Benefits and Drivers Proposal (ONLY NEED A CONCLUSION TO THIS ASSIGNMENT)

Running Head: BENEFITS AND DRIVRS PROPOSAL

Benefits and Drivers Proposal

Michelle Straughter, Shannon James, Andy Ledford, Dre Henderson, Jeff Koll

April 8, 2014

University of Phoenix

Theresa

OI/361

Benefits and Drivers Proposal

Team C has chosen Riordan to conduct the proposal. In this discussion, Team C will find how Riordan can benefit from a new focus on creativity and innovation. As a team of consultants we wanting to help Riordan become a more innovative organization. The proposal will identify the internal and external drivers of innovation for the organization. The proposal will describe how innovation, design, and creative thinking might benefit the organization in terms of meeting its organization objectives. Riordan is a manufacturing company that customizes designs and is also in the leading industry of plastic injection molding. The company also distributes different types of fans and precision medical devices. Riordan is a Fortune 1000 Company that employs 550 people.

Innovation, design, and creative thinking are methods used by companies in order to help increase their production, increase their revenue, and establish a strong foundation for the future of the company. Innovation has an advantage over the other methods, because innovation is how companies can maintain their competitive advantage over other businesses and it has become the most important source in the competitive market. Innovation is essentially the process of creating an idea of out scratch, thinking of a way to improve upon current product or services, or to modify the physical appearance if the product is getting maximum performance out of the thorough testing. The purpose of innovation at Riordan Manufacturing is to stay ahead of the market, to spearhead competition, and to maintain its position as the leader in plastic injection molding.

There are various drivers of innovation at Riordan Manufacturing. We thrive on our intrinsic and extrinsic values, as well as internal and external changes that shape our business. An example of an internal change that shapes our company is our focus, and how we create our opportunities by listening to our customers to see what services and products they want or desire. There are many other plastic manufacturers, but what sets us apart is our foundation and how the company was "founded by Dr. Riordan, a professor of chemistry, who had obtained several patents relative to processing polymers into high tensile strength plastic substrates" (Apollo. 2012).

One of the big issues that Riordan faces is how they can continue to create new and improved ideas. Management must show leadership and motivate their employees so that each employee feels they are valued, which allows them to think outside the box more because they want to help improve the company because the company empowers its employees. Design is the process of changing the look or physical appearance of the product, whether it be a change in size, shape, or color. For instance, one of Riordan's new innovations is the pyramid shaped bottle. Riordan is utilizing its innovation of the Pyramid bottle, because it's a new design that will catch the eye of a variety of demographics because it's a new creation which generally there is a buzz is the current trends with new innovative products.

Riordan is also keeping up with all the latest technology to help keep the cost of operations down, increase productivity, and also because it creates the ability for more innovations. Creative thinking is the key to the success of the company's future, so it's imperative that leadership motivate and encourage their employees to be creative in ways to improve upon the current operation and products. I think if Riordan were to implement a reward system to its employees that would give the employees that currently aren't involved in creative thinking the motivation due to the incentive to think outside the box on how the company can improve. If you provide the chance for each employee to have a say, then you are empowering the employees which is them giving them a reason to want to help the company so they then start contributing ideas on how the company can improve.

Riordan's major customers are automotive parts manufacturers, aerospace, the Department of Defense, beverage makers and bottlers, and appliance companies. And their mission statement focuses on how they will keep these businesses by, having the Research and Development (R&D) division “remain, the industry leader in identifying industry trends, and by also being the industry leader in polymer materials” (Apollo Group, 2013). By using the R&D division to its full extent, Riordan will also be able to assess what the market wants and become the market leader for new innovative products. Riordan’s mission statement also includes; “By assuring that our employees are well informed and properly supported, we will provide a climate focused on the long term viability of our company” (Apollo Group, 2013). Riordan, however, has had challenges in integrating its different acquisitions and facilities into a streamlined reporting model. Riordan needs to develop a method of integrating these financial tools in order to remain competitive, and to provide a simpler way to interpret metrics for financial planning and its shareholders. Innovation does not always have to be a tangible product, but can also be a methodology for performing a task.

To remain competitive, a company such as Riordan must increase its global presence. In the market place, globalization is sought by many organizations to increase profits and to sustain profitability. Research detailing how to break into regional markets will drive innovation towards products that are viable in that particular country. For example; many underdeveloped countries still use returnable glass bottles instead of plastic, so Riordan would either avoid these markets or develop a plastic bottle that is not only easily recyclable but also cheaper than glass. Companies globalize for a number of reasons that include broadening their markets, increasing customer base, increasing productivity, optimizing buying power and maximizing their competitive edge. By opening facilities in new markets, Riordan can also be in a position to attract talented people who can use their local knowledge to drive innovation in their home country. The global market also introduces new political systems, new currency rates, varied tax considerations and regulatory agencies that need to be considered. A global structure works towards defragmenting these variables across borders and ultimately positioning the company for the most success internationally. By maintaining their market position and increasing their customer base, Riordan will continue to be a cutting edge innovator in plastics manufacturing.

References

Apollo Group . (2013). Riodan Industries Employee Site . Retrieved March 6, 2014, from Riodan

Manufacturing :

https://ecampus.phoenix.edu/secure/aapd/CIST/VOP/Business/Riordan/Industries/Overv

ew.asp