Innovation and Technology Management and Decision Making

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Innovation and technology management is one of the most important methods of how an organization can reduce costs and increase the quality of its products. In this regard, improvements can be made in the process of production. As such, we plan to minimize the share of the manual labor involved. For instance, one of the ways that can significantly reduce production costs and increase productivity is the introduction of tube conveyors that can transport the grains from silos to brewing tanks (Seidel, 2020). Additionally, based on the suggestions of Nimbalkar et al. (2020), it would be beneficial to use flow meters that can be installed in different places along the production line. Such technology will help to identify if there are certain losses that occur during the brewing process.

The second innovation direction that we plan to achieve is related to technological improvement. It is necessary to mention that although the innovation of the production process also includes investing in new technologies, the two directions should not be confused. Technological innovation here means the introduction of new means that would allow further extending and diversifying the current production possibilities. Therefore, the planned innovation in this sphere is the purchase of the system that helps purify the water inside the brewery. We find this step increasingly necessary because such technology reduces the costs as the company does not need to purchase clean water from other suppliers anymore.

Finally, the third direction in innovation and technology management includes the presentation of the new product or improvement of the existing ones. In this respect, we introduced a different brand of beer that is called Manhattan Best. We believe that it will help to attract additional customers and retain the older ones as this taste will be available only in Hutaoli Music Restaurant & Bar. Therefore, the three innovation and technology directions are process improvement, the introduction of new technology, and the presentation of the original brand available only in our restaurant.

Functional Area Innovation & Technology Management

Decision Tools Applied Before Entering Assumptions

SWOT-analysis for Manhattan Best

Strengths:
- New taste: The customers enjoy when the companies present the new products in the market. Therefore, the regular guests in the restaurant would be pleasantly surprised with the new name of the beer on the menu;
- Appealing name: The name of the new beer is quite attractive and easy to remember.
Weaknesses:
- Relatively high production cost: Although the product is developed by specialists, it still necessitates significant inputs similar to the other brands of the company’s beer.
- Lack of experience: As Hutaoli Music Restaurant & Bar does not have a lot of background in making the beer, certain problems may arise. For instance, the company experts may need more time to address the customers’ complaints regarding the taste of Manhattan Best.
Opportunities:
- Uniqueness in the market: The product offers a very different flavor from its competitors.
- Sold in a well-known restaurant: Due to the fact that Manhattan Best is sold in Hutaoli Music Restaurant & Bar increases its chance to succeed is high as many loyal clients already have high levels of trust towards the brand.
Threats:
- High competition: There are a lot of other brewing companies that also offer unique flavors and have been working in this sphere for quite a long time now. For example, another company that is also located in the center of Manhattan and called Torch & Crown Brewing Company can offer products that will be better than Manhattan Best.
- The customers, in general, will not like the taste of the product.

Decision Tools Applied After the Submission of a Cycle

Risk analysis

The necessity in conducting the risk analysis arises when there is uncertainty concerning the return on investments. For this reason, the company managers need to understand what negative consequences the investments into innovation and technology can have and what is the probability of their appearance (Belotti, Lopes Santos, and Cruz Basso, 2019). In a similar vein, we also will analyze potential adverse effects that can arise from investments into the process of production, technological improvement, and presenting of a new product.

As for the former, one of the major risks is that the tube conveyors would not increase the production levels as expected to cover inputs adequately. That can be due to technical problems that may arise quite often and, thus, make all the work stop or simply due to apparatus restrictions. Moreover, there is a risk that some short period after the installation of the conveyors, there can appear a better technological solution in the market. In this regard, the first risk is considered as highly probable and, thus, before making the purchase, all the product qualities and manufacturers of the tube conveyors should be thoroughly analyzed. On the other hand, there is not a high possibility that the new technology for conveying the grains in the market will appear any time soon.

Next, as for the system that allows purifying the water inside of the brewery, there can be the risks of high maintenance costs. Indeed, the inputs in this machinery can lead to costs that are significantly higher than if the company continued purchasing the water from suppliers as the latter usually enjoy economies of scale. Therefore, as the probability of this problem occurring is quite high, it is necessary to consider this aspect before making the final decision. Finally, the risks (threats) regarding the introduction of the new brand were discussed previously using the SWOT analysis and will not be repeated here.

References

Belotti V. N., Lopes Santos, D. F., & Cruz Basso, L. F. (2019). Methodology for assessing risk in innovation investments. Revista de Administração da Universidade Federal de Santa Maria, 12(5), 953-974.

Nimbalkar, S., Supekar, S. D., Meadows, W., Wenning, T., Guo, W., & Cresko, J. (2020). Enhancing operational performance and productivity benefits in breweries through smart manufacturing technologies. Journal of Advanced Manufacturing and Processing, 2(4), e10064.

Seidel, K. (2020). How to improve the beer brewing process. Cablevey.

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Innovation and Technology Management and Decision Making

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