ASSESMENT ITEM 2 – INDIVIDUAL REPORT
Course code: HMRT20019
Course name: Innovation and Change
Assignment number: Assessment Item -2
Due date: Monday of week 11 by 5:00 pm
Word Count: 4.928
Student name: Carlos Eugenio Hurtado Garcia
Student Number: S0222034
Alcoa is a company with more than 100 years ofexperience in the aluminum market. The Company has a presence on five continents with investments in mining, aluminum production and business units different from aluminum but have connection with the markets in which the company operates.
Through this report we have analyzed the company in terms of innovation and change. In the first part we make a description of the needs of the industry and itsprojections into the future. In general terms, Alcoa is a leader in developing new products and applications for them. The organization has defined three areas in which this focused the vast majority of their efforts in terms of research and design, these are: Sector Automotive, Aerospace and Electronic. These sectors have the best conditions in terms of current consumption and projected demand inthe future.
In the second part of the report, We make an analysis of the vision of the company and how it is aligned with the strategies of innovation and corporative strategy of the Organization. We also make an analysis on the components of the strategy of innovation and how these are included in the vision and values of the company. In Alcoa the corporative strategies are based inSustainable development and respect for human values. In this company Innovation is about using change in ways that better meet human needs and values. Basically Alcoa is looking for focusing to encourage and renew the commitment of human capital to the company as a key factor in the success of the organization.
In the third part we identified the importance that have to the organization the innovationprocess and how it aligned with the core business process of the organization. Likewise we identified three areas where the company has defined critical in terms of sustainability of the industry and require application of innovation processes. These areas are optimization of energy resources, development of new products and markets, and contaminate reduction effect in terms of gas emissionsThe next stage of the report we talk about the strategies and tools the company uses for learning innovation. Two of the most important are: Interaction with government agencies, governments, universities, research centers developing cooperation agreements that allow the company to develop new products for existing applications while meeting the needs of the external environment. The other routeused by the organization refers to work of the hand with leading companies in sectors where the company has influence, for example in the automotive sector the company has worked with companies such as Audi, Ford, in the aeronautical sector works with the Boeing and Rolls Royce
Finally in the last part of the report identify potential threats and challenges the company faces. This point we canmention the fluctuation in product demand and therefore prices, the ever more strict regulations in terms of environment, and competition (with entry into the market of China, Brazil and Russia as strong competitors) in the challenges that the company has to face and where innovation plays a key role in the sustainability and future success of the company.
Table of ContentsExecutive Summary
Table of contents
2. The Organization’s need for innovation
2.1 Industry sector and changes in the last decade
2.2 Alcoa need for innovation
2.3 Alcoa’s current level of innovation