Resource Planning, Innovation and Organizational Growth: A Review

Frank Mensah Owusu ()

International Journal of Entrepreneurship, Innovation, and Business Strategies, 2023, vol. 2, issue 1, 9 - 17

Abstract: Aim: The effective allocation and management of resources, including human, financial, and material assets, are crucial for driving innovation and growth in organizations. This study aims to examine the role of resource planning in fostering innovation and supporting organizational growth strategies. Methods: This literature review was conducted using desktop methods, relying on electronic databases, online resources, and digital sources to gather relevant scholarly articles and publications. Multiple electronic databases, were searched using keywords such as [insert keywords here]. The search was limited to articles published in peer-reviewed journals written in English language. After an initial screening of titles and abstracts, the selected articles were further assessed for their relevance. The selected articles were carefully read and analyzed to extract key findings, research methodologies, and theoretical frameworks. Results: The reviewed studies indicate that effective resource planning plays a significant role in fostering innovation and supporting organizational growth. The studies highlight that resource planning, when aligned with organizational goals and objectives, can promote a culture of innovation and facilitate the implementation of growth strategies. This includes efficient allocation of resources, identification of potential opportunities, and prioritization of projects. Conclusion: By aligning resource allocation with strategic goals, organizations can create an environment that promotes innovation, encourages collaboration, and maximizes the potential for growth. Recommendation: Organizations should develop comprehensive resource planning strategies that are aligned with their strategic goals and objectives. They should do this by prioritizing projects, allocating resources efficiently, and identifying potential opportunities for innovation. Fostering a culture of innovation and collaboration will help organizations achieve their growth strategies and maintain a competitive advantage.

Keywords: Resource planning; innovation; organizational growth. (search for similar items in EconPapers)
Date: 2023
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Persistent link: https://EconPapers.repec.org/RePEc:cjk:ijeibs:v:2:y:2023:i:1:p:9-17:id:176

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