The impact of innovation and technology on the performance of Royal Mail
Throughout history, research has shown a correlation between innovation, organizational performance, and success. It has also shown that even thou several companies try to innovate, at least only 12% of organizations innovate successfully. Innovation is very significant in the service sector because failure to innovate puts their survival and growth in question. The service sector might be under more fire to innovate than the manufacturing sector mainly because new services and ideas can easily be imitated and are hard to protect. In today’s business world, firms will not be successful by focusing on only economic performance and ignoring social responsibility, especially environmental concerns. Pizzi (2018) has noted that if a firm is not involved in environmental sustainability, it is likely to be faced with poor financial performance. Though this correlation is not clear, most consumers today prefer sustainable brands and are more likely to spend on them than unsustainable ones.
However, new technology also has pros and cons, Huczynski and Buchanan (2013) have posited that though technology can create new jobs, it also has the potential to make old jobs redundant. It also has an overall skill upgrading effect which results in deskilling some tasks. The first part of the report is going to analyze the impact of innovation and technology on the general performance of Royal Mail while the second part will evaluate the importance of Corporate Social Responsibility (CSR) on the performance of Royal Mail using Archie Carroll’s (1991) CSR model.
the impact of Innovation and Technology on the general performance of Royal Mail Case Study
Key Learning Outcomes
- Understand and discuss the correlation between innovation, organizational performance, and success.
- Understand the impact of innovation and technology and how it has affected the sales, profits, and growth of Royal Mail PLC
- Understand innovation, what it is, and why it is important
Established in 1516, Royal Mail is a postal service and courier company based in London UK. The company is a major provider of mail collection and delivery services across the UK. According to a 2019 Ofcom report, it is the most trusted and preferred delivery company with 83% of online shoppers saying that they trust Royal Mail, compared to 56% for the nearest competitor. Despite the growing competition in the market coupled with the changing technological landscape, Royal Mail has continued to grow mostly because of its innovativeness.
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