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Managing Innovation in Business Assignment - Tesco

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Added on  2020-10-05

Managing Innovation in Business Assignment - Tesco

   Added on 2020-10-05

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MANAGINGINNOVATION INBUSINESS
Managing Innovation in Business Assignment - Tesco_1
Table of ContentsEXECUTIVE SUMMARY.............................................................................................................3INTRODUCTION...........................................................................................................................1MAIN BODY...................................................................................................................................1Future of Retail Industry in 2020 and Beyond............................................................................1Tesco's Innovation Requirements in 2020 and Beyond..............................................................3Building Future Innovation Capabilities for Tesco.....................................................................5CONCLUSION................................................................................................................................8REFERENCES..............................................................................................................................10
Managing Innovation in Business Assignment - Tesco_2
EXECUTIVE SUMMARYInnovation is a process of implementing changes within the existing products andservices of a company which is concerned with effective and unique solutions for problems. It isone of the most effective and necessary elements required to drive business towards success andfulfil the customers' demand in an appropriate manner. This report is based on Tesco Plc, whichis one of the biggest retail organisations in the UK. It is an extension to Course Work 1 whichprovides insight on industrial overview, innovation history of Tesco and Retail industry in 2018.The purpose of this report is to effectively analyse the future of retail industry in 2020and beyond. To achieve this, analysis have been made on the major leading companies and theiranticipated future innovations which would effectively fulfil the future market demands of thecustomers within the country.Another agenda of this report was to analyse the innovation requirements of Tesco in2020 and beyond. It was determined that Augmented and Virtual Reality, AI and customerinsight, Robotics and Automation Systems and Cognitive Computing are few major innovationswhich could effectively fulfil the future requirements of Tesco in 2020 and beyond.This report also effectively analyse and evaluate the future capabilities of Tesco. It wasanalysed that the firm could build the same by using road map as an effective strategy. Thereport evaluates each stage of this map to determine the most appropriate way in which Roboticsand Automation Systems could be implemented in Tesco as its future innovation.
Managing Innovation in Business Assignment - Tesco_3
INTRODUCTIONInnovation refers to practices and procedures that are related with modifying existingofferings of an organisation in order enhance their importance and value among customers(Acemoglu and et. al., 2018). This aspect relates with resolving unique and new requirements byimplementing better solutions. The report below is based on Tesco Plc, which is one of thebiggest merchandise and grocery retailers in the United Kingdom. The firm is widely recognisedin the country and is one of the best performers with consistent improvements in their salesfigure. According to in-depth analysis, the company is subjected to almost 2.2% increase inquarterly sales year-on-year (Tesco is best performing big supermarket in latest sales figures,2018), The firm is continuing to strengthen its customer base domestically as well asinternationally to retain its industrial position in retail industry of the UK. The purpose of thisreport is to perform in-depth analysis of the the future of retail industry in 2020 and beyond. Theassignment will also evaluate Tesco's innovation requirements in the year 2020 and beyond.Along with this, an explanation and insight on the future innovation capabilities of Tesco willalso be analysed.MAIN BODYFuture of Retail Industry in 2020 and BeyondThe UK's retail industry has been subjected to a lot of innovations lately. Be it productsor processes, the industry is witnessing major advancements in terms of technology. With easyand effective access to various advanced engineering equipments, this industry has been verycontributing in relation to introducing innovations (Frow and et. al., 2015). The retail sector in the UK is gearing up for a post-Brexit scenario to cope up withdrastically changing customer behaviour. For 2020 and beyond, the industry has various trendswhich would further shape the technological facet of this industry. With ongoing digitalisationand enhancements in Information Technology, these trends include advancements in Robotics,Artificial Intelligence as well as Automations. The Future of this industry in 2020 and beyond iswell indicated by various innovations which are mentioned below:SmartShop and Scanning:With digitalisation on the rise and further anticipated inclination of customers in SocialMedia and Smartphones, the retail sector is also shifting its operations online. There are various1
Managing Innovation in Business Assignment - Tesco_4

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