Managing Innovation in Business

This report discusses managing innovation in business, covering topics such as the future of the industry, innovation requirements, building future innovation capabilities, knowledge management, leadership, and maintaining healthy relationships with stakeholders. The report focuses on Dyson, a multinational technology corporation that provides household appliances, and provides insights on how the company can gain a competitive advantage in the market.

Managing Innovation
in Business

Contents
INTRODUCTION...........................................................................................................................1
MAIN BODY...................................................................................................................................1
The future of the industry 2022 and beyond ...............................................................................1
The organisations Innovation Requirements 2022 and beyond...................................................2
Building the Future Innovation Capabilities for the Organisation...............................................3
Transferring Knowledge in the workplace and Knowledge management ..................................4
Organisational Leadership, Culture of the workplace and Climate ............................................4
Maintaining healthy relationship with the stakeholders .............................................................6
Change Management strategies and issues to overcome various challenges .............................6
CONCLUSION .............................................................................................................................7
REFERENCES................................................................................................................................9
Books and Journals......................................................................................................................9

INTRODUCTION
nnovation refer to the process which helps the organisation to innovate new ideas and offer
better quality products to the consumers. There are various process and strategies which the
organisation could implement in order to transform the business operations. The company could
gain a competitive advantage in the market (Fitzmaurice, 2018). Dyson is a multinational
technology corporation it provides household appliances which includes vacuum cleaners, dryers
etc. It was established by James Dyson in 1993. The report aims to analyse about understanding
future of the industry. On the other hand, in this report there will be brief discussion about the
innovation requirements which helps the company to attain a sustainable performance in the
desired industry. Along with that, there will be assessment of the critical factors which helps the
organisation to build the future with new innovative ideas. For further instance, there will be
evaluation about how the leaders can successfully achieve their desired goals in the market.
MAIN BODY
The future of the industry 2022 and beyond
With the changing market conditions, the household industry has seen an immense growth
in the market of UK. The organisation has been able to achieve their goals and objectives by
following a systematic process in the workplace (Snihur, Zott, and Amit, 2021). Most of the
organisation offer quality products to the consumers to attain maximum customer satisfaction.
The household industry offers various products which is beneficial for the customers to simply
the activities in their day to day life. Dyson is one of the major leading corporation which offers
household appliances like vacuum cleaners, hair dryers, desk fans etc. They had seen an
exponential growth in the recent years. The organisation has reported revenues of 5.7 billion in
the recent years. They had managed to acquire a huge share in the market. UK is one of the most
developed country all across the world. There is growing needs of the products in the market.
With the new emerging trends there are various customer needs and the preferences are changing
every day. In UK the standard of living of an individual is increased at an efficient rate. The
Covid 19 pandemic has impacted the lives of various individuals. Due to this most of the
consumers prefer hygiene in their houses. There is an increasing needs of the household products
in the market. The organisation can improve their services in order to fulfil the needs and wants
of the customers (Hu, Mai, and Pekeč, 2020). Dyson needs to understand the market trends more
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effectively. They had to bring new innovative ideas top gain a competitive advantage in the
market. There are various factors which could help the organisation to perform better in the
industry are mentioned below:
 Opening Online Stores – With the evolving market conditions the organisation is
shifting their business to online means. Dyson has already been established in the market
the company needs to focus on their websites. They can provide a never imaging
experience to the customers (Biazzo, and Filippini, 2021). It will help them to grow their
business in a systematic manner. With the help of digital payment, it is perfectly suitable
for various consumers in the market. They could gain a competitive advantage in the
industry by providing these effective services. They can improve the areas of their
operations and customers can buy the product from various other regions.
 Offering High Quality Products – The organisation needs to understand the new
emerging trends of the market. Most of the consumer needs durable and high quality
products. The main purpose of the organisation is to fulfil the customer needs and wants
in order to generate maximum profits in the market. Dyson is already providing the
quality products to the customers. They need to offer the products at affordable rate
which could help them to attract more potential customers in the industry. They will be
able to achieve sustainable performance for a longer period of time.
The organisations Innovation Requirements 2022 and beyond
Innovation comes in the workplace by creating innovative ideas which could help the
organisation to achieve the goals and objectives effectively. The management of Dyson needs to
include various technological factors in the company to optimize their overall performance
(Saura, Palos-Sanchez, and Correia, 2019). With the help of various strategies and frameworks
they can attain an overall improved performance. In this the company can certainly become
better from their competitors. Dyson could use the Pentathlon framework of innovation in which
the company could capitalise on various opportunities and overcome different challenges. The
main purpose of the organisation and innovation requirement 2022 and beyond can be fulfilled.
There are three essential stages in this framework which are discussed below:
 Ideas – There are various innovative ideas and thoughts which could arises in the mind
of an individual. This is simply called the first stage of this innovation framework. Dyson
is already capitalising on various new opportunities. This framework will boost the
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overall process in an effective manner. The organisation already providing the products
which fulfil the consumer essential needs in day to day life. They can use various
strategies and approaches and the management can take suggestions from the employees
to implement various ideas in the workplace. This could help them to attain a serious
growth with the overall changing market conditions. To improve the target audience, they
can lower the prices of the product which could help them to attract large customers.
They could improvise their line of operations in an effective manner.
 Selecting and prioritizing – This is the second stage in this innovation model the
organisation can plan and implement various ideas to improve the overall performance of
the workplace. The main vision of Dyson is to enrich the lives of customers with their
new products and services. The management needs to carry out the operations smoothly
in the workplace. They need to transform their products and their way to providing
services. The organisation can optimize the resources effectively and achieve greater
performance in the market. With this new era of digitalization, they can boost the sales
and make their services more customer oriented in every manner. The management needs
to evaluate every important aspect while making the decisions. It needs to be a systematic
process.
 Implementation - It refers to evaluate every detail of the plan and implement it
effectively in order to achieve the goals and objectives in the market. The current
management of Dyson is implementing various technological advancements in the
workplace to achieve an overall growth in the organisation (Sharmelly, and Ray, 2021).
They need to follow a structure in which the leaders influence the workplace to improvise
the productivity to attain the targets. They can use various methods like promotion and
recognition to improve the efforts of the employees. With the help of digitalization, they
can manage the activities and the working operations. The organisation can provide better
quality products to the consumers by implementing the strategic ideas. By adopting the
changes, they can achieve a greater performance in the market and offer better products
and services.
Building the Future Innovation Capabilities for the Organisation
Innovation is dynamic process the organisation needs to adapt it effectively. With the
evolving market conditions there are various new opportunities on which the company could
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capitalise (Bushuyeva, Bushuiev, and Bushuieva, 2019). The management can transform their
thinking in order to achieve the goals and objectives in s systematic manner. In accordance to
Dyson the management needs to assess various factors. There are various capabilities of this
company such as business forecasting, effective planning etc. There are various capabilities
which the organisation can Build in future are mentioned below:
Transferring Knowledge in the workplace and Knowledge management
Transferring of the effective ideas and knowledge in the workplace can help the company to
function better at different levels. In accordance to Dyson. There is a systematic process which is
established in the workplace. Knowledge management can help them to structure better their way
of doing operations. With the help of this the documents can be passed by on at different levels
of management. They can view it accordingly in a systematic way. With the help of relevant
information, the leaders of Dyson can create new innovative ideas to improve the overall
performance and growth in the market. They are various significant changes which the
organisation could apply to provide maximum customer satisfaction. They can improve their
overall efficiency with this method and achieve sustainable performance in the market.
On the other hand, Knowledge sharing is the way giving new suggestions and ideas to
each individual in the workplace. Passing the knowledge can help the individual to perform
better and carry out the operations smoothly in the workplace. In accordance to Dyson,
management and the workforce has various capabilities and skill set (Gasparin, and et.al 2021).
The management and the workforce are looking in one direction and developed a cordial
relationship to work systematically. This tool generally helps the company to build their
sustainable future. With the process and tacit knowledge, the management can involve the
employees of the workplace to make effective decisions. With the changing market conditions,
the workforce of Dyson has to improvise their productivity in order to provide quality products
to the consumers. Knowledge sharing could play a significant role it will help the organisation to
understand various stages of the market effectively. They can innovate new ideas to attract
potential audience in the industry and able to achieve sustainable performance.
Organisational Leadership, Culture of the workplace and Climate
Organisational culture creates a major impact on the performance of the workplace. It is
the beliefs, values which the company could apply to achieve various targets in the market. To
understand the culture better Handy’s cultural model could be established. This model was
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developed Charles handy in 1996. The first component is power culture in which all the
authorities pass on various orders and rules. They are decisive with the regulatory power. The
employees need to fulfil the order in an effective manner. The next culture is task culture in
which the organisation form various teams to achieve the inherent goals and objectives in the
market (Ritzén, 2019. Al Zaabi, and Hassan, 2019). They need to maximize the productivity and
the leaders measure the performance. The third culture is person culture in this the employees
work with the feelings a to achieve a status in the company. They follow all the rules and
regulations which are given by the top management. The last and final culture is role culture in
which the management allocates the work as per the designation. They asses various qualities
and provide the work to the employees as their position. In relation to Dyson the follow the role
culture in which all the duties are divided to the employees on the basis of their performance.
This helps the corporation to achieve the goals and objectives in a systematic manner. Through
this the workforce of the organisation deliver appropriate results and this culture supports the
future innovation. It could help them to grow at an efficient rate in the market.
Leadership is the ability to influence the individual they manage all the operations in the
workplace (Szutowski, Szulczewska-Remi, and Ratajczak, 2019). The main work responsibility
of the leaders is to help the employees and overcome different challenges which arises in the
workplace. They had to create a healthy working environment in which all the staff help the
organisation to achieve an overall growth in the market. In relation to Dyson, the leaders help the
workforce at various difficult situations. The organisation uses transformational leadership in
which they motivate the employees and help them to attain the goals and objectives in an
effective manner. The management also follows a democratic leadership approach in which they
involve the employees while making the important decisions of the workplace. The company can
improve their overall performance by fulfilling the goals and objectives in a systematic manner.
This is one of the most important innovation capabilities.
Organisational Climate relates to the working environment which the organisation is
providing to the employees (Kavadias, and Hutchison-Krupat, 2020). By following the right
code of conduct, ethics and values the organisation provide better opportunities to the individual.
There are various innovative solutions on which the organisation could capitalise to perform
better in the market. Dyson adapts with the new evolving trends the organisation provides a
healthy working environment to the staff and workers. The individual can achieve a systematic
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growth by improving their efforts. This is one of the most crucial learning ability which
influence the people. The organisation could innovate various new ideas with the capabilities in
the future.
Maintaining healthy relationship with the stakeholders
The organisation needs to maintain healthy relationship with the stakeholders. They need
to maintain a positive brand integrity in the market. There are various stakeholders of Dyson
corporation. It includes various customers, stakeholders, employees etc. They are investing a
huge amount in the company (Tidd, and Bessant, 2020). The management needs to maintain a
healthy relationship with the stakeholders/. Due to their investments they are using the resources
in an effective manner. The utmost duty of the corporation is to achieve greater results it could
be beneficial for them. With the new technological advancements, the organisation can improve
their way of doing the operations. The main aim of Dyson is to enrich the lives of customers by
providing quality products. The management is planning to improve their operations and also
provides the products through which the society can be benefitted. With the changing market
trends they can make the business established in various other regions. It will help them to boost
the sales and generate more profits. The organisation must ensure that the operations is carrying
out in a systematic manner. Dyson needs to show the unique capabilities which makes them
different from other companies which are present in the market. This could help them to attract
more investors through the company can grew their operations at an effective rate. They had to
think effectively by evaluating all the factors and minimize the impact of loss. By complying all
these ethical values, they can achieve the vision of enriching the lives of customers with the
products and services.
Change Management strategies and issues to overcome various challenges
There are various change management issues, policies which could help the organisation to
function better. With the new technology and methods, the company could transform various
new ideas and achieve greater results in the market (Santarsiero, and et.al 2021). One of the main
issue in Dyson in that the organisation needs to establish an effective communication in the
workplace. There are various conflicts which are happening in the company due to this scenario.
In order to solve this problem there are various strategies which the organisation could
implement in the workplace are mentioned below:
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The Lewin change model can be placed in the workplace which help Dyson to overcome
different challenges. This model was developed by Kurt Lewin back in 1940. There are three
stages in this model which are discussed below:
 Unfreeze – In this particular stage the management of Dyson can inherent various
changes in the workplace. They can help the employees to deal with the new changes
which are established in the organisation. The leaders need to develop effective
communication with the employees. This helps the organisation to inherent the change
systematically in the workplace.
 Change – In this stage the management can bring the effective change which they are
planning. There are various factor which the management has to evaluate while doing the
change in the workplace (Biemans, 2018). This phase helps the organisation to bring new
objectives and targets in a systematic manner. Dyson management works in a effective
manner but the company needs to follow a path. In this the employees and the
management visons works in appropriate manner in order to achieve the goals.
 Refreeze – After sometime the workplace is comfortable with the new change the
organisation can ease up the process. Most of the employees are absolutely ready for the
refreezing. In this stage the leaders of Dyson can ask the employees about the new
changes and take various suggestions to improve the change which is established in the
workplace.
CONCLUSION
From the above report, it has concluded that the organisation needs to adapt with the new
techniques and strategies in order to achieve the goals and objectives in the market. On the other
hand, there will be discussion about the culture and the process which could improve the overall
performance of the company. It is necessary for the management to innovate new ideas with the
new dynamic trends. They can offer better services to the customers by providing the quality
products in the market. Along with that, there will be brief discussion about the change
management strategies and the Lewin model which could help the company to implement
various changes in the workplace effectively. All these changes could help the organisation to
help the employees to being familiar with the new changes. For further instance, there will be
brief discussion about various effective factors on which the company could capitalise to
perform better in the market. It includes leadership qualities which needs to be implement in the
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workplace. It helps several employees to in various difficult situations. The leaders must work
effectively with the process to motivate the employees and increase the productivity. This could
be beneficial for the company to achieve the goals and objectives in a systematic manner. In this
report it has also analysed that maintain healthy relationship with the stakeholders is a positive
factor for the company. It has also analysed that knowledge management can help the company
to pass on various ideas and skills in an effective manner. This could boost the operations in
sales of the organisation and they can improve the business in various other regions in the
market.
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REFERENCES
Books and Journals
Al Zaabi, J.A. and Hassan, H., 2019. Managing innovation through leadership and culture: The
mediating role of organizational commitment (Doctoral dissertation, Abu Dhabi
University College of Business).
Biazzo, S. and Filippini, R., 2021. Managing Product Innovation: A Framework. In Product
Innovation Management (pp. 21-39). Springer, Cham.
Biemans, W.G., 2018. Managing innovation within networks. Routledge.
Bushuyeva, N., Bushuiev, D. and Bushuieva, V., 2019. Agile leadership of managing innovation
projects. Innovative technologies and scientific solutions for industries, (4 (10)), pp.77-
84.
Fitzmaurice, L.C., 2018, June. Managing Innovation at the Source: Investing in Basic Research.
In ISPIM Innovation Symposium (pp. 1-11). The International Society for Professional
Innovation Management (ISPIM).
Gasparin, and et.al 2021. Business as unusual: A business model for social innovation. Journal
of Business Research, 125, pp.698-709.
Hu, B., Mai, Y. and Pekeč, S., 2020. Managing innovation spillover in outsourcing. Production
and Operations Management, 29(10), pp.2252-2267.
Kavadias, S. and Hutchison-Krupat, J., 2020. A framework for managing innovation. In Pushing
the Boundaries: Frontiers in Impactful OR/OM Research (pp. 202-228). INFORMS.
Ritzén, S., 2019. Managing Innovation for Circular Industrial Systems. In Sustainable Business
Models (pp. 181-209). Palgrave Macmillan, Cham.
Santarsiero, and et.al 2021. Modelling and managing innovation lab as catalyst of digital
transformation: theoretical and empirical evidence. Measuring Business Excellence.
Saura, J.R., Palos-Sanchez, P.R. and Correia, M.B., 2019. Digital marketing strategies based on
the e-business model: Literature review and future directions. Organizational
transformation and managing innovation in the fourth industrial revolution, pp.86-103.
Sharmelly, R. and Ray, P.K., 2021. Managing resource-constrained innovation in emerging
markets: Perspectives from a business model. Technology in Society, 65, p.101538.
Snihur, Y., Zott, C. and Amit, R., 2021. Managing the value appropriation dilemma in business
model innovation. Strategy Science, 6(1), pp.22-38.
Szutowski, D., Szulczewska-Remi, A. and Ratajczak, P., 2019. Managing innovation processes
in industrial sector. Qualitative study. Economic research-Ekonomska istraživanja, 32(1),
pp.282-300.
Tidd, J. and Bessant, J.R., 2020. Managing innovation: integrating technological, market and
organizational change. John Wiley & Sons.
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