An example is the dissemination of information in the eighties and early nineties using post office, but with emergence technology of desktop computer and Internet services, messages are being sent through email. Also, the influx of social media that are easily accessible on mobile phones provides a platform for the transmission of instant messages without delay.
John Holt’s 2000 annual report states that the Nigerian economic environment during that year witnessed unsatisfactory growth rate, high rate of unemployment, low industrial output, coupled with poor demand.
Energy crisis continued unabated and the supply of petroleum products was epileptic; serious bottlenecks were thus created in the production processes culminating in increased operating cost.
Electricity supply from the Power Holding Company of Nigeria was too disruptive that their operating units were forced to rely heavily on power generating facilities at exorbitant cost of diesel.
According to United Nations Educational Scientific and Cultural Organisation, the remote business environment comprise the economic factors, social factors, political factors, technological factors and ecological factors that affect its activities.
In addition, it further states that the business environment provides companies with opportunities, threats and constraints.
For example, they say when the economy declines and construction activities start to decrease, an individual contractor is likely to suffer a decline in business, but that contractors’ efforts in stimulating local construction activities will be unable to reverse the overall decrease in construction.
Experts say innovations drive changes in business transactions and delivery of products and services. A business consultant, Peter Drucker, says innovation is the specific tool of entrepreneurs, the means by which they exploit change as an opportunity for a different business or a different service.
In addition, he says innovation is capable of being presented as a discipline, capable of being learned and practiced. He says entrepreneurs need to search purposefully for the sources of innovation, the changes and their symptoms that indicate opportunities for successful innovation; and they need to know how to apply the principles of successful innovation.
Using the opportunities and constraints that abound in the business environment as a pedestal, experts have pointed out ways of achieving success in business.
Be an innovative leader
Experts say executive leaders hold the key to the level and success of innovation in their organisation. They control the strategic direction, influence the culture, and directly and indirectly control all organisational practices as well as the skills taught to managers and employees.
They say innovation is a rare occurrence and certainly cannot be sustained without the active commitment and involvement of every member of the executive leadership team.
In fact, based on experience of professionals, innovation success is only as strong as the executive leadership team’s weakest believer in innovation.
According to iveybusinessjournal.com, leaders throughout the organisation do not have to be the most innovative individuals but they must learn innovative thinking and learn how to lead or manage innovative teams. Since 70 per cent of organisations report that innovation is among their top three priorities, innovative thinking and managing innovative teams should be high on their training agendas.
Imbibing culture of innovation
Professionals say culture defines an organisation’s implicit rules and guides the activities of individuals and teams when no one is watching. If the culture supports innovative behaviours, innovation can occur systematically.
However, if some of the elements of the culture, such as decision-making or risk tolerance, are not supportive, innovation will never happen systematically. Leaders also need to analyse the current cultural assumptions to identify what to support and what to change.
Have an innovation plan
Although many organisations are trying to close the innovation gap, experts say very few are successful. One of the main reasons they do not achieve their goal is that they fail to develop a formal plan. If senior leaders want better information technology or more productive marketing, they ask for a plan; and because most organisations are good at creating and implementing plans, they usually achieve their goals. However, even if innovation is a priority, leaders are more likely to make a few speeches and ask their employees to have more ideas. They rarely develop a specific innovation plan that is budgeted, resourced, and implemented.
According to experts, it is only by creating a customised plan and implementing it rigorously that a leader can create an organisation where innovation happens systematically.
The plan gives focus and structure to the innovation effort. It provides the long-term view required to be successful. In the absence of an integrated plan, an organisation will find it is too easy to cut innovation resources when quarterly results demand cost reductions.
They say principles such as engaging the whole executive team, stating clear boundaries, enforcing the plan and tracking its progress will ensure that the plan is solid, sustainable, and will achieve the objectives.
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