Bsbinn301 Promote Innovation In A Assessment Answer

1. Participation in change is important because

Participation promotes an individual to accept the newly implemented actions and measures which can help in positive contribution towards accomplishment of defined organizational change goals. (Meneghel, Salanova & Martinez, 2016) Another advantage is that participation is not a justification process whereas it can be considered as treatment and respect for the employees which helps in building trust among each others.

2.The key aspects of idea generation through brainstorming are

To make efforts on finding the solution of a specific problem by collecting many ideas suggested by the groups of members with unplanned contribution of measures. It is a technique to promote creativity among the team or group. Importance of brainstorming is not attached to the quality at the generation level but it is related to the quantity of ideas considering all the strange ideas or measures during the whole session of brainstorming.

Task 2

Key Performance Indicators (KPIs) is a type of measurement which measures the performance and help in understanding how an organization or any department is performing. It should be acting as a compass which indicates where a leader or manager is taking the team in a right or wrong path. There are various KPIs, among them two are stated below:

Financial Metrics

There are several steps in Financial Metrics which are Profit: which analyzes the gross and net profit too. Cost: measures effectiveness of the cost and how to reduce and manage it. LOB Revenue Vs. Target:  which compares the actual revenue and the projected revenue. Cost of Goods Sold: it is the comparison of selling of the product of an organization and calculate actual profit margin (Caplan & Dutta, 2016). Day Sales Outstanding (DSO): Dividing the accounts receivable by the total number of credit sales. Sales by region and LOB Expenses versus Budget are also included in this step.

Customer Metrics

Walia and Gupta (2017) stated that It includes Customer Lifetime Value (CLV), Customer Acquisition Cost (CAC), Customer Satisfaction and Retention, Net Promoter Score (NPS) and Number of Customers.

References:

Caplan, D., & Dutta, S. K. (2016). Managing the risk of misleading financial metrics in annual reports: A first step towards providing assurance over management's discussion. Journal of Accounting Literature, 36, 1-27.

Meneghel, I., Salanova, M., & Martínez, I. M. (2016). Feeling good makes us stronger: How team resilience mediates the effect of positive emotions on team performance. Journal of Happiness Studies, 17(1), 239-255.

Walia, M., & Gupta, A. (2017). Improvement in Key Project Performance Indicators through deployment of a Comprehensive Test Metrics Advisory Tool. International Journal of Advanced Research in Computer Science, 8(5).