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Managing Innovation In Business

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Managing Innovation In Business

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Introduction

The report below is based on how innovation is managed in business. Innovation is the process which adds value to a company's existing offerings in a way that it benefits the firm as well as society. The agenda for introducing innovation in products is to enhance its importance and make it more useful for the new and existing users. It is an important aspect and is required to satisfy unique and sometimes immediate needs of the customers. The following report is based on Samsung Electronics, which is one of the biggest companies worldwide in the electronic industry. The purpose of the report is to expand the horizon up to which Samsung Electronics could bring in innovation in the electronics industry, more specifically in the field of television. This report would cover the industry as per the emerging innovation in 2020 and beyond. It would also cover the innovation that could be brought by the firm and the requirements for these innovations till 2020 and after that. Another aspect which is briefly discussed is the future innovation capabilities for Samsung Electronics.

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TASK 1

The Future of Industry in 2020 and Beyond

Television Industry has been subjected to innovation in recent times and is looking forward to experience more innovation in coming years. Due to rise in technology, the aim of this industry is to enhance the content viewing experience of the customers in the world up to its maximum limit. New features are being added to the televisions every once a while which enrich experiences of its users in the world. Be it Artificial Intelligence, Automation or Visual Effects, all are related to improve the procedure of content viewing. Currently, there are various platforms that are providing various insights of what the future holds for he television industry. The major impacts of these innovations have been witnessed on the viewership that has increased in the recent years. Around 2020, the IP traffic is likely to cross 2.0 zettabytes per year which is another milestone for the television industry (...). Another aspect that is improving and is likely to witness the same in near future is the immersive viewing. The technology has take a sharp turn recently with rise in technologies like 4K and 8K. These define the Ultra HD quality that has been achieved by the television industry lately. Japan is planning to deploy 8K display at Tokyo Olympics in 2020.coaching-in-practice

There are various companies that in the television industry that are changing the game of innovation. New technologies are being developed and implemented by major companies like LG, Sony, etc. These companies have enhanced their visions in terms of the technologies and products they are planning to introduce in the market. The biggest example of the future innovation is the 1mm thick Wallpaper TV that is being introduced by LG in coming future. Another latest innovation that likely has an impact on the television industry till 2020 is the BRAVIA OLED A8F serious launched by Sony. These serious have more than 8 million pixels that are self illuminating and controlled individually by X1 Extreme processors (…). Where the future is concerned, Sony Electronics is planning to introduce 150 frames per second or even higher beyond the year 2020 (...).

All these innovations are likely influence the television industry in various ways. First, with enhancements in these technologies by these firms would encourage more companies to adapt these applications and implement them in their products so that the experience of television viewing could be more enhanced in the future. Another way in which it would help the industry is that the advanced technologies would develop a wider reach which would allow it to penetrate deeper markets and inform more individuals and communities about the benefits of such fine use of technology. For Samsung Electronics, the companies in the industry would encourage the firm to come up with new innovations that could satisfy the market needs as well as fulfil its own set of expectations. Innovations in the industry would help the firm in developing new ideas where the firm could use different technologies or combinations that enhance the ways customers become familiar with technology. This way the firm could sustain for a better period of time as well as modify the use of technologies and equipments to open new gates for existing as well as new companies in future.

TASK 2

Organisation's Innovation Requirement in 2020 and Beyond

Samsung Electronics is a leading firm in the television industry and is implementing innovations every year to enhance its product quality and to build a better image in the market. As discussed in the previous report, all the major innovations in the Electronic Industry, particularly Television, are associated with Samsung Electronics. The firm has been a giant in technology and is bringing new innovations to this market quite frequently. The main reason behind this is to provide more enhanced products and services to the public which fulfils their need to experience something beyond ordinary.

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Television Industry is one of those few industries which is witnessing heavy innovation and Samsung Electronics has a very prominent contribution in starting this aspect of innovation. Since its Black and White TV, Samsung is consistent in going deeper into science and bringing out more innovations in the television industry. Its innovations are acknowledged worldwide and are viewed as an example for other companies who share the same vision of providing effective innovations to its customers worldwide. There are various requirements regarding innovations happening in Samsung Electronics which could certainly have an impact on the customers and as well as on the industry. These are mentioned below:

  • Hologram Televisions:As discussed previously, Samsung Electronics has a patent for holographic technology. It could be a major opportunity if the firm in the coming years as it would provide the customers more ease and comfort to view television. Moreover, holographic television is one of those few innovations that could provide the firm with long term sustainability in the marketplace. The impact this would have on customers would be that they would prefer this technologies over other as it would provide them ease of space. Moreover, with holographic televisions like “Pocket Holographic Television” introduced in the previous report would benefit the customers clarity of vision and sound without any external frame. For the industry, such technology would have major impacts where cost of developments and set ups are concerned. This technology would benefit the industry in saving its financial assets for a better access of technologies (…).
  • Chargeable Televisions:with concerns to save electricity, it is essential for a company like Samsung Electronics to innovate its products in a way that it fulfils this requirement. For this aspect, the firm could develop chargeable televisions which, in few hours of charging would provide a daily consistent display without the use of external electricity. Televisions with such compatibility would be capable for saving electricity that would help in reduction of carbon footprint due to less burning of fossil fuels (...). This technology would have a major impact on customers as they will not have to worry about switching off sockets for televisions before leaving the house as they will not be required to. The impact of this innovation on industry would be that it would contribute in preservation of energy and enhance its contribution in
  • Artificial Intelligence:Human Resources are the most crucial aspect of running any business. They have their own set of skills, knowledge and experience that is necessary for a company to achieve their business objectives. However, these have their own limitations. There are certain individuals whose presence and absence have quite an impact on the general operations of the organisation. Samsung Electronics must consider enhancing its operations by employing AI Robots in place of employees. This way, the firm could avoid human error and inconsistency and could achieve top most quality due to perfection of these robots. Due to AI the firm would also be able to control them effectively. Customers would prefer the products of a company with such advance use of technology like AI and Robotics. Industry too could be benefited by reaching on to different perfection levels in their production as well as distribution of products.

TASK 3

Building Future Innovation Capabilities for Samsung Electronics

Samsung Electronics produces its televisions in a way that it enhances their demand and widens the scope of innovation for the industry as well as for consumers. It is imperative for the firm to enhance its capabilities to increase the familiarity of technology and build a deeper insight for the customers in terms of content viewing. To better understand the process, a road map is constructed which would provide the firm with milestones of innovations that could be achieved by the firm by enhancing its capabilities. The road map for Samsung Electronics is discussed below:

Suggestion:It is imperative that the innovation which is most appropriate for this purpose and that could best enhance the capabilities of Samsung Electronics is Pocket Holographic Television.

Reason:Holographic technology is the future of television as it aims to provide ease in the way television is viewed. The holographic display could effectively be used by customers and Samsung Electronics, by Pocket Holographic Television could remove the barriers of space for setting up the televisions by providing effective display regardless the texture of the surface it is being projected to.

Impact:With change in any aspect of business, product, process or people, the impact is seen on the overall organisation. The impact is witnessed on its working as well as methods by which technology and skills could be blended to produce the desire product and distribute in in the marketplace effectively. The major impacts of change are on certain factors and areas which are described below:

    1. Research & Development:The major impact of any change would be on R&D department of any company. This is because they are required to analyse the requirements of the marketplace as well as they have to assess the effectiveness of the product. To achieve this, R&D of Samsung Electronics would be researching the methods, technology and personnels required to develop the concept into a product. They might also need to formulate and modify the operations which could induce the impact on organisation as a whole.
    2. Resources:With such high-end innovation, it is imperative that effective resources be employed by the company to produce this product effectively. A standard Hologram requires development of photographic films that are coated with emulsion of silver halide (...). Generally glass plates are used to manufacture it which is not the case in Pocket Holographic Television. The resources required by the company would be raw materials for electro-forming, embossing, metallizing and so forth. Moreover, a use of artificial technology is required to compile these into small devices that could be fit in a pocket. To make this more efficient, the firm would require external manpower to handle the operations effectively that are associated with the project.
    3. Requirement of Technical Skills:To implement the change in the products, it is imperative that technical requirements are fulfilled to develop a new product where unique technologies could be used along with different methods of production. To successfully produce Pocket Holographic Television, the skills that are required would be a brief knowledge about the software that would aid the projections for instance Microsoft HoloLens (…). Another technical skills would be to have a brief knowledge and experience in Information Technology and Software Engineering. Skills to effectively use Artificial Intelligence are also required in the employees involved in the projects. The agenda of having these skills must be to develop a competent product that could fulfil the demand of enhanced technology.
    4. Legal Compliance:Whilst developing such a major product, it is essential for Samsung Electronics to acquire certain legal benefits that would aid the requirements and help the firm to get a legal support. Most importantly, to protect the intellectual property, the firm must acquire a patent for Pocket Holographic Television. Moreover, taking such support would allow the firm in better risk management for their product which is one of the major impacts of a change in an organisation.

Feasibility: The most important aspect of change is the feasibility. Change in the organisation is measured by how feasible it is to implement and what enhanced benefits does it provide to the company. Pocket Holographic Television would be analysed on the basis of how viable and dependable is this project for the company. Samsung Electronics have three ways to determine the feasibility of their innovative product. These are described below:

    1. Economical:The prime factor of determining an innovation is the economical and feasible soundness. Pocket Holographic Television would be feasible in economic aspects because this innovation eliminates the usage of television frames. This relieves the company from the cost of developing these frames. On a larger scale this also ease the firm from building costly sound systems as it will all be in-built in the television device for Pocket Holographic Television.
    2. Technological:Samsung Electronics would then analyse the product on the basis of how it benefits them as well as the customers technologically. Holographic technologically is used in an appropriate and contributing way in Pocket Holographic Television along with enhanced sound system built for a surround sound from the device. This makes it technologically feasible for the customers. In addition to this, Artificial Intelligence along with Automation is used in to produce these televisions which ease the pressure of work on employees. It also eliminates the possibility of human error which increases the productivity and better production.
    3. Operational:As discussed, on the operational levels, with much less human intervention, AI robots play a vital role in development of Pocket Holographic Television. These robots are designed to function 24 hours a day which makes it quite an extensive approach to make the overall project operationally feasible.

Approval:After the feasibility of the change is analysed, the next process is to get it approved by the upper management. Samsung Electronics, to gain approval of the upper managers must organise formal meetings regarding this innovation. They must also organise Board of Directors' meeting where the members would assess the overall impact of this change on the company as well as on the customers. There will be a presentation of budget for the project, feasibility charts, profit forecasts and so forth. The members of the board must agree to the innovation and give it a thumbs up for the managers to move forward with the same. In case some of the members speak against it, voting takes place and approval is acquired on the basis of majority.

Application of Change:After getting an approval, the next step is to apply the changes in the company. In this stage, Samsung Electronics would go ahead with the production, marketing, promotions and distribution of Pocket Holographic Televisions. Resources will be assembled along with hiring of staff and required workforce for the project. This would also require the firm to employ AI Robots and effective automation system to produce the desired number of televisions.

Review:The final step of the road map is to review the implemented change and its impact be analysed. The firm would run some internal tests to determine the performance, endurance and safety of Pocket Holographic Televisions. After various physical and chemical tests, the product would then be set into the market. The review process in the market would be completely based on its acceptance and the financial gains that Samsung Electronics would experience after their televisions are sold. Moreover, one prominent way of reviewing the change would be the feedbacks the firm would get from its customers in the market. For more production and long term sustainability, it is crucial that all these aspects turn out to be positive for the firm and their product.

Conclusion

Thus, it is concluded from the above report, that to successfully bring innovation in an organisation, it is essential to clearly determine the aspects upon which the change would be analysed and reviewed. Innovation is crucial for a company as it contributes in its success as well as ensures its long term sustainability in the market. Moreover, innovation also provides the company competence and abilities that gives it a competitive edge over other present competitors.

In order to successfully bring in the innovation, it is imperative that the organisation determines the current and emerging technological trends in the industry. This would enhance the scope of success of the innovation as it would effectively satisfy the future demands of the market.

It is also imperative for an organisation to determine its innovation requirements in the future which would help them to develop clear ideas about how the innovation should shape up. It would help their creativity align with the market needs which would mould their innovation to satisfy their future wants as well.

There are various stages that a change goes through to successfully implement itself in the organisation. To appropriately manage the same, it is crucial that the change goes through a road map which would help the firm to identify various stages of its implementation. It gives the firm a systematic approach to implement change in the organisation. The various stages are focused on the impact the change would create on various organisational operations including resources, skills, legal compliance and so forth. For its successful implementation, it is imperative that a strong and positive impact of the change be created on the organisation for its long term sustainability and future success.

References

  • Saebi, T. and Foss, N.J., 2015. Business models for open innovation: Matching heterogeneous open innovation strategies with business model dimensions. European Management Journal. 33(3). pp.201-213.
  • Frow, P., and et. al., 2015. Managing co‐creation design: A strategic approach to innovation. British Journal of Management. 26(3). pp.463-483.
  • Winterhalter, S., Zeschky, M.B. and Gassmann, O., 2016. Managing dual business models in emerging markets: an ambidexterity perspective. R&D Management. 46(3). pp.464-479.
  • Schaltegger, S. and Wagner, M., 2017. Managing the business case for sustainability: The integration of social, environmental and economic performance. Routledge.
  • Rothaermel, F.T., 2015. Strategic management. McGraw-Hill Education,.
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