Future Innovation Capabilities of Tesco

CW2: Individual Report: A full report
comprising an action plan roadmap for the
development and implementation of the
innovation capabilities of the Tesco
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Contents
Executive Summary.........................................................................................................................3
Introduction......................................................................................................................................4
The Future of the Industry 2020 and Beyond..............................................................................4
Organisational innovation requirements 2020 and beyond.........................................................5
Building of the future innovation capabilities for an organisation..............................................7
Conclusion.....................................................................................................................................10
REFERENCES..............................................................................................................................11
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Executive Summary
This report is the continuation of CW1 where focus is provided over future innovation
capabilities of Tesco. In CW1, identified about the historical development of Tesco along with
current performance in marketplace. Now, in CW2 identifying future innovation capabilities and
industry trends. It has been identifying that future trends of retail industry are digitalisation that
will be beneficial for them in achieving better outcomes within minimum time. In future,
digitalisation work in different ways such as providing services to the customers through drone,
Doddle Parcels etc. These will be effective and useful for them in increasing of their capabilities within
future. Google self-driving cars are best innovation for retail industry. This will help them in protecting of
environment from the pollution. In this car, there will be no requirement of men because this is an
automatic car delivering the services to the customers. Main feature of this car is to pick up the product
from company to provide this to the customer at their place. Google navigation is another innovation that
will be essential for Tesco in improving its business performance. This innovation helps customers in
identifying the stores of the Tesco products that will save customers time and provides products as per
their requirement. Therefore, innovation and digitalisation is important for retail in accomplishing its long
term goals and objectives within minimum time and in effective manner. Innovation and digitalisation
will facilitate retail industry in increasing of their sales after Covid 19. Thus, innovation is essential for
retail industry in increment of higher customer base, improvement of brand image, increment of sales etc.
Along with this, innovation road map includes different steps that will be beneficial for Tesco in
implementing innovation within a workplace. This will be suitable and valuable for retail industry in
maintaining of their strong position in Marketplace.
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Introduction
Innovation refers to the development of new value and capturing value within an innovative
manner. In simple word, innovation is the development, creation and evaluation of a new
services, process or products, with purpose of improving effectiveness, competitiveness and
efficiency (Akrofi, 2018). Along with this, innovation capability refers to the ability of an
organisation in identifying the new ideas and transforming them into new process, products or
services that benefit the company. Innovation within an organisation has different roles i.e. solve
problems easily, increase productivity, help to sussed over competitors, improve business
growth, increase customer base etc. These are considered main roles and importance of
innovation within a workplace, which will be essential for company in attainment of competitive
advantages in successful and effective manner.
Main purpose of this report is report is developing the innovation road map that outline the
preparation of innovation process. For this report, Tesco is a chosen organisation that is
mentioned in CW1. Tesco is a British multinational groceries and general merchandise that
founded in 1919 by Jack Cohen, and headquartered in Welwyn Garden City, England.
This report divided into different parts that include some information such as future of the
industry 2020 and beyond, organisation innovation requirements 2020 and beyond and designing
a plan of action or roadmap. These are major information that will be needed for carrying out this
report in successfully.
The Future of the Industry 2020 and Beyond
Tesco is a selected organisation that works within retail industry. Retail introduces to the activity
of selling products or services to consumers or end users in direct manner. In addition, this is the
process of selling goods and services to the customers via multiple channels of distribution, with
aim of earning profit. According to the information collected for CW1 is has been determined
that in year 2016, retail industry has moved out under large transforming along with its quality
standards, considerations of competition between organisations and in budding strong brand names
surrounded by all businesses bringing out innovative parameters of innovation. With a leans of the future,
retail industries are re-imaging stores on behalf of digital age by using technology to develop new
experiences as of product discovery to checkout. Technology is one of the essential and significant parts
of the business and growth because with the help of this, they can easily attract larger base of customers
and also attain competitive advantages in successful manner. Use of digital technology help retailers i.e.
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