Managing Innovation in Business

Managing Innovation
in Business

Table of Contents
INTRODUCTION...........................................................................................................................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................................................................................................................................7
REFERENCES................................................................................................................................9

INTRODUCTION
Innovation maximises chances to positively react towards changes and discover new
opportunities. It allows organisation to foster their competitiveness in marketplace by offering
high quality services and products in marketplace. By taking advantage of innovation an
organisation can have significant capability to disrupt industry and maximise market share
effectively (Mazurek and Stroinski, 2020). Innovation facilitate organisation towards improved
productivity, value and brand recognition. By emphasising upon innovation organisations can
easily attract attention of large base of customers in marketplace and can further assure higher
growth. Innovation helps entities to satisfy their customers by offering them with more efficient
services and products and retain their loyalty for long period of time.
This report include discussions on Marks and Spencer, company is operating their
business activities retail industrial sector and offer wide range of products and services like food,
home products, clothing, etc. to customers. Organisation was founded in the year 1884 and
headquartered in London, England, UK. M&S offer their services worldwide with having more
than 80,000 employees. In this report formative discussions has been on purpose and future of
industry 2020 beyond and organisations innovation requirements 2020. Lastly, report include
building of organisation future innovation capabilities.
The Future of the Industry 2020 and Beyond
Retail industry is world's fastest growing industries this makes many retailers to cope up
with emerging issues or ideas to gain more competitiveness in marketplace. Today's retail sector
is all around the world is changing like never before, as in this new generation of digital shoppers
have grown such as introduction of Amazon's Alexa. Technology is continuously growing in this
sector which is influencing retailers to effectively shape shopping experience of customers.
Further it has been evaluated that retail sector is facing aggressive competition as in this number
of organisations are engaged in the process of offering higher quality services and products to
customers at affordable rate (Lee, Lee and Lee, 2020). In addition to this, companies are also
providing additional benefits to their customers in order to hold them for long period of time.
Major trend from which retail is going through is customer experience champions who attracts
consumers by providing them high service shopping experiences and offerings. In addition to
this major challenge that can be faced by Marks and Spencer is to maintain agility and efficiency
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in all of their stores around the world. As it plays crucial role through which organisation can
thrive in aggressive competition (Manthiou, Hickman and Klaus, 2020). In order to overcome or
cope up with the challenging environment of retail sector management of Marks & Spencer
framed strategy in which company will adopt circular economy principles to engage in the
production process in more sustainable way as to effectively engage with existing consumer and
reach new audiences. Further it has been evaluated that Marks & Spencer managerial department
is looking forward to grab more market share and consumer base for this they are planning to
disrupt respective industry with their strategic innovation goal which is “introduction of smart
robots with the help of AI”
With this strategy Marks and Spencer is aiming towards use of smart robots to manage
different tasks like store cleaning, inventory checking and product assistance. Management of
company is planning to deploy AI, in which they are planning to make tremendous implications
of robots on their future work. However, in order to assure success of this strategy success M&S
management is planning towards making effective coordination in combined efforts of IT, HR
and line of business managers (Roggeveen and Sethuraman, 2020). With this company is
planning to develop positive form of relationship between human workforce and robots.
The Organisations Innovation Requirements 2020 and Beyond
Innovation acts as the linking pin between business and the marketplace (Ngo and O'cass,
2013). It helps in bridging the gap between the two. Marks & Spencer is a famous retail
corporation that capitalises upon its ability and potential to leverage innovations in order to gain
success in rapid course of time. This helps the enterprise in achieving business excellence and
attaining high share in global market place. The management of this entity is thus considering to
bring certain innovation by the end of next 3-5 years. This action is aimed at streamlining the
organisational operations and enhancing the business efficiency. This will give a boost to the
positioning and stake of retail sector across the globe. Thus, the innovations that are being
considered by the management of Marks & Spencer are discussed as follows:-
Artificial Intelligence and Machine Learning: Marks and Spencer has been wanting to
execute the use of AI alongside machine learning by the end of upcoming 3 years. This will
render assistance to the respective corporation in increasing its knowledge about the working
cycle and workforce, thereby employing measures to streamline the same. Such kind of
innovation within the bounds of the retail division will give a gigantic boost to the industry. With
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