(DOC) Why is Innovation Management Important in Business Download

Running head: MANAGING INNOVATION IN BUSINESS
MANAGING INNOVATION IN BUSINESS
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MANAGING INNOVATION IN BUSINESS1
Executive Summary
Innovation refers to the effectiveness of creating new ideas, process and products so that
the particular business organization can in a way implement new business ideas into the business
by improving the dynamic product (Hinterhuber and Liozu, 2017). The innovation can also act as
a catalyst which will help the business grow and adapt according to the market demand of the
customer. The main aim of the research paper is to conduct an innovation audit of Dyson to
examine Dyson innovation history; the present level of innovation activities; and the future
innovation requirements.
This report is subdivided in three section firstly, the Organization and its Innovation
History secondly, the Organizations existing Innovation Performance and Capabilities and lastly,
the Industry in 2019.

MANAGING INNOVATION IN BUSINESS2
Table of Contents
Executive Summary.........................................................................................................................1
Introduction......................................................................................................................................3
Purpose of the report & structure.....................................................................................................3
The Organization & Industry Overview..........................................................................................4
The Organization and its Innovation History..................................................................................4
The Organizations existing Innovation Performance and Capabilities...........................................5
The Industry in 2019......................................................................................................................10
Gantt chart.....................................................................................................................................11
PESTLE Analysis..........................................................................................................................11
SWOT analysis..............................................................................................................................12
Porter’s 5 forces.............................................................................................................................13
Conclusion.....................................................................................................................................13
References......................................................................................................................................14

MANAGING INNOVATION IN BUSINESS3
Introduction
Innovation is termed as the process of creation, development, and as well as the
implementation of the new product in the particular business(Hinterhuber and Liozu, 2017).
Innovation is not only limited to the development of various types of products but also includes
innovation in providing services to the customers of the company. According to government of
New Zealand Innovation is the successful implementation of the ideas so that the particular
company can gain a competitive advantage over the others in the market. However according to
the author Bissacot, Endo and Ruszel, (2019) innovation is termed as the successful exploitation
of new ideas in to the business process.
Dyson Ltd is a British technology based company that was established in UK by Sir
James Dyson in the year 1991. The company is known for designing and manufacturing various
types of household appliances such as vacuum cleaners, all types of purifiers, hand dryers,
bladeless fans and many more objects. Back in the year of 1974 James Dyson was working with
various types of bag handled vacuum cleaners which used to get clogged with dust in the first
place. There was found a layer of dust underneath the layer of bag. Frustrated with the work he
had decided to make a vacuum cleaner which will work with various types of power coating
technologies without any kind of bag for storing the dust sucked.
Purpose of the report & structure
However the main purpose of the research paper is to describe the innovations led by
Dyson till date and for the future existence of the company in the market along with the
competitors. The paper will first examine the previous history of Dyson and will discuss the
future proceeding with the innovative ideas in the business. The paper will thus be arranged

MANAGING INNOVATION IN BUSINESS4
under three major sections which will be the first section like discussing the organization future
and history. The second part of the paper will be dealing with the list of innovation existence that
is boosting the company to perform better with the resources involved. The last section will be
dealing with the recommendation to the industry for a better future operation.
The Organization & Industry Overview
The company is best known for its industry best vacuum cleaner. Dyson also is known
for selling its best award winning hair dryers, bladeless fans and many more household products.
The company was founded by the British entrepreneur James Dyson in the year of 1991 and it
has consistently dealt with various types of innovation factors in the industry it has been working
with.
The Organization and its Innovation History
James Dyson had founded the company in the year of 1991 from when the company has
subsequently found out innovation from various type of things and unexpected sources of
development. The Dyson vacuum cleaners which are known for delivering the best in the market
was first invented by Dyson which has in the present date eliminated the use of filtered vacuum
bag in the first place. Dyson released its first product in 1938 as Dyson V11 the first cord free
vacuum cleaner in market. With this in the year 1948, the company noticed that air filter in the
vacuum cleaner was constantly getting clogged so he designed and built an industrial cyclone
tower in it which removed dust particles from the vacuum cleaner. In 1991 the company
launched its first washing machine the CR01 contrarotator which used two drums instead of one
and provided clearer washing. In 2009 the company manufactured bladless Dyson Air multiplier
which works by drawing air from beneath.

MANAGING INNOVATION IN BUSINESS5
The strategy stamen of Dyson is that it delivers opportunity to new generation of
engineers so that they can develop innovative ideas and help company in building innovative
products
Regarding the future innovation of the business it can be said that the company can try to
develop and manufacture various types of electronic vehicles so that they can give a good
competition to the manufacturing vehicle manufacturing companies around the globe.
Talking about the point of leadership innovation in Dyson it can be said that the focus on
innovation is mainly reflected by the leadership style of James Dyson who has played a crucial
role in being the Chief Engineer of the company (Gautié, Majumdar and Schehr, 2019). His
transformational leadership has helped the employees of the company by offering various types
of praise, encouraging them in multiple types of needs to take difficulties in their route rather
than just being evident in the innovative process. Regarding the recent developments in few
years, it can be said that the company with the help of aerospace physics as a principle has
manufactured the first hair burner which will be delivering curls to the hair without burning it if
applied for a long time.
The Organizations existing Innovation Performance and Capabilities
When speaking about comparison with the competitors in the business it can be said that
Dyson offer various types of model to its direct competitors Hoovers. Dyson’s smaller vacuum
cleaner is generally more high end and expensive when compared with others. Other competitors
provide simple and general products to the customers. According to a research work Dyson