Role of Innovation Management in Global Business

Innovation Management

Table of Contents
a) INTRODUCTION.......................................................................................................................1
b) Methodology ...............................................................................................................................4
c) Findings.......................................................................................................................................7
d) Conclusion and Recommendation ..............................................................................................8
REFERENCES..............................................................................................................................10

a) INTRODUCTION
The term innovation management is defined as those process or activity which an
establishment implies to innovate or introduce any new product, policies, ideas into present
marketplace. This study is wholly based on the topic called “ creating value through innovation
management”. In current era of globalised world, there is an intense level of competition of
challenges among companies which directly impact its potentiality in acquiring competitive
advantage in an impressive style. The aspect of innovation management enable an organisation
to place their brand in an aggressive position and also attains sustainable growth and
development in competing industry (Biemans, 2018). Therefore, innovation management is
regard as an important component for developing value for organisation because with the
execution of such concept it help them to evaluate or determine macro and micro business
environment. Along with this, it assist business to remain competitive for long run among
competitor. In context of this project, Sainsbury company has been regarded which is a reputed
supermarket chain in UK marketplace. The present report highlights the role of innovation
management in global aspect, implication of relevant theories or models of innovation for
accomplishing the competent position among competitors.
Role of innovation management and its impact on global business
In order to face all sort of rivalries, it is essential for every form of organisation to adopt
the aspect of innovation management within its business premises. This is because, it drive them
to analyse as well as understand its internal and external business environment in order to gain
competitive advantage within prescribed time limit. Big companies put under pressure of
international competition which is a major instrument for the management of innovation.
Coordination specialists and organisational impediments are identified as one of the major issue
which majority of the company faces while operating their business function at global pace.
Hence, innovation is generally viewed as the core engine or drive of economic enhancement in
the global economy in today's marketplace (Clauss, 2017). In regard of Sainsbury, introducing
innovation into existing practice empower them to obtain produce with improved quality and
also to face all current and upcoming threat of challenges in an effective manner. Some of the
role of innovation management within Sainsbury are discussed below:
Enhance workplace productivity: The foremost role which innovation management
render into business function is that it help organisation to enrich the overall performance of each

manpower towards the accomplishment of organisational goal in a better way. In context of
Sainsbury, implementing innovation empower them to invite diverse working style or culture as
well as alteration in employment policies and regulation as per marketing trend or demand. With
the help of such initiation, Sainsbury can be able to transform its workforce into competent
manner who put their best contribution towards business defined goal by sharing novel ideas or
views and it results in improved way of company's productivity. Along with this, it help
Sainsbury to manage its managerial and operational function very smoothly at global pace in an
amended way.
Improves customer sentiment: In this determinant, it is concern with fulfilling the
requirements of customers in an efficacious and economical manner in order to obtain profit
maximisation (Peñalvo, Blanco and Echaluce, 2015). However, in this context, employee
engagement and involvement plays a significant role as they are viewed as a lifeblood for any
type of establishment. The idea of innovation enable Sainsbury to create increased degree of
creativity and entanglement among manpower as it empower manager to invite each personnel
for business activities. Due to which, employees acquire high level of motivation and
encouragement from working condition that motive them to give full effort to produce best
quality product or services to targeted consumers.
Enrich competitive advantage: When an establishment make an effort to implement
innovation in its functional unit, it help them to acquire highly skilled and talented workforce
who are capable to input novel opinion for the betterment of firm. Due to this, it aid Sainsbury to
take corrective course of action and also to analyse its competitors potentiality that lead them to
gain competitive advantage at international level in an impressive style.
Optimise operational efficiency: This aspect signifies that the term innovation is not only
restrict with introducing new commodity or service within industry but also it covers the area of
improving business performance and efficiency (Gerlitz, 2016). In relation to Sainsbury, by
obtaining the view of innovation management, it benefit them to evaluate the market trend and
customer taste and preference. Moreover, it also assist firm to allocate the required resources at
optimal manner which lead them to maximise the wastage of product that raise Sainsbury
overall operational productivity at global pace.
Henceforth, the above explained role of innovation management help Sainsbury to carry
out its managerial and operational function at internal level in an improved manner. This is