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Managing Innovation In Business

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Report on Managing Innovation In Business

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Introduction

Innovation is the process of introducing a new product, service, practice or method or adding more features in existing procedures which can meet the demands and preferences of customers.

Apple Inc. is multinational company which is mainly focusing on delivering high technology products to customer. The company is headquartered in Cupertino, California in 1976 and founded by Steve Jobs, Steve Wozniak and Ronald Wayne. Apple is provide both hardware and software based products to its customers across the world. In past few years, it is being found that Apple has kept its focus on offering innovative products and services to its customers to reach at new level. The main purpose of this report is about identification of future innovation opportunities that are available for Apple within the electronic industry to gain competitive advantages in market.

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This report will cover suitable organisational innovation requirements till 2020 and beyond. Also, includes future of Industry and building the future innovation capabilities of the organisation to grab the market opportunities.

Future of Industry 2020 and beyond

Consumer electronic is very vast industry which is mainly focusing on delivering advanced technological products and services to its customers. The sector includes computers, mobile phone, digital cameras, wearable electronic devices, smart televisions, TVs and many other products which are considered as an important part of consumers lifestyles. These products are highly surrounded with advance technology and different types of innovation which contributes in growth of industry at global level.

This industry is very dense in nature and deals with huge competition every single day as organisations belongs to this industry tries to produce new product with innovative features . It has been analysed that the main key players within consumer electronic industry that are served their best from many years includes Samsung electronics, Sony corporation, HP Inc, Panasonic, LG etc. The main aim while they are working is about strongly focus on on research and development activities for introducing new product with innovative features to grab attention of customers. It can be said that involvement of technology within this industry is considered as influential factor that directly contributes in the growth of consumer electronic segment.

Continuous innovation have enhanced expectation of customers and also motivates key players to introduce something better every time. The immense support of the different organisations in consumer electronic sector should be determined and understand from the different examples defined below:

Samsung has presently introduced Galaxy A7 which owns the 3 cameras within the mobile phone which is made-up of three different kind of lenses. It has been identified that is first company who have introduced mobile phone with this feature. On the other hand, Panasonic corporation is planning to launch a mirror less camera. It is a part of LUMIX S series which will be world's first camera that can zoom an image with F1.7 Aperture. This camera is going to provide better experience to the professionals. The company has developed a new culture of photography and videography for its customers along with that this technology is highly influential in respect of the mobile phones to bring unexpected changes in the camera quality

As per above specified examples of key players belongs to consumer electronic industry, it has been concluded that future growth of this industry is very broad as its every new innovation is improving lifestyle of individuals by the way of performing the activities and actions in more simplified manner. Introduction and innovation in cameras like providence of Mirror less and high resolution help to open up options for the consumer electronic industry to persuade the buying behaviour of consumers to pay higher amount of price for getting the best technology available in market. As a result, it will be beneficial for the industry to get higher monetary returns. Along with this, it has been observed that innovation in consumer electronic industry is also beneficial for Apple because customers of this company are now habitual of accepting products with innovative and are ready to pay higher prices for using it.

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Organisations innovation requirements 2020 and Beyond

Apple Inc, is popular for its constant unique innovations which are positively accepted by its customers every time. Apple's practice of bringing rapid innovations has developed expectation of its customers to continue same in future and thus, creates requirement of more innovation from Apple in long run. Besides this, another reason which have persuaded company to execute more innovation is increasing competition at market place. Both the reasons have collectively created demand of innovation for Apple. Some of the probable innovations and developments that will be brought by Apple in future are described as below:

Smart connector: As per increasing demand of innovation from Apple, the company is planning to introduce magnetic smart connector for its iPhone devices. This connector can be seen as the additional feature that will be helpful in sharing data from computer to other devices and charge iPhone faster. This magnetic smart connector will going to launched by 2020. This innovation will be helpful for consumers as it will allow them to share their data and information in less period of time. Smart connectors are beneficial for the industry too, as it develops option of collaboration for accessory maker and Apple. This will help them in becoming a leader in market place with maximum profitability.

Foldable iPhone: Apple have already given remarkable innovation which were acceptable and enhanced expectation of its customers. In order to satisfy this expectation, the new innovation on which Apple is constantly working is about Foldable iPhone which is going to be launched by 2020. Foldable iPhone will going to be beneficial for customers as with this will carries additional feature that allows them to carry the device in at the time of non availability sufficient space. This innovation will create new platform for competitors and influences them to produce more and more innovative product to sustain longer in the same industry. As a result, it creates an innovative environment within the industry which contributes in the increment of turnover over as well as profitability of the same industry.

Hologram TV: Apple is further planning to introduce 3D display Television in the coming years. In this, main innovation will going to replace work of remote with the Hologram display. It can be said that this innovation will make a 3D gesture based image that could be is controlled by users in appropriate manner. In relation to users, Hologram TV will allow users to control their TV screen with additional displayed screen with 3D Gestures. This innovative product will going to enhance its product and helps in delivering best product to customers. This innovation will provide new experience to customers that will enhance their satisfaction level. Innovation of Hologram TV is beneficial for consumer electronic industry as it fosters relationships with professionals from various sectors like information technology, research and development as entity requires competent individuals for bringing such innovations. As a result, these positive relations will help the industry in bringing more innovation in future which will also enhance their profitability in effective manner.

Apple AR smart glass: Apple is also planning to introduce AR smart glass for customers which will allow user to access information from cloud with the help of laser light connected to eyeball. This innovative glass will be able to connect with other devices too in order to allow user to reach information. Apple's AR smart glass will be helpful for its users as it is easy to carry and manage. It can be said that this innovation will increase competition within the industry and motivates other organisations within the industry to make new innovative product in order to sustain longer. As a result, consumer electronic industry will progress quickly.

As per the above stated number of innovations that are going to be introduced by 2020 or beyond, it has been analysed that possible chance of success associated with these innovations are high as this will help to provides an opportunity to the consumers about feeling high technological advances which improves their working. . Building all the innovative capabilities within an organisation is important due to high expectations of consumers associated with brand name.

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Building the future innovation capabilities for the organisation

Innovation can be seen as the best way to influence the buying behaviour of customers towards the company with its unique features. It simply gives reason to consumers for the purpose of stay connected with the company every time while they are going to launch any new product in market.. Apple Inc. is mainly known among its users for its advance technology which are always prevailed under their innovative products. In order to maintain its brand name, the company is focusing on building future innovation capabilities of Apple with the help of following a particular innovation road map. This is mainly considered as the path way which directs company to follow each and every step to effectively implement any kind of innovation in actual scenario. This map works as a strategic tool which guides organisation about work which is going to be implemented at that time. It will directly help the company in building up successful future capabilities which will be beneficial in becoming successful leader at market place. In relation to the Apple, road map for implementing new innovative product is described below with all of steps:

Recommendation and reason: As per evaluation of demands of consumers in consumer electronics sector in context of Apple, identified that from all of the innovations the one which is more retable and useful is Foldable iPhone. It is recommended to the company to give more priority regarding building Foldable iPhone as it is yet not introduced by any other company and highly required as per the need of consumers. This innovative product will also provide new experience to users of Apple as they can carry this product in less space and fold it according to the available space.

Impact of change: In order to build Foldable iPhone in future, it is essential for Apple to make some necessary changes in existing process for its efficient output. This change will not only impact on one single function of the company, but it will directly influence overall function such as R & D, Human resources, other resources, finance and some more factors which will be directly required by company to implement Foldable iPhone.

  • Research and Development: Research and Development department of every organisation plays an essential role in the process of introducing new technology or any product. In respect to innovation of Foldable iPhone, it is required by Apple to make a new separate team in research and development department who will work effectively for making a good foldable iPhone. This team should contain some specialist that owns desired knowledge on the technology that is going to be used in Foldable iPhone in order to make a better product. Research and Development department of Apple is required to conduct some session for the already existing team in order to develop information about programming language and technical skills to develop a software that will contribute in making a foldable iPhone. As a result, with this special team Apple can make this innovation of Foldable iPhone successful and deliver best product to its customers.
  • Necessary resources: Road map of innovation also includes information related to resources which are required by the company to strengthen their concept of innovative product. For implementing Foldable iPhone, Apple is required to analyse its existing resources in order to check what alteration required for the chosen innovation. It has been analysed that main resource which required for Foldable iPhone is skilled employees, financial resources, advance technology, machinery and equipment’s, etc. to effectively execute it at market place.
  • Needed Technical skills: While implementing foldable iPhone, it is required by the Apple to develop technical knowledge among its employees in order to make foldable iPhone soon. Therefore, it is important for the company to hire advance programmer who will conduct some programming session for employees. In these sessions employees will get required guidance about new software's and programming languages which will going to be used by them at the time of developing foldable iPhone. The company also needed to develop technical skill of staff related to customers redressel because in future when company will introduce Foldable iPhone at market place then they will surely require a well developed team who can deal with the customers queries and guide them about the process of using foldable iPhone.
  • Legal Aspect: For making a Foldable iPhone, it is essential for Apple to go through the legal aspect before introducing this innovative product. For this, it is required by the company to take care of design, Intellectual property Right and many other related legal terms which might make their product void in future. Apple must ensure that its product should be introduced by considering all the legal standards that are given by government under intellectual property right. So that after launch of product, company will not face any legal or compliance related problem which place negative impact over its brand image.
  • Cost of change: At this step, Apple mainly focuses on making bringing about changes in company's existing procedures and techniques so as to make it capable for implementation of innovation plan. The cost structure ascertained for executing the innovation in terms of Foldable iPhone is described below:-

For successfully bringing the new product by way of innovation in marketplace, Apple has to incur a large sum of money. From the above cost table, it has been analysed that company will incur $25000 on Research and Development along with $10000 for advertising about this innovative product of enterprise. Along with this, $16000 will be incurred for marketing and $26000 upon recruitment of skilled and competent employees for successfully bringing Foldable iPhone. Further, $170000 will be spent by entity for buying the necessary resources and material for creation of product.

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Feasibility: After conducting a deep evaluation of impact of changes which are required to consider by the Apple, next step on which Apple should work is checking feasibility of the product. This term is mainly used to analyse whether the new plan will be successful at the time of its implementation or it will require some changes to make it better.

After identifying the resource requirement for developing and making the “foldable iPhone”, next step is to analyse the internal system as well as resources for predicting the current status of the available resources. This evaluation will help in understanding actual need of the resources for Apple which will be required to make foldable iPhone. It has been analysed that the company is already having some some software and machinery as well which will be helpful in developing Foldable iPhone, but at the same time it also requires some new software and machines which are mandatory to be used for making successful iPhone.

Approval process: It is important for the Apple to take approval from board of directors in order to introduce a new innovative product that is Foldable iPhone. This approval will only allow the company to make changes in desired product which is going to be launch. In this regard, it is important for Apple to conduct a meeting sessions with board of director in which all of the essential changes will be discussed with them for awaring them about it. This discussion is very important as without informing board team Apple can not make major changes in its upcoming product.

Apply the changes: Implementation of changes is considered as an essential step in road map which occurs after evaluating needed resources for developing Foldable iPhone by Apple and taking approval from government authority as well. In this step, it is required by Apple to gather desired resources like technical staff(programmers), software etc. for foldable iPhone in order to develop it successfully at marketplace. For this, Apple will conduct some regular based training sessions for its existing staff(programmer) from third party expertise who will guide them about usage of new technology while making foldable iPhone. These expertise will guide technical staff regarding the application of software. These software's will further going to be used in Foldable iPhone in order to make it work as per expectation. This will help in implementation of change in future.

Review the impact of changes: This step simply defines about the success of Foldable iPhone that whether it will be successful at market place or not. This can be done with the usage of prototype model which is a sample of actually product which is tested by the team of the company. This test is basically conducted before the launch of foldable iPhone in market. In this, team member of Apple will review this prototype model on the basis of its financial reliability to check to feasibility of product in terms of profitability.

Conclusion

As per the above specified report, it has been analysed that innovation is the best way through which company can enhance its sustainability at marketplace for longer period of time. Innovation is a continuous practice which when adopted by company assists them in gaining a strategic edge in marketplace. It has been identified that consumer electronic industry is very dense in nature and is required to bring rapid changes for enhancing its sustainability. It is essential for the company who deals in this sector to bring something new every single time in order to make it stay at market place for longer period of time. These innovations generates more opportunity for company and also contributes in enhancement of market share ratio. It has been analysed that future of consumer electronic industry is very bright as the industry focuses on providing best technology based innovation and continuing this process of innovation in the future too. Some of the main innovations which are going to be introduced in the industry includes Foldable iPhone, Hologram TV, smart connectors and Apple AR based glass. All of the innovation are mainly based on technology and that contributes in enhancing experience of customers with completely new and attractive features. Along with this, it has been founded that building capability for future is very important for every organisation. This can be done effectively with the usage of road map. A road map is considered as the process which involves various steps that guides company to take measurable actions time to time in order to implement a successful innovative product.

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