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Managing Innovation In Business - Rolls Royce

   

Added on  2020-10-23

24 Pages6511 Words226 Views
MANAGING INNOVATIONIN BUSINESS

Executive summary This study provides in-depth knowledge of innovation process. The report contains variousdriver of innovation and also analyse the way these drivers force organisation to establishinnovation culture in organisation. To conduct study we have chosen luxury auto mobile leaderRolls-Royce. Report include all the stages of development of 103EX model, which is one of theambitious car of company. Rolls-Royce got the idea of making this car from its marketingdepartment which shows its innovation culture. Study gives all information about HRM practicesadopt by organisation to cultivate the culture.Assignment also provides keen information about innovation audit that will help Rolls-Royce in identifying their strength and weaknesses. Also, it will lay emphasis on how bettercommunication and knowledge about the operation can help firm in managing and implementingchanges. Study will highlight about the innovation road map that will assist company insuccessfully implement the new and creative changes. It will help them in developing of newgoods and services so that consumer loyalty can be created. For better understanding ofinnovation various new software will be used by company. It will help firm in building betterefficiency and ability during the time of implementing innovation.

Table of ContentsINTRODUCTION...........................................................................................................................11. Drivers of innovation in Rolls-Royce.................................................................................12. Innovation road map and analysis of leaders to successfully plan for innovation.............53. Importance of organisational knowledge, knowledge transfer and cross functionalcooperation in order to analyse and assess innovation capabilities and blockages..............104. Identification of new product for Rolls-Royce.................................................................135. Activities in innovation Audit........................................................................................15CONCLUSION..............................................................................................................................19References......................................................................................................................................20

INTRODUCTIONInnovation is process of applying new idea and imagination in reality to bringimprovement in product and service. Innovation is very much essential element for anyorganisation because of cut throat competition and increased customer expectation, which forcean organisation to practice innovation, otherwise company can lose its market share and goodwillin market. Present study discusses about need of innovation in organisation. Study also describevarious activities in implementing innovation. Study provides innovation audit of Rolls-Roycewhich is very big name in making luxury cars. Company is situated in United Kingdom, it is asubsidiary of BMW. Unique feature of Rolls-Royce is, it makes cars on special demand bycustomer, which are highly customised and demands more innovation in product.1. Drivers of innovation in Rolls-RoyceAuto mobile industry has large contribution in UK economy. Rolls-Royce practiceinnovation identification approach to know about factors that demands continuous innovation inorganisation. Organisation take help of technology to get the information about customerinnovation expectation, like Computer-Aided Personal Interviewing (CAPI), Online/websurveys, Mobile phone surveys, chatbot, Functional Magnetic Resonance Imaging (fMRI) andSocial media monitoring/listening. Company keep its eyes on competitors so that it can knowabout its R&D needs. Royal Roy ask to its employee to share their innovative ideas based upontheir experiences. It uses look to the past policy in which idea which are kept aside in the past,are taken forwarded, for instance RR abounded the idea for offering boron steal car to customerbecause that was costly manufacturing process to company that time, but now company decidedto take forward the idea because now it has the technology which can helps company to maintainits cost. Company also practice out of the box thinking for future need fulfilment. External factoralso forces the company to take innovation initiative, information of these external factor aregathers from observation, data logging, reporting and inspectors. Company identifies need ofmore automation and efforts less driving improvements in its car from above sources.Following are the main drivers of Rolls-Royce innovation:Environmental issue like global warming, carbon emission, air pollution, smog, acidrain, harm to human health and biodiversity are the current key issue which grab the attention ofalmost every industry. Rolls Royce recently test its latest eco aero engine, environmental friendly1

production machine and process, to reduce energy consumption it uses wasted power backpolicy. Company have hold DIN ISO 50001 certification for this. Satisfy customer need is one the characteristic of innovation, which is also taken intoconsideration by Rolls-Royce. Customer now have high expectation due to increased awareness,high disposable income, standard life style. Company make innovation regarding leather colourmatched with customer dress and accretions, it also offers picnic seats in its special edition cars.Rolls-Royce have so many strong competitors like GE, Pratt & Whitney, UnitedTechnologies AND Honeywell. Customer can easily switch their buying decision thereforecompany always add something which is not offer by its customer yet, for instance companyrecently launch New Rolls-Royce Phantom car which have unique dashboard glass that can beuse as canvas for art lover.Auto mobile industry is highly sensitive to technical changes, because these changesaffect the customer satisfaction deeply. Technology not only change driving experience, it alsocontributes to save cost, resources and help in maintain the earth's health. These care have uniquenight vision system with pedestrian warning, besoke audio system, SatelliteAided Transmissionwhich use GPS to sense the traffic and other physical feature of road so that gear can easily swiftaccording to gathered GPS information, which eventually helps in maintaining the engine healthand life. Most prominent social factor which is affecting the Rolls- Royce is environment issue,customer's expectation with company, customer age group and work culture. Company eagerlywelcome people with different culture and accordingly it alters its organisation culture.Task ModeTask NameDurationStartFinishPredecessorsAuto ScheduledSales of business95 daysMon 06-02-17Fri 16-06-17Auto ScheduledAnalysing the market requirements20 daysTue 20-06-17Mon 17-07-171Auto Scheduledgenerating innovative ideas30 daysTue 18-07-17Mon 28-08-172Auto Scheduleddiscussion with seniors and managers40 daysTue 29-08-17Mon 23-10-171,3Auto Scheduleddeciding the cost10 daysTue 24-10-17Mon 06-11-174Auto Scheduledmaking effective plans20 daysTue 07-11-17Mon 04-12-172,5Auto Scheduledselecting ideas36 daysTue 05-12-17Tue 23-01-1862

Auto Scheduleddeveloping the computer-aided personal Interviewing40 daysWed 24-01-18Tue 20-03-183,7Auto Scheduledonline survey80 daysWed 21-03-18Tue 10-07-188Auto Scheduledsocial media analysis69 daysWed 11-07-18Mon 15-10-189Auto ScheduledFunctional magnetic resonance imaging60 daysTue 16-10-18Mon 07-01-199,10Auto ScheduledFelxibility plan12 daysTue 08-01-19Wed 23-01-1911Gantt Chart:UK Automotive industry share £82 billion turnover, which is a significant contribution,it also encourages the leading luxury car manufacture to bring required changes as, there is high3

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