every business process. 

·         Adoption of the effective communication channels better serves the purpose for effective servicing.

Review and critically analyze the trends of Sim’s hardware is known as the largest hardware retailers in Australia

This is the era of IT where everything is equipped with latest techniques and technologies. Mostly the organizations try to satisfy the customer’s needs at far off places. So as is the case with Sim’s hardware where online solutions are provided to the customer’s needs (i.e., which is a case of e-commerce). Although the business is providing the retail solutions to the customers but still there is an increasing trend, among the competitors, for using the latest techniques and technologies in order to provide the online solutions to the customers. The business is required to focus more on the e-commerce techniques. This is the only way the company can increase its market share and increase the customer count. (Dawn Owens, 2018)

Evaluate the overall context for the innovative and creative thinking

The innovative and the creative ideas are not only focused on the individual level but they have a collaborative aim. It focuses on both the individual and the collective level. The unique and innovative ideas better help the business to strengthen the customer loyalty loop and increase the market share by competing with the rivals. The innovative plans and ideas are effective only if they are well-formulated. At the organizational level, it better helps the business to get the increased revenues which is ultimately beneficial for the employees (i.e., in the form of increased salaries & wages). In the industry, the creative thinking brings out a full-fledged plan in practice which sets out the trend for the competitors. In this way, the overall competition, to serve the market place, increases. (Kathleen M. Sutcliffe, 2016)

Review and consider the different leadership styles

For an innovative leader, it is not mandatory to be the person who actually brings out the actual innovative idea. Rather he/ she can have the idea which is devised by his/her subordinates. He is the one who is to streamline the idea to the actual outcomes. He actually forms the vision around the idea generated.

For the business, the innovative leader can use his skills and the expertise in the way as narrated below:

·         A situation is if arises where the outcomes are highly effected due to the poor communication. The innovative leader can find out the effective ways to bridge this gap.

·         The competitors are if getting increased market share on continuous basis, the innovative leader can find the ways to get a close reflection about the rival’s marketing strategies.

·         The customers are if facing the problems in a specified brand awareness, the innovative leader can suggest the use of effective promotional means in a unique way. (Rusliza Yahaya, 2016)

Modeling and supporting the innovation of Sim’s hardware is known as the largest hardware retailers in Australia

As far as own style and the practice are concerned it is suggested to use the latest and the advanced technology for supporting the business processes. The more appropriately the business processes are equipped with the latest and advanced techniques the more it can compete in the market place. One of the suggested approaches are about provision of the products through online means. It helps to reduce the need for visiting the market place in actual.

Evaluate the risks associated with the innovation within an organization

The innovative ideas provide the businesses with the greater returns but they are not devoid of the risks. These include as follows:

·         Competition: The innovative idea is only beneficial in case the competitors don’t have the ability to replicate your idea.

·         Uncertainty to the commercial returns: The innovative plans are more based on the speculations so there is less guarantee for the future revenues and the profits.

·         Non-availability of the enough finances: The company has to strive for the scarce finances.

In order to cater the above said risks the innovative plan needs to be so innovative that the competitors cannot replicate it. It should not be based on the hit and trial method. Also, it needs be supported with the enough financial resources. (2u, 2019)

Methods to capture, communicate and share innovative ideas

The innovative ideas are only beneficial if they are discussed with people of varying expertise and the skills. These can be communicated by following as given below:

·         The office space needs to be conducive to effectively communicate the innovative ideas.

·         Varying forms of knowledge need to be encouraged for sharing purposes.

·         The employees who share the innovative ideas should be provided with the bonuses and the incentives.

·         Revamp the training and the onboarding methods.

·         The sharing of the ideas is to be supported by the use of a software.

Team development approaches that support innovation.

To initiate & foster the communication and the team development approaches, that support the innovation, the following needs to be done:

·         The proper training sessions and the seminars should be arranged for helping the employees to interpret the effectiveness of the unique ideas.

·          The marketing tools and the techniques are to be well-designed.

·         The communication gap between the upper and the lower hierarchy is to be bridged by formulating the effective strategies.  (Stark, 2010)

The process level for supporting the innovation.

Different individual processes together make a complete solution or the system. The system can have the innovation only if the processes are innovative. (Satish Nambisan, 1999)The desirable mechanism involves the following:

·         Defining the proper goals and objectives.

·         Motivation & the alignment for the efforts implied.

·         Coordination and the control of the activities.

·         Acquisition and the application of the knowledge.

·         Building and nurturing relationships.

·         Identification and the development of the talent.

·         Understanding and balancing the demands of outside constituencies.

Strategies that makes innovation important for organization  

To gain the increased market share and the increased customer’s count, the desired strategies include as given: the market research needs to be carried out properly, the business needs to be a step ahead of its competitor, the customers are to be provided with the specified discounts on the purchase of the products after a specified limit, the unexpected areas need to be focused more for the innovation purposes and the employees need to be rewarded for sharing the innovative & unique ideas. (VEHAR, 2013)

Develop processes for the monitoring purposes.

In order to value the contributions, made by the individuals and the groups, for the innovation purposes, the documentation is a mandatory step. Once documented, it can be evaluated in future at any time. The employees should be provided with the environment to perform the experimentation for the generated ideas. They should be given the proper time to work on innovative ideas.

Identify and analyze the potential barriers and risks to innovation

There exist the barriers and the risks that serve as the hurdles to the way of innovative ideas and their implementation. The potential barriers are about the competitors, less knowledge of the latest & advanced technology, uncertainty to have the fruitful outcomes from the innovative ideas and non-availability of the enough finances. To better cater these barriers, the innovative strategies need to be evaluated first before the implementation along with the other relevant requirements. (Filgueiras, 2013)

Conclusion of Sim’s hardware is known as the largest hardware retailers in Australia

Summing up the discussion from above, it is concluded that innovation plays and important role in any organization. in that report there is comprehensive information regarding the innovative policies in any organization. Sim’s hardware is known as the largest hardware retailers in Australia. Across the country, it has 138 stores along with 10,000 staff approximately. It helped the company to attract increased count of the customer at different localities. The business is operating with great locations in order to beat the competitors.

The business brand’s recognition provides it with the 8% market share along with the availability of online products. The unique and innovative ideas better help the business to strengthen the customer loyalty loop and increase the market share by competing with the rivals. The more appropriately the business processes are equipped with the latest and advanced techniques the more it can compete in the market place.

References of Sim’s hardware is known as the largest hardware retailers in Australia

2u, T. (2019, February). Innovation - Benefits and Risks. Retrieved from Tutor 2u: https://www.tutor2u.net/business/reference/innovation-benefits-risks

Dawn Owens, D. K. (2018). From Strategic Intent to Implementation:How Information Technology initiatives take shape in organizations. Hawaii International Conference on System Sciences, 4783-4793.

Filgueiras, M. L. (2013, April 4). Barriers to innovation. Retrieved from Research Gate: https://www.researchgate.net/post/Which_are_the_main_barriers_for_innovation

Kathleen M. Sutcliffe, T. J. (2016). Mindfulness in Organizations: A Cross-Level Review. Annual Review of Organizational Psychology and Organizational Behavior, 55-81.

Ramos, C. M. (2019). An Innovative Management Perspective for Organizations through a Reputation Intelligence Management Model. International Journal of Information Systems in the Service Sector (IJISSS), 20.

Rusliza Yahaya, F. E. (2016). Leadership styles and organizational commitment: literature review. Journal of Management Development.

Satish Nambisan, R. A. (1999). Organizational Mechanisms for Enhancing User Innovation in Information Technology. User Innovation in Information Technology, 365-395.

Stark, P. B. (2010, February 16). How to Foster a Culture of Open Communication. Retrieved from Peter Barron Stark : https://peterstark.com/open-communication-climate-2/

VEHAR, D. M. (2013, February 19). 7 Strategies for Developing a More Innovative Organization. Retrieved from Centre for Creative Leadership: https://www.ccl.org/blog/7-strategies-for-developing-a-more-innovative-organization/