Managing Innovation in Business

This study focuses on the importance of managing innovation in business and its impact on success. It explores the future trends in the industry and the requirements for building innovation capabilities. The study also provides insights into the innovation roadmap for Land Rover and the steps involved in implementing new innovations.

Managing Innovation in
business

Executive summary
The current study concerns with innovation and provides deep understanding that how an
innovation plays an important role in the success of a business. Similarly, the report is based
upon Land Rover which is one of the top company in UK and operates in range of countries by
offering high quality of car to their customers. The study determine the future trend that assist to
shape up the industry from 2020 onward such that by using advance technology, company tries
to attract range of customers and this in turn raise financial position of a firm. Moreover, quoted
firm is well known for its quality product and adapting technology but while comparing the same
with industry requirement, it is analyzed that there is a need to use more advance technology and
that is why, it is consider rare under VRIO analysis. Thus, to comply with the advance
technology, company has to innovate the automatic car parking system within its car, for that
roadmap is used which define entire process of innovating new product.

Table of Contents
Executive summary..........................................................................................................................2
INTRODUCTION...........................................................................................................................1
Future trend of industry 2020 and beyond..................................................................................1
Organization requirements..........................................................................................................2
Building future innovation capabilities.......................................................................................4
CONCLUSION................................................................................................................................8
REFERENCES..............................................................................................................................10

INTRODUCTION
Managing innovation is that practice which assist to generate new idea and then
introducing the same in order to generate profit. So to sustain in the competitive era, it is quite
necessary for the firm to develop innovative ideas in order to stay ahead in competition. In the
same way, current study is based upon an Land Rover which is one of the top firm within
automobile industry. From the previous study, it is examine the firm maintain quality and have
strong market share which in turn assist to maintain brand image of a firm. Also by conducting
competitive analysis, it is examine that company faces threat due to competition and that is why,
it has to provide innovative product for their customers. Therefore, the present study will
provide a complete brief with regards to innovation which in turn assist the firm to sustain
reputation within international market.
With the help of current study, company examine future trend of industry within 2020
and determine its own capabilities by comparing it with industry requirements. This will help the
firm to examine key areas for improvement to enable innovation. Lastly, report will devise a
roadmap which is based upon key differences and then outline various steps that require to make
a plan of action.
Future trend of industry 2020 and beyond
By conducting porter five force analysis, it is analyzed that buying power of customer is
high and that is why the companies operating within this industry are perform better. Also,
customer prefer to innovative things and that is why, their major focus is use of technology
among products. This is one of the major trend that shape up the future of automobile sector.
Such that companies connect internet within cars and these further help to communicate with
other device as well (Melwani and Sitlani, 2017). Moreover, people inside and around the car
may easily connect to WiFi hotspot and enjoy the services easily. Thus, it is clearly reflected that
the industry is growing at faster rate and even the demand of customers is also increases time to
time.
Apart from this the industry also faces substitute threats which means there are range of
substitute available in the market which may be used by the customer such that public transport
which is more cheaper than other. While most of rich families prefer to use their own vehicle
rather than public transport and even ready to spend lot of money. So companies should provide
innovative things which in turn encourage them to buy the product which in turn cause positive
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impact upon financial position. Such that the automobile industry focus to build electric cars
because e-vehicles assist to prevent environment from pollution, but high in range. Therefore,
with the help of such innovation, customers prefer to use the product and as a result, the threat of
substitute minimize up to some level (Showi, 2018).
In addition to this, the transformation of automotive industry will be driven to a large
extent by younger and they provide range of technically savvy generation that assist to improve
the financial growth. In this competitive era, there is a strong competition face by the industry
and every company provide range of innovative product which in turn attract range of customers
towards it. Such that from 2020 onward, companies start working as per the need of users and
mobility needs. They start investing their time on self-driven cars which saves time and greater
safety. Hence, autonomous car are preferred by the users because it helps to save time and not
create any negative impact upon environment as well.
Therefore, it is clearly reflected that future trend of automotive industry is almost relied
upon technology in which users prefer autonomous cars, connected with WiFI etc. Hence, by
using customer centric approach, most of the companies in same industry are actually invest
their time to meet the demand of customer because automobile industry faces high threat of
competition. Furthermore, Chantharaphaha (2020) explain that if company have innovative
culture then it will assist to implement range of options which reflected that industry is growing
at faster rate as compared to other. So, in upcoming years, the industry will be grow up to 20 –
25% along with new innovation which are completely based upon advance technology.
Organization requirements
Land Rover provides best quality of cars to their customers and this in turn assist to
maintain customer base. Moreover, the company provide airbags in their product which provides
excellent protection for all the vehicle's occupants. Firm also comply with technology such that
it personalize off road system preference through configurable Terrain response technology.
Therefore, it is clearly reflected that company posses strong capabilities which takes forward
within a competition.
With the help of VRIO, company attain the competitive advantage and it describe which
products are valuable, imitable, rare and organized. Therefore, this is as mention below:
Capabilities Valuable Rare Imitable Organization
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Market reputation * *
Leadership * *
Financial
resources
* * *
Customer base * * * *
Technology *
Human resources * * *
Marketing
strategy
* *
Supply and
distribution
* * *
Market share * * *
Comparing the resources of company with industry
From the VRIO analysis, it is analyzed that company's technology resources are rare and
that is why, there is a need to improve this area. While comparing the same with industry
requirement, it is examine that automobile industry is completely relied upon advance
technology. Such that various companies are focus upon self-driven, terrain response which in
turn attract the customers towards it (Cusumano, 2020). Further, Land Rover also have effective
human resource who keep developing new ideas to meet the demand of customers. On the other
hand, the capabilities of industry also reflected that if the firm have enough experts who keep
providing new product will assist to sustain the brand image. Thus, model also reflected that HR
are consider as a valuable resource because it helps to reach the wide range of customers
towards it.
In addition to this, the market share of automobile industry is keep growing and wide, in
the same way, quote firm also has a brand image at international level and this is also reflected
that company has a strong financial position as well. Moreover, it is also analyzed that current
status of an organization is to develop goodwill in international market and for that it keep
innovating new product in its business. Similarly, the industry requirement also entails that to
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sustain the brand image, company has to provide range of new product which leads to attract
customers (Imran and Abbas, 2020). As Land Rover has a strong customer base even its prices
are high but due to offering high quality of product, users prefer it over others and this assist to
gain competitive edge.
Therefore, by applying the VRIO and comparing the capabilities with industry
requirement, it is identified that cited firm should improve its area in technology aspects. Such
that an organization should focus on adding new things within its product. It is so because
customer always prefer to use new innovative product like Jaguar change their logo or layout in
order to draw attention of many customers (Tadjiev and Donzé, 2020). That is why, the key
difference is relies upon technology and there is a need to improve the areas that enable
innovation to take place. Hence, land Rover should implement automated Multilevel car parking
system which is link with mobile application through which the car automatically parked in
define area. Therefore, this innovation will help the company to attract customers toward it.
Building future innovation capabilities
Innovative raodmap is a control tool method which is used by the company while
developing innovation process. Therefore, it is a kind of navigation process which connects
planned destination and helps to stay on a track (Leal Filho and et.al., 2019). In the same way, to
implement the new innovation within Land Rover, it is necessary for the firm to use innovative
road map that provides clear direction that leads to generate the best outcome in future. So, the
roadmap for quoted firm is as mention below:
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Planning and implementation:
In order to make effective planning with regards to new innovation system, company has
to plan the things in better manner. Therefore, proper stages of planning and implementation
cycle is used which in turn help to meet the define aim.
Define objectives: The main objective of the firm is to implement the Automatic Car parking
system in Land Rover in order to comply with advance technology. This will turn to attract
range of customers and meet the define objectives in better manner. While comparing the
company's capabilities with industry it has been realized that there is a need to improve the
system by considering the technological aspects (Newman, Kosonen and Kenworthy, 2016).
Identify resources: For that, Land Rover should arrange the effective resources which in turn
leads to implement the process in better manner. So, effective sensor should be installed and
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designing of application which in turn leads to improve the results. Further, a planning of a
software should also be design which provide complete guideline to a car in order to follow the
instruction given by owner. Also, the company should make sure to upgrade the version of
application which in turn provide new insights to the customers. Along with this, company
required relay, DC Motor, Limit switch, sensor, lamps, experts etc.
Evaluate alternatives: The chances of successful launch of this system may vary because of any
issue and for that company has to evaluate some alternatives which in turn lead to maintain the
brand image. Similarly, company has to examine the problems that affect the implementation of
new process in negative manner (Sudarsono, 2020). In automatic car parking system, chances of
server down is consider a problem and for that company has to evaluate the alternative methods
in order to cope up with the problem.
Plan and implement task: In order to implement the new project into business, relevant
resources are identified. It is so because sensor are fixed within car internal parts and application
send to the signals of car parking which are accepted and start working accordingly. Moreover,
a software is used to design the new application that is operated by car owners and make sure
that it will contain entire guidelines which assist to convert the signal into an action. Recently
there are limited number of cars available in market who provide automatic car parking facilities
(Lee and Shvetsova, 2019). Thus, if Land Rover makes an effective planning then it assist to
save time of users and maximum utilization of ground space. As customers preferred to use
those product which are innovative in nature and that is why, company has to make proper
planning which in turn leads to meet the need. For that, this automatic car parking system should
be implement within cars that allow customers to save time.
So, this implementation approach will further assist to improve the organization
performance and meet the requirement of the industry in better manner. Also, before
implementing the process, land Rover should test the entire process in order to make sure that it
will be successfully launch into a market (Planning and Implementation process, 2020).
Therefore, to implement the process within market, company has to create a plan and determine
the areas which further need to be improved and this is possible once the trial is done.
Determine tracking and evaluation methods: once the resources are identified, then company
has to determine the tracking and evaluation methods which in turn assist to implement the new
process in better manner. Manager of the quoted firm should determine the performance of
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newly implemented process and track progress. It is also done with the help of regular
monitoring in order to stay on track (Zala and et.al., 2020). Also, company may use a Typical
Approach which assist to determine any issues and provide alternative methods as well in order
to meet the define objectives. Therefore, these planning element should be completely monitor
by the company regularly because a small mistake will lead to cause a big mistake.
Various stages involve in innovation process
The process for creating the roadmap for innovation process is a very intensive
process and strongly supports the implementation of the strategies pertaining to innovation.
There are 9 steps to be followed which are stated below.
Step 1: Evaluating the purpose and content of the innovation roadmap
Land Rover requires to determine the focus and understand that the roadmap based on
the purpose of innovation. The conditions pertaining to this framework is derived based upon the
certain considerations such as trends, projects, time horizons, integration in the operation
innovation management and so forth. These factors have a huge impact over the developing and
creating the roadmap.
Step 2: Identifying and analyzing the strategic issues
Under this, the management is required to identify the potential issues that might come
across in effective implementation of the plan (Ghobakhloo, 2018). For this, it is important for
carrying out the market analysis extensively which includes trend analysis, macro economic
analysis, SWOT analysis, technological analysis and competencies analysis. Based on this,
strategic decisions are undertaken upon which strategies are formulated.
Step 3: Specifying the parameters
As per the step 1, certain important parameters are required to be by Land Rover defined
which is build on the time horizon, the usefulness, importance along with the key figures which
are further used for the purpose of measurement and interaction.
Step 4: Release and commitment by management
The company is required to gain acceptance from the top management before rolling out
the plan. This is because innovation process involves the roadmap which is linked to the future
of the company and therefore, requires the involvement of all the key personnel of the
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organization such as investors, BOD and so forth (Paunov and Planes-Satorra, 2019). Until and
unless, the approval and commitment is acquired from the top management who are main
promoter of the business organization. Thus, this step is very crucial for the success of the
innovation plan.
Step 5: Visualizing the innovation roadmap
This step is very important in the innovation roadmap process. Under this, the entire
innovation roadmap is presented in a graphical manner which will help in creating a positive and
attractive impact over the mind of the viewer. This required to carried out in a professional
manner or by a graphic designer, this is because an aesthatic, radiant or the appealing
presentation will have a greater impact.
Step 6: Communicating the innovation
The purpose of making the roadmap bring in actual life, the management of Land Rover
is required to involve all its employees and should be informed about the same in order to gain
their support. Therefore, this requires involvement of extensive communication (Schaller,
Vatananan-Thesenvitz and Stefania, 2018). It is highly recommended to make use of posters,
informative and so forth. But along with that, it is very important and sensitive to the
organization that strategic information about the company does not leave the company.
Therefore, requiring special attention.
Step 7: Integrating into the operational innovation management
This is also an important step in innovation roadmap of integrating it with the operational
management. This is mainly because just mere communication will have limited effect and it
also requires vitalization in this process. With the help of these roadmaps, Land Rover can
organize creative workshops for the relevant targeted ideas. It will help the organization in
evaluating the proposals which is based on their strategic relevance.
Step 8: Monitoring the attainment of target
In combination with step 7, the monitoring process is implemented through the
innovation roadmap (Orzes and et.al., 2018). It makes it important for the company to
continuously monitor and analyze the roadmap in order to ensure that the objectives of the
roadmap are accomplished or not.
Step 9: Reviewing the entire innovation roadmap
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The business world is very turbulent and the roadmap is living tool and should be
structures in such a manner that it can adapt the changing conditions of the new framework.
Also, it is important to review all the topic on a regular basis on account of strategic relevance.
There are chances that the new topics arise which are required to handled carefully as these
cannot to just added because it needs deep analysis as these changes can have a crucial impact
on the innovation activities.
CONCLUSION
By summing up above report it has been concluded that in automobile industry is one of
the growing sector and always tries to meet the demand of customers. Therefore, study
summarize future trend such that advance technology, provide innovative product in order to
stay ahead in the competition etc. These future trends help to shape up the industry and attract
customers which in turn lead to improve the financial position. Even the needs and wants of
customers are keep fluctuating and to meet the same, from 2020 onward companies tries to
invest within technology so that customers will satisfy. In the same way, Land Rover is also
providing range of product by analyzing the need i.e. self-driven car etc. Further the study also
concluded by conducting VRIO analysis that quoted firm have many valuable resources such
that financial resources, strong market share, suppliers and network etc.
Further by comparing the same with industry requirement, it has been concluded that
technology resources is rare and that is why, it is consider as a key area of improvement that
enable to innovation. Therefore, it is analyzed that automated Multilevel Car parking system is
the new technology which assist the firm to improve the brand image and attract customers as
well. For that report devise a roadmap which in turn provide clear guideline to implement this
innovative strategy within a business. Also, study concluded planning and implementation
process of implementing the same within business in order to sustain the brand image at
international level and also meet the define aim as well.
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REFERENCES
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Nissan and Toyota. Brill.
Ghobakhloo, M., 2018. The future of manufacturing industry: a strategic roadmap toward
Industry 4.0. Journal of Manufacturing Technology Management.
Imran, M. and Abbas, J., 2020. The role of strategic orientation in export performance of China
automobile industry. In Handbook of Research on Managerial Practices and Disruptive
Innovation in Asia (pp. 249-263). IGI Global.
Leal Filho, W. and et.al., 2019. The role of planning in implementing sustainable development
in a higher education context. Journal of cleaner production.235. pp.678-687.
Lee, S. and Shvetsova, O. A., 2019. Optimization of the Technology Transfer Process Using
Gantt Charts and Critical Path Analysis Flow Diagrams: Case Study of the Korean
Automobile Industry. Processes.7(12). p.917.
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walking, transit/public transport and automobile/motor car cities for reduced car
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on Industrial Engineering and Engineering Management (IEEM) (pp. 1348-1352). IEEE.
Paunov, C. and Planes-Satorra, S., 2019. How are digital technologies changing innovation?:
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Schaller, A. A., Vatananan-Thesenvitz, R. and Stefania, M., 2018, August. Business model
innovation roadmapping: A structured approach to a new business model. In 2018
Portland International Conference on Management of Engineering and Technology
(PICMET) (pp. 1-9). IEEE.
Showi, A., 2018. Automobile Industry: Past, Present and Future. Present and Future (February
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Sudarsono, B., 2020, January. Industrial-based practical learning development for teacher
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Tadjiev, S. and Donzé, P. Y., 2020. FDI policies in protected industries: the Uzbek automobile
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Online
Planning and Implementation process. 2020. [Online]. Available through:
<https://sceweb.uhcl.edu/helm/RationalUnifiedProcess/process/workflow/environm/
co_imppr.htm>.
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