Innovation in Business & Technology Assignment - Williams Ltd
22 Pages5717 Words322 Views
Added on 2020-10-23
Innovation in Business & Technology Assignment - Williams Ltd
Added on 2020-10-23
ShareRelated Documents
Innovation in Business& Technology
Table of ContentsINTRODUCTION...........................................................................................................................11. Demonstrate critical knowledge and understanding of concepts and innovation theories toenhance value of business......................................................................................................12. Apply web based technologies to create innovative front end website. Discuss web basedtechnology solution for Williams Ltd.....................................................................................43. Identification and evaluation of impact of future disruptive innovation which affectsWilliams Ltd...........................................................................................................................84. Demonstrate ability to formulate innovation strategies for a new technology based productor service venture...................................................................................................................95. Reflection of in-depth demonstration of application of web-based technologies and usercentred approach, consequences of technological innovations and their impact.................106. Recommendations to senior stakeholders........................................................................12CONCLUSION..............................................................................................................................12REFERENCES..............................................................................................................................13
INTRODUCTIONInnovation refers to creative thoughts, new ideas and new imaginations in form ofmethod or device. It is defined as a process which involves various activities to identify differentways for doing things (Abdelkafi, Makhotin and Posselt, 2013). Innovation in business andtechnology is related with doing creativity in terms of technology by which growth of businesscan be increased. This report is based on Williams Ltd which is a retail business and deals inaccessories and clothing. They are further looking forward to expand their business into onlinemarket space by using innovative ideas. This report comprises of theories of innovation whichwill enhance value of organisation. Web based technology is used for creating innovative frontend websites. Furthermore, impact of disruptive innovation technology is analysed. At last,recommendations are given to stakeholders.1. Demonstrate critical knowledge and understanding of concepts and innovation theories toenhance value of business.Innovation is defined process of making changes in existing production and distributionmethods, it includes introduction to new products, new techniques, new inventions, new sourcesfor production of existing products and many others. In this Williams Ltd is taken intoconsideration to understand concept of innovations in business and technology. As peradvancement in technology management wants to shift into online market space so that they canstand up with market. There are different innovation theories and concepts, some of them whichcan be used by management of Williams Ltd are mentioned below:Disruptive innovation: It refers to introduction of services and products within industryby which they can perform in better way and provide those services at low cost, thus displacemarket leaders within market space by transforming industry. Concept of this innovation wasproposed by Clayton Christensen in 1995. It basically refers to concept which creates new valuenetwork by either creating a new market or by disrupting existing market (Laudon and Traver,2016). Organisations such as Williams Ltd can interrupt market of large organisations bybringing within market new versions of technology means that updated versions should be used(like for creating website Williams Ltd can use JDK 1.8 which is latest version rather than JDK1.7) which may seem more appealing to subset of customers. Williams Ltd can make use oflatest technology by which they can stand different among other competitors. In some cases,1
small organisations release new technology which can be inferior to that of large organisation butfocus of that technology is to provide customers with high convenience and low prices. Withpassage of time, new technology will improvise to handle more demands. Large organisationsthink that small organisations are making space for themselves at low end of market. Thisdisruptive innovation can be used by Williams Ltd very rarely. As management needs tounderstand that disruptive innovation is not a tool but a force. By using this there is no predictivepower (Boons and Lüdeke-Freund, 2013). By using this theory, Williams Ltd can opt foradvanced version of any technology so that they can beat other competitors within market. Thistheory is used by them as they can present their existing products in enhanced way. Consider anexample like shirts are provided by many retailers but by using animations in their website theycan fascinate more number of customers and they can also provide options for customised shirts.Advantages: There are certain advantages of disruptive innovation, they are mentionedbelow:It will assist Williams Ltd to expand their market via usage of market via innovations innew and existing services or products.Opportunities will be present to them which will open door for possibilities for newplatform which will enable them to grow.Williams Ltd will evolve as learning community which will welcome alterations ratherthan fear to take risks. Disadvantages: There are certain drawbacks, which of this innovation, so it is necessary forWilliams Ltd needs to consider. They are shown below:Competitive products will be present within market. Existing products are updated tomeet the required standards. Like if Williams Ltd is about to bring their own jeans withinmarket, within market jeans are already available, there is nothing unique.Business model innovation: It refers to development of new, unique concepts forsupport of organisation. It represents ways in which organisation can make money. Primary goalof this innovation is to recognise latest revenue sources by enhancing value of products and waysin which they can be delivered by customers. Digital disruption has decreased life cycle ofbusiness model and do innovations respectively which acts as key to financial success. This isthe reason that Williams Ltd must opt for this business model innovation, this will assist them to2
remain competitive within market and attain growth (Coviello and Joseph, 2012). There arecertain advantages and disadvantages of business model innovation, they are mentioned below:Advantages: Business innovation model will provide various advantages to WilliamsLtd, they are described below:Financial sustainability will be enhanced, it will assist an entrepreneur to identify howmuch profit has been generated every month and accordingly formulate strategies.Organisation can grow or survive even if they break down every month but for this theyneed to completely depend on debt financing for their expansion. Williams Ltd can buildcash reserve which can be invested to conduct research or acquire new equipment.By execution of unique business model, Williams Ltd can create their own reputationwithin market thereby encouraging customers to first-time purchase (Joe, 2010).Disadvantages: Certain drawbacks are there of this innovation; they are elaboratedbelow:Williams Ltd can go out of money if they make lots of investments and do not get thoseproducts in market within time.3
End of preview
Want to access all the pages? Upload your documents or become a member.
Related Documents
Innovation in Business and Technologylg...
|5
|1247
|96
Innovation Theories - Assignmentlg...
|23
|5760
|252
Innovation Assessment of Airbnb: Disruptive Theory and Three Horizon Modellg...
|18
|4666
|86
Managing Innovationslg...
|18
|3433
|438
Innovation Theorieslg...
|13
|3781
|44
Managing Innovation in Business: Strategies and Theorieslg...
|13
|3909
|397