3. Create an implementation plan (based on concepts taught during the module) for the new product or service you have recommended as your innovation.

2024-05-29T19:02:17+00:00
  
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L7 Innovation Management in a Digital Age 

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Learning outcomes:
1. Understand importance and elements of digital transformation, critically evaluate and plan its impact and implementation.
2. Comprehension, appreciation, and management of the complex stakeholder management relationships that must be considered in a fast paced and changing business environment
3. Identify, foster and encourage innovative idea creation processes.
4. Ability to critically analyse, synthesise and evaluate findings to prepare and execute plans for innovation and change management programmes, identifying and eliminating blockers and engage accelerators.

Assessment details: Individual written report, 100% (2,500 words)

ASSIGNMENT DETAILS

Fictional Scenario set within a company of your choice:
You are a newly appointed manager working within the product and services division of a large company (that you have chosen). The company has been facing changing consumer/client expectations and the evolving digital landscape, in recent years.

To address these challenges, the company`s Chief Innovation Officer recognises the need for improvements in the innovation management processes, employees’ digital capabilities, and stakeholder management processes and they have asked you to write a report with recommendations as to what product or service innovations the company should make and how the company should handle different stakeholders in the process. As an employee of the company, you also need to consider your own digital capabilities and how they might contribute to the innovation management process.You should start this assignment by choosing a company that you are familiar with and that is publicly listed and has accessible corporate information online in English. You may wish to look at companies in technology, healthcare, consumer goods and the financial services sector. You should then choose one specific company product or service for your innovation.

Then you need to:
1. Identify the Jobs To Be Done (JTBD) and the functional, social or emotional needs of a key/foothold customer for a specific product or service of your chosen company. You may choose to use the Customer Persona Canvas template to do this.
Using secondary data (e.g. Google Scholar, Statista, Business Source Ultimate and or Financial Times) explain the need for innovation for a specific product or service of your chosen company, based on market trends and customer feedback (e.g. on Social Media and or the company website).

2. Using secondary data (e.g. Google Scholar, Statista, Business Source Ultimate and or Financial Times) create a PESTLE Analysis table to make a strong argument for why your chosen company should innovate a specific product or service. This means assessing and understanding the company’s external environment and considering the factors (specifically P-Political, E- Economic, S- Sociocultural, T-Technological, L-Legal and E-Environmental) that can impact on its operations. Discuss the most significant PESTEL factors that would apply to your chosen company in the main body of your report.
Recommend a specific product or service for the chosen company, supporting your choice by referencing your prior critical analysis and industry-conditions through PESTLE. Critically evaluate an approach to innovation that would support the company to achieve either something ground-breaking (disruptive)or just improve what already exists (sustaining) in terms of the company’s product or service.

3. Create an implementation plan (based on concepts taught during the module) for the new product or service you have recommended as your innovation. As part of your plans you could consider how an Artificial Intelligence (A.I.) initiative could enhance and support the new innovation to improve the customer experience.
Identify and justify who should be involved (i.e. stakeholders) and how to handle (manage) them.
Discuss how the suggested change can be sped up (accelerators) and ways to overcome blockers that might slow the change plan down. You can use a mind map or an infographic if you choose for your illustration.

4. Based on the company that you have chosen evaluate your own digital capabilities and how they would support the innovations that you have recommended ( i.e. Sustaining or Disruptive Innovation). You can use the JISC Building Digital Capability Discovery Tool (available from: Jisc (potential.ly)), to help with this.
Then make a SWOT Analysis table for yourself. This means listing in bullet points your strengths, weaknesses, opportunities and threats when it comes to your digital capabilities. In a few paragraphs summarise your findings from your SWOT Analysis and why they are significant to your employability in your chosen company.
Create a S.M.A.R.T. Action Plan table (using bullet points) listing how you can improve your digital capabilities, to support the innovation process of your chosen company. Include proof that you have completed the BCG Digital Transformation Job Simulation (BCG Digital Transformation - Forage (theforage.com) and other learning activities related to improving your digital capabilities. In a few paragraphs summarise the key aspects of your action plan and why they are significant to your employability in your chosen company.

Reporting Instructions:

  • You must ensure that you choose a specific business unit/entity rather than the corporate group for your company e.g. Tata Motors rather than Tata.
  • You must ensure that you choose one specific company product or service to innovate.
  • You must gain the approval of your Module Tutor/Lecturer before selecting a company for this assignment.
  • Your report must be supported by secondary data to support your arguments from e.g. Statista, Business Source Ultimate and or the Financial Times. So please check that you can find your company in these database sources before finally deciding on a company for this assignment.• You must include your PESTEL Analysis table (with bullet points) in the appendix of your report and discuss the main factor/s relevant to your company in the main body of your report.
  • You must include your SWOT Analysis and Action Plan tables (with bullet points) in the appendix of your report and discuss the main aspects of your digital capabilities that could contribute to your employability in the main body of your report.
  • You must use models, concepts, approaches and theories that were presented during the module, to demonstrate your understanding.
  • All academic and other sources must be cited and included in a reference list which should be included in an appendix. Always use Harvard Referencing for ULBS: Harvard Referencing Handbook. The appendix is not included in the specified word count.

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