Managing Innovation and Business Model

This document provides a comprehensive analysis of innovation management and business models. It includes references to various studies and research papers that explore topics such as the exploitation/exploration paradox, learning capability, innovation ambidexterity, business model innovations, and the impact of AI on retail. The assignment also touches upon tools for managing early-stage business model innovation and the 4I-framework of business model innovation.

MANAGING INNOVATION IN
BUSINESS

Table of Contents
EXECUTIVE SUMMARY: ...........................................................................................................3
INTRODUCTION...........................................................................................................................3
MAIN BODY...................................................................................................................................3
Overview of the industry........................................................................................................3
The Future of the Industry 2020 and Beyond.........................................................................4
The Organisations Innovation Requirements 2020 and Beyond............................................6
Building the Future Innovation Capabilities for the Organisation.........................................9
CONCLUSION..............................................................................................................................12
REFERENCES..............................................................................................................................14

EXECUTIVE SUMMARY
Industry in 2020 is majorly comprises of big structure or market segment which provides
support to any industry, in an effective or productive manner, this report has cover analysis of an
industry in 2020. Along with this, report has been covered on testing the industry in UK in 2020
and beyond. Also, report has covered organisation innovation requirements in 2020 and also
building future retail innovation in location of the UK. Lastly, this report has put strategic
analysis on building of an innovation.
INTRODUCTION
In a current business scenario, innovation is a leading process in which any new product
or services in used to be developed with proper generation of an idea or knowledge (Abdelkafi
and et. al., 2013). Also, in this present era, implementation of an innovation is required
continuous analysis of current trends or scenario to make it productive for future period of time.
In addition to this, management of an innovation is complimentary process, in which an effective
planning, organising and controlling is a need to increase its long term outcomes in the case of
development of effective product or services. This report will be based on managing innovation
for a Marks & Spencer and also have major understanding of how products or services can be
adapting. Along with this, purpose of this report is to analyse future of a retail industry in 2020
and checking suitability in beyond time duration. Also, report will focus on building of a future
innovation capability for a Marks & Spencer to bring the business process into a reality of a
business empowerment for a longer period of time. Also, the structure of this report is highly
comprises of critical analysis on how future sustainability of an innovation can be survived.
MAIN BODY
Overview of the industry
Retail industry is one of the leading industry, which deals in selling products or service
using outlet support and also third party to assist in easy availability and sources for products and
services. Marks & Spencer which is a leading retail selling fashion, food & groceries to the
people at a greater point of time. This is an industry in which innovation is going on to makes
working more productive as well as ensures effective productivity for long time duration. This is
a company, where people used to buy groceries, fashion and food products.

The Future of the Industry 2020 and Beyond
The future of retail is in the hands of an extreme digital. The way customer shops in past
time and now has changed. This is why of transformation of a digital regulation to make retail
shopping at more ease and convenience. Now, retail sector has been transformed into electronic
sector which is recalled as e-retail or in electronic form known as e-commerce which is a process
customer can purchase goods or services through online shopping platform to sell more goods or
services in easy period of time (Smith and et. al., 2013). Online has inflicted great damage to
traditional retail shopping and transformed actual use of the smartphone to survive an existence
retail sector. Future of a retail industry is very bright, which involves higher expectancy to online
selling as many customers are transforming their choice of purchasing into an online, with
purpose to suitability of business regulation or satisfying customer with sources of saving time
and cost. Till 2020, innovation will surely cover an entire market of a retail sector, where growth
of a business such as in retail industry is wide and broad. Also, innovation will go for longer
period of time. Till 2015, retail industry is under pressure. Many retailers are finding themselves
in uncomfortable condition or position as margins out of the selling have squeezed between as a
weakening demand and also rising costs. Ups and downs of a margins is happening, because of
continuous fluctuation in pricing of a products or services of a Marks & Spencer retail products
(Du and et. al., 2014). In previous time, Marks & Spencer has faced certain issues, on which
critical reflection is required to be put to increased common working in a given point of time. As
also customers are majorly looking for price benefits in order to arrive at a true or valid
conclusion for a longer period of time. Retail industry is one of the fastest growing industry,
which are playing their role in development of customer ease to make available goods or services
with an usage of internet commerce & use of mobile technology to generate easy buying to give
customers a bigger level of convenience for a longer period of time. There are various factor's
such as technology, human resources, prices which has been expected, that will impact’s cloths
retail industry in the 2020 and beyond. In contrary, these factors are needs to be overcome by
strategic planning or planning to overcome its negative impacts.
Future of a retail industry is majorly consisting of empowerment of a technology along
with unique equipment’s that will be used to grow performance of a retail sector in given point
of time.

Future of the retail industry: In 2020, future of a retail industry is focused on current and up to
date trends such as:
Using of the AI: In current period of time, AI is majorly used in retail business to
generates an optimised purchase for longer time period. This in future would led to effective
working and regulation of work and accomplishment of retail goals or objectives for longer time
duration. With use of an artificial intelligence, retail firm has made purchase process more
convenient for its customer's along with brings outcomes such as easy of doing business along
with bringing role of effective outcomes for the firm in or future of 2020. AI would allow the
automation of major practices and processes of retail sector thereby reducing the efforts needed
to be put forward by humans employed within the company. With the implementation of
Artificial Intelligence or Cognitive Computing, the face of retail sector would change. Both of
these trends will disrupt the retail market in the time span of upcoming 3-5 years. Through the
use of AI, retail sector would be feasibly able to carry out marketing activities in an effective
manner such that a larger base of customers would be suitably attracted towards the operations of
business. Further, with the help of automation through AI, retail entities would be able to
constantly bring about innovations at a rapid pace. The human efforts would reduce with this and
thus the necessity of technically knowledgeable personnel within the entity will decrease.
Although AI will increase the cost of company as it is an expensive and lucrative technology
which can not be easily afforded by all the retailer, yet the efforts to hire skilled professionals
would automatically decrease with the implementation of AI at a large scale within the confines
of retail sector. AI based mobile marketing campaigns are foreseen to be run by retailer by
upcoming some years (5 Ways AI Is Going To Disrupt Marketing by 2020, 2019).
As per Gartner, by the year 2020, 85% of the overall customer interactions within the
retail sector would take place by way of Artificial Intelligence. As per Business Insider,
customers that carry out interaction with online reviews and views are 97% more likely to get
converted by a retail firm, as opposed to people who don't. Further, 62% of millennial
population within the confines of United Kingdom are of the view that they would prefer to
make a purchase from a retailer using AI as they would show then interesting commodities
(Impact of AI on the retail industry, 2019).

Easy to use mobile solution: Using of a mobile technology will led to easy delivery of
the orders by the supplier and raw material in an easy period of time. This is cost effective
technique.
Role of retail industry in economy is constitutes of almost 23 percent in the market of the
UK. In the retail sector, transformation of an innovation is necessary to build structure of retail
industry into a productive manner to bring effective performance of selling into the market for
longer period of time (Lin and et. al., 2013). Innovation such as product, process, method of
selling or access to payments can be made innovative to increase reach and viability of a sector
in given period of time. Innovation can also be made in traditional shopping to maintain
employment and also jobs of other peoples to maintain functioning of this industry in an
effective period of time. It is expected that in 2020 and beyond, the overview of Marks &
Spencer would be as discussed below:-
Main products: Clothing & retail merchandise will be major product for a Marks &
Spencer.
Main leader: In UK, market leader's will be depending on how different retail business
response to current trends or results.
Main threats: Future of a rivalries will be threat for Marks & Spencer to overcome with
product performance and also growing expectancy for a longer period of time.
Main opportunities: For Marks & Spencer, main opportunities will be grown online
platform for selling the products into a defined manner of time or duration.
This is expected that structure of a retail industry will be comprising of many business
firm to do manage a business operation with a purpose or defined responsibilities to contribute to
a society. In 2020, it was expected that structure of retail industry will be enlarged in given
period of time. And it will be productive to grow industry at an optimised point of time.
The Organisations Innovation Requirements 2020 and Beyond
In current business regulation, role of innovation is increasing because of trends or game
of market condition into the market. While into the process of an organisation, there are various
requirements of the firms such as human capital, technology, resources allocation, level of an
idea, which are highly prominent to raise expectancy of an outcomes out of the innovation for a
longer period of time. In 2020, technology will lead regulation of a business transformation, in
which it will be proactive to use various products or level of an equipments to design innovation

as per the requirements of a business (Schiuma, 2012). As future of the Marks & Spencer, which
is a leading retail business have several expectancies in context of growth of a business
performance for given period of time. Currently, organisation is in requirements of skilled
employee, who have varied choice in an idea generation for longer period of time. This will be
important for Marks & Spencer to lift a level of innovation into business innovation with the help
of a regulation along with support of increasing technological transformation for longer period of
time. Till 2020, technology will be major requirement for Marks & Spencer's to lift up products
or process development into the given period of time (Seebode and et. al., 2012). Along with
this, human requirement is also necessary, in which requirements of process development will be
done or innovative with help of human resource development or regulation for longer period of
time. Also, in this context, Marks and Spencer first needs to be think over how performance of
business entity which are engaged in retail industry can be enhanced or also how productivity
into the retail sector can be grown up to develop effective product for the Marks & Spencer. For
this industry, it will be prominent to grow business performance for a purpose to rise
productivity visibility and development for longer period of time.
In 2020, chances are higher that human role will be decreased and machines will lead this
era, in that situation, it is a major requirement for a Marks & Spencer to get development of an
innovation with support of technology and also with process of an effective process or operations
for longer period of time (Ngo and O'cass, 2013). Along with this strategic thinking is also
important to led development of an innovation in a retail sector for the longer period of time.
Skilled labour has an expectancy to work with process of technological involvement to led
innovation in an effective or productive manner. When talking over beyond 2020, this is
necessary for people of Marks & Spencer to led innovation of their retail process in an effective
or productive manner (Schneider and Speech, 2013). After 2020, human efforts will be replaced
in manufacturing sector, but in case of an innovation, this will be remaining similar in retail
industry to bring process of an innovation at an optimised process or period of time to maintain
growth of a products or services in an effective or productive manner. The future innovation
requirements of a retail industry is comprises of technological development along with
increasing business outcomes in defined point of time. In this, resource is a major requirement to
fulfil innovation vision is defined point of time.

Drawing upon CW1, it has been analysed that Marks & Spencer can adopt Artificial
Intelligence within the premises in order to ensure smooth flow of business practices and
activities. For this, the entity will make use of an innovation roadmap. This is a tool used to
develop strategies from the problem identification to execution of innovation so that the selected
innovation can be appropriately executed in the premises of respective retail firm.
Gantt chart:
Illustration 1: Gantt chart
Illustration 2: Gantt chart

Analysis of an innovation roadmap: In this roadmap, problem identification has took
time because of analysing the market or currents trends running into retail industry. Also, market
analysis has taken maximum time because of building an effective for a longer period of time.
Also, evaluation and testing consumes maximum time as a reason of long usage techniques.
Building the Future Innovation Capabilities for the Organisation
Innovation is a process of how business entities brings changes into any products or level
of the services in order to bring effectiveness in a business operation for the longer period of
time. If talks in different context, innovation is now ruling every business function in order to
develop product or level of service effectively with increase suitability to major purpose of a
development of any new products or service for a productive duration (Bogers and West, 2012).
This level of innovation in which product & process needs to be innovate, process of a human
empowerment to acquire proper idea's in necessary to led into role to enhances suitable outcomes
out of the process for prominent period of time. For Marks & Spencer, this is necessary to
engages their own people, which into process of creation of an innovative idea's to bring new
products or services into this business firm for longer period of duration. This is a reality that
role of manpower is required for Marks & Spencer to create innovative idea to develop their
products or process with leader's or employee's increased efficiency for develop period of time.
As, innovation is essential for growth of a Marks & Spencer, which currently working in the
same sector of retail to sell to their customer to generate business lead. Marks & Spencer can
plan for innovative with assistance by:
Give freedom to leader's: Kind of freedom and responsibilities to employee's will assist
them to generate suitable idea or information on what level of an innovation will considered and
also what are its suitability to respond in the market place. This can be done with assistance of
group level of performance.
Provide team's with resources or idea's equipments: For an effective innovation, usage
of a resources along with an idea based equipments are necessary in which regulation of current
trends or information is required to be taken into existence. This will surely assist leader and

employee's of Marks & Spencer to gather suitable information or also knowledge in context of
bringing innovation to a development process for a longer period of time.
Along with this, this is necessary for Marks & Spencer to have an optimised knowledge
of an organisation such as existing products or services, market share, actual customer stats
which are necessary to led correct and also an exact idea of an innovative to be carry on in
business regulation for a longer period of time. Also, this is essential to have correct knowledge
about a organisation which is majorly sufficient to realise what level of an innovation is need to
be taken care such as product or process development along with suitability or reality of any
accurate in a market. After the realisation of this, its acknowledged that innovation capabilities of
the Marks or Spencer is relatively higher, scope for innovation regulation is major which in
reality is profitability. In Marks & Spencer, cognitive computing will be preferred level of an
innovation in which use of computerised process will be taken in Marks & Spencer to build ease
selling to the customer's or people. Along with cognitive computing, Marks & Spencer will also
utilise Emotient which is a software used to check customer's reaction while looking at any kind
of display, size etc.
Suggestion: The suggestion here for Marks & Spencer is to utilise cognitive computing
in a process of managing customer thought process in one portfolio to gather suitable idea's in
given period of time (Winterhalter and et. al., 2016). Along with this, Emotient must taken by
Marks & Spencer to check customer emotion or their reactions in given point of time. In this
innovation, chances level of customer satisfaction will be rise along with their major satisfaction
level.
Reason: Here, major reason for this innovation is judging customer reaction, emotion &
thought process at time of making purchase in given point of time. Also, this will led Marks &
Spencer to check customer reliability or validity for longer period of time. In response to market
suitability this level of an innovation will assist M&S to ascertain business effectiveness.
Impact of an innovation: For Marks & Spencer, innovation such as cognitive computing
and emotient will put structuring of a planning, measurement and evaluation of an idea's into
business process to know how reliable is idea or information to implement it into final products
or services for longer period of time or duration. To check out innovation capabilities of a Marks
and Spencer, this will be important to know what impact it has put on functioning of a Marks &
Spencer for a longer period of time.

Cost change: Cognitive computing will incur cost fuel of Marks & Spencer, because this
majorly involves implementation, setup or fixing of technology to operate it to raise business
profitability to run business operations. In order to overcome cost, Marks & Spencer must go for
structuring of budgets in which several cost will be specified to be incur to implement this
innovation to rise suitability and also durability of business process (Markides, 2013).
Legal aspects: This kind of an innovation generally requires legal kind of an approval or
level of jurisdiction in which firm needs to reveals or disclose certain legal jurisdiction to handle
this kind of an innovation in business regulation for longer period of time.
Capacity of the research & developments: In context of business regulation, this level of
an innovation requires higher degree of research & development on implementation of cognitive
computing to built business suitability and also higher performance for the longer period or
duration. In this, Marks & Spencer R&D Dept. needs to put focus on actual generation of data &
information, which is in simply a time consuming process or work.
Technicality: During innovation in the Marks & Spencer, lots of the priority have to be
put for implementation of technical allotment, which is a high costly deal, time incurring process
and lots of focus have to be put on implementation of cognitive computing in a defined manner.
Given are some of major impact's of cognitive computing which have taught previously
to check how this idea is feasible or suitable to implement in an actual business environment.
This is essential for Marks & Spencer to check validity, feasibility and durability of an idea in
order to gather suitable results for an implementation of this innovative idea for a longer period
of time (Frankenberger and et. al., 2013). M&S are required to put look on approval of this
innovation, as some innovation are already which are majorly a threat for people and human
being to be carry on. In order to get an approval of this innovation, first it is necessary to check
feasibility & validity of this idea to sent report to higher authorities for their approval to build
innovative process for its implementation.
Feasibility: This is necessary for Marks & Spencer to check that is this idea is suitable to
be implement or not and also how long this idea will be survive to benefits business operations
of a Marks & Spencer. For checking feasibility of an idea, this is important to have checks and
authorised this idea for longer period of time. Also, this is highly prominent for M&S business
regulation to start business performance for the longer period of time. As well as, this will be
done with support of business regulation for the longer period of time.

To pass this innovative idea, this is essential to increase business regulation for a longer
period of time. Also, this is coherent to utilise development of a product or business suitability
for a longer period of time. Accordance to current business regulation, it is necessary to rise
business growth for a longer period of time.
Marks & Spencer is required to have clear point of view into the process of business up
gradation with help of innovation into their operation to bring harmony among their business role
for a given point of time (Evans and Johnson, 2013). Also, Marks & Spencer have an
opportunity to take approval of their BOD to implement an idea in a time given point of time to
build business performance for future period of time. Also, this is necessary to have role of
business functioning to be implemented with right and optimised efforts.
Also, this is an opportunity for Marks & Spencer to utilise innovation with an effective
regulation of work or performance for a longer period of time. In this optimised techniques or
tools is used to be taken care to led effective growth for business functioning of the M&S.
CONCLUSION
From an above report, it is concluded that managing innovation in business is a growth
based in which regulation of the functioning is necessary to led development of a business in an
effective manner or regulation. In innovation process, innovation roadmap is majorly important
to build business performance at a greater and utilised point of time. Also, it will be crucial to
check how business entities under any situation of an innovation or development for a longer
period of time. This provides a source of how innovation will be developed in business and also
what are its suitability for continuing business process for a longer period of time. Also, this is a
prominent to take for developing process of business operation for a longer period of time. In
business time, analysis of a future growth is necessary to generate suitable outcomes into a given
point of time or duration. In addition to this, business innovation needs to be undertaken with
collaborative efforts of people to gather positive outcomes out of a given innovation process.
Also, managing business should be done in such a way that, outcomes of the innovation would
lead to development of business course for a longer period of time.
Also, this is highly proficient to rise business growth along with development of possible
to raised from development of a business process for a longer period of time. The role of an
innovation is especially major in a retail industry which has played a prominent role in its
business growth along with development of the profitability at a wide sector or terms. Lastly,

every business firm's needs to be focus on development of strategic planning or evaluation,
whose role is essential to create outcomes in given period of time.

REFERENCES
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