Managing Innovation in Business

Managing
Innovation in
Business

Table of Contents
EXECUTIVE SUMMARY:............................................................................................................3
Introduction, Purpose of the Report & Structure.............................................................................1
The Future of the Industry 2020 and Beyond..............................................................................1
The Organisations Innovation Requirements 2020 and Beyond.................................................2
Building the future Innovation Capabilities for the Organisation...............................................4
Conclusion.......................................................................................................................................8
REFERENCES................................................................................................................................9

EXECUTIVE SUMMARY:
The current project is based on management of innovation within a firm which is a vital
process for managing and developing innovative idea with an organisation. Innovation forms out
to be vital and important aspect of any firm that leads enhanced level of capabilities and strength
in business environment. Apart from this, under current file a discussion about the future of
industry is also made which consists analysis of autonomous vehicles, electric vehicles and
emphasised use of internet of things. Apart from this, an implication about the Organisations
Innovation Requirements 2020 and Beyond is also made with the help of SWOT analysis model.
The aim of every organization is to establish their business and bring the changes
continuously so that it can be sustain in competitive market and attain the higher profitability.
Different planning and strategies are formulated by management by understanding financial and
market position which can help to develop a business and manage all workings. TESLA is large
size auto mobile company that is bring changes in their products by introducing innovation.
The organization is planning to introduce new innovation as Autonomous vehicle,
Internet of thinking and connectivity that will help to capture high market share by influencing
number of customers. This report is going to understand that how organization is increasing
future trend and capabilities by introducing new innovation.