BUSM4496 Human Resource Management for Entrepreneurship and Innovation Assignment Help
Demonstrate a critical and reflective understanding of the importance and challenges of innovation and entrepreneurship in contemporary organisations.
Critically evaluate, integrate and apply theoretical frameworks to foster and facilitate entrepreneurship in real-world organisational contexts.
Utilise creative and innovative ability to enhance the entrepreneurial endeavours and organisational innovation through appropriate HR practices.
define the subject constructs and their various conceptual elements
strategise for the potential impact and exploitation of disruptive innovation in the organisation.
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A unique example of Disruptive Innovation: Bitcoin
The present report is based on the disruptive technology of the case example "Bitcoin". Bitcoin is a digital payment currency that uses the digital medium of exchange (cryptocurrency) and peer-to-peer technology for creating and maintaining the monetary transaction (Christensen, Raynor, & McDonald, 2015). It is a unique system that enables payment to be sent within the users without the involvement of central authority or single administrators like payment gateway or Bank. It works on cryptocurrency which is a form of electronic cash.
It makes the transaction of digital currency on the bitcoin blockchain network from user-to-user without the involvement of intermediaries (King, &Baatartogtokh, 2015). The inventors of bitcoin aim at involving the sellers in-charge, eliminating the middleman, removing interest fees, and create a transparent transaction that can even hack corruption. It is an automated technology the users can control their funds and keep a regular update. The automated technology in blockchain helps the users to link their transaction, with a minimum risk of data modification and hacking (Wörner, Von Bomhard, Schreier, &Bilgeri, 2016). Users are provided with a transparent as well as a trustworthy data-sharing platform that can be easily traceable. It is an innovative way of monetary transaction which can overturn or disrupt the traditional practices of banking and credit/debit card network. Bitcoin is considered as different from the payment networks like PayPal or Payoneer. It is because the transactions are authenticated in the form of cryptographically which cannot be reversed further. Unlike other e-payment platforms, it does not include any risk of accepting payments from strangers (Baur, Bühler, Bick, &Bonorden, 2015). Thus, people need not ask for permission to go into Bitcoin based merchandise. In addition to this, Bitcoin also allows merchants to get rid of most of the administrative overhead, such as dealing with chargebacks of the conventional merchant account (Wörner et al, 2016).
Disruptive technology develops over time and strives to become competitive in the mainstream market. Disruptive technology has always been active in the finance field. Bitcoin is one of the most innovative disruptive technology which has made easier to build a blockchain solution, which is further able to cut costs and maximize security. In this context, the developers and entrepreneurs are working on the Bitcoin technology to make it less costly and improve user experience through wallet services such as Ledger, Capo, and Trezor (Baur et al, 2015). Beacon has been widely used in Venezuela and Argentina to solve the problem of the current value proposition (Yang, Han, &Shaw, 2016). This technology helps people of a niche market to protect their savings during the period of inflation. Similarly, Bitcoin is also helpful for people to save some costs during expensive remittance or sending money abroad. According to the author of Bitcoin: the future of money, Dominic Frisby, Bitcoin has been described as the most disruptive technology of this generation(Wörner et al, 2016).
According to him, it is an internet money system which neither requires bank nor government for financing. Bitcoin and blockchain are considered a huge breakthrough in this past decade(Wörner et al, 2016). The breakthrough in this technology is that it facilitates the merchants to send money digitally to the other person, without the need for any middleman (Christensen, McDonald, Altman, & Palmer, 2018). In addition to this simplicity, the technology is also considered disruptive due to its efficiency and privacy aspects. The technology converges four new concepts, which are considered as disruptive in its field. The first concept introduced by Bitcoin is an immutable database. The database can be updated by the number of contributors without any failure. The second concept is the ability to create non-duplicate digital objects (King et al, 2015). The blockchain of Bitcoin is considered unique because a digital object created for the first time which can retain its uniqueness for the entire lifetime use without the requirement of a trusted entity. The third concept is the ability to integrate digital currency in the form of cryptocurrency. This cryptocurrency enables to create a new form of currency value interchange.
The digital cryptocurrency tokens are considered as unique which can be publicly verifiable and controllable. The fourth concept outlines the ability to integrate digital transactions in the cloud with the help of ‘smart contracts'(King et al, 2015). By using cryptocurrency tokens as a means of value exchange, it becomes easy to make the cloud-based transaction, regardless of the total number of parties and time.
Justification of Bitcoin's disruptive innovation through Christensen's theory
According to Christensen's theory, the disruptive theory is described as a new product or service which is introduced in the lower end market for upgrading customer satisfaction(Wörner et al, 2016). It is a form of cheaper and simpler technology or product which is already available in the market. Based on Clayton Christensen's theory, there are two types of disruptive Innovations, (i) Newmarket disruption, and (ii) low-end disruption (Nofer, Gomber, Hinz, &Schiereck, 2017). In the present case example of Bitcoin, it falls in both categories of disruptive Innovations. Bitcoin is considered as Newmarket disruption because of its simplification in terms of transaction which is not supported by the existing infrastructure such as bank account or micropayments. However, currently, it is considered as low-end disruption as it offers a cheaper and more convenient alternative to the existing financial institutions, like, banking, or credit card/debit card. Moreover, it promises to provide a significant amount of cost-saving for the merchants by avoiding a charge of 5 to 12% revenue(Wörner et al, 2016). It has the potential to create immense economic and societal benefits by bringing 2.5 billion individuals across the world to the global economy, those who are lacking access to the financial system (Noferet al, 2017). According to the report of Wörner and co-authors (2016), Bitcoin can facilitate the migrant workers to save at least 40 billion dollars annually, which is usually forgone in the form of processing fees when sending money home to the families. Additionally, it can also enable businesses and customers from all over the world to avoid the intermediary fees of ‘rent-seeking'(Noferet al, 2017). Thus, the Bitcoin technology is considered as a multifaceted innovation which is truly disruptive as it is considered as the first practical and reliable system in the world. This is system is considered trustworthy as it keeps the money of the user accurate and secure.
Role of HRM professionals towards responding to disruptive innovation from outside
Organizations are responding to the potential threat of disruptive innovation generating from the external environment by upgrading their practices and capabilities. These upgradations within the organizations ensure that the organization is flexible, and adaptable concerning their capability to alter business strategy according to changing market demand(King et al, 2015). For this reason, the Human Resource (HR) professionals should transform their role to a strategy focused team from a traditional administrative service, toprovide value to the business operations (Friedlmaier, Tumasjan, &Welpe, 2018). In the present time, where there exists a threat of disruptive innovation from competitors, HRM professionals should share their responsibility for instilling innovation within the organization with the company's executive management. HR professionals should emphasize promoting employee engagement and improving the value of the business role. This would focus on becoming the chief administrator of the company's brand for evaluating the knowledge and skill value of each employee and using social media to expand collaboration. The use of social media will help in staying connected with the customers and understanding their requirements. In this way, the organization can improve its products and services through its research and development (R&D) department according to buyer's demand. In addition to this, they should also focus on acquiring, managing and retaining those employees having high potential, creativity, innovativeness, dedication, and loyalty (Friedlmaier et al, 2018). The HR team to make changes in the recruitment and selection process, to hire the most deserving candidate in terms of technical and administrative knowledge. Technology has already made administrative tasks easier, such as recording employee details or keeping up-to-date tracks of contracts. Thus, professionals can use this advantage of technology and can shift their focus on recruitment, product innovation, and employee management. They should emphasize new approaches to rewarding and motivating employees. The millennials the generation Z are particularly the young employees who have expert knowledge in technology and has the potential of dominating organization in the future. They are considered as a quick learner and can easily adapt to change in comparison to the older generation. Thus, to increase their interest and dedication towards work and achieve a competitive advantage, they should be provided with high premium incentives like vouchers to the spa, music events, sports events, family tour coupons, and medical allowance. Apart from this, HR professionals should develop a new type of role for ensuring that the company can handle the innovation cycle with the existing resources and manpower. With technology managing the administrative tasks, the HR should shift towards the strategic role where they are expected to generate product or service value, thereby achieving organizational success(Friedlmaier et al, 2018).
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