Innovation in Business and Technology

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: