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Innovation Theories - Assignment

   

Added on  2020-10-22

23 Pages5760 Words252 Views
INNOVATIONS INBUSINESS ANDTECHNOLOGY
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Table of ContentsINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................1Innovation Theories.....................................................................................................................1TASK 2............................................................................................................................................5Web-Based Technologies and User Experience Design Principles to create an innovativefront-end website.........................................................................................................................5TASK 3............................................................................................................................................9Identification and evaluation of impact that future disruptive innovations may have onWilliams Ltd................................................................................................................................9Formulating and evaluating an innovation strategy for a new technology-based product orservice venture...........................................................................................................................10TASK 4..........................................................................................................................................12Application of web-based technologies and user centred design approach...............................12Consequences of technological innovation and its impacts on society, environment andpolitical agendas.........................................................................................................................16CONCLUSION..............................................................................................................................16REFERENCES..............................................................................................................................18
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INTRODUCTIONInnovation is an integral part of organizations in the present case scenario. An individualor corporation can implement innovation in the marketplace by successfully implementingbusiness idea regarding an existing or new product or service that would induce formation ofnew needs and markets (Biemans, 2018). Rapid increase in accessibility to technological knowin recent years developed innovation as a critical key in determining the success or failure of anorganisation. Williams Ltd. is a small retail business that wants to move into online market spaceby launching a website in order to transform itself into an innovative organization. This report introduces critical evaluation of innovation theories and their role inenhancing value for businesses.It aims to demonstrate the applicability of web-based technologies and user-experiencedesign principles in the context of Williams Ltd. Thereafter, recommendations are made tosenior stakeholders that mainly reflect on the consequences technological innovations in the lightof society, environment and political agendas.TASK 1Constant changes in business environment have led to an advent in business competitionin various sectors, pushing business houses to adapt to such changes by coming up withinnovative ideas.Thus, companies have shifted from simplified profit making business processesto those that are enabling the organization's to grow sustainably as well as enhancing capturingvalue. Creating Value through innovation is an integral part of an organisation's success today.Innovation TheoriesSimilar to other models, concept of innovation has also undergone some changesregarding its meaning, framework and application in different situations. The objective ofbusiness innovation is to create, deliver and capture value through implementation of innovativestrategies and business processes in the organisation. Here, creation of value is mainly concernedwith feasibility whereas deliverance of such value is concerned with interest generation amongthe target audience (Bouda, 2012). Lastly, Value Capture is related to the profitability, scalabilityand repeatability of product or service offered to the customers, both potential and existing.Some of the main innovation theories have been given below which are suitable for Williams1
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Ltd. in achieving its goal of transforming into an innovative organisation by entering into thenew web market space:Incremental and Radical Innovations Model: This theoretical framework of innovation model bifurcates innovations into two maincategories viz. incremental and radical. The Incremental innovation says that the phenomenon ofinnovation results in formation of new product offerings in a business based on the extension ofcurrent knowledge resources of the firm. This concept focuses mainly on competenceenhancement of the organisation (Corsi and Di Minin, 2014).Illustration 1: Incremental Innovation, 2019(Source: Incremental Innovation, 2019)In the context of Williams Ltd., the retail business already owns two high street stores,mainly dealing in the clothing and accessories segment (Incremental Innovation, 2019). It wantsto expand to the online market space by creating, delivering and capturing values throughidentification of various enablers of innovation. This is achieved by creating a customizedbusiness model on the basis of knowledge gained on their customers and industry trends.Williams can adapt its existing business model with online market space requirements in termsof collaboration, syncing capabilities, human resources, knowledge, strategies and time. Sinceonline market space requires time-efficient business models in terms of order placement,approval and delivery, it is important to ensure that the online retail industry requirements inregards to the business environment are duly met with.Hence, instead of extending their existing business model and related processes, Williamscan undertake a business model innovation which will not only result in value creation but alsoincrease the profitability and scalability of Williams by acting as an enabler for becoming an2
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innovative organisation. It is important to understand that an enabler is one which is helps infacilitating innovation in a firm. On the other hand, Radical Innovation is related to the substantial changes in the productofferings of the business which are superior to existing product line of the business both inquality as well as in usage (Dawson and Andriopoulos, 2014). This type of innovative change,usually, results in rendering the existing products non-competitive, as their new counterparts aremuch more technologically advanced. Hence, it is a competence destroying concept whichrequires new knowledge and heavy investment in research and development projects.Illustration 2: Radical vs. Incremental Innovation Model(Source: Radical Innovation, 2019)To a certain extent, Williams Ltd. can harness the advantages of this innovationframework (Radical Innovation, 2019). As all products sold offline cannot be sold in the similarway to the online market audience, Williams Ltd., as a small retailer can introduce new productsin clothing and accessories segment or add new product segments to online market platformwhich they have not yet started to sell offline as a supplementary product to their main productline. This would help them in gaining more attention online leading to increased sales revenue.3
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The main enabler here would be product innovation strategy that is adopted by the business toanalyse and introduce new or supplementary product line to that of their existing productofferings. In addition to this, the online retail business model can be subscription based inregards to the website offered. This would ensure customer lock-in through leveraging ofexclusive products provided by Williams to its subscriber base. Disruptive Innovations: One of the most significant theories of innovation, the Disruptive Innovation Model talksabout pioneering new ways that help in creation of new markets and capturing value networksthat eventually result in an interruption of existing markets and value networks over a definitetime period (Johannessen, 2013). For any small size retail business which is primarily working on a well-establishedoffline business model, a website launching is an innovation in itself. The main reason for this isthat maintaining a website as well as an offline store can result into huge losses, if not executedproperly. One of the innovative strategies that Williams can adopt in its online business model isrelated to the point system and customer experience. Although, one can argue that point systemis quite common these days, for a small business enterprise working in the retail sector, it maynot be the case in entirety. This is due to the fact that mostly large retail websites tend to fosterthe idea of having a website and small size retail firms tend to avoid them due to heavymaintenance costs involved in them. The retail business can implement a progressive point-basedsystem to encourage customer loyalty and lock-in for Williams. From progressive it means thatbased on the price, quality and demand or supply of the product, luxurious or high-end clothingand accessories can have more points and lower price segments can have a lower point value.Whenever a purchase is made online by an existing offline or online customer or a new websitevisitor, the company can allot them a relevant point value to their log-in accounts which wouldbe redeemable in future on certain sales or at a particular point of time in future (DisruptiveTechnology, 2019).4
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