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(PDF) managing innovation in Business

   

Added on  2021-01-02

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Managing Innovationin Business

EXECUTIVE SUMMARYThe whole report is based on how business could manage their innovation with help ofmanagement and other methods. As innovation in current context is very much important andessential one without the new form of innovation and creativity it becomes impossible for firm tomanage its resources and working of employees. For this purpose M&S is taken in report that isone of the leading chain of retail store of UK operating all around the world. The company islooking forward in its Plan A of 2025 that is focusing mainly on upcoming technologicalchanges and innovation in retail sector. The report also discussed the current and future growth possibilities of company in retailsector so that development is fostered with help of this. There are many chance and technologicalopportunities that market is having in current time but it could only be grabbed by M&S if theyare including culture of innovation.

TABLE OF CONTENTSINTRODUCTION AND PURPOSE...............................................................................................1FUTURE OF THE INDUSTRY 2020 AND BEYOND.................................................................1ORGANISATION’S INNOVATION REQUIREMENTS 2020 AND BEYOND.........................3BUILDING THE FUTURE INNOVATION CAPABILITIES FOR THE ORGANISATION......4CONCLUSION................................................................................................................................9REFERENCES..............................................................................................................................10

INTRODUCTION AND PURPOSEWithin context of business, it is very much important that there are regulating regular andcontinuous innovation and adding up within digital technology (Biemans, 2018). Managing allthese types of innovation and technological revolution is essential that will enable organisation togain their competitive advantage over their rivals in marketplace. Innovation management is thatcombination of innovative process along with change management which includes products,services and whole organisational change. These innovations also regard to as ISO 50500standards which are developed by ISO TC 279. This will be including all types of techniques,tools and tactics which are used by company and its management to help develop commonunderstanding to goals and objectives of company.This particular report is based on managing innovation within context of Marks andSpencer which is selected within this study. Marks and Spencer (M&S) is referred as one of theleading chains in retail sector operating all over the world with having its base in UK. There arenumber of innovation which are included within M&S and that are needed to be managed inproper manner so that performance of company could be managed.The report will be covering future of industry in 2020 and beyond in context with M&Sand retail sector of UK. Further the requirement of organisational in terms of innovation incoming year of 2020 in global market is studied. Then towards the end building the futureinnovation capabilities for organisation will be included.FUTURE OF THE INDUSTRY 2020 AND BEYOND As with the announcement of UK government to leave the European Union till 2019 thishave one of its deepest impact on retail sector of UK (Tidd and Bessant, 2014). The post Brexit,it is very much important that all retailers are thinking more of customer’s changing demandsand behaviour as well. As per one of the leading digital innovation consultancy firms, Futurice, itwas included that the retail sector will witness about 8 key IT, social and cultural changes whichwill mostly driving opportunities for them in 2020.1

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