Managing Innovation in Business

Managing innovation in
business
Table of Contents
INTRODUCTION...........................................................................................................................1
MAIN BODY...................................................................................................................................1
TASK 1.......................................................................................................................................1
The future of an industry beyond 20202.....................................................................................1
TASK 2............................................................................................................................................3

Requirements of innovation within the organisation..................................................................3
TASK 3 ...........................................................................................................................................5
Future innovation capabilities of an organisation.......................................................................5
CONCLUSION ...............................................................................................................................9
REFERENCES..............................................................................................................................10

Executive summary: Below report is based on the TESLA that is an auto-mobile
company and deals in the electric car and clean energy. This analyse provides the
outcome about the background and the future of auto-mobile industry beyond the 2020
this will summarize the innovation in both products as well as organisations.
Furthermore, it evaluates the requirements of the innovation in this company TESLA has
has been explained with the help of 7S framework of innovation. And provides the
outcomes about the future innovation capability of the organisation and innovation
roadmap for the company.
INTRODUCTION
Innovation is referring to the process of application of new idea that is perceived by an
individual or a group of individuals in order to implement the changes in the existing products
and services. That provides the better quality and experience to the customers to make the
outcome productive and profitable (Biemans, 2018). With the introduction of innovation,
managing it is also an essential aspect to implement that effectively within the organisation.
Innovation management is described as the handling all the activities that is related to the
introduction of something new. There are several varieties of different kinds of innovation that
managers plan to execute in the organisation that provide support in to making profitability,
productivity and brand image of a company. For the this factors there many aspects that has be in
view before developing or implementing the innovation ideas and this includes capabilities,
organisational structure, organisation culture and the existing strategies that influence the
decision making that is related to the introduction of something new. It can be in the product or
services, production process or in a supply or marketing chain.
This report is based on the TESLA which is an American based auto mobile company
and deals in an electrical vehicle and clean energy this is founded in July 2003 by engineer’s
martin Eberhard and marc trepanning as TESLA motors. With that this study includes the future
of an industry beyond the 2020, innovation requirements in the organisation. Furthermore it also
includes the capabilities of the organisation to build the innovation within the organisation
(Ratten and Usmanij, 2020).
1

MAIN BODY
TASK 1
The future of an industry beyond 2020
Auto-mobile industry is full of the advance technology and machinery, where the future
of the industry is also related with the advance technology such as artificial intelligence, robotics
and internet of things (IOT). The auto-mobile industry has already made the certain steps
towards the growth and development. But as the environment is dynamic so there always a need
arises for the changes and innovation in the products or can be in the ways of working to
generate the best and effective outcomes. There are some innovations and trends that can change
the future of the auto-mobile industry (Van Lancker, Wauters and Van Huylenbroeck, 2016).
Innovation in the products Connectivity: Future is consisting of many opportunities, changes and innovation that can
be taken into the consideration in the business to enhance the performance. One of major
trend that can reshape the future of auto-mobile sector is the internet connectivity in the
cars which becomes the essential aspect in today's life. By this car can communicate with
other devices. This can be the biggest innovation in the cars that can be implemented. Autonomous: As it has been believing that human beings are prone to make mistakes and
this is for lot of research and development is focused and dedicated towards the
manufacturing of autonomous car. With the fast enhancement in the technology,
autonomous cars will be seen soon on the streets (Archibald, and Archibald, 2016). Shared: As per the survey conducted by the Assurant, in which 66% of respondents said
that best thing that can come is autonomous vehicles. That will provide the service on
demand whenever needed by the customers. This provides an advantage of saving as in
the future people as people would not have to invest the money into owning a car. Electric: Now cars are running with petrol and diesel and it is the fact that fossil fuels are
not good for the environment as well as for the living beings. Along with these rising
prices of fuels put a lot of pressure on the customers pockets. To solve this problem auto-
mobile companies has come up with the idea of e-vehicles. This has been already
developed but still there some issues such as running out of battery. That will be solved
soon and will going introduced these cars in the market.
Innovation in the organisation
2