Technology is required to change at a rapid pace due to the dynamics of a global
ID: 327302 • Letter: T
Question
Technology is required to change at a rapid pace due to the dynamics of a global marketplace. Projects require shorter life cycles, and customers are demanding new products and services delivered in the mode they are using (phone, tablet, computer). IT organizations are required to keep pace with the constantly growing demands from consumers and the competitive market.
Research an innovative technology company and provide an analysis of the following:
Provide an overview of the organization, including their products or services. Describe the organization's stakeholders, and identify how the organization is meeting stakeholder demands.
Evaluate how technology organizations benefit by having a physical presence and participating in a global marketplace.
Explain the culture that the leaders of the organization develop for their employees. Describe how the organization supports the professional development of their employees.
Describe the ways in which the organizational culture fosters innovation. Evaluate the leadership skills that drive technology innovation within the organization. How do leaders prepare employees to participate in the global technology ecosystem?
Explanation / Answer
Overview of the organization:
Nestaway is an online marketplace for shared home rentals. The company converts unfurnished houses into fully-furnished and managed apartments and provide them at affordable prices to pre-verified tenants. Since its conception, in the last three years, it has come a long way with more than 10000 properties, 35000 tenants and presence in 10 cities.
It provides a platform to connect landlords with tenants and thus provide comprehensive service to both parties through their website and app. They are using technology to match the landlords with tenants online, thereby reducing the hassle of physically searching for properties.
Organization's stakeholders:
Organization’s major stakeholders are property owners and tenants.
It is meeting the demand of these stakeholders in the following way:
Property Owners: It is providing service to property owners in renting their property in a convenient way. It also bears the cost in case of tenant default or damages their property.
Tenants: it is providing service to tenants in finding affordable and furnished properties. It is super helpful especially for bachelors and people moving for the first time to big cities.
Benefit by having a physical presence and participating in a global marketplace:
There was a genuine need for an online rental service. Nestaway is being successful in identifying the need for people. Not only it identified the need, it has been successful in fulfilling that need through the use of technology.
Within a very short period, it developed a well-established network of properties by contacting the property owners willing to rent their properties. It made inroads by further developing these properties by incorporating furniture and other necessary things.
Based on these properties, it matched the tenants with the properties as per tenant’s requirements. The market was there before also, but it was fragmented, and it was on a one-to-one basis.
Nestaway used technology to make it an online marketplace, thus benefiting both tenants and property owners. Ultimately, it made an excellent valuation for itself in fast-growing online home rental business.
Culture that the leaders of the organization develop for their employees:
The culture that the leaders develop for the organization develop for their employees vary from organization to organization. It depends upon the industry and core principles of the organization. For example, in the industry such as a pharmaceuticals and technology a lot of emphasis is given to innovation where as in manufacturing industry importance might be given to cost-cutting and process optimization culture.
However, most of the organization emphasize on a culture of learning, team culture, integrity etc. They try to offer employees in an environment in which they are free to learn and put their learning into practice.
Organization provide training and mentoring to support the professional development of employees. Training can be in-house. Through external training providers or on the job training.
Many organization also promote mentorship, where the senior officers mentor the junior employees. Apart from this, organization also provide cross-functional development through working in different teams and job rotation policies.
Ways in which the organizational culture fosters innovation and Evaluation of the leadership skills that drive technology innovation:
Developing a culture of innovation is a long-drawn process and require sustained effort form the leadership. An overall environment need to be developed that encourage employees to take part in innovation and experiment, rather than just following the established process or even resist any changes in the process. This could be complemented by a suitable award or even incorporation innovation as a part of performance appraisal.
Some of the ways in which innovation can be developed within the organization are as follows:
Create a Vision and Communicate it: Leadership need to develop a well-drafted vision and communicate it well to all employees without fail.
Foster team Collaboration: Right people with the requisite resources need to be maintained for fostering innovation.
Empower the team: Proper amount of decision making authority need to be delegated. Leadership should encourage calculated risk with an open mind towards non-traditional ideas.
Consolidate the changes and make it sustainable: All the gains made through daily activities need to be consolidated. These small gains need to be communicated to all employees, which could motivate them to further roll up their sleeves, making innovation long-term and sustainable.
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