Innovation and technology assignment analysing the implementation of IN-SITU MINING technology at Genesis Energy
Task: Write aninnovation and technology assignment on why a technology is relevant to an organization.Indicate a strategy for how the firm could invest in the technology to develop the innovation and manage it effectively.
The innovation and technology assignmentis responsible for developing a constructive analysis in terms of incorporating effective technology in Genesis. It is important to note that the report will specifically evaluate the relevance of incorporating technology with proper justification. In addition to this, the innovation and technology assignmentwillcultivate influential strategies that can make a remarkable development in the system of the organisation. The innovation and technology assignmentwill use various analyses of cultivating the influence of technology. Moreover, it will also help to calculate the improvement in business. After that, it will also assessa critical analysis in terms of improving the factors for shaping the strategies. In the end, the innovation and technology assignmentwill conclude the findings of the entire research. Relevance of the technology and its justification in the innovation and technology assignment By evaluating the previous innovation and technology assignment, it has been identified as a matter of fact that Genesis is an electricity-generating as well as retailing organisation which is situated in New Zealand. It has been evaluated as a matter of fact that their main plan is to make a low-carbon future and create equality in society. The firm has used a huge range of renewable resources to generate energy. For developing this scenario, the firm has faced some critical issues such as profit level deduction, enhancement in operating expenditure and so on. Therefore, it is evident from the innovation and technology assignmentthat proper technological implementation is a must-have thing that needs to be involved in the organisational hierarchy(Manthei&Plenkers, 2018). In this context, it has been reflected as a matter of fact thatwith the help of proper technological advancement, Genesis can able to cope with the client demand accordingly. Evenit is also influential to note that effective technological implementation helps to generate productivity; thus, the efficiency of the firm can be determined further.
In this context, it has been evident in the innovation and technology assignmentthat IN-SITU mining is one of thepotentialcomponents that can be implemented in the operational structure of Genesis as it is seen that IN-SITU MINING , which stands for In-Situ recovery technology, is an approach which is responsible for extracting minerals. This extraction involves drilling, chemical leaching, rock fracturing and so on. In this scenario, it is reflected as a matter of fact that this technology does not make any harm to the environment. In an in-depth insight, it can be stated in the innovation and technology assignmentthat this technology includes minimal noise while mining, less dust, minimal greenhouse gas emission and so on. Therefore, it is ascertained that this particular technology needs low capital as well as minimumoperating cost(Hwang et al., 2019). As it has been explored that the company has been going through some critical phases where they are unable to meet the demand of the customers as well as their operating cost exceeding their budget. In this scenario, reducing the cost expenditure factor is considered a favourable concept. By involving IN-SITU mining technology, Genesis can able to reduce their operating cost for production(Ma et al., 2018). This thing indicates a matter of fact thatIN-SITU mining helps to cut down the cost; therefore, it is beneficial for Genesis to involve this technology in their system. On the other hand, it has also reflected the matter of fact that electricity generation through coal is higher than any other resource. In the side of referring justification to this technology for Genesis, it is important to note in the innovation and technology assignmentthat IN-SITU mining helps to generate electricity at a low cost, and that too is higher than wind power and solar power. Therefore, by adopting this technology, Genesis can able to earn competitive edges for their optimal growth.
Figure 1: In-Situ mining technology
(Source:Sun et al. 2020)
As per the opinion of Sun et al. (2020), the main significance of involving technology is to generate profit efficiency as well as market expansion accordingly. To provide the justification for implementing IN-SITU mining technology, it can be mentioned in the innovation and technology assignmentthat it is one of the safestenvironment-friendly approaches as it has been seen that many of the technology for generating electricity demand a huge amount of negative impact on environmental sustainability. From this aspect, IN-SITU mining is an effective one to be undertaken for Genesis. In general, land-use emission from surface mining mainly varies from 0.8-10.2g(Zhong et al., 2022). In contrast, IN-SITU mining generates less than 0.4g approximately. Therefore, it is evident that choosing this technology is sustainable for the company from the aspect of environmental friendliness as well as expenditure scenario(Lu et al., 2018). In addition to this, it has also recognised the matter of fact that IN-SITU mining is a new concept in New Zeeland. Before Genesis, no other organisation has implemented this technology in their operational scenario. Therefore, it can be stated in the innovation and technology assignmentthat by incorporating this, Genesis can attract customers accordingly to rely on its services. Along with this, they will get the opportunity of being a trendsetter which can able to stimulate their business as well. On the other hand, it has also been seen that this particular approach has a beneficiary aspect which elects to stay competitive in the industry. Thus, it can be concluded that IN-SITU mining is a relevant strategy to be undertaken by Genesis.
Figure 2: In-Situ mining technology
(Source: Ma et al., 2018)
The strategy that could be invested in technology for developing innovation effectively
Application of Innovation milieu model for technological developmentin the innovation and technology assignment
As per the opinion of Huggins, Waite &Munday(2018), technology makes a vital role in terms of developing organisational growth. Thus, it is evident from the innovation and technology assignmentthat Genesis energy needs to develop its operational strategy so that it can be able to develop its technological application with more efficiency. In this context, it is essential to note that the innovation milieu model can be implemented in the operational hierarchy of Genesis energy to conduct more effective outcomes. It has been reflected that the innovation milieu model is known as a combination of particular competencies along with generic knowledge. To the analysis of Abdulkader et al.(2020), it has been exempted the fact that the Innovation milieu model is a key component in terms of quality management. As it is an innovative internal scenario which helps to generate a flexible workforce, as well as operational activity, it helps to develop the productivity of the company. In addition to this, it is also seen that the Innovation milieu model is a sixth-generation model which is engaged ina different type of innovation. Therefore, by incorporating this model, the organisation can able to c create a flexible workforce with their new technology of IN-SITU mining. As it is known from the innovation and technology assignmentthat technological application always requires continuous development; therefore, by applying this model, Genesis energy can improvise its production enhancement.
Figure 3: innovation milieu model sixth generation
Even with more notable findings, it is essential to indicate that the Innovation milieu model always pays attention to radical innovation rather than considering incremental innovation. This thing clearly indicates the matter of fact that radical innovation helps to change the game as Genesis can implement IN-SITU mining technology in a manner which can emphasise their technical application as the greatest strength. Even it is also explored in the innovation and technology assignment that through involving radical innovation, Genesis can develop an entirely different idea and prototype. This thing will enable them to strengthen the approach of IN-SITU miningtechnology in the business. In addition to this,it is also important to mention that it works like a game changer in the business context(Senarak, 2020). Thus, it is evident that radical innovation management is influential for Genesis. On the other hand, it has also explored that incremental innovation gets much attention, due to which Genesis gets an opportunity to emphasise its growth in an operative way.This thing indicates that the justification of evolving Innovation milieu model is significant in the context of the technological development of Genesis(Sigalat-Signes et al., 2020). The main advantage of using this model is that the other models are mainly paid attention to the context of radical innovation but not incremental innovation. In contrast, the innovation milieu model serves both incremental as well as radical innovation.This thinghelps the company to generate more successful approaches in their technological background. Even it is also identified as a matter of fact that they are enabling the opportunity to create continuous development in their workforce. As it is known from the innovation and technology assignmentthat incremental innovation helps to create a continuous flow of innovation; therefore, the company can witness uninterrupted development in business.
It can be stated in the innovation and technology assignmentthat by adopting this model, Genesis Energy can able to establish a bridge between quality management as well as innovation management. This thing will help their organisation as well as operational structure as a whole to be improvised. On the other hand, it is essential to note that the innovation model indicates a refined way to provide the technology with more clarity as well as a more success-orientedcomponent(Drobyazko et al., 2019). Therefore, it is evident from the innovation and technology assignmentthat by evaluating this model, Genesis can determine their future growth through clarity in communication technology and information technology. As this model involve both radical and incremental innovation, therefore, they can optimisethe best outcome through this on the success ground.
Other than these scenarios, it is essential to note that the innovation model is important in business because it tends to solve complexity in the operational ground effectively. On the other hand, it has also been scrutinised in the innovation and technology assignmentthatthe production level also gets increased through this. Moreover, with the help of top-notch technology, Genesis can able to bring uniqueness to their business(BabaeeFarsani, Amindoust&Alidadi, 2018). Here it is notable that there is the first company that has implemented IN-SITU mining technology in New Zeeland. Therefore, it enhances their competence level along with increasing revenue effectively.
By analysing the above sections, it has been identified in the innovation and technology assignmentas a matter of fact that Genesis Energy has incorporated an effective business policy where they have tried to increase their profit margin level in a proper manner. In addition to this, the report has developed an effective analyse where it is reflected that Genesis has incorporated IN-SITU mining technology which is an effective one to generate electricity with low environmental effect. The report has suggested that from the very initial stage of the organisation, they have the policy of making a low-carbon future as well as creating equality in society. In this scenario, it has been reflected the matter of fact that Genesis energy has made a potential investment in IN-SITU mining so that they can conduct their production with low operating costs. In this context, it has been reflected in the innovation and technology assignmentthat the paper has also conducted an analysis of evaluating a model for the further betterment ofIN-SITU mining technology. Even the innovation and technology assignmenthas mentioned a proper justification for choosing this technology in their operational management as well. By analysing this, it has also been notable that the innovation milieu model is one of the most effective ones which can emphasise the betterment of the company.
From the above information, it has been identified as a matter of fact that Genesis is a New Zealand-based organisation who are mainly generating electricity in a retail manner. It is important to note that the organisation has developed their business planby adopting some technology, such as IN-SITU mining technology which stands for In-situ mining. It is essential to note that the innovation and technology assignmenthas developed some effectiveness in adopting this technology in the operational hierarchy of Genesis. In this context, it has been reflected the evidence that it is one of the most budget-friendly technology, as well as the operational cost of this technique is very minimal. Moreover,the innovation and technology assignment has illustrated an in-depth analysis so that this technology is one of the safest ones to implement. On the other hand, the report has also developed a justification for using this technology as well. In addition to this, it has mentioned a model for the further development of the technology.
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IN-SITU mining technology
innovation milieu model