Managing Innovation in Business ( Pass Criteria )

Managing Innovation in
Business ( Pass Criteria )

EXECUTIVE SUMMARY
This project summarises innovative practices which are undertaken by managers of Aston
Martin for making their business operations successful. This project report also demonstrates an
understanding regarding automobile industry and their future innovative capabilities in order to
access existing competitive advantage of Aston Martin. This also highlights innovative
capabilities of Aston Martin which assists them in bringing innovation in an effective manner.

Contents
EXECUTIVE SUMMARY.............................................................................................................2
Contents...........................................................................................................................................3
INTRODUCTION...........................................................................................................................4
MAIN BODY..................................................................................................................................4
Ascertaining the future of industry in 2022 and beyond.............................................................4
Innovative requirements of organisation in 2022 and beyond.....................................................6
Evaluation of future innovative capabilities for the organisation..............................................11
Discuss the Use of Knowledge Transfer through Cross-Functional Co-operation...................18
Gantt Chart.................................................................................................................................19
CONCLUSION..............................................................................................................................20
REFRENCES.................................................................................................................................21

INTRODUCTION
Managing innovation encompasses varied activities that are essentially required for
introducing a new product, process and service (Biemans, 2018) . It comprises of idea
development, strategy formulation, prioritization of tasks in an effective manner. Capabilities is a
broader concept which defines the abilities as well as resources which are needed by an
organisation for managing innovative practices. In order to manage innovative practices in a
strategic manner, it is needful for organisations to critically access their structure, process and
infrastructure of an establishment. It is important for organisational managers to work in a team
for bringing more innovative practices in order to prioritizing varied tasks as per the dynamic
environment. In order to better understand of innovation management, Aston Martin is is taken
into consideration. Aston Martin in an UK based manufacturer corporation which essentially
deals in luxury sports cars as well as grand tourers.
This project report demonstrates an understanding on how leaders convince their
employees for accepting the changes that came due to innovative practices. It also perform a
critical evaluation in relation to significance of organisational knowledge for assessing their
innovation capabilities as well as blockages that can hamper their planning. This report aims to
develop an innovation road map while assessing innovative capabilities of an organisation.
MAIN BODY
Ascertaining the future of industry in 2022 and beyond
From past few years, automobile industry has seen a drastic changes and planning to
move from conventional engined to automated and electrical vehicles. Apart from automation,
they are delving into sustainable practices in order to attract more customers towards their
brands. It has become imperative for organisations in automotive industry to develop electric
cars for reducing the carbon emission in a strategic manner (Bonesso, Cortellazzo and Gerli,
2020). Automobile industry focuses on adopting technological variations as well as sustainable
practices because of increased air pollution as well as rise in prices of fossil fuels. In order to
adopt technological disruptive models, automobile industry have also initiated to adopt artificial
intelligence in order to develop their operations successfully. With the help of this, organisations
have improved their practices like vehicle inspection as well as manage their fleets in an
effective manner.

Aston Martin has also planned to introduce a range of electric cars by 2025. They are also
planning to launch their new models with the feature of electrified powertrain by 2026 (Aston
Martin Is Going Electric, Launching Its First EV in 2025. 2022).
In 2022, UK automobile industry has been facing issues related to income squeeze,
supply problems in chips and rise in interest rates. Officials of Society of Motor Manufacturer
and Traders, United Kingdom has said in one of their statement that they are forecasting an
increase of 15% in their sales revenue but it was below 18% as compared to period of corona
pandemic (UK auto industry cuts 2022 sales forecast due to income squeeze. 2022). Apart from
sales unit, production level of organisations operating in automobile industry has significantly
decreased.
It has been assessed that in March 2022, production is decreased by 28.5% as per
statistics report (UK - Automotive Production volume, 2022. 2022). After raising from global
pandemic, production in automobile industry is still suffering from tremendous losses. Even
recovery in this sector has not began till yet, companies face problems like escalating energy cost
and high prices in supply of chip. It is needed to take urgent action in order to transfer focus of
companies towards electrified vehicles. Varied actions needed to be taken for safeguarding
differential jobs as well as livelihood of people working in automobile industry of UK. Graph for
showing car production at UK in 2022 is as follows: