GLOBAL INNOVATION MANAGEMENT
ASSIGNMENT
Programme: international Management
Course Title: Global Innovation Management
Word count: 3186
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Table of Content
Executive summary 3
Section One 4
Introduction 4
Behaviour of NextEra Energy, Inc. Towards Digital Transformation 5
Quality Management with respect to NextEra Energy, Inc. 7
Section Two 8
Overview of global market innovation 8
NextEra Energy activities in global market 8
Overview of Sustainability 11
Behaviour of NextEra Energy Inc. towards Sustainability 11
Conclusion 13
References 13
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Executive summary
This report is segmented into two sections. The first section examines the activity and
behaviour of NextEra Energy Inc. towards Digital transformation and Quality management,
while the second section addressed the activities of the company towards global market
innovation and sustainability. From the first section, it was found that adoption of digital
transformation concept has revolutionized NextEra Energy Inc.’s operation and increased its
productivity. The quality management initiative adopted by the company ensures that it
produces quality, durable and long-lasting products which has in variably boosted the
company’s profit and income.
The second section revealed how NextEra Energy Inc. has demonstrated a remarkable
dedication and commitment to innovation in the global market through its focus on clean and
long-term energy solutions and forward-thinking approach. On sustainability, NextEra
Energy Inc. has exhibited commendable initiative and a proactive approach to address
sustainability by accepting its roles and responsibilities in facilitating the shift toward a future
that uses less energy. NextEra Energy has made significant contributions to environmental
stewardship, social responsibility, and economic sustainability through its commitments,
initiatives, and innovative practices.
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SECTION ONE
This section focuses on digital transformation and quality management of NextEra Energy,
Inc
Introduction
Digital transformation: Digital transformation according to (Roth, 2019) can simply be
understood as a process that involves transitioning from an analog to a digital age. Digital
transformation on the other hand describes the process whereby organizations persistently
participate in computerized advancement and innovations to create or further develop items,
administrations, and plans of action (Issa et al., 2019).
The process by which digital technology is incorporated into every facet of a company or
organization alters fundamentally how they operate and provide value to customers. This is
known as digital transformation. The objective of digital transformation is to empower an
organization to stay cutthroat in a quickly developing advanced scene, where new
innovations and plans of action are continually arising (Fichman et al 2014). A crucial driver
of digital transformation is the need to stay aware of changing customer expectations.
Customers of today are looking for individualized experiences, instant gratification, and
seamless interactions across all channels. Companies that don't live up to these standards run
the risk of losing customers to rivals who are better equipped to provide an exceptional
customer experience (Mikalef, 2021).
Organizations need to make deeper changes to their operational structure in order to support
new forms of value creation and capture in digital transformation because new products and
services may require different types of resources and work procedures than those associated
with older products and services. New forms of value creation enabled by digital technology
may even require an organization to question and alter its purpose, means, and identity, in
addition to products, services, and operational structures (Verhoef, 2021).
To effectively execute digital transformation, organizations need to have an unmistakable
methodology set up that frame their objectives and goals. This system ought to be upheld by
a solid culture of development, as well as a readiness to trial and face challenges.
Organizations likewise need to have the right ability set up, with the essential abilities to
carry out and oversee advanced innovations (Heilig, 2017).
Quality management: According to the Oxford Advanced Dictionary, quality refers to a
value or degree of goodness that has the potential to influence customer behavior. Also,
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quality management ensures that goods or services meet or exceed customer expectations.
Quality management entails a variety of actions aimed at providing consistent, high-quality
goods and services that meet customer needs and expectations, including planning, control,
assurance, and improvement (Terziovski, 2006). Viable quality administration includes a
deliberate way to deal with recognizing, breaking down, and further developing cycles and
strategies to guarantee that items and administrations are delivered in a steady and
unsurprising way. Variability should be reduced, efficiency should be increased, and waste,
errors, and defects should be minimized to increase customer satisfaction and loyalty (ASQ,
2013).
Quality management, being a significant tool to measure the performance of an organization,
has become a major differentiating factor for both products and businesses in terms of
satisfying customers' needs. In addition, quality management assists an organisation with
further developing the work level and overhauling it to a more significant level (Saravanan &
Rao, 2007). According to the Oxford Advanced Dictionary, quality refers to a value or degree
of goodness that has the potential to influence customer behavior.
Customer satisfaction has been identified as one of the main advantages of quality
management. By reliably creating top notch items and administrations, organisations can
fabricate a standing for dependability and client care greatness, which can prompt expanded
client reliability and rehash business (Zu et al 2008). Organizations can improve their
production processes and reduce the amount of time and resources required to produce high-
quality goods and services by identifying and eliminating waste, inefficiencies, and defects.
In addition, Quality management ensures organizations comply with relevant regulations and
standards, which can help to reduce the risk of reputational damage as well as legal liability
(Altinok, 2016). By implementing effective quality management processes and procedures,
organizations can demonstrate their commitment to producing safe, reliable, and high-quality
products and services.
Behaviour of NextEra Energy, Inc. Towards Digital Transformation
Digital technologies have significantly impacted the functional effectiveness and
manageability endeavors at NextEra Energy. At NextEra Energy Inc, digital technologies
have had the following effects on operational effectiveness and sustainability:
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1. Automation and Optimisation: Digital technologies have been used by NextEra
Energy to automate and improve a variety of operational procedures. The company is
able to automate maintenance procedures, identify performance anomalies, and
monitor energy assets in real time by integrating Internet of things (IoT) devices, data
analytics, and Artificial Intelligence (AI) (NextEra, 2022a). This proactive
methodology limits margin time, decrease functional expenses, and further develop
resource usage.
2. Maintenance Predictiveness: Advanced innovations empower NextEra Energy to
execute prescient upkeep methodologies. The company can foresee equipment
failures and performance declines by applying AI algorithms to data from IoT
devices. Because of this, NextEra Energy is able to strategically schedule
maintenance activities, which increases asset dependability, lowers maintenance
costs, and boosts operational effectiveness (NextEra, 2018).
3. Grid Management: NextEra Energy is able to better manage its power grid by
integrating digital technologies. Through ongoing information observation and
investigation, the organization can adjust energy market interest, streamline
transmission and dispersion, and improve network steadiness (NextEra, 2018).
4. Energy Optimization and Management: Digital innovations afford NextEra Energy
with apparatuses to streamline energy age, utilization, and capacity. By utilizing
information investigation and artificial intelligence, the organization can figure energy
interest, change energy age appropriately, and enhance the use of sustainable power
sources (NextEra, 2019b).
5. Integration of Renewable Energies: When it comes to incorporating renewable
energy sources into the operations of NextEra Energy, digital technologies are
absolutely necessary. The company is able to predict energy production, identify the
best locations for wind and solar farms, and optimize the integration of renewable
energy into the grid by utilizing data analytics (NextEra, 2022b).
6. Energy Efficiency and Monitoring: Digital innovations empower NextEra Energy
to give clients continuous energy use information and experiences. Customers are able
to keep track of how much energy they use, spot areas where they aren't using
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enough, and make educated choices about how to reduce their energy use through
mobile apps and online portals (NextEra, 2019a).
7. Assessment of the Impact on the Environment: NextEra Energy utilizes digital
technologies to assess and reduce its impact on the environment. The company is able
to analyze environmental factors like wind patterns, solar radiation, and ecological
considerations through data analytics and Artificial Intelligence.
8. Environmental Reporting: The gathering, analyzing, and reporting of sustainability-
related data is made easier by digital technologies. Key sustainability metrics, such as
the generation of renewable energy, energy efficiency, and greenhouse gas emissions,
can be tracked and measured by NextEra Energy (NextEra, 2019b).
Quality Management with respect to NextEra Energy, Inc.
The Quality Management at NextEra Energy, Inc is a very important aspect of the company's
operations, that ensures that the company delivers a safe, reliable, and sustainable energy
solutions to its esteemed customers. To meet the highest quality standards, comply with
regulations, and continuously improve its processes, NextEra Energy has implemented a
robust quality management system. The quality management strategies employed by NextEra
Energy include, but are not limited to:
1. Regulatory Compliance: In order to ensure that its operations comply with federal,
state, and local regulations, NextEra Energy places a strong emphasis on regulatory
compliance. To ensure compliance with applicable laws and regulations pertaining to
environmental protection, safety, and energy reliability, the company actively adjusts
its practices, closely monitors changes in regulations and standards, and conducts
internal audits (NextEra, 2016).
2. Quality Control: To ensure that its operations meet or exceed industry standards,
NextEra Energy places a strong emphasis on quality assurance measures. The
organization lays out quality control cycles and carries out thorough testing
conventions to guarantee the dependability and security of its energy age and
dispersion frameworks (NextEra 2023b).
3. Consistent Improvement: In order to improve the quality management procedures it
employs, NextEra Energy embraces a culture of continuous improvement. The
organization effectively looks for chances to streamline processes, recognize and
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resolve quality issues, and execute restorative and preventive activities (NextEra,
2023a).
4. Engagement and training of employees: To support quality management, NextEra
Energy places a strong emphasis on employee engagement and training. NextEra
Energy energizes representative commitment and enables them to distinguish and
report quality issues, encouraging a culture of responsibility and nonstop
improvement (NextEra, 2020).
SECTION TWO
This section focuses on innovation in the global market and sustainability and how it relates
to NextEra Energy Inc.
Overview of global market innovation
Advancement in the worldwide market alludes to the presentation and utilization of
groundbreaking thoughts, technologies, processes, products, and plans of action that brings
about economic growth, improve seriousness, and create values across different areas. it is a
transformative and dynamic force that enhances an organisation to adapt to change in the
global market and meet the customers' expectations (Abubakar, 2010). The global market has
made use of technological innovations like big data analytic, robotics, artificial intelligence,
biotechnology, internet of things, and other technological breakthrough to transform business
operations, enabled automation, increased productivity, and revolutionized industries (Jeng,
2014).
The global market landscape has been significantly altered by the rapid advancement of
technology, opening new opportunities for growth and efficiency. The development and
implementation of novel concepts, procedures, goods, and services are all examples of
innovation, which is frequently regarded as the driving force behind progress and
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advancement (Juan, 2012). It encourages separation, permitting organizations to offer
exceptional arrangements that meet developing client needs and inclinations. In the
worldwide market, development is an essential driver of seriousness and practical
development, enabling countries and organisations to adjust to changing elements and jump
all over arising chances (Clausen, 2012).
The creation and launch of novel offerings that address unmet needs, enhance customer
experiences, and provide a competitive advantage is innovation in products and services. By
incorporating features like customization, personalization, sustainability, and convenience
into their offerings, businesses strive to create distinctive value propositions (Jantunen, 2012).
In order to guarantee relevance and market fit, product and service innovation frequently
incorporates design thinking, market research, and customer feedback.
NextEra Energy activities in global market
When it comes to global market innovation, NextEra Energy Inc., a leading clean energy
company based in the United States, has emerged as a trailblazer. NextEra Energy has led the
development of renewable energy technologies, revolutionized the power industry and
established new standards for environmental responsibility (NextEra 2022a). The company
has a strong commitment to sustainable practices. This this report looks into the
transformative initiatives, collaborative strategies, and long-lasting impact that NextEra
Energy Inc. has had on the energy landscape, as well as the crucial role it has played in
driving innovation in the global market.
The roles NextEra Energy has played in the global market include:
1. Molding the Environmentally friendly power Industry: NextEra Energy's
obligation to clean energy has been instrumental in changing the worldwide power
area. The company has concentrated on the development of projects utilizing
renewable energy sources, particularly wind and solar power, through its subsidiary,
NextEra Energy Resources (NextEra 2021). NextEra Energy has significantly
improved renewable energy's efficiency and competitiveness by utilizing technological
advancements and economies of scale, promoting its widespread adoption.
2. Innovations and advancements in technology:
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a. Wind Energy: NextEra Energy has made significant contributions to the development
of wind power technology. The company has continuously pushed the boundaries of wind
turbine design, which has resulted in solutions that are both more effective and less
expensive. By utilizing state of the art innovations like bigger rotors, taller pinnacles, and
high-level control frameworks, NextEra Energy has expanded the result and unwavering
quality of wind ranches, making wind power a reasonable option in contrast to
conventional petroleum product-based power age (NextEra, 2019b).
b. Sunlight based Power: Additionally, NextEra Energy has been an innovator in the
field of solar power. The organization has put resources into enormous scope sun based
projects, tackling the force of photovoltaic (PV) innovation. NextEra Energy has made
solar energy a significant contributor to the global energy mix by utilizing cutting-edge
solar panels, tracking systems, and energy storage solutions (NextEra, 2019b).
3. Partnerships and Collaborative approach: Beyond its own operations, NextEra
Energy is committed to innovation. To foster a culture of innovation and propel
progress in the global market, the company actively collaborates with industry
partners, research institutions, and government agencies. NextEra Energy makes it
easier for more people to use renewable energy solutions and encourages the creation
of cutting-edge technologies by sharing knowledge, resources, and best practices
(NextEra, 2019b).
4. Effects on the Energy Terrain:
a. Conservation of the Environment: The environmental impact of NextEra Energy's
constant pursuit of renewable energy is significant. The company has contributed to the
reduction of greenhouse gas emissions, thereby reducing the impact of climate change, by
displacing fossil fuel-based generation that produces a lot of carbon. Additionally, the
initiatives of NextEra Energy have contributed to the preservation of natural resources,
the safeguarding of biodiversity, and the advancement of a sustainable future (NextEra,
2019b).
b. Job Creation and Economic Expansion: NextEra Energy's obligation to sustainable
power has changed the energy scene as well as invigorated monetary development and
occupation creation. Jobs have been created, local economies have grown, and
communities around the world have been helped by renewable energy projects (NextEra,
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2019a). Additionally, energy security and stability have been enhanced by the adoption of
renewable energy sources, which has reduced reliance on volatile markets for fossil fuels.
Overview of Sustainability
In the quest for a prosperous and equitable future, sustainability has emerged as an
essential concept. It emphasizes the need for responsible practices that meet current needs
without jeopardizing the ability of subsequent generations to meet their own (Abrahams
et al., 2018). It also acknowledges the intricate inter-dependencies between society, the
economy, and the environment. Sustainability looks to find some kind of harmony
between the three support points, recognizing that progress should be accomplished inside
the limits set by the World's limited assets and biological frameworks (Armeanu, et al.,
2018). An organisation that embraces sustainability seeks to reduce the negative effects of
human activity, promote long-term well-being, and safeguard the planet for future
generations.
Sustainability is a crucial factor in reducing the effects of climate change. Societies can
work toward achieving global climate goals outlined in international agreements like
UNSDG, by switching to clean and renewable energy sources, implementing energy
efficiency measures, and reducing greenhouse gas emissions (Allen, 2020). Sustainable
practices encourage responsible resource management and conservation. Forest
preservation, biodiversity conservation, sustainable farming and fishing methods, and
reducing water consumption and waste are all part of this. By protecting regular assets,
social orders can guarantee their accessibility for people in the future while saving crucial
environments.
Behaviour of NextEra Energy Inc. towards Sustainability
The leading provider of clean energy, NextEra Energy Inc. has consistently demonstrated a
strong dedication to sustainability. NextEra Energy has been a pioneer in the energy industry,
championing environmentally responsible practices and renewable energy solutions. This
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write-up examines the mentality and the roles of NextEra Energy Inc towards sustainability.
The roles NextEra Energy Inc. played in sustainability include:
I. Leading the Way toward Renewable Energy:
The transition to clean energy has been led by NextEra Energy Inc. Through its auxiliary,
NextEra Energy Assets, the organization has put vigorously in environmentally friendly
power projects, especially in wind and sun-oriented power. NextEra Energy is the largest
generator of wind and solar energy in the world thanks to its extensive North American
portfolio of wind farms and solar facilities. By growing its spotless energy limit, NextEra
Energy plays had an essential impact in decreasing dependence on petroleum derivatives and
moderating the ecological effect of force age (NextEra, 2021).
11. Setting Ambitious Sustainable Goals
The strategic vision of NextEra Energy Inc. is driven by ambitious sustainability goals. Using
2005 levels as a starting point, the business has pledged to cut its carbon dioxide emissions
rate by 67% by 2025. Also, NextEra Energy wants to be net-zero in carbon emissions by
2050, which is in line with what the Paris Agreement wants (NextEra, 2021). These
objectives mirror the organization's enduring obligation to battling environmental change and
advancing a low-carbon future.
III. Innovation and advancements in technology:
NextEra Energy Inc has embraced development and mechanical progressions to drive
supportability in the energy area. To boost the effectiveness and performance of its renewable
energy assets, the company continuously looks for and implements cutting-edge technologies.
NextEra Energy has taken advantage of the most recent developments in grid integration
solutions, solar panel technology, energy storage systems, and the design of wind turbines.
NextEra Energy ensures that its operations remain at the forefront of technological
advancement by investing in R&D, driving the development of clean energy solutions
(NextEra, 2018).
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IV. Conservation and stewardship of the environment:
The conservation and stewardship of the environment are very important to NextEra Energy
Inc.. In the regions where it operates, the company actively works to safeguard natural
habitats, biodiversity, and water resources. NextEra Energy uses land in a responsible way,
including wildlife protection measures and minimizing project environmental impact. To
ensure the sustainable management of natural resources and the restoration of ecosystems, the
company also works with environmental organizations, government agencies, and local
communities (NextEra, 2017).
Conclusion
This report has revealed how the digital transformation of NextEra Energy has been
instrumental in revolutionizing the company's operations, increasing productivity, and
propelling energy sector innovation. Also, it shows how the company generates, distributes,
and manages energy resources by embracing digital technologies and utilizing data-driven
insights. On quality management, the write-up shows the commitment of NextEra Energy
Inc. towards quality management and how it has been instrumental in ensuring the
conveyance of dependable, safe, and economical energy solutions.
On sustainability, NextEra Energy Inc. has exhibited commendable initiative and a proactive
approach to address sustainability by accepting its roles and responsibilities in facilitating the
shift toward a future that uses less energy. NextEra Energy has made significant contributions
to environmental stewardship, social responsibility, and economic sustainability through its
commitments, initiatives, and innovative practices.
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