Managing Innovation in Business- Doc

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Added on 2020-11-12

Managing Innovation in Business- Doc

Added on 2020-11-12

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MANAGING INNOVATIONIN BUSINESS PART 2

EXECUTIVE SUMMARYThis assignment consists of future of technological industry 2020 and beyond. Todayinnovation in technology industry is continuously growing. Already many innovations in thisindustry have been done which has made our lives simpler and easier. Technology industryinnovations starts from simple machines to complex and now it is moving towards artificialintelligence. AI and machine learning is composed of different techniques and technologieswhich has boosted many companies for innovation. Many companies are trying to build smartfactories which will involve digital manufacturing, lean manufacturing principles, smartautomation of products safely, efficiently and effectively which will produce zero waste. Maybein future it will be possible to create such smart factories which will reduce waste, noisepollution, and increase safety in technological industries. This advanced smart industries willalso help companies to scale their production operations globally. Today 3D scanning andprinting of products and services are done easily. Many companies are trying to move ahead and make 4 dimensional scanning and printingof products which will help companies to reduce lead time, etc. in it might be possible to doscanning and printing in 4 D as well. There are many companies like Dyson are also trying tobuild robotics engineers, maybe till 2020 they will get successful in developing these roboticsengineers. These robotics engineers will be able to successfully be able to work on differentprojects of the company, perform all the assigned tasks in time and will be able to do services ofmachines or any other product developed and manufactured by the companies. Dyson is one ofthe leading innovative company that has always thought of innovating various products. Dyson has created various innovative products such as automatic vacuum-cleaners,automatic hand-dryers and many more. One of the major requirement of Dyson Company forinnovation as they want to innovate new products as their customers another requirement ofinnovation for the organizations is utilization which inspires Dyson to innovate new products andbring it to the market. Innovation capabilities enable a firm to expand and implement newtechnologies. Dyson Company has always focused on innovation as their main area of concern.The current advancement in technology will help them to incorporate new ideas into theirbusiness using which they can innovate new products. For this they can build a roadmap throughwhich they can improve their future innovation capabilities. Such as: Employees can be provided

with innovation training by establishing reward programs which will encourage employees tofind more resources faster to accomplish basic tasks differently. This will help the workers tothink of new ideas, how to implement them and accomplish a task within the allotted time whichwill further help the company in innovating something new. All these resources are required toby Dyson Organization to bring innovation in the company. With the help of all these resourcesthey can build innovation capabilities of the organization to boost innovation in the future. Withthe help of these technologies' organization can link their core technologies and the strategiesused with innovation and its strategy. This will also give them an advantage to move ahead inthe competition in this technology industry.

TABLE OF CONTENTSINTRODUCTION...........................................................................................................................5Purpose of the Report and Structure................................................................................................5The Future of the Industry 2020 And Beyond.................................................................................5The Organisation Innovation Requirements 2020 And Beyond......................................................6Building the Future Innovation Capabilities for the Organization..................................................7CONCLUSION..............................................................................................................................11REFERENCES..............................................................................................................................12

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