Innovation in Business: Transforming Workspace for Growth

Task 3
Innovation in business

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).

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.

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.

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

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.