Part A- Innovation Management Plan
The innovation management plan is helpful in changing the actual working structure of an organization. The purpose of the innovation plan is different for different activities. Every organization has different approaches for an improvement. In this report, the organization selected for the discussion is named as “Woolworths”. Woolworth is a retail shop which is famous for food and grocery products. Though the organization is doing well and the financial status of the organization is well planned, but still some improvement is always required for the development of an organization.
According to Brad Banducci (Food Group Managing Director), the three innovations which are planned for the growth of the organization are described in the paragraph below.
- The offers are the source of core improvement so that Woolworth will become a priority for the customers. So, the organization will introduce specific offers for their customers.
- The business as well as organizational growth is essential to be fulfilled as to achieve the need of their customers.
- The formation of the “Lean Retail Model” in the coming years. This will be helpful in improving the value of customers as well as the products.
As the organization is specific in providing products, so the innovation is mainly required in the services provided by the organization. Through portfolio management, basic approach related to the new ideas and innovations can be generated. The proper team from lower escalation to higher escalation should be appointed. By the help of this, the designing of new innovation can be done.
The current capabilities of the organization are very smart and productive. But, as innovation needs changes, so coordination of these capabilities with the process is required on a wide landscape. For the coordinated approach, the pre-requisites necessary information is gathered from the various sources. By the help of this, the existing aspects of the organization will not get an impact. Apart from this, the proper work map should also be designed in a correct manner.
The report shown below will aid in covering the other aspects related to the innovation plan management.
Designing Phase for Innovation
The designing phase of the innovation will be helpful in providing suitable planning process. The diagrammatic presentation is also shown below.
The innovation can be depicted by providing specific diagrams in an approachable manner. The diagram will assist in predicting the future aspects as per the current scenario related to the market. The current position of the Woolworths is being analyzed on an initial level and by this, the innovation for the future task may become easier and definite (AlKhatib, 2009).
For defining specific innovation in the organization, mainly four steps are planned in a transparent manner. These steps are helpful in preparing a definite innovation plan. The structural steps aids in setting structure for the upcoming future aspects. With the help of structure, the resources can able to find the specific picture for the task. In case of Woolworths, the structure for three innovative approaches will be managed. For applying all the three innovations in the Woolworths, the people got selected from the organization itself and they are appointed for the specific task which is to be completed in a definite way. The set of executives, some managers, storekeepers and senior managers got selected from the organization. The organization also looks forward for the definite standard of the team members. For creating the “Lean Retail Model”, the selected members from different store can be selected. The experienced person can be able to provide the stability in changing the specific plans. The assistance from these senior leaders will be helpful in executing the specific approach for the development. This will also help in structuring the basic approach associated to the organization. The 360-degree feedback and information from different sources may be gathered from the storekeepers and area coordinators. This approach will be helpful in managing the suitable coordination in right direction.
The third and fourth step of the sequence is related to the strategy and process. By this phase, the strategy is prepared for managing the innovation. In contrast to the Woolworth, to provide the offers and discount to the customers, the strategic planning is identified for definite processing and finally, the required output may be received. As Woolworth kept the customers on higher priority, so it is essential to manage some inaugural and introductory offers for them in the new stores. The demographic and psychographic features will help in providing assistance for introducing the concept of the organization. Apart from this, to make the customers satisfied, the softwares and online system can also be introduced through which the customers can able to provide their specific output as well.
To implement the phases in a simultaneous way, the process is conducted. The final process helps in providing definite assistance as well. The three goals of innovation defined above in the introduction section may also be achieved in a unique way (LeanKit Inc., 2017).
The involvement of user and contribution managed by them is also considered as one of the task which is defined for the innovation. The role of user or user involvement is only identified on the Adhoc basis in past days. The users have to manage their specific identity and contribution too. This will help in promoting basic decisions identified by the organization. The Woolworths needs improvement and innovation in the working structure. For this, they actually need users support or involvement. The new technology, introduction of the social media, new methods of working in the structure and possibilities to manage the firm are identified as some of the strong reasons of introducing the concept of user involvement in the organization. The marketing and usage of some quality testing tools in the market are also required for managing the innovation in the organization (i.e. Woolworths). The role of user also plays the most important role in this as well. The future planning of the Woolworths is highly appreciated and user involved in this planning should also be competitive in nature. By identifying the current market structure and values, the user can able to manage innovation related to the Woolworths (Pimenta, et al., 2014). Apart from this, further improvements are also observed to introduce the concept of innovation in the Woolworths. The continuous developing phase will be helpful in providing the specific assistance.
The time factor is identified as one of the feature which can act both as a positive and negative factors. The time factor may either improve or can create negative influence on the innovation of the organization. For achieving three goals which are mentioned in the introduction, the organization plans target for three years. In these three years, the time allocation can be done on the monthly and quarterly basis. By identifying all these perspectives, the resource allocation may be identified. Proper allocation of the task and specific service that are provided for the completion of the task can able to provide proper output as well. The proper division of time and dividing the task in a definite time frame will help in providing suitable direction and area for the innovation in Woolworths. (Sun, et al., 2016).
Woolworths has to pay specific cost for the development and innovation aspects. In the initial phase related to the organization, Woolworths pays a lot of price for launching the innovative approach in the organization. To manage innovation and level of competitiveness, the Woolworths are paying nearly $125 million. In fact, to reach the level of innovation, the store pricing and online pricing are also being managed as per the requirement of the organization. The fluctuation on the combined basis may also be observed, if the allocation of resources may increase. While pursuing the targets related to the innovation, the users have to focus on the new stores and refurbishments. The customers and their level of satisfaction matters a lot. To reach these targets, organization has to spend money in the accurate direction.
In reference to the resources, the Woolworths increase the working hours of their employees on an initial level. In the past years the working hours were 58,000 yearly, but in the current scenario workers are spending nearly 63,000 working hours on a yearly basis. The increase in the working hours will directly reflect the pricing policy related to the organization. The formation of the Lean model can also be managed with the help of the specific resources which are allotted to the organization for managing the innovation. The allocation of extra resources is also defined to check the freshness of the products as well as fruits and vegetables. The innovation related to the offers and increment in the customer’s satisfaction may also be focused by using different resources. To manage the competitive environment and to chase definite target, the resources are used. These resources may also help in defining the areas for an improvement (Bosch, 2015).
Prototyping and Testing Capabilities
Woolworths is identified as the best retail industry with a transparent approach. The products which are sold out in the organization have their specific identity on an international as well as on local level. To manage the aspects related to the prototyping and testing, it is essential to identify some of the strategies related to Woolworths. The Woolworths is specific and successful in its ventures. To prove the best aspects related to product and to manage the productivity, the Woolworths introduce the concept of prototyping (Venaruzzo, 2017). The prototyping and testing capabilities will help in providing specific assistance and customer satisfaction too. Currently for doing the prototyping, the organization come up with a joint venture with an organization named as Thoughtful. In the joint collaboration with this organization, there are various systems located in the stores. The prototyping is identified as one of the method by which the innovation can be noticed. This is also considered as the best source of checking capabilities of the products. By prototyping, the freshness of the products can be checked in the near future. The same application can be implemented in near future for the satisfaction of the customers (Kalay & Lynn, 2015).
There are various testing capabilities too, which can be used for the innovation plan. The testing capabilities will assist in defining basic agendas related to the testing process. But, the most innovative method for testing is identified as the “controlled store test”. The control store test is identified for the entire innovation plan mentioned for the proper procedure. The quality of the product can also be analyzed to introduce specific process of innovation in the organization .This test will help in testing various perspective related to the organization. With this, the definite level of customer satisfaction can be achieved in rapid manner. Some of the basic aspects defined by the controlled store test are setting the test conditions, management of test products and identification of interim reports and execution of the project identification.
Cross Functional management
The cross functional management is the process through which the major aspects related to the innovation can be managed. The innovation is the best approach to introduce the new concept in the market. The cross functional management is helpful in collecting the basic ideas and resources from different areas. The Woolworth is using cross functional management as developed and organized tool. On the basis of assorted aspect, the cross functional management can work. In this process, the employees from different expertise fields provide their contribution to pursue one specific goal in a definite direction (Berzin, 2015). The Woolworths goal is to win the competitive market and satisfied customers. The three innovative methods that are specified in the above paragraphs may also be completed when the proper implementation of cross functional management can be done. For those, the operational, financial, logistics, storekeepers, supervisors and marketing team will combine with their specific working methodology. They can provide their specific working approach in the correct direction. Due to the assorted team members, the combine efforts are applied. The cross functional management may also help in providing the proper manpower and resources.
The above piece of research work is helpful in throwing light on the innovation and future target related to it. The innovation management plan is considered as one of the basic plan, which is helpful in promoting the innovation on a wide level. This innovation will assist in managing the developmental aspects related to the organization. It may also improve with the introduction of innovation plan which are mentioned in the framed manner. There are some recommendations too, which are provided for the specific process of growth and development. It is recommended that suitable strategy and goals should be set for the innovation management plan. This will aid in providing assistance in the growth of the organization. Apart from this, it is also suggested that suitable tool and services should also be applied for the development of the organization. It will help in providing the stability and specific management to the organization.
Part B-Elevator Pitch
As it is already identified that, Woolworths is identified as one of the team player on the international as well as on local level. For promotion and to be comfortable in a competitive environment, the organization put forward their approach towards the new innovation management plan. The new plan is related to the offers, pricing and formation of the “Lean Retail Model”. To achieve all these three targets, it is essential to put forward the specific approaches. So, in short, the goal of the organization is to look forward for the new targets and services (Uyen, 2013).
From past many years our organization is providing the promising feedback and developmental aspects related to the growth. If the offers will be provided to the customers, then it would become easier to increase the financial as well as monetary aspects. On the behalf of studies related to the Woolworths, I can also conclude that to make the lean retail model wider and expressive, the suitable contribution will be identified. The figures and statistics that are collected on an organizational level are also helpful in planning the definite approach related to the innovation. The old stores are also facing the major issues related to the competition. So, for introducing the concept of innovation, it is essential to introduce the specific strategy and procedure linked to the organization.
Apart from this, for managing the lean retail model, the simultaneous contribution from the resources and man power will be required on an initial level. The lean retail model will be helpful in making the selling of product easier in the market. The lean retail model will give developmental aspects to the organization as well. So, for this, the mandatory organizational aspects are essential to be identified.
The share chart and contribution of the organization is also shown below. Apart from all these aspects, customers also able to obtained WOW offers and discount, so that they can avail the maximum profits (Peters, 2013).
The organization possesses specific unique selling proposition which may help in providing assistance to the development of the organization. For the Woolworths, the customers are considered as the main target. For achieving the trust of customers, the organization defines various offers and proposals. The innovation is also considered as the part of making remarkable change in the organization. So, the approaches which are planned in the starting of the paragraph are required properly.(News Limited, 2017).
In the end of this short elevator pitch, I have some set of questions for you as well as for the customers who wish to purchase the products from the Woolworths. Some of the questions are specific below:
- What are the basic methods related to the online shopping and processing?
- Who all are involved in the procedure of the purchasing and selling?
- What are the new innovations that can be introduced in the organization?
By preparing this elevated pitch, the promotional and growth aspects of the organization can easily be identified.
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