Role of Innovation Management in Global Business

This report explores the role of innovation management in global business and its impact. It discusses the strategic, tactical, and operational challenges in establishing a viable innovation management culture. It also investigates the key attributes in retaining learning from effective innovation management practices. The case study focuses on Marks and Spencer, a retail company operating globally.

Summative
Assessment

Contents
INTRODUCTION...............................................................................................................................3
MAIN BODY.......................................................................................................................................3
K1 Analysis of the role of innovation management and its impact on global business......................3
K2 Critical debates on the strategic, tactical and operational challenges in establishing a viable
innovation management culture.........................................................................................................5
K3 Investigation and debates on the key attributes in retaining learning from effective innovation
management practices........................................................................................................................8
CONCLUSION..................................................................................................................................10
REFERENCES..................................................................................................................................11

INTRODUCTION
In current time every company want to globalized their business as through that they
able to attain numbers of benefits like increasing profit, customer’s base, productivity as well
as they also get numbers of chance of expanding business at different geographical locations.
In order to adopt globalisation company need to adopt strategies as well as plans related to
globalisation because through this they able to attract more and more customers. This will
directly leads to increase in sales, profit and market shares (Acosta-Prado, Severiche and
Tafur-Mendoza, 2020). Moreover, for adopting globalisation in proper way it is essential to
conduct effective innovation management as through that management able to ensure that
innovation is implemented in best manner. Organization selected for respect project is Marks
and Spencer which is operating in retail industry and it is founded by Michael Marks along
with Thomas Spencer in year 1884. Its head office is located in London, United Kingdom as
well as its business is nested at wide locations around the world. The respective report is
based on understanding the role of innovation management and its impact on global business
as well as it also include strategic, tactical and operational challenges in establishing viable
innovation management culture. Along with this it also include key attributes in retaining
learning from effective innovation management practices.
MAIN BODY
K1 Analysis of the role of innovation management and its impact on global business.
 Innovation Management –
Innovation management is considered as combination of management of innovation
procedure as well as change management. It is also refers to products, process of
business, marketing activities as well as organization innovation. Through innovation
management a company able to adopt innovation in successfully manner which help
them in attaining business opportunities successfully (Awan and Sroufe, 2020).
Moreover there are several reasons which show that innovation management is
essential in Marks and Spencer such as through that they able to resolve recurring
issues in business. This is so because innovation help in developing creative solution
as well as it also help in increase productivity at workplace and so on.
 Tensions, paradox, and contractions in managing strategic management of
technology, and innovation –

In order to conduct effectively manage the strategic management of technology and
innovation it is essential to consider tensions, paradox as well as contractions. It is so
because these all help in conducting work in effective as well as appropriate manner
while leads to attainment of desire goal successfully (Awoleye, Ilori and Oyebisi,
2020). Through tension or pressure employees and management come up with more
innovate or creative ideas which help in conduct management of innovation and
technology properly at workplace. In addition to this adopting paradox will leads to
risk but it help in adopting most effective innovation. Contraction will aid in
conducting work in proper way by making things more effective and proper.
 Evolving Models of Innovation Management & Intellectual property –
There are several models of innovation management and intellectual property which
can be adopted by a company for conducting their business operations and
management in effective manner. According to the model of innovation management
the innovation can be conducted within an organization in three ways i.e. business
innovation, marketing innovation and technology innovation. So it is essential for
company management to develop strategies according to all innovation aspects as that
will help in managing work in effective ways. Another model of innovation
management is market pull according to which company must first need to understand
market need they develop or design product and then production will be done and at
last sales comes (Bigliardi and et. al., 2020). On the other hand models of IP
(Intellectual property) such as patent system, trademark system and so on. By
adopting these models a company able to save their innovation from getting imitated.
 Managing & Measuring Innovation Success –
There are several factors which can adopted by Marks and Spencer in order to manage
as well as measure the innovation success at the workplace. These will also help a
company management in taking decision on the basis of current situation successfully.
This will include managing and measuring components are enhancement in revenue
generation by innovative product, service or process, increase in customer satisfaction
as well as improvement in operational efficiencies. Along with this other measures are
related to increase in numbers of projects moving along the innovation pipelines as
well as innovation success can also be determined through great numbers of ideas
generation.
 Successful Innovation Management –

Around the world there are numbers of companies who are successful through their
innovative ideas and management such as Uber which change the taxi business
around the world. The next example if Amazon which change the whole retaining
business by using online platform (Cardoso and et. al., 2020). In this another example
is Lego who developed new products from the community ideas.
K2 Critical debates on the strategic, tactical and operational challenges in establishing a
viable innovation management culture.
There are several or strategic, tactical operational challenges are take place while
conducting work for developing innovation management culture at workplace. It is essential
for a company management to understand those challenges effectively as well as develop
strategies accordingly. This is so because through that management able to get growth
opportunities that enhance company profit as well as market shares successfully. Some of the
main challenges which are experienced by Marks and Spencer while adopting as well as
managing innovation culture are given below:-
 Creating and Managing an Effective Innovative Climate – for a company
management who are planning to adopt innovation it is essential to develop effective
innovation climate in which employees feel motivated and encourage to adopt
innovation successfully. In respect of respective company they may experience in
creating as well as managing an effective innovative climate as within a company
there are several types of employees (de la Cruz and et. al., 2020). So the staffs who
are not in favour of developing climate of innovation will oppose to it due to which
management not able to adopt innovation successfully.
 Developing Firm Specific Competencies – in order to adopt innovation it is essential
for a company to understand their competencies or strengths as that will help them in
develop strategies accordingly. This will also guide management that how they use
their competencies for adopting innovation. On the other hand, challenge related to
this is that there are some competencies who are weakness for the companies so
management experienced issues in determined those aspects. This can be like
employees such some employees at respective company are ready to adopt innovation
where as some are not ready due to which impact in managing innovation culture.
 Management Strategies for Innovation – for adopting innovation culture it is essential
for a company to develop effective management strategies or plans as accordingly
they able to conduct work effectively. But it is considered as challenging process as

for developing effective and appropriate management strategies respective company
need to conduct company as well as market evaluation which is time taking as well as
hectic process. Along with this while developing management strategies for
innovation a company need to ensure that they have all the resources which are
required for implementing the innovation at the workplace (Hadj, 2020). So this is
also challenging that management need to arrange all the resources and ensure that all
are effective for innovation process.
 Where do Innovations come from – in order to develop an innovative culture it is
essential to determine the aspects from where innovation come from. So that
accordingly the other staffs of company conduct work in order to attain it in
successful manner. For example Marks and Spencer want to adopt innovation in their
clothing and for that they decided to introduce cloths which have inbuilt chip which
track health condition of a person. This is mainly target the fitness lovers but they are
busy so these cloths will record all movement and develop a medical report of a
person. So in respect of respect of respective company innovation come from clothing
design.
 A Management Framework for Looking at Innovation Sources – for every company it
is essential to determine most appropriate management framework in order to look
innovation source. It is so because that will help in developing effective decision as
well as plans. But this is challenging for a company as they need to ensure that all the
staffs involve in implementing innovation must understand about the management
framework effectively. In respect of respective company it will be difficult to identify
management framework which help in adopting innovation at workplace. Along with
this it is also challenging for respective company to determine the most appropriate
resources or sources for the above mentioned innovative idea or strategy.
 A Map of Innovation Search Methodologies – in order to adopt innovation it is
essential to effective as well as appropriate search methodologies as that help in
developing decision effectively (Ilmudeen and et. al., 2020). It is challenging for a
company select the best methodologies for conducting process of change effective.
Due to this challenge respective company may not able to adopt change proper as
methodologies will help in conducting work related to developing as well as
innovation culture at the workplace.
 Innovation Management & Technology Transfer Networks – for a company it is
essential to conduct work effectively in order to implement innovation in proper way

as well as for this it is also essential determine transfer network in proper way. In
respect of respective it is challenging from them to conduct innovation management
as well as technology transfer network. It is so because for that a company
management need to have several strategies as that help in determining the best
transfer network in proper way.
 Meeting the challenge of Managing Uncertainty – uncertainty is considered as
situation which place so quick and that are not planned in the process. It is essential
for a company management to always prepare for the uncertain situation so that they
can faced it properly without affecting other operations as well as functions (Mannan,
Khurana and Haleem,, 2020). In respect of respective company it is challenging for
the management to manage uncertain situation as that take place so quick without any
notification. Due to which management experienced challenges in developing for the
respective situation effectively.
 Managing Components of Innovation Management and IP – in order to develop an
effective innovation culture it is essential to manage components of the innovation
management and intellectual property. It is so because that will help in developing
decision as well as conducting work in effective manner. On the other hand, in respect
of respective it is challenging to determine the components of innovation management
as well as intellectual property. Due to which management not able to develop
strategies or plan for developing innovation culture properly.
 Managing Incubators – business Incubators are exceptionally planned projects to
enable youthful new companies to improve and develop. They normally give
workspaces, mentorship, instruction and admittance to financial specialists for new
businesses or sole business visionaries (Martínez-Romero and et. al., 2020). An
Incubators is a non- benefit that gets gives and will generally bring in cash by
charging their occupant organizations lease. They do offer lower revenue credits
however given the normal achievement pace of new companies, that isn't that
beneficial for them. It is challenge in manage incubators as different incubators have
different perspective which leads to conflict during development of innovation
culture.

K3 Investigation and debates on the key attributes in retaining learning from effective
innovation management practices.
There are numbers of key attributes which are used by a company in order to retain
learning from the effective innovation management practices, from which some main are
mentioned below:-
 Forecast Innovation Management & Technology Transfer – In order to conduct
effective innovation management practices it is essential for a company management
to do forecast. As that will help in decision or plan according to which operations can
be conduct for succession. In respect of Marks and Spencer in respective attribute
they must conduct research and do forecast of innovation management as well as
technology transfer (Mendoza-Silva, 2020). This is so because respectively their
manage able to develop strategies which leads to successful implementation of
innovation.
 Managing Service Innovation - A service innovation is a help item or administration
measure that depends on some innovation or precise strategy. In administrations
notwithstanding, the advancement doesn't really identify with the curiosity of the
innovation itself yet the development regularly lies in the non-mechanical zones.
Service Design Innovation encourages organizations to create extraordinary assistance
contributions, to reasonably separate themselves from the opposition and to open up
new client gatherings. According to respective attribute it is essential for Marks and
Spencer management to also manage their service innovation because that will help
them in attracting and retaining customers successfully.
 Benefits and Limitations of Open Innovation – open innovation is considered as is a
term used to advance a data age attitude toward development that contradicts the
mystery and storehouse mind set of customary corporate examination labs. There are
several benefits and limitation which are experienced by respective company by
adopting open innovation (Migliori and et. al., 2020). Benefits related to respective
attitude is it make customer piloting easier, help in developing more products, save
cost as well as it also help in attaining market quickly. On the other hand its
limitations are related to in this several control are external, identify external
innovations which need times and many more.
 Joint Ventures, Alliances & Intellectual Property – for a company it is essential to
consider aspects related to joint ventures, alliances as well as intellectual property as

that provide several opportunities to business. In respect of Marks and Spencer by
joint venture as well as alliances management able to increase opportunities to grow
business successfully. In addition to this through intellectual property respective
company management able to safe as well as secure their innovative ideas, products,
process or services from being copied by competitive companies in potential market.
 Internal Corporate Venturing - Internal corporate ventures (ICVs) are pioneering
activities that start inside a corporate structure and are proposed from initiation as new
organizations for the partnership (Ogbeibu and et. al., 2020). In other word venturing
is generally related with funding so that business operations and functions are
conducted in proper way. So internal corporate venturing is related with funding from
inside the company. According to this attribute it is essential for a respective company
to have proper as well as sufficient internal corporate venture so that operations
related to innovation implementation can done in proper way.
 Creating Value through Innovation Management - it is the deliberate advancement of
developments in associations and incorporates undertakings of arranging, association,
the board and control. Moreover, innovation management manages all measures to
advance development in associations and to create benefits. By adopting respective
attribute respective company able to develop effective strategies for implementing
innovation as well as it also help them in developing value of innovation. Through
this every staffs feel encourage to attain the desire goal of implementing innovation at
the workplace successfully.
 Choosing the Innovation Management Business Model – according to this attribute of
innovation management it is essential for a company to select best innovation
management business model (Shen and et. al., 2020). This is so because through that
management get guidelines for implementing innovation in proper way for attaining
desire goal successfully. In respect of Marks and Spencer it is necessary to select
innovation management business model as through that they can conduct all the
activities in proper way as well as it also help in minimising the error in process.
 Building and Managing Dynamic Capability – According to this attribute of
innovation management it is essential to build as well as manage the dynamic
capabilities properly. It is so because through that development of strategies related to
dynamic capabilities will done effectively. By understanding the dynamic capabilities
respective company manager able to develop decision as well as plans which can be
attain by employees successfully. Moreover it also help in understanding issues for

which strategies can be developed in developed in advance successfully and
effectively.
 Managing & Measuring Innovation Performance – for a company it is essential to
develop strategies for managing and measuring innovation performance as through
that management can determine which goal they attain and which they miss (Wang,
Chin and Lin, 2020). Through this more effective decision can be developed which
also help in overcome weakness successfully. So it is essential for Marks and Spencer
manager to conduct management as well as measuring of innovative performance so
that they can determine innovation is effective for business growth or not. After that
they will conduct improvement for attaining desire goal.
 Innovation Management Audits – An innovation review or audit is an approach to see
how powerful an association is at overseeing advancement. Singular workers are
asked to namelessly offer their thoughts on various parts of advancement the board,
for example, the manner in which thoughts are produced. By adopting this method or
attribute respective company may develop effective strategies which leads to growth
of business successfully.
CONCLUSION
From the evaluation of above mentioned points it can be summarised that for every
company it is essential to globalise their business in which the key roles is played by
innovation. This is so because through that management can attract more and more customers
while increase their market presence successfully. In order to adopt innovation it is necessary
to conduct innovation management because this will help management in ensuring that all the
innovation operations or functions are performing in best way. there are several positive
impact experienced by management by adopting innovation in their business operations such
as they able to increase sales, profit, market share, customer’s base, motive staffs and so on.
On the other hand there are several challenges which are experienced by an organization
while adopting innovation in business such as financial sources, employee’s contribution and
many more. So it is essential to company management to adopt appropriate models as well as
theories while adopting innovation in business. It is so because through that they able to get
guidelines that how to conduct work in best manner by adopting innovation.

REFERENCES
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