Amazon’s Acquisition with Ring
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Amazon’s Acquisition with Ring
Innovation is crucial for the growth and success of a business. It enables a business to stay relevant. Innovation helps a business bring new products into the market. New products help a business stay ahead of the competition. They also increase the profitability of a business. Innovation helps bring solutions to everyday problems in business. This helps to make businesses better. Innovation can also help a business to reduce costs. It is important to minimize costs and maximize profits in business. Innovation helps to make this possible. It also increases the value of a business and helps to create new relationships and partnerships (Rao, Ahmad, Horsman, & Kaptein-Russell, 2001).
Innovation in a business can be achieved by first incorporating it into the business strategy. The owner of the business should have a strategic vision of how they want their business to grow. It is important to analyze the competition and find out what they are doing. This will help to identify the competition’s selling point. The business strategy is then adjusted accordingly. A business owner should also study market trends and know what to do differently for the growth of the business. It is important for a business owner to communicate with clients. This will help them know what the clients are looking for. A business owner should also write down goals and link them to the business’ financial targets. The written plan should be adjusted if it does not bring the desired outcome (Rao, Ahmad, Horsman, & Kaptein-Russell, 2001).
Ring is a company that provides security systems for homes and businesses. In 2018, Ring was acquired by Amazon. The acquisition has increased efficiency in Amazon’s operations. Amazon Key, a product of Amazon, only used cameras. Ring’s doorbells have cameras as well as audio systems. The doorbells have alerts that can tell when there is a delivery person outside. One can also remotely communicate with the delivery person and give them instructions on where to place the item. Amazon will benefit from this. The incorporation of Ring’s doorbell security systems into Amazon Key will increase the efficiency of Amazon Key (Green, 2018).
Disruptive innovation is a process whereby a new product comes into the market, is cheaper and more accessible than other products, and the new product eventually displaces existing products. It is not mean the coming of a new technology. It is an innovation that eases the access of the product by a wider population. The aim of a disruptive innovation is to reach out to people who have never used the product before. A disruptive innovation helps to make a business successful (Markides, 2006).
Agility refers to the ability of a business to adjust according to external conditions, track business goals, maintain the business structure and link the different elements of the system. This helps a business to explore other opportunities and get better results. Innovation aids the agility of a business. This is because innovation makes the owner of a business to analyze the business processes, client relationships, technology being applied and emerging trends in the market. A business can apply design thinking, which will enable the business to focus on the needs of the customers and adjust the business policy to meet those needs (Winby & Worley, 2014).
References
Green, D. (2018, March 3). Amazon’s $1 Billion Acquisition of the Doorbell-camera Startup Ring is the Company Doing What it Does Best – and It Should Terrify Every Other Retailer. Retrieved from Business Insider: https://www.businessinsider.com/why-amazon-acquired-ring-2018-3?IR=T
Markides, C. (2006). Disruptive Innovation: In Need of Better Theory. The Journal of Product Innovation Management, 19-25.
Rao, S., Ahmad, A., Horsman, W., & Kaptein-Russell, P. (2001). The Importance of Innovation for Productivity. Toronto: Micro-Economic Policy Analysis Branch.
Ring Brings Its Disruptive Home Security Offerings to Business Owners with Ring for Business, Providing an Affordable Alternative to Traditional Systems. (2019, August 8). Retrieved from Business Wire: https://www.businesswire.com/news/home/20190808005428/en/Ring-Brings-Its-Disruptive-Home-Security-Offerings-to-Business-Owners-with-Ring-for-Business-Providing-an-Affordable-Alternative-to-Traditional-Systems
Winby, S., & Worley, C. G. (2014). Management Processes for Agility, Speed and Innovation. Elsevier, 225-334.
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