Innovation in Business and Technology

This report explores the concepts and theories of innovation in business and technology, with a focus on Williams Ltd. It discusses the use of disruptive innovation and business model innovation to enhance the value of the organization. Additionally, it explores the application of web-based technologies to create an innovative front-end website for Williams Ltd. The report also provides recommendations for stakeholders.

Innovation in Business
&
Technology

Table of Contents
INTRODUCTION...........................................................................................................................1
1. Demonstrate critical knowledge and understanding of concepts and innovation theories to
enhance value of business......................................................................................................1
2. Apply web based technologies to create innovative front end website. Discuss web based
technology solution for Williams Ltd.....................................................................................4
INTRODUCTION
Innovation refers to creative thoughts, new ideas and new imaginations in form of
method or device. It is defined as a process which involves various activities to identify different
ways for doing things (Abdelkafi, Makhotin and Posselt, 2013). Innovation in business and
technology is related with doing creativity in terms of technology by which growth of business
can be increased. This report is based on Williams Ltd which is a retail business and deals in
accessories and clothing. They are further looking forward to expand their business into online
market space by using innovative ideas. This report comprises of theories of innovation which
will enhance value of organisation. Web based technology is used for creating innovative front
end 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 to
enhance value of business.
Innovation is defined process of making changes in existing production and distribution
methods, it includes introduction to new products, new techniques, new inventions, new sources
for production of existing products and many others. In this Williams Ltd is taken into
consideration to understand concept of innovations in business and technology. As per
advancement in technology management wants to shift into online market space so that they can
stand up with market. There are different innovation theories and concepts, some of them which
can be used by management of Williams Ltd are mentioned below:

Disruptive innovation: It refers to introduction of services and products within industry
by which they can perform in better way and provide those services at low cost, thus displace
market leaders within market space by transforming industry. Concept of this innovation was
proposed by Clayton Christensen in 1995. It basically refers to concept which creates new value
network 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 by
bringing 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 JDK
1.7) which may seem more appealing to subset of customers. Williams Ltd can make use of
latest technology by which they can stand different among other competitors. In some cases,
small organisations release new technology which can be inferior to that of large organisation but
focus of that technology is to provide customers with high convenience and low prices. With
passage of time, new technology will improvise to handle more demands. Large organisations
think that small organisations are making space for themselves at low end of market. This
disruptive innovation can be used by Williams Ltd very rarely. As management needs to
understand that disruptive innovation is not a tool but a force. By using this there is no predictive
power (Boons and Lüdeke-Freund, 2013). By using this theory, Williams Ltd can opt for
advanced version of any technology so that they can beat other competitors within market. This
theory is used by them as they can present their existing products in enhanced way. Consider an
example like shirts are provided by many retailers but by using animations in their website they
can fascinate more number of customers and they can also provide options for customised shirts.
Advantages: There are certain advantages of disruptive innovation, they are mentioned
below:
 It will assist Williams Ltd to expand their market via usage of market via innovations in
new and existing services or products.
 Opportunities will be present to them which will open door for possibilities for new
platform which will enable them to grow.
 Williams Ltd will evolve as learning community which will welcome alterations rather
than fear to take risks.
Disadvantages: There are certain drawbacks, which of this innovation, so it is necessary for
Williams Ltd needs to consider. They are shown below:

 Competitive products will be present within market. Existing products are updated to
meet the required standards. Like if Williams Ltd is about to bring their own jeans within
market, within market jeans are already available, there is nothing unique.
Business model innovation: It refers to development of new, unique concepts for
support of organisation. It represents ways in which organisation can make money. Primary goal
of this innovation is to recognise latest revenue sources by enhancing value of products and ways
in which they can be delivered by customers. Digital disruption has decreased life cycle of
business model and do innovations respectively which acts as key to financial success. This is
the reason that Williams Ltd must opt for this business model innovation, this will assist them to
remain competitive within market and attain growth (Coviello and Joseph, 2012). There are
certain advantages and disadvantages of business model innovation, they are mentioned below:
Advantages: Business innovation model will provide various advantages to Williams
Ltd, they are described below:
 Financial sustainability will be enhanced, it will assist an entrepreneur to identify how
much 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 they
need to completely depend on debt financing for their expansion. Williams Ltd can build
cash reserve which can be invested to conduct research or acquire new equipment.
 By execution of unique business model, Williams Ltd can create their own reputation
within market thereby encouraging customers to first-time purchase (Joe, 2010).
Disadvantages: Certain drawbacks are there of this innovation; they are elaborated
below:
 Williams Ltd can go out of money if they make lots of investments and do not get those
products in market within time.
 If quality of products is not maintained, then this will ruin reputation of organisation
within market.
By using these innovation model, Williams Ltd can have opportunity for growth. Though
they have certain drawbacks but nothing comes as perfect, therefore it is essential for them to
choose theory which they feel is apt for them.
2. Apply web based technologies to create innovative front end website. Discuss web based
technology solution for Williams Ltd.
Web technologies refer to package which not only addresses development of website but it also
includes software development, its maintenance, testing, database management etc. Web based
technologies are used to establish and use different mechanism by which various computers can
share resources and communicate with each other (Johannessen and Olsen, 2010).