Innovation and Change for Business Strategic Advantage

BUSINESS STRATEGY
Innovation and change for business strategic advantage
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BUSINESS STRATEGY
Contents
Introduction......................................................................................................................................3
1) Current strategic business issues and industry trends in innovation and change....................3
2) Evaluation of key approaches for managing innovation capabilities in organization.............4
3) Recommendation of change models that will support innovation and business strategy
implementation.............................................................................................................................5
Conclusion.......................................................................................................................................5
References........................................................................................................................................5
Appendix..........................................................................................................................................7
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BUSINESS STRATEGY
Introduction
Organizations today for gaining competitive advantage are forced to utilize the avant-garde
technology, thanks to the challenges of modern business. Rapidly changing technology provides
ample opportunities to innovate for companies. According to Bilal & Naeem (2018), an
innovation process permanently has been established by the management worldwide for being
competitive further increasing the importance of comprehending the critical dimensions of
innovation strategy, oriented for satisfying customers’ needs and maintaining sustained
innovation with help of diverse new technologies and entrepreneurial opportunities. A detailed
report is presented on developing innovation to maintain competitive edge.
1) Current strategic business issues and industry trends in innovation and change
Ecommerce giant Amazon (New Zealand) is currently facing three common strategic business
issues revolving around inventory management, affecting its revenue and brand image. Poor
supply chain management has affected its product availability and quality further looming the
buyer arrangements and taxing resources. Issues like running out of stock because of
unconsidered sales velocity, non-monitoring of all sales outlets has its effect on sales. Also not
factorizing holidays or seasons have exceptionally damaged Amazon’s online sales within New
Zealand. Further imprecise product pricing details and other descriptions often has led to lost
sales or damaged profit margins. Hence these strategic business issues have developed need for
change and innovation to develop effective solution for problems. According to Kontus (2014),
the e-commerce industry is driven by innovation and change in terms of technology, leaving a
decisive impact on the way of shopping. Propelled by emerging technologies like artificial
intelligence, blockchain, virtual and augmented reality, the present and future of e-commerce
continues to be exciting and full of quick changes. Digital supply chain has ensured timely
delivery, a key factor that differentiates ecommerce retailers, making them focus on spiked-
demand and successfully managing markets, optimizing the process of supply chain management
and ensuring systematic and speedy delivery models. Technological innovations according to
Yu, Wang, Zhong & Huang (2017), have also changed critical areas of supply chain like port
management (example self-governing freight shuttle debuts), Inventory management (example
hacking-proof RFID chip), brand protection (example imperceptible digital markers for fighting
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