Managing Innovation in Business

Managing Innovation
in Business
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Abstract
Innovation management is related with combining different aspects of innovation process. It
is a function that is associated with implementation of innovative and management chains with
greater ease. Present report is based on analysing the innovation requirements in organisations
according to their present level of competence. There can be use of sustainable measures in order
to work towards the requirements of changing external environment. Innovation is associated
with using the present level of competence to work towards future changing requirements.
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Table of Contents
Abstract............................................................................................................................................2
Introduction......................................................................................................................................4
Future of industry 2020 & Beyond..................................................................................................4
Organisation innovation requirements 2020 and Beyond................................................................6
Building future innovation capabilities of organisation...................................................................7
Conclusion.....................................................................................................................................11
REFERENCES..............................................................................................................................12
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Introduction
Innovation management is regarded as a combination of the innovation process and the
change management. It is related with using several set of tools that can be used by organization
and managers for developing an understanding between goals and process. It is used as a tool for
the purpose of assisting organisations’ to respond to various external and internal opportunities
that can be further used for creation of new ideas, products and processes. In present report there
is analysis of the way innovation can be used as a tool by TESCO for the purpose of enhancing
their present market share (Huesig and Endres, 2019). For this purpose sustainable development
is used as an innovation measure in present scenario. The report is based on analysis of the future
of the retail industry and beyond 2020. Further innovation requirements beyond 2020 are
discussed. Based on all such information there is analysis and discussion of building the future
innovation capabilities of TESCO.
Future of industry 2020 & Beyond
The future beyond year 2020 is very predictive to some extent. The main reason behind this
is the changing customer preference and choices are highly predictable. Such as the customer
behaviour with respect to the retail industry is now affected by the number of competitors,
availability of options and the differentiae factors offered in the product or services. Such
differentiation factor can be in form of some attribute or the process associated with it. There is
development of a new customer segment that is of “conscious consumers”. These are the people
who belong to that segment of society who are willing and trying to be a part of sustainable
development.
In year 2020 the world has been affected by COVID pandemic. Retail industry is also one of
the most affected industries in this pandemic. The lockdown and social distancing situations have
drastically affected the way business is functioning in the present pandemic. Customers’ have
been shopping through online modes in large numbers. The scale of changes can be seen very
clearly such as the first five months of 2020 already saw a five years of online market growth.
Some of non essential stores reopened built the footfall was significantly down past in year 2017.
So it was an early indicator of the change in customer behaviour (Curado, 2018).
Customer behaviour: as per the data collected in year 2020 there has been a consolidation
of shift of customers from offline towards online purchasing. According to the data from
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