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managing innovation in business assignment : Samsung

   

Added on  2021-01-02

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MANAGINGINNOVATION INBUSINESS

Table of ContentsEXECUTIVE SUMMARY.............................................................................................................3INTRODUCTION...........................................................................................................................4TASK 1............................................................................................................................................4The Future of Industry in 2020 and Beyond..........................................................................4TASK 2............................................................................................................................................5Organisation's Innovation Requirement in 2020 and Beyond................................................5TASK 3............................................................................................................................................8Building Future Innovation Capabilities for Samsung Electronics........................................8CONCLUSION..............................................................................................................................12REFERENCES..............................................................................................................................14

EXECUTIVE SUMMARYInnovation in the dynamic business environment is important for a business for a longterm growth and competitive advantage over other competitive businesses in the market. Thecurrent report is based on Samsung Electronics, which is a leading business organisation dealingin various electronics all over the world. This report is an extension to a previous report in whichSamsung Electronics brought an innovation in the market by the name of “Pocket HolographicTelevision”. The purpose of this report is to establish this innovation appropriately within thecompany.The agenda of this report was to determine the future of the electronic industry,particularly television industry in the coming future. It covered how other big organisations likeLG and Sony are innovating their products to satisfy future needs of the industry. It wasdiscussed that how these innovations would be having an impact on the industry as well as onSamsung Electronics in the future. Such innovations would allow the industry to indulge itself inan advanced use of technology and would encourage Samsung to introduce more innovations inthe marketplace.Another aspect which is to be achieved by this report addressed the issue of the futureinnovation requirements of Samsung Electronics. With such drastic improvements in technology,it is very important that the company identifies the areas in which it could bring long term andsustainable innovations in the market. The findings of his agenda resulted in three prominentareas of innovation for Samsung Electronics: Hologram Technology, Chargeable Televisions andArtificial Intelligence. All these aspects are equally important and could be an opportunity forthe firm in coming future. This report also discusses the innovation road map which emphasises on the impact ofPocket Holographic Televisions in the organisation. It covers various stages through which thechange would be implemented in the organisation. The first two stages suggests the changes andgoverns the same with strong reasoning. Then comes the impact of the change on the firm. Theseimpacts are judged on the R&D, Resources and technical skills required for the change, its legalcompliance and lastly cost. Then the feasibility of the change is analysed and it undergoesapproval process. After the approval, the change, i.e., Pocket Holographic Television would bedeveloped and its success will be reviewed.

INTRODUCTIONInnovation is the process which adds value to a company's existing offerings in a waythat it benefits the firm as well as society. The agenda for introducing innovation in products is toenhance its importance and make it more useful for the new and existing users (Saebi and Foss,2015). It is an important aspect and is required to satisfy unique and sometimes immediate needsof the customers. The following report is based on Samsung Electronics, which is one of thebiggest companies worldwide in the electronic industry. This report is to expand the horizon upto which Samsung Electronics could bring in innovation in the electronics industry, morespecifically in the field of television. It would cover the industry as per the emerging innovationin 2020 and beyond. It would also cover the innovation that could be brought by the firm and therequirements for these innovations till 2020 and after that. Another aspect which is brieflydiscussed is the future innovation capabilities for Samsung Electronics.TASK 1The Future of Industry in 2020 and BeyondElectronics Industry has been subjected to innovation in recent times and is lookingforward to experience more innovation in coming years. The most evident area in which majorinnovations have happened in recent years is the Television sector. Due to rise in technology, theaim of this industry is to enhance the content viewing experience of the customers in the worldup to its maximum limit. New features are being added to the televisions every once a whilewhich enrich experiences of its users in the world. Be it Artificial Intelligence,Automation orVisual Effects, all are related to improve the procedure of content viewing. Currently, there arevarious platforms that are providing various insights of what the future holds for he televisionindustry. The major impacts of these innovations have been witnessed on the viewership that hasincreased in the recent years. Around 2020, the IP traffic is likely to cross 2.0 zettabytes per yearwhich is another milestone for the television industry. Another aspect that is improving and islikely to witness the same in near future is the immersive viewing. The technology has take asharp turn recently with rise in technologies like 4K and 8K. These define the Ultra HD qualitythat has been achieved by the television industry lately. Japan is planning to deploy 8K display atTokyo Olympics in 2020 (TELEVISION 2020: TOP PREDICTIONS ON TECHNOLOGYTRENDS, 2018).

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