BU7030 Managing Innovation Assignment Sample
Innovation management can be defined as the combination process of business management with the process of innovation. Innovation management refers to the business process, product management, and organizational innovation.
It is also considered as a systematic promotion of innovation within the organizations. It deals with every measure to promote innovation and to generate more revenues. By implementing the strategy of innovation several companies are launching new products and services in order to conquer new markets.
This report sheds light on innovation management implemented by Morrison Limited to increase their productivity and boost up their economy. This report highlights the effectiveness of the innovation process implemented by Morrison. In addition, this report also focuses on the Tidd & Bessant (2018) innovation process model incorporating teamwork, risk assessment, the influence of the market, and project planning.
Background of the company
This report sheds light on the fourth largest supermarket chain in the UK, Morrison. It is a food retailer sector that is serving customers across the UK with approximately 500 stores (Morrisons-corporate.com, 2021). http://BU7030 Managing Innovation Assignment SampleThe company also has an online delivery service with the help of which the company provides services to different parts of the UK.
The company mainly provides groceries and food with their unique process. The company is sourcing and processing fresh food by its unique manufacturing facilities. The company generates revenue of approximately 1,753.6 crores GBP in the year 2020 (Morrisons-corporate.com., 2021).http://BU7030 Managing Innovation Assignment Sample
In order to generate more revenue and increase their sales growth, the company has implemented the innovation process model by introducing the latest technology in their manufacturing and delivering process.
The innovation process model has provided the company a detailed framework that helps the company to identify and implement innovative ideas in its products and services.
The innovation process model helps Morrison to enhance advantages and create value in the retail market. In order to become a supermarket giant Morison has made a significant improvement in replenishing the capabilities. The implementation of Artificial Intelligence (AI) based technology has made an important improvement (Nambisan et al., 2017). http://BU7030 Managing Innovation Assignment Sample
Tidd & Bessant Innovation process model
Tidd & Bessant suggested an idea that consisted of something new, unique, and different from the ideas that already existed. The construction of this unique idea works into matter and tangible which makes it an invention. Because it derives the idea out of the abstract and helps to enter it into the physical realm.
Tidd & Bessant suggested the 4Ps of innovation such as product, position, process, and paradigm (Tidd & Bessant, 2018).http://BU7030 Managing Innovation Assignment Sample The companies are consistently becoming successful at managing innovation in terms of growth, product management, financial performance, and employment.
This model has helped the companies to build a capability to manage and organize innovation to achieve achievement. The innovation strategy can be divided into many forms but they are reduced to four directions of changes. They are: “product innovation”, “process innovation”, “position innovation” and “paradigm innovation”.
Tidd & Bessant has suggested an effective framework that helps the company to take innovation challenges (Nambisan et al., 2017). http://BU7030 Managing Innovation Assignment SampleThis model helps to challenge innovation including the ability to see the connections and to identify the opportunities in order to take advantage of them.
It shows new ways of serving existing markets. Innovation is not just about opening up to the new markets but it can also offer several new ways of serving the established and mature markets (Frishammar et al., 2019). http://BU7030 Managing Innovation Assignment SampleIn addition, innovation is improving the process of operations. Food retailing or manufacturing companies have developed the process of capabilities over time which has helped them to get a strategic position.
Teamwork, project planning, risk assessment, and the influence of the market on the innovation process
Teamwork
The innovation process model implemented by the food retailing company Morrisons has helped the company to incorporate teamwork, project planning, the influence of the market by the innovation process, and also risk assessment. Teamwork can help to inference the growth of the employees and the productivity of the company (Tidd & Bessant, 2018).http://BU7030 Managing Innovation Assignment Sample
Innovation has a significant impact on the overall performance of the company. The quality of the teamwork is necessary when completing any high innovative tasks as generally there are unforeseen circumstances and frequent changes.
The innovation process implemented by Morrisons has a great importance of teamwork as it helps the company to improve innovation and it brings the employees together and motivates them to bring out innovative ideas with the help of which the company can attain organizational objectives (Tidd, 2021). http://BU7030 Managing Innovation Assignment Sample
Project planning
Project planning plays a significant role in business as itb helps to guide the stakeholders, investors and the project managers of the company by the different phases of products. Planning is required to recognize the desired goals, help to reduce the market risk for Morrisons.
Besides, effective project planning helps to deliver the products successfully to the customers (Nilsson &Göransson, 2021). http://BU7030 Managing Innovation Assignment SampleThe implementation of the innovation process model in the project planning has helped the company to perform efficiently.
Risk assessment
The risk assessment process of Morrisons helps to describe the entire process to identify the risk factors that have the potential to cause harm to the company. With the implementation of the innovation process model, the company is able to mitigate the threats of the company (Albats, Podmetina&Tsekouras, 2019).http://BU7030 Managing Innovation Assignment Sample
With the help of the innovation process model, the company is able to bring the effective innovative idea into their products and services. This allows the company to mitigate any threats and risks of the company.
Influence of market to the innovation process
Innovation has a significant impact on the market as it is the only way the company is able to generate sustainable sales growth and competitive advantages in the retail market (Björklund &Forslund, 2018).http://BU7030 Managing Innovation Assignment Sample
The successful exploration of new ideas helped Morrison to target new markets and also the existing markets. By implementing the innovation process model Morrison is able to secure its revenue, lower the cost of its products and also help to differentiate them from the rival companies in the retail market.
Business model
Canvas
Table 1: Canvas business model
(Source: Created by the author)
Two identified and defined current innovations
According to Trott & Simms (2017), the retail sectors of the UK have adopted various kinds of innovations in order to sustain their position in the market and ensure competitive advantages.
The two identified current innovations that have been adopted by the retail sector in the present time are related to adopting innovative technology in terms of product packaging and delivery and the second is adopting environmental sustainability in the retail sector. In order to introduce innovation, retail companies have become very open and competitive (Pantano, Priporas & Dennis, 2018).http://BU7030 Managing Innovation Assignment Sample
The retail sector has undergone a huge change in the past few decades. It has emerged as the most potential and innovative business form. In terms of current innovation retail sectors are focused on introducing innovative ideas in the business operations. The retail sector is associated with the manufacturing and production of goods that will make the customers satisfied. It is all about focusing and meeting the requirements of the customers in order to gain competitive advantages (Petrenko&Proskokova, 2019).http://BU7030 Managing Innovation Assignment Sample
The current retail companies have adopted innovative technologies related to retail business in order to introduce novel channels for sales. Retail companies in the UK have been seen to adopt AI (Artificial Intelligence) and machine learning in their business. In addition, one of the current innovations includes AR (Augmented Reality).
Augmented and virtual reality technology has been widely used by retail companies to assist their online customers to get quality services at the tip of their fingertips (Wang et al.,2018).http://BU7030 Managing Innovation Assignment Sample For example, the emergence of the Covid-19 pandemic has made the retailers utilize AR technology in order to mitigate the huge gap- between the physical and the digital medium of shopping.
With the adoption of the AR (Augmented Reality) technology, Morrisons can accelerate their sales by 35%. In addition, the company can showcase its products to digital customers more effectively. The application of AI (Artificial Intelligence)within the supply chain system will enhance growth in the supply chain process.
The retail company Morrisons has adopted the effective utilization of AI in product packaging and delivery. Due to the smart and technology-driven packaging, the retail company has been able to drive effective customer satisfaction (Cheah, Ho & Li, 2018). http://BU7030 Managing Innovation Assignment SampleWith the inclusion of RFID and QR codes in the packaging of products, Morrisons has gained success in terms of sales of products and delivery.
With the inclusion of the RFID chip and the QR code, the company has become effective in tracking down its delivery services to the customers. In addition, the company has also adopted environmental sustainability in its retail business. For this, the retail company has effectively reduced the usage of plastics by reusing and recycling the plastics used by the retail company.
The company has pledged to reduce the usage of plastics in the packaging of their own product by 49.5% by the year 2025. Besides, the company has taken effective measures in order to reduce food waste and has pledged to reduce the wastage of food by 51% by the year 2030.
The company distributes surplus food to the charity and is associated with the distribution of 3.3 million meals to FareShare which is a charitable organization. In order to maintain environmental sustainability, the company has pledged to reduce the emission of carbon from production by 33.3% by the year 2025.
Business’s internal resources are considered necessary to ensure success in their innovation strategy
The internal resources of a business organization are considered to be very significant in order to ensure the adoption and implementation of an effective innovation strategy within the organization.
Effective innovation strategies are helpful to promote the growth and profit of the organization. The internal resources of the UK-based retail company Morrisons have been effective for ensuring the success of their innovation strategy (Krasyuk et al., 2019). http://BU7030 Managing Innovation Assignment SampleThere are three perceptible strategies adopted by the company in terms of innovation.
The strategies are related to the value price, freshness of the products, and the services related to delivery. The internal resources of the retail company Morrisons are the financial resources that include financial funding and investments made by the investors and the various sources of income from the sales of the retail products (Trott & Simms, 2017). http://BU7030 Managing Innovation Assignment Sample
The physical resources include the location of the company and the equipment used for manufacturing and selling the products. The human resources of the organization are also regarded to be the most significant internal resources. The human resource includes the employees of the company who are working tirelessly in order to make the company successful. Internal resources of Morrisons are being helpful in developing innovation strategies (Moorhouse et al., 2018).http://BU7030 Managing Innovation Assignment Sample
The adoption of the innovative strategies by Morrisons is aimed at providing outstanding retail services to its customers and attain competitive advantages in order to ensure its sustainability (Coelho et al., 2020). http://BU7030 Managing Innovation Assignment SampleFor this, the internal resources of the company such as the employees and the manufacturers have focused on providing fresh food products to its clientele base.
The company has been dedicatedly working in order to maintain the quality of the products so that it can maintain customer satisfaction and ensure profitable success in terms of delivery.
The company has taken effective measures by creating awareness of the brand by introducing innovative product packaging in order to sustain the freshness of the products. In addition, the company has focused on developing an eco-friendly supply chain in order to ensure environmental sustainability (Alt, Berezvai&Agárdi, 2020). http://BU7030 Managing Innovation Assignment SampleFor this, the company has focused on providing advanced training to the employees of the department of the supply chain.
Potential Influence of organizational culture on management
The organizational culture is effective in making a potential impact on the approaches of the management in order to maintain and manage the process of innovation (Gürlek& Tuna, 2018). http://BU7030 Managing Innovation Assignment SampleThe objectives of the retail company Morrisons are aligned with the organizational culture and strategies.
The company maintains an effective and positive work culture that motivates the employees of the organization. The managers tend to compliment the best-performing workers that help them to ensure more productivity at the workplace.
Approach to managing the innovation process and ensuring organization efficiency
The positive environment of the company helps to promote innovation in terms of product and their services. Morrisons as a retail company believes in developing the appropriate and positive work culture and environment where all the workers are effective and efficient enough to maximize their contribution to the profit of the business.
The effective teamwork and leadership of the company promote innovative business ideas that are helpful for the retail company to gain competitive advantages(Moorhouse et al., 2018).The employees are allowed to participate in the decision-making process of the organization and are free to present their innovative ideas that will bring profitable growth to the organization.
Conclusion
It can be recommended to the UK-based retail company to develop a simplified delivery process by utilizing chatbots in their delivery system. It will be effective in bringing speed in the process of delivery and making the customers satisfied.
In addition, it is also being recommended to the company to enhance its services related to customers by improving their shopping experiences. For this, the company can include robots in their stores for giving better and speedy services to the customer.
It can be concluded from the study that Morrisons is a UK-based retail company that has introduced an effective innovation model in order to gain competitive advantages. The study includes Tidd &Bessants (2018)innovation process model in order to analyze the innovation process at Morrisons.
In addition, the business model of Morrisons has also been discussed. The study includes the identification of the current innovation at the company. The potential impact on the organizational culture on the innovation process has been carefully addressed.
References
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