RISK MANAGEMENT AND INNOVATION
Table of Contents
THREE DIFFERENT TECHNIQUES OR METHODS FOR RISK IDENTIFICATION 4
IMPLEMENTATION AND DESIGN OF PESTLE 6
PRACTICES IN ADIDAS AND RECOMMENDATION TO ENHANCE IT 10
ORGANIZATIONAL FACTORS WHICH ENCOURAGE EFFECTIVE INNOVATION 12
List of figures
Figure 1- PESTLE component's overview 6
Figure 2- SWOT analysis of Adidas 7
Figure 3- Risk and opportunity management system of Adidas 12
INTRODUCTION
The practice to identify potential risks in advance, analyze them, and take precautionary steps for curbing/reducing the risk is called risk management. The objectives are not possibly defined by the organizations for the future without risk management (Simpson, 2017). The report will discuss different techniques or methods for risk identification and in the implementation and design of a risk identification process, a good practice will be considered. The report will also discuss discontinuous or radical innovation. The organizational factors which help in encouraging effective innovation will also be discussed in the report.
Adidas manufactures and designs accessories, shoes, and clothing. The company was founded 96 years ago in July 1924 and headquartered in Herzogenaurach, Germany. The company in Europe is the largest manufacturer of sportswear. A range of clothing items is sold by the company varying from women's and men's pants, t-shirts, hoodies, leggings, and jackets. For the Adidas Group, the company is the holding company which comprises of the Reebok sportswear company. The three steps are used on the shoe designs and clothing of the company as a marketing aid which is also the identity mark of Adidas (Adidas, 2021).
QUESTION 1
THREE DIFFERENT TECHNIQUES OR METHODS FOR RISK IDENTIFICATION
The risk management concept helps in analyzing and identifying risks in advance so that necessary precautions are taken by an organization in advance as uncertainty has a foremost impact within the business world. When the risk identification process is neglected by an organization, the operations and functions are not run smoothly (Wanner, 2019).
Risk questionnaire, SWOT analysis, flow chart, risk survey, brainstorming, PESTEL, risk heat map are the different methods available for risk identification (Wanner, 2019).
PESTLE
The in-depth approach through which a detailed view of the environment is generated is PESTLE or PESTEL analysis which consists of Legal, Political, Social, Environmental, Technological, and Economic aspects. External factors or threats are analyzed by an organization through Pestle analysis. The impact of political climate or government on the organization is identified through the political aspect. Risks such as modern slavery in the supply chain, product recalls, and strikes come under economic aspects. Risks that arise from factors such as changing values, consumer behavior, and demographics some under socio-cultural aspect. Risks arise from factors such as transport options and communication technology that come under technological aspects (Perera, 2017). Risks such as environmental taxes, natural disasters, and infrastructure come under environmental aspects. Risks like law changes come under legal aspects. A backdrop is provided through PESTLE for the company's growth. Only one portion of a story is revealed through analysis so a full picture cannot be offered. Internal factors are analyzed through another analysis i.e., SWOT, and also errors are minimized.
Figure 1- PESTLE component's overview
Source- (Perera, 2017).
SWOT ANALYSIS
A powerful tool through which
the internal organizational environment is analyzed is the SWOT
analysis. Risk identification can be done through this method and to
discover and document potential risks, brainstorming and this method
can be used together (Gurel and Tat, 2017).
Figure 2- SWOT analysis of Adidas
Source- (Business Strategy Hub, 2020)
Strengths- The inherent strengths of the company are analyzed through this aspect of its service or product. In the customers' minds, strong brand retention of Adidas is created due to innovative and strong marketing for years (Gurel and Tat, 2017).
Weaknesses- The shortcomings of the company may have been analyzed through this aspect. A realistic external viewpoint is provided to the company into matters on which attention is needed (Gurel and Tat, 2017).
Opportunities- In this aspect, the sources or points from which the organization can be benefited are analyzed, usually most of the companies try to transfer analysis of weakness into opportunities (Verma, 2017). For further development, Adidas grows its presence in developing countries which also attracts more customers and this is a great opportunity for the company.
Threats- Any potential or current competitor of the company are considered and analyzed in this aspect from whom an obstacle is posed in achieving the objectives of the organization (Gurel and Tat, 2017).
BRAINSTORMING
There exist a group of people in this method for risk identification where risk identification is the major focus of those people. To identify the risk, the group is formed where group members generate creativity for identifying risk (Wanner, 2019). Group members work together so that potential risks, causes, failure modes, and hazards are identified. In this method for risk identification, results for treatment and options criteria are involved. Every group member needs to be aware of four basic rules under a structured approach to brainstorming. The first rule is that it is not allowed to disapprove. The concepts of group members should 'cross-fertilize' within the group. In this method, group members need to be creative as there is a requirement for a large number of ideas which is another rule of this method. All group members' mutual stimulation is one of the major advantages of this method and also a lot of risks can be recognized very quickly through brainstorming. One of the drawbacks of this method is that all risks are not covered (Wanner, 2019).
IMPLEMENTATION AND DESIGN OF PESTLE
To successfully implement PESTLE within the company there is a key technique in which a deep approach should be adopted into the organization's all elements and the organization should also then act upon the drawn conclusions. The hidden threats or weaknesses are pinpointed through this and the way a business shapes may be defined. Over these factors, the company has no control, and also for mitigating the hurdles, reworking the organizational systems is needed.
Adidas is affected due to some of the political factors in a macro-environment as in many countries, there is political unrest. Volatile trade policies are also the most pressing political issue for the company. Adidas company has to deal with such issues -for retaining its global as well as financial performance. The company also has to deal with different forms of taxation and government systems as the products of Adidas travel all over the world. Trump administration imposed export and import tariff restrictions which can act as a major barrier for the company as a major exporter in Germany (Team, 2021).
Economic analysis has shown that heavy net loss i.e., 295 million euros is suffered by Adidas due to the COVID-19 pandemic. Since the end of the lockdown, a huge recovery is also seen by Adidas. The products of Adidas are produced in China at low cost, labor-intensive products are produced. The pricing of products should be done carefully by Adidas especially compared to the North American countries' products (Team, 2021).
Due to social factors such as lifestyle, culture, and religion, the performance of a brand is affected. The core target audience of the Adidas company is health-conscious consumers who loved sports. Also, there is an increase in trends like body fitness and yoga which positively impact the sales of the company. Technological analysis has shown that under a variety of conditions, Adidas products have to be tested. The company also uses material replacements for problems that athletes faced. Fitbit is the technology on which Adidas has expanded its research (Team, 2021).
Under legal factors, patents are designed by Adidas which aids as legal protection for the company. The company has ownership of the IP system and intellectual properties. Environmental factors show that any restricted products are not produced at all the manufacturing units and factories of the company. A "low waste initiative program" is also developed by the company which focuses on two aspects- the material choice and their manufacturing for reducing the carbon footprint (Team, 2021). Oil-based plastics are also avoided by the company so that carbon emissions can be reduced. Sustainable products are developed by the company and the environmental impact of operation is managed by the company (Team, 2021).
QUESTION 2
ORGANIZATIONAL CULTURE AND HUMAN RESOURCE IMPLICATIONS OF EMBEDDING THE EFFECTIVE MANAGEMENT OF RISKS
The risk management system should be properly implemented in all sections of the company and risk management establishment is required by most companies from the lowest tier to top management. A risk management policy should be considered by the company for the effective risk management system implementation that suits the company's needs. All available resources at the company's disposal should be taken into consideration and a system should be established that is sustainable, quick, and easy (Tupa et al. 2017).
Organizational culture should be accepted to risk management system so that it can be implemented successfully (Hopkin, 2017). The following points need to be confirmed by the organization for cultivating a risk-aware culture:
Involvement- Across all the stages of the risk management process, there should be the functional and active involvement of stakeholders. A risk-aware culture is achieved when senior management such as Investors or the Board of Directors participate and involved. Also, through specialized training programs, better involvement can be attained so the risk may undertake by the stakeholders is understood by them. A feedback system will be set up through an efficient risk-aware organization where the decisions affecting employees will be informed to them.
Communication- Open communication should be there within an organization where every employee should be aware of the risk management strategies. Information can be effectively delivered by the management about the present system within the company. Reports can be provided by the employees on topics related to risk back to top-tier supervision (Rastogi Trivedi, 2016).
Leadership- Leadership presence should be strong where strategies are developed, and operations are run. A risk-aware culture will be formed across the organization due to the high level of involvement from top tiers. Also, a clear objective or aim by the management or Board helps in cultivating a risk-aware culture.
Accountability- Blame culture should be eliminated within the organization and the accountability for action should be taken through which an effective risk management system is created as for smooth operational of risk-aware culture, a vital point is an accountability. Blame culture should be shifted to a driven culture which can be accomplished by encouraging accountability. Events or concerns are reported by the employees without personal repercussions fear when management shows concern and care towards them (Hopkin, 2017).
Learning- Training and development opportunities should be made available for employees within the organization and also from real-time events, they should become up with learning outcomes that will lead to the proper risk management system and risk-aware culture creation (Sen et al. 2020).
The system of behaviors and values present in an organization that shapes risk decisions of employees and management is risk culture. To set the tone from the top for amenability and communicate the company's culture, the board of directors and management are responsible. Management buy-in is vital for ensuring that the risk awareness value is originated through the whole company (Hopkin, 2017). Stakeholders should be involved in an organization every step of the way. Individuals such as shareholders, executives, unions, workers, consumers, etc are involved in stakeholders. Some of the employees are considered as key staff which is also the risk management process's key aspect. Obligations and distinct positions are served by each of these individuals by whom a holistic presentation is given to all the company to all the business and risk factors.
Employees should be aware of the risk management responsibilities which will lead to an effective risk management system. A system must exist within an organization through which responsibilities are allocated easily and also confusions related to reporting or responsibilities structure are eliminated. The core statements for responsibilities are formed through three aspects which should be allotted priority:
Adequate risk standards establishment
Established standards implementation
Risk performance monitoring
Different risks arise in the organization related to organizational structure, culture, human resources, etc and the risk management department effectively manages those risks. When the human resources of an organization take an active part in the project, major and even minor risks are identified. A proper flow of communication leads to the effective management of risk. Employees' ideas and suggestions should also be welcomed through which risks present in the operations are also identified. Risk identification can also be done through brainstorming which requires teamwork in an organization.
Figure 3- Risk and opportunity management system of Adidas
Source- (Annual Report, 2019).
The risk and opportunity management system is governed, operated, and developed by the risk management department at Adidas. The risk management system's effectiveness is monitored by the supervisory board. To more appropriately reflecting the culture as well as the structure of the company, Adidas has adapted its risk and opportunity management system. Risks and opportunities are identified, evaluated, handled, and monitored through this system. The tools, principles, reporting requirements, risk areas, processes, key responsibilities, and communication timelines are outlined in the risk management policy of Adidas (Annual report, 2019).
PRACTICES IN ADIDAS AND RECOMMENDATION TO ENHANCE IT
Adidas act as a responsible business where human rights are respected. The company never stop enhancing and learning its sustainability efforts (Adidas, 2021). The expectations of consumers and stakeholders are listening to Adidas. Through sport, the company believes that they have the power to change lives as its global sports company. A holistic approach is developed by the company through which the challenges are tackled that endanger the sports spaces and instantaneously its people and planet. More sustainable products are used by the company in its production, stores, and products. Since 2019, "Future craft Loop" which is the first fully recyclable running shoe has been in the test phase. Recycled materials will be used by the company for packaging and store shelves from 2021 onwards (Port, 2020). A recycling loop is tested at the company at the same time for transport packaging. Recycled polyester will be used by Adidas from 2024 in all its products. For changing the way, the company approaches sustainable solutions, it is teaming up with outsiders and across own different markets, functions, and brands of the company. Also, since 1999, the company has been a member of the Fair Labor Association (Port, 2020). Over 59,000 people are employed by Adidas around the world. Over 1.1 billion sports and sports lifestyle products are produced by the company in 2019 with independent manufacturing partners globally.
The company also appreciates the performance, dedication, potential, and knowledge of its employees who are very important for the success of the company. A work environment that stimulates achievement, team spirit, innovation, and engagement is created by the company. Employees at the company are encouraged to discuss current topics, collaborate and share knowledge.
A series of new commitments are made by Adidas since June 9 for creating an environment that celebrates diversity as a whole and practices inclusion. A safe working environment is provided to employees at Adidas nothing less is acceptable. The people at Adidas are put at the heart of everything they do. Several promises are made by the company to back employees. It is said by the company that 30% of new hires will be Latino or Black. A wide variety of development and learning opportunities are provided by the company to its employee that will help them in building their strengths, overcoming challenges, and growing their skills (Creswell and Draper, 2020). Based on the performance management approach, the remuneration system of Adidas is based.
Employees within an organization are rewarded with benefits programs and compensation. To manage employee relations with Adidas, employee participation and empowerment play an important role. Established rules and standards of the company specify the responsibilities of the company towards their global workforce. Regular traveling is done by employees at Adidas to global destinations worldwide as the company has a global presence. A Medical and Security Assistance Programme is run by the company with external co-operation partner support for employees abroad and service expatriates (Creswell and Draper, 2020).
For discovering more environmentally friendly material, Adidas should invest more in the R&D sector (Port, 2020). The company should also focus more on implementing updated technologies. Own gymnasium branches should be open by the company in a new market. The imaginative shoes should be built up by the company. A great deal is done by the company in the fields of Basketball, Olympics, and Football. The company should start focusing on Cricket. More eco-friendly materials should be used by the company. Adidas should also maintain a physical mechanism so that risk management culture can be driven. Risk managers at Adidas should also properly guide senior managers and employees about risk management strategies. The employees at Adidas should be motivated so that they can come up with new and creative thoughts for risk elimination. Risk management strategies should be effectively implemented and employees should be trained according to the requirement of the company (Creswell and Draper, 2020).
QUESTION 3
ORGANIZATIONAL FACTORS WHICH ENCOURAGE EFFECTIVE INNOVATION
Carrying out of new combinations in which new good introduction, new productions methods, new markets opening, the conquest of new sources of supply and the carrying out of a new organization of any industry is included is called innovation. A new variety of services and goods should be given by the competitive organizations to its customers. Also, for the growth of the economy, innovation is very important along with business growth. The prices of the Adidas products are kept high than the competitors but promotional discounts are used by the company for offering lower prices and attracting consumers.
One of the important things for every business organization is an innovation that leads to continuous enhancement. A method for the implementation of the innovation process should be set up by the company. For identifying opportunities, a structure should be having with the organization and for spotting how the market can be developed and created, organizations should do suitable analysis (Zeng et al. 2017).
Position innovation- The change in the context in which the services or products are introduced or where the offering target lies is position innovation. In the global markets, Adidas has strengthened its position.
Product innovation- New product development, design changes of established products, or new components, or material used in the manufacture of established products is product innovation. Athletic shoes, sporting goods, and apparel are manufactured by Adidas. One of the best inventions in 2019 which was recognized by Time Magazine is Future craft Loop. Under the 4D concept feature of Adidas, high-performance footwear was produced.
Paradigm innovation- The variation in the original mental models which edge what the organization does or otherwise how the company edges what it does is paradigm innovation.
Process innovation- The implementation of a new or significantly enhanced delivery or production method is process innovation. Significant changes in software, techniques, or/and equipment are included in this.
An environment appropriate for innovative change should be promoted by organizational culture for effective innovation (Zeng et al. 2017). The course of an organization can be changed when innovation is supported and bolstered at organizational culture and for succeeding, multiple ways will be paved. The creation of a system is promoted by an ideal organization in which the original context and the structure of the organization are maintained and developed. Some of the organizational factors which encourage effective innovation at Adidas are-
External Focus and creative climate
Close attention to exposed inducements from the external factors is paid by the organization which can be threats, risks, or opportunities (Ahmetoglu et al. 2018). Identification, communication, and analysis should be done by the existing system with the necessary department so that the best action can be taken. Having a sense of external orientation is very important for the organization regarding the target customers for the services and products of the company and updated and latest technological advancements.
Changing innovations in the world lead to accidental and unique discoveries as ample opportunities are made available. Creative organizational culture is very important where innovation is supported and promoted which also leads to many advantages for the company. Organizational structures are the evident things of what can be considered an advanced culture as creativity can embellish the structure of the organization (Ahmetoglu et al. 2018). One of the complex concepts within the organization is its culture that associates with the design in which activities of shared ideals, accepted norms, and beliefs are combined. When an organization is reliant on limiting vertical relations and proper communication is not established, creative culture is curbed. Strategy systems' implementation, acknowledgment and compensation programs, organized application of organizational structures, evaluation and accounting systems, communication processes and policies, and training policies are included in the formation of an innovative organizational environment (Ahmetoglu et al. 2018).
Willingness to innovate, shared vision, and leadership
Many changes occur when innovation is done by an organization. Every time innovation does not lead to positive change as there always exists a risk. It is in place of the integral risks that the status-quo is continuously maintained by many organizations and investment is not done in innovation. A certain level of drive and dedication is very important so that true innovation can be obtained within an organization and also this hurdle can be overcome. Great success can be achieved by organizations by whom the established regulations and rules are challenged and risk-taking behavior is engaged for going beyond the requirement (Ahmetoglu et al. 2018). With the changes in the mindset, the organizations need to cope up and a new vision needs to be established by them. Organizations also need to focus on an existing resource that requires a strong leadership role at the front. With active positive variations, the organization should especially care that confusion should be there with commitment and leadership. A new culture of innovation was reinforced by Adidas with the introduction of Avenue A. Innovative concepts are produced by Adidas.
High involvement, appropriate structure, and key individuals
Even if a cutting-edge system is possessed by an organization in place to implement and develop new innovative services or products, the chances of failures still exist when the surrounding culture of an organization ruins unfavorable. The development of a cross-organizational system and structure is required for achieving success so that the innovation process can be promoted and creativity is boosted. A little contact between functions is fostered by an organization where hierarchy is rigid as there exists top-down communication flow and information flows smoothly which leads to success for innovation. Innovation in an organization is not just partial to the R&D division but a corporate-wide procedure is an innovation. The organization is having great success in the market when there exist different structures for meeting the diverse markets' needs but also at the same time effective and efficient working needs to be done by these groups for achieving success (Ahmetoglu et al. 2018).
Information freely flows at Adidas where it is passed from top to bottom as cross-organizational cooperation is allowed by the system in which Adidas runs. A staff and customer-friendly culture exist at Adidas. Through staff training, employee engagement, good incentives and compensation packages, talent management, and a specific code of compliance, continuous enhancement, and continuous professional development are done at Adidas (Adidas, 2021).
QUESTION 4
DISCONTINUOUS INNOVATION
Launching a new product that is completely different from the previous and also leads to a significant change in consumption habits is called discontinuous innovation. A drastic change in the existing habit of customers is caused due to discontinuous innovation. For example- instead of bath or shower on the body, the use of disposable sanitizing tissues is a discontinuous innovation (Krishna et al. 2017). New-to-the-world products are included in the discontinuous innovation which also reshapes competition and markets. From different perspectives, innovation may be looked at. The highest risk is involved as predicting the reaction of customers is very difficult. The gains of the company are huge when these products are accepted by the customers.
DISCONTINUOUS INNOVATION IN DIFFERENT ORGANIZATION
A key aspect through which discontinuous innovation in an organization can be defined is a potential risk or occurring risk. For example- less money and fewer risks are involved in the more costly and effective zoom creation for the existing camera than making something different in which the chances of rejection by customers are also involved. In the establishment of the new digital camera, many types of risks exist as more time and effort needs to invested than refurbishing a meek flash as an innovative and better touch are required for such product (Calvi et al. 2018). The final product for the customers in the market must be cost-effective even with high initial prices and development costs. The product won’t be sold in the market if the prices are not within the customers’ vision. There are many advantages of such an innovative process to the organization as new customers are attracted which in the future become the loyal customers of the company. The product value can be enhanced and created through such innovations as the needs of the customers are met and to the organization a new market is opened which is one of the opportunities.
Figure 4- Life cycle of innovation
Source- (Parlings and Klingebiel, 2017)
An emergence in innovative services is the VOIP (Voice over Internet Protocol) rapid growth in the communication field through which established communication modes can also be replaced. The availability of broadband and internet is increased due to rises in technology and increasing demand for international communication. Due to increased competition and demand, the availability of different peer to peer network communiqué models is also increased. Discontinuous innovation is well adapted by the Apple company as used sell was planned in each innovation model for allowing the user to experience new model and replacing some function. Sales of mobile phones are started by Apple with modern times in which chargers are not included. For the mobile phones, a new charger needs to be brought by the customers and also old chargers are not well-suited in the new models.
INNOVATION WITHIN ADIDAS
To make athletes better is the guiding principle of the founder of Adidas i.e., Adi Dassler. This the reason innovation is at the main of all products at Adidas. Parley for the Oceans is supported by Adidas in its communication and education efforts and also the company commits to the A.I.R. (Avoid, Intercept, Redesign) strategy of Parley. Around products and materials, the company is driving eco-innovation. Only one material (TPU) was used for making 100% recyclable performance shoes i.e., Futurecraft Loop, and also no glue or solvent was used. In April 2019, the first generation of the shoe was trolled out. The second generation of Futurecraft Loop was launched by the company in November 2019. Additive manufacturing is brought by the company with the new technology in the sports industry. Plastic waste is avoided by the company. Futurecraft Bio fabric prototype shoe of Adidas is made from 100% Biosteel fiber (Annual Report, 2019).
The brand value and legacy are maintained by the company as it focuses on style, technology, and innovation. The company is also leaping and constraints ahead whether it is bringing back the 3D printing or classics soles for personalization (Singh, 2019). A shoe called Micropacer was launched by Adidas in 1984 in which a micro-sensor was embedded and also distance, pace, and caloric consumption is recorded through micro-sensor. Active wearables and smart shoes are the norms now which were futuristic and rare back in the early 80s (Singh, 2019). The first intelligent shoe was also introduced by the company in 2004 with a microprocessor. Iconic Sam Smiths was revived by the company when it was noticed that fashion is taking priority over the whole lot. A pace is picked by sustainability concept in fashion, a limited-edition sustainable hoodie collection is recently launched by the company with McCartney which is made from textile waste. Innovation is deeply infused by Adi Dassler in the veins of the company as using a bicycle frame, a leather trimmer was invented. Miniature energy balls were created through a bicycle pedal mechanism for Boost sneakers from thermoplastic polyurethane (TPU) (Singh, 2019). Using Loop Creation Process, 100% recyclable performance footwear is the latest breakthrough innovation of Adidas. The existing system at Adidas focuses on minimizing waste and product quality.
QUESTION 5
PROFESSIONAL SKILLS ROLE
When all the concepts are present and work through chosen guidance, risk management is successful. Risk management is done by organizations so that the possibility to achieve organizational goals and objectives increases. The risk management program is successful when the risk is accepted. An effective risk management system should be there in an organization so that the opportunities veiled as risk can be identified and a sustainable action plan can be created. For the continued success of the organization, an innovative environment, and risk-aware culture is very important. For effective risk management, professional skills are very important which include:
Effectively listening- Effectively listening to others is very important as for day to day working an integrated lesson is given by the senior managers or leaders to employees so that risk can be managed effectively. In the form of education, training, and communication, integrated lessons are given to staff. The risk managers in an organization listen 70% of the time and only 30% of the time, the risk managers speak (Zuo et al. 2018).
Team working- In an effective team, the communication flows freely where problems faced by any team member are shared which helps in risk management. To reduce the risk due to different problems, the risk managers can quickly take the required actions. Employees are also kept motivated in a high-performing team and creativity is promoted and risk-taking is encouraged in teamwork which also leads to risk management (Zuo et al. 2018).
Effective performance in a professional atmosphere- Strong relations with other employees and departments, effectively attending meetings and proposals presentations to senior managers are included in the efficiently working. Working efficiently in a professional atmosphere is very important for an individual so that risk can be managed so that changes can also be made by seeing every factor (Zuo et al. 2018).
Presentation and persuading- Through a detailed analysis of every factor with the help of presentation, risk managers can identify and analyze the risk. The risk can also be managed when the communication is effective with the help of individuals’ presentation skills.
CONCLUSION
Thus, it can be concluded that the Risk management system should be properly implemented in all sections of the company. A risk-aware culture and innovative environment should be there in an organization for continuous success. Risk identification methods were discussed in the report. The report also discusses the organizational factors which encourage effective innovation. Discontinuous innovation was also explained in the report.
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