Managing Innovation in Business

MANAGING INNOVATION
IN BUSINESS

EXECUTIVE SUMMARY
Managing innovation in the business is the most essential thing in this highly competitive
world. The major reason for this fact is that there are many different changes taking place in the
business environment and the consumer preference. Thus, for coping up with the changes taking
place in the environment company has to make innovation in their product and services. This is
essential as this will assist company in managing the working and operations of company in a
great manner. For this Marks and Spencer has undertaken a research for analysing the trends in
the retail industry. This was necessary as company operates in the retail industry and if they will
not work in accordance with the retail industry trend must be followed. Further with help of
comparison of industry and capability of company the innovation was identified. The innovation
which was decided by company was implementing the machine learning for demand forecasting.
For this the nine stage process was used which was depicted in the roadmap provided.

Table of Contents
INTRODUCTION...........................................................................................................................4
THE FUTURE OF INDUSTRY 2020 AND BEYOND.................................................................4
ORGANIZATIONAL INNOVATION REQUIREMENT 2020 AND BEYOND.........................5
Building future innovation capabilities for organization............................................................7
Devising plan of action or roadmap............................................................................................7
Planning and implementation......................................................................................................9
Outlining various steps................................................................................................................9
CONCLUSION..............................................................................................................................12
REFERENCES..............................................................................................................................13

INTRODUCTION
Managing Innovation in Business can be understood as one of the most important
concept raising within global retail industry where companies are focusing to bring on wider
new functional innovation in order to bring diverse change. The retail industry within UK is
widely competitive, where M &S is one of the biggest growing fashion company serving
customers with best cloths of latest trends, services exploring within high varieties and new
specialised parameters. The report will be discussing key innovation requirements within 2020
for company to be competitively diversified and strongly bringing on new functional synergy by
technically exploring various new technology implementations. It will be analysing in detail
assessment of business capabilities of M&S within industry scope and for gaining consumer
goodwill onto wider levels by comparison of various technical elements with innovation.
There will be analysis of how current status of business versus new requirements pertaining
industry and consumers business market scenarios are highlighted for future improvements for
gaining stronger revenues in business. It will be focusing on how M&S can work on its
technology innovation among varied scenarios and how competitive growth within new
working scenarios can be actively planned within competitive industry levels. M&S business
capabilities in building various new future innovation capabilities for growth, within new
technical growth goals will be researched and analysis put forward for new strategies and larger
segments exploration (Crowle and Bourke, 2018.
THE FUTURE OF INDUSTRY 2020 AND BEYOND
Marks & Spencer operated in retail industry, where they manage their business functions
and operations in effective manner. Organization by following current trends is satisfying
customers successfully, which in return make them able to retain potential buyers for longer
period of time and gain attention of new consumers. It can be said that, by considering and
focusing on the future trends within industry, M&S will increase their profitability and sales
rather than before. It will help them to gain competitive edge and enhance customer’s base even
better. Usage of advanced technology is in trend, which make firm able to reach at target market
and drives their business towards gaining top position in whole industry. E-commerce is one of
the trends that company can use in context of selling products or services in market, where