Innovation Management Strategies and Business Models

This assignment explores various innovation management strategies and business models. It discusses the importance of balancing subsidiary influence in a federative MNC, managing innovation through co-production in interfirm partnering, and the role of organisational commitment, culture, and leadership in innovation. The document also provides references to books, journals, and online resources that offer insights into innovation management techniques.

Managing Innovation
in Business

EXECUTIVE SUMMARY
In this report we have covered that innovation is necessary to any of organization for its growth
and development in the industry. Invention supports hold chance and utilize it to make and
inform new beliefs, actions and goods. We have also discussed that future by 2020 and beyond
for upcoming overall translation industry. We have involved understanding artificial intelligence
and in-depth learning that make new generation of translation software. We have also included
that Machine translation software that agree for customization by field or business improving
productivity by preventive the range of acceptable replacements. These types of inventions helps
to growth and enlargement of industry in the worldwide. Furthermore, we have covered that
future innovation requirements for Translation Company that is Lingo24. We have also involved
that automated translation and artificial intelligence that help to improvement of company in the
translations industry. These technologies helps to create and develop the innovative management
and operational process in the workplace. Company have different requirements for the future
innovation such as skilled workers, training for existing employees, large amount of money,
various technology etc. that support for upcoming growth and expansion as well as becoming
competitive position in the translation industry. Moreover, in this report, we have discussed that
companies build innovation capacities of inventions by utilization of innovation road map in the
business. It is process of innovation management which Lingo24 use as strategy or business
model that changes in procedure of products and services. In this process, we have covered that
different steps such as determine purpose of innovation, identify strategic issues, integration into
operational, visualization, controlling of accomplishment of objectives and review of all steps
that support for achieving the goals of company. It offers direction for all employees in all
inventions actions, so that each and every person pulls together which named innovation access,
as an integrative components. This procedure is collected into functioning creation management
and effective relations with other subjects. Innovation road map help to relationship between top
level management as well as workers and simple communication between them, so that they are
provided the effective translation services to consumers. Therefore, company focus on setting of
parameters for innovations and review of overall process for achieving objectives of business.
Firm also directs on build capabilities for innovations in relation to high potential of sales and
success of business. Overall, innovation is the most essential part of Translation Company.

TABLE OF CONTENTS
INTRODUCTION...........................................................................................................................1
FUTURE OF THE INDUSTRY 2020 AND BEYOND.................................................................1
ORGANIZATION INNOVATION REQUIREMENTS 2020 AND BEYOND.............................2
BUILDING FUTURE INNOVATION CAPABILITIES FOR.......................................................4
ORGANIZATION...........................................................................................................................4
CONCLUSION................................................................................................................................8
REFERENCES..............................................................................................................................10

INTRODUCTION
Innovation means to modify procedures or making impressive products and thoughts.
This can implement new thoughts, making dynamic goods and improving existing services for
businesses. It can be activator for the development and success of business and aid to adapt and
grow in the market. Innovation can refer modifying business model and adapting to changes in
environment to deliver the best goods and services. It is necessary to manage innovation in
business because it set of tools to allow manager to cooperate with common understanding of
procedures and objectives. Innovation management enable to respond to outside and inside
chances of the company (Zaabi, Singh and Ajmal, 2017).It assists grasp chance and utilise it to
make and inform new thoughts, procedures and products. Innovation is rarely technological
change that execute past practice. Manager requires focusing highly on the innovative network
by leading with innovations. It needs in-depth understanding of complexness of invention. This
report is based on Lingo24. It is translation and localisation Service Company founded as online
start-up in UK. In this study, it will explain future translation industry 2020 and beyond. It will
state innovation requirements 2020 and beyond to translation company. Furthermore, report will
demonstrate building future innovation capabilities for translation firm.
FUTURE OF THE INDUSTRY 2020 AND BEYOND
Translation industry finds and translates written material and offer interpreting services
form one language to another. It is given by sector involve translation of documents, software
and websites. Translation organization will not be same in 2022. Companies see spilt in
translation technology and creative network, data factories and storytelling. In order to that,
technology will change in translation service industry (Souto, 2015).Computer Aided Translation
tools, instant communication, memories and complete glossaries just one click that has made
translator which help lives easier. In order to that, there are many upcoming trends in translation
industry. Such as:
Artificial Intelligence: Translation organizations will incorporate artificial intelligence in their
workplace to deliver precise translation faster for wider audience. Mastering artificial
intelligence and in-depth learning will make new generation of translation software. The
upcoming of language will cover more culture as the internet continues to enter in emerging
nations in the world. AI based programs will translate some words and sentences broadloom.
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They fail to do so when it comes to jokes, distinctions and ideas. Companies will have to adapt
skills to deliver customized services as improve machines.
Automated Translator: Automation will allow translation services providers to perfect
workplace and to save money as well as time with every new project. Computer Aided
Translation will aid decreasing time needed for every activity during translation procedure.
Firms will incorporate content management system to decrease turnarounds (The future of
Translation- A Look at Upcoming Trends, 2018). This software will become more non rational to
facilitate all functions during translation procedure. There are different features of this software
that companies needs to one click such as containing useful info about technical vocabulary,
easier access to all past activity to gather data, Multilingual SEO that enable to incorporate
localized keywords and updated on progress.
Machine Translation (MT): It is sub-field of process of arts that studied utilise of software to
translate text or speech from one language to another. MT acts simple substitution of words in
one language in another. Machine translation software will allow for customization by domain or
profession improving output by limiting the range of allowable substitutions. Companies will
adapt this software, because it will improve output quality and achieve by human intervention.
This software will help to solve problem with corpus statistical and speedy growing area. This
technique will assist effective in domains where formal language is used.
Demand of translation service: The demand of translation industry will increase by 2020 and
beyond. Therefore, companies will utilise different techniques and software to fulfil demand in
different nations such as French, German and Russian that are often translated from English as
source language. The translation services industry is expected to develop by 46% between 2012
and 2020. The thought behind this declaration is anticipated to be that language is important
communication tool in widen society (Herrmann and Herrmann-Nehdi, 2015).Therefore, this
industry will grow and develop by 2020 that influence of economic condition. If new market will
develop, so that it will except that translation industry will grow. This will occur while
companies will utilise various software to effective translators.
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ORGANIZATION INNOVATION REQUIREMENTS 2020 AND BEYOND
Lingo24 implement various technologies and techniques for growth and development, so
that company will require different innovations to provide effective translation services to
employees in the workplace. These inventions are such as following:
Hiring skilled employee: It will necessary to hire skilled employees for managing the
translation services by Lingo24. Firm will need to identify the abilities and knowledge about
different translation software and techniques (Wu, Lii and Wang, 2015). Therefore, it will aid to
worker for manage techniques to effective translation in the workplace. If firm will adopt the
artificial intelligence translation, so that it is necessary to worker that they have appropriate
knowledge about this technique.
Training and Development: It will need to provide training and development to exist
employees for effective translation by Lingo24. However, training help to develop ability and
understanding power to exist workers. Through it, employee will easily utilise the machines for
effective translation in the workplace (Andersson, Forsgren and Holm, 2015). Therefore,
company will require giving the innovative training and development of existing employees
which help to effective translation in the business. This also aids growth and development of the
company in overall translation industry.
Funds: It will require large amount of money for implement innovative technologies, machines
and providing the training of existing employees in the Lingo24. Therefore, company will find
the different ways to access funds from internal and external sources such as Bank loan, sale of
share, sale of assets and son on. This will help effective utilization of resources such as human
and technological by workers in the workplace.
Technology: Lingo24 will require different innovative technologies such as artificial
intelligence, machine translation etc. for providing the effective translation service to employees
as well as customer. It will help to provide translation in effective and easier manner. For
example, Lingo24 will implement artificial intelligence which help to deliver fine translation in
faster and appropriate manner for widen people (Criscuolo, Ter Wal and Salter, 2018). This will
also aid to create new generation and deliver more language as well as improve cultures.
Through training and development, employees will create innovative ideas for effective
utilization of technology in the Lingo24.
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Machinery: For Lingo24, it will require implementing machine translation system for delivering
service in effective manner. This system will help deliver accurate content to people in
innovative way. This software will connect complementary technologies in the workplace.
Therefore, Lingo24 will use this software to develop skills for delivering services to customer
such as in-depth understanding of target public. This will allow them to correct translated
information for segmented people.
Innovation-friendly management process: It will require turning innovation in whole
management process and model by Lingo24. Therefore, company will implement any kind of
procedure that impacts investment, incentives and mind-sets requires for innovation (Hamel and
Tennant, 2015). Thus, company will focus on management process which can be innovation-
friendly in the workplace. This will help to manage translation procedure and customized
services by Lingo24. For effective management process, it will necessary to responsible and
innovative leaders in the workplace. Innovative leaders will aid to create advance team, increase
creativity and develop abilities in the workplace.
BUILDING FUTURE INNOVATION CAPABILITIES FOR
ORGANIZATION
Lingo24 apply innovation road map for identify innovation requirements and building
capabilities for future of business. Innovation road map use as strategy by every successful
business. It gives orientation and focus for the future. It is the visual image of strategic objectives
and themes along time axis. This strategy tool is the map reading system and requires when
subjects are to be processed. It can be organised on basis of its objectives and location according
to different components such as trends, markets, technologies, search boxes, produce, plans and
marketing, competence development measures and so on. Therefore, there are various steps are
involved in this model. Such as:
Determining purpose of innovation:
It is necessary to define purpose of innovation road map that helps to identify future
innovation requirements and building capabilities for future. This defines centre and information
of road map by Lingo24. This step considers different elements such as trends, technologies,
products, time duration, role and integration in operational innovation management. These
specifications effect further procedure of evolving and making road map (Brunswicker and
Vanhaverbeke, 2015). With this step, identify and implement different technologies of
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translations in the workplace. If the Lingo24 clearly defined the purpose of innovation, so that
they make innovation friendly management process which help to effective control of future
requirement of training and development, utilization of resources like financial, technologies,
workforce etc. This also helps to build capacities of employees for providing the better
translation services to consumers and grow of firm in industry.
Identification and analysis of strategic issues:
It is needed to identify and analysis of strategic issues for making innovation road map.
With this step, Lingo24 identify innovation requirements as well as building invention
capabilities for future of business. This step involves different tools such as trend research and
analysis, market investigates and analysis, SWOT analysis, employee workshops and so on. The
purpose of this step is to define which subjects are essential for the upcoming of business and
have priority in innovation management (Wu, Lii and Wang, 2015). This steps also involves
such as expert interviews, employees workshops, consumers and analysis of core competencies.
With the help of it, Lingo24 identify training needs and building the capacities of their
employees for effective performance in the workplace.
Setting parameters for themes:
It is necessary to set parameters for themes according to definition in first step. The
parameters are also concreted by subject. These are time duration, priority, possible key facts for
measurement and interactions with other subjects that depending on the requirements. With this,
Lingo24 use this step for identify innovation requirements and building capabilities to innovation
for the future of business. Companies focus on building capacities for hiring the skilled
employees that help to utilization of technologies for translation in the workplace. With this,
Lingo24 identify figures of innovation for interactions with other subjects.
Management Approval and Commitment:
It is needed to be approved by the management and their commitment obtained that help
to make further innovation road map. With this, Lingo24 identify requirements of future
innovation and building invention capabilities for upcoming translation business (9 Steps to
create an Innovation Roadmap, 2018). The innovation road map is in principle the strategic basis
for invention activities in the future years. The engagement of top management is an essential
factor of success. They are the most essential promotes when it comes to implementation. In
order to that, company make efforts to create effective innovation road map, so that top
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management easily give approval for its implementation. This assists to build capabilities for
future innovation to complete requirements such as recruitment of new people, training and
development of existing workers, utilization of technologies, access funds etc. of business. This
aids to achieve goals effectively and its growth of Lingo24 in translation industry.
Visualization of Innovation Roadmap:
It is to prepare the road map graphically in next step of innovation road map. With this
step, Lingo24 identify different innovation requirements as well as building invention capacities
for future of translation business. A professional proposal by graphic designer is suggested here,
because artistic, appealing proposals can effect very highly. Lingo24 needs to focus on graphic
presentation, so that they easily identify requirement of future innovation in the utilization of
resource such as financial, technological, manpower etc. that help to provide the effective
translation services to consumer and growth of business in the industry.
Communication of Innovation Road map:
It is needed to include all workers intensively by bringing an innovation road map to life,
if possible to earn acceptance and support. Therefore, this stage includes intensive
communication. In order to that, Lingo24 apply this step for effective communication of
innovation that assists to determine innovation requirements and building its capabilities for
future for providing the translation services to employees and customer (Carayannis, Sindakis
and Walter, 2015).With this, company determine communication capacities and make efforts to
build these competences in relation to give the impressive translation services to customers.
Integration into Operational innovation management:
It is important to integrate into operational innovation management for reviving
innovation road map. It also needs vitalisation in the invention procedures. This step also helps
to identify requirements of invention as well as building its capacities for future of Lingo24 in
translation industry. The innovation road map is based for finding and evolving thoughts.
Creativity workshops can be held on daily basis for targeted collection of opinions on the base of
innovation road map (Criscuolo, Ter Wal. and Salter, 2018). The thought process also purpose to
analysis proposals based on their strategic relevance in invention road map. The whole invention
portfolio is been daily compared with invention road map. This create that invention road map is
essential strategic tool that is very powerful incorporated into operational procedures and has
impact.
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Controlling the accomplishment of objectives:
The innovation road map is utilised in aggregation with past stage that is incorporated
into operational innovation management to set controlling system. It is needed to investigate and
assess at daily intervals whether aims of road map can be accomplished. In the event of
discrepancies and measures must be introduced without fail. This step helps to determine
requirements of innovation as well as building capabilities to it for future of translation business
(Wu, Lii and Wang, 2015). Lingo24 focus on training and development of existing workers for
building invention capacities and achieving the objective of business. This also helps to growth
and development of company in translation industry. By building the innovation capabilities,
Lingo24 easily control as well as accomplish goals and increase competition position in the
industry.
Review of Innovation Roadmap:
The review of innovation road map is an essential part of road map process of innovation.
The road map become living tool and is adopted to new framework condition if necessary. This
needs continuous review of the subjects for their strategic relevance. It is possible that targets
changes their priority and is deleted from the road map (Herrmann and Herrmann-Nehdi, 2015).
On the other side, new subjects must also be involved that appear in the environment. This
review must be managed very carefully. It is not easy to add new subjects and delete surviving
ones. This needs extensive analysis, as this changes has important impact on all innovation
actions.
In order to that, the innovation road map is important tool in innovation management
because it powerful helps enlargement and execution of invention strategy. It gives orientation
for all workers in all inventions actions, so that each and every person pulls together which
named innovation access, as an integrative elements. However, it is necessary to utilise invention
road map by Lingo24 for providing the best translation services to staff and customers. This
procedures is an optimal guide and chains the growth procedures. In order to that, innovation
road map is most important strategy for effective management of innovation and its success in
the Lingo24. This strategy identifies requirements of future innovation after that, firm easily
building its capabilities for further growth (Zaabi, Singh and Ajmal, 2017). Company is also
used this process as business innovation model so that, all employees appeals together and
support the enlargement and application of the subjects. In addition to that, innovation road map
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is beneficial to help of process in innovation management. Through it, all workers are oriented in
management of innovation and clear example of goals in the form of graphic appearance.
In this context, innovation road map helps in coordination with top level of
administration and simple communication between them in the Lingo24. This also aids to
management of invention effectively and efficiently to provide the translation services to
customer (Criscuolo, Ter Wal and Salter, 2018). This process also assists growth and
development of company in translation industry. Company needs to focus on determine purpose
of innovation, analysis of strategic issues, effective graphic appearance, good communication of
road map as well as its reviews that help to make appropriate innovation road map in the
workplace. Lingo24 require that this process is combined into operational invention management
and effective interactions with other subjects.
CONCLUSION
This report has summarised that innovation means that amending business model and
adjusting to fluctuations in atmosphere to distribute the finest goods and services. Invention is
hardly technical modification that accomplish past preparation. In the firm, supervisor
necessitates concentrating greatly on the advanced network by primary with revolutions. It can
be concluded that future trends for translation industry by 2020 and beyond that involve artificial
intelligence, automated translator, machine translation (MT) and demand of translation service.
These future trends are beneficial for identifying the upcoming innovation which used in overall
translation industry. It can be discussed that company has many innovation requirements 2020
and beyond that includes hiring skilled employee, training and development, fund, technology,
machinery and innovation-friendly management process. Furthermore report has completed that
organization used innovation road map for building the innovation capabilities that involves
various stages such as determining purpose of innovation, identification and analysis of strategic
issues, setting parameters for themes, management approval and commitment, visualization of
innovation roadmap, communication of innovation road map, integration into operational
innovation management, controlling the accomplishment of objectives and review of innovation
roadmap in the workplace. This process or strategy helps to achieve objectives and growth as
well as development of Lingo24 in translation industry. Moreover, company focus on future
innovation requirements and its capabilities by utilization of innovation road map for providing
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the effective translation services to customers. This process is more beneficial for increasing
profitability and productiveness of company as well as overall industry.
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REFERENCES
Books and Journals
Andersson, U., Forsgren, M. and Holm, U., 2015. Balancing subsidiary influence in the
federative MNC: A business network view. In Knowledge, Networks and Power (pp.
393-420). Palgrave Macmillan, London.
Brem, A., Tidd, J. and Daim, T., 2018. Managing innovation: what do we know about innovation
success factors?.
Brunswicker, S. and Vanhaverbeke, W., 2015. Open innovation in small and medium‐sized
enterprises (SMEs): External knowledge sourcing strategies and internal organizational
facilitators. Journal of Small Business Management. 53(4). pp.1241-1263.
Carayannis, E. G., Sindakis, S. and Walter, C., 2015. Business model innovation as lever of
organizational sustainability. The Journal of Technology Transfer. 40(1). pp.85-104.
Criscuolo, P., Ter Wal, A. L. and Salter, A., 2018, July. Managing Innovation in a Multi-
Divisional Firm: Mobility across Divisions and Manager Performance. In Academy of
Management Proceedings (Vol. 2018, No. 1, p. 11989). Briarcliff Manor, NY 10510:
Academy of Management.
Herrmann, N. and Herrmann-Nehdi, A., 2015. The Whole Brain Business Book: Unlocking the
Power of Whole Brain Thinking in Organizations, Teams, and Individuals. McGraw-Hill
Education.
Souto, J. E., 2015. Business model innovation and business concept innovation as the context of
incremental innovation and radical innovation. Tourism Management. 51. pp.142-155.
Wu, L. W., Lii, Y. S. and Wang, C. Y., 2015. Managing innovation through co-production in
interfirm partnering. Journal of Business Research. 68(11). pp.2248-2253.
Zaabi, H. H. J. A., Singh, S. K. and Ajmal, M. M., 2017. Role of organisational commitment,
culture and leadership in managing innovation: a study. International Journal of Value
Chain Management. 8(3). pp.270-284.
Online
9 Steps to create an Innovation Roadmap. 2018. [ONLINE]. Available through. :
<https://www.lead-innovation.com/english-blog/create-an-innovation-roadmap>.
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Hamel. G., and Tennant. N., 2015. The 5 Requirements of a Truly Innovative Company.
[ONLINE]. Available through. : <https://hbr.org/2015/04/the-5-requirements-of-a-truly-
innovative-company>.
The future of Translation- A Look at Upcoming Trends. 2018. [ONLINE]. Available through. :
<http://clearwordstranslations.com/future-of-translation/>.
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