Table of contents •Introduction •Description of the workspace •Organizational profile •Organizational goals and objectives •Need of innovation •Evaluation criterion •Solutions •Working with others •Social innovation for corporate sustainability •Challenges in the innovation •Evaluation of the solutions •Conclusion •References
Introduction •Innovation is related with the innovation of new ideas and creation of dynamic products and services for improving existing services. •The presentation aims to develop ideas for a business organization in order to restyle the work area. •Innovation can take place in number of areas such as social, collaborative spaces and inspirational features.
Description of the workspace •David Jones Ltd is an Australian departmental store headquartered in Sydney, Australia. •Originated in 1938. •Products includes cosmetics, fashion, home wares, electronics, furniture and food. •Employed around 7200 employees •Generates A$2.2 billion approximately (in 2016).
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Organizational profile •David Jones has departmental stores in various locations of Australia. •The company is profitably surviving in the market with high revenues. •Delivers variety of products and services in compliance with the need of the customer.
Organizational goals and objectives •Expansion of business by adding innovation in the existing services. •To be one of the top departmental stores in Australia. •Fulfillment of the corporate social responsibilities for the sustainable business.
Need of innovation •To polish the existing products and services that will bring more customers. •Innovation is also important for the organization to beat the cut throat competition. •Enhancement of efficiency and productivity.
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Evaluation criterion •sustainability: Innovation will improve the sustainability of business. •Impact: The productivity of the organization will improve. •Effectiveness: High revenue and positive market image. •Efficiency: Employee’s efficiency will improve •Relevance: Suitable for business expansion
Solutions •Working with others •Social innovation for corporate sustainability
Working with others •The goal is to delight the customers with continuous development and improvement by integrity with others. •It is long term innovation pipeline which will transform the organization as a whole. •Partnerships with number of universities, technology companies and research funders will bring sustainable innovation in the organization. •The cost of the innovation is generally high. •External assistance from technical companies like AAS food technology, Australia and universities are highly required.
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Social innovation for corporate sustainability •Social innovation always lead to profit maximization. •Incorporation of social programs with the integration of social responsibilities will bring positive change in the organization. •Collaboration with social institutions will be needed for this solution.
Challenges in the innovation •Building an innovative culture •Dealing with discontinuity •Managing connections •Involvement of externalities
Evaluation of the solutions •Sustainability: High •Impact: Medium •Effectiveness: High •Efficiency: Medium •Relevance: High
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Conclusion •it is revealed that innovation is essential in the modern and dynamic business environment. •David Jones can bring innovation in its business with the help of proposed solutions. •The proposed solutions will be helpful for the aim of business expansion of the organization.
References •Enderle, G., & Murphy, P. E.(2015).Ethical innovation in business and the economy. Edward Elgar Publishing. •Epstein, M. J., & Buhovac, A. R. (2014).Making sustainability work: Best practices in managing and measuring corporate social, environmental, and economic impacts. Berrett-Koehler Publishers. •Froehlich, J. K., Hoegl, M., & Gibbert, M. (2014).Using Thematic Thinking to Achieve Business Success, Growth, and Innovation: Finding Opportunities Where Others Don't Look. Pearson Education.