Managing Innovation in Business: PDF
16 Pages4588 Words394 Views
Added on 2020-10-23
Managing Innovation in Business: PDF
Added on 2020-10-23
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Managinginnovation inbusiness
EXECUTIVE SUMMARYThis report contains a detailed analysis on importance of bringing and managinginnovation in an business organisation. Innovation plays a very essential for a company toachieve competitive advantage and market sustainability. This project explains about variousaspects and activities that help in developing innovational capabilities within an organisation.This report contains an analysis of retail industry to determine the future growth opportunities forASDA. It describes about various aspects of retail industry as well as a scenario of increasingdemand of customers and prevailing competition in market. Apart from this, it also provideinformation about various innovation and technologies which are assumed to be launched andchange the whole scenario of retail sector by year 2020. By assessing the whole industry, ASDA is able identify various innovationalopportunities which are present at market place that can further support in future growth. Theassessment help ASDA in determining the requirement of organisational innovation. This sectionexplains about various innovative technologies to be introduced by year 2020 which can take thecompany to new heights. Apart from this, report contains a detail description about variousapproaches used by ASDA for building up future innovational capabilities within organisation.This help in enhancing the skills and knowledge of the workforce which further help inimplementing and managing innovational plan effectively. Innovational practices includes various types of barriers such as cultural, lack ofemployees acceptance, lack of motivation, climate barriers and inadequacy in skills &knowledge. These barrier restrict ASDA in developing innovational capabilities within anorganisation. Further, it has been found from this report that innovation plays a very essentialrole in an organisational development and in achieving competitive edge. A leader plays anessential role in building innovational capabilities within an organisation and in implementinginnovative ideas into reality. They also motivate employees by providing them properknowledge and training so that technologies can be adopted effectively. From implementing innovational approach in organisational practices, it is recommendedfor ASDA to analyse the market effectiveness and future demand of customers. Company musttake into consideration various factors such as organisational knowledge, Cross functionalcooperation and assessments of existing capabilities. These factors will help in developinginnovational capabilities within an organisation. Apart from this, leadership activities also plays
a crucial role in planning and implementation of innovational practices by eliminating barrierthat restrict company in developing capabilities to deal with future technologies.
Table of ContentsEXECUTIVE SUMMARY.............................................................................................................1INTRODUCTION...........................................................................................................................1Future of retail industry in 2020 and beyond.........................................................................1The organisations innovation requirements 2020 and beyond...............................................2Building future innovation capabilities..................................................................................3CONCLUSION................................................................................................................................8REFERENCES..............................................................................................................................10
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