Managing Innovation in Business

Managing
Innovation in
Business cw2

EXECUTIVE SUMMARY
This report is summarised as continual part of project which has been presented in last
semester, it is based on innovation as well as it importance in growth of IKEA Company. Within this
report, several innovation has been included which aids respective company in attaining future
capabilities in industry evaluation. In addition to this, second part of report is related to innovation in
growth which contributes long term success for organisation. IKEA is multinational company which
designs and sells ready to assemble furniture.
This report will analyse several innovation practices deeply and these are expected by
company for meeting trends for future by 2020. It has been found that, new innovation are
continuously anticipating through competition which result in customer attraction and influence them
to pay any cost for adding innovation as their life part. To IKEA it has been recommended to bring
Inbuilt and Invisible Technology.

INTRODUCTION....................................................................................................................................4
MAIN BODY...........................................................................................................................................4
The future of industry 2020 and Beyond.............................................................................................4
The Organisation Innovation Requirement 2020 and Beyond.............................................................6
Building the future innovation capabilities for organisation................................................................7
CONCLUSION........................................................................................................................................9
REFERENCES.......................................................................................................................................11

INTRODUCTION
Innovation is the procedure of translation idea or innovation within goods or services which
result in creating values for that customers will pay. It is important that idea should be replicable at an
economic cost as well as should satisfy specific need. Simply innovation is act of making, inventing as
well as producing something new. Here, now innovation can be realized with creativity. Innovation
provides assistance to company in meeting their customers demand within effective manner. IKEA is
multinational furniture company, whose aim always is to create innovation within their products and
services. IKEA is Swedish-origin Dutch headquartered multinational group which design as well as
sells ready to assemble furniture, kitchen appliances and home accessories along with useful goods as
well as occasionally home services. It was founded in 1943 by Ingvar Kamprad and they are serving at
worldwide level.
Therefore, respective company is consider as perfect example within innovation as it offer
latest product and services within market area for grabbing attention and retention of customers
loyalty. Main purpose of respective report is to analyse innovation concept in retail industry and how
it will implement in successful manner. Moreover, it also highlights industry future of 2020 and
beyond as well as sustainable organisational innovation required till 2020 and beyond. Along with
this, it also covers future innovation capabilities of IKEA Company for bringing innovation in
furniture.
MAIN BODY
The future of industry 2020 and Beyond
In today’s competitive world technology have wide impact on furniture industry as
manufacturers are designing urban furniture by utilisation of totally new structure. Technologies have
impact on changing material as well as processing which use for manufacturing of furniture.
Manufacturers now able to design portable as well as versatile furniture such as modern restaurant
tables which use for patios. In addition to this, technology also result in rising trend of online
shopping. Moreover, customers also want designer furniture as they are preferring designers who are
using latest equipments instead of using traditional technology. This directly indicates importance of
technology within furniture industry. In simple term it can be said that, now a day’s everyone want
good ambiance of their home, offices and so on. Along with this, for social status purpose also it is
wish of people to have good interior which easily attract friends and family as well as easily result in
rising social status. Thus, furniture industry have wide future and people will like more to send within
respective sector for several reasons as discussed already. There are several major players of United