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Managing Innovation in Business

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Introduction

Innovation can be defined as a new idea which is used by most of the companies in order to enhance sales and profits in upcoming period. It is not easy to manage whole process of innovation because it requires appropriate planning and strategies. When an organisation plan for a creation or modification in its products than proper information, sufficient funds and market information is needed for this purpose (Tidd and Bessant, 2014). Main objective of business entities behind the innovation is to meet customer's requirements and fulfil all their needs so that large market share can be captured. If organisations are willing to get success by launching an innovative product than it is essential to communicate the plan with all functional departments of the company and allot them resources and responsibilities. Appropriate execution of plans will help to successfully introduce the innovation products in market. Main aim of this project report is to develop an understanding of proper management of innovation for a business. This assignment is based on Lotus cars which is a British automotive manufacturing company and its headquarter is in Hethel, UK. The organisation was founded in the year of 1952 by Colin Chapman. This report consist detailed analysis of future of automotive industry, innovation requirement of the organisation and future innovation capabilities of the company.

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The Future of The Industry 2020 And Beyond

Automotive industry is the sector that deals in different types of auto mobile products such as cars, motor vehicles etc. All the products are manufactured and developed under this sector. This industry is continuously growing in UK and contributing a higher amount in national income that helps to grow the economy. This industry was established in year 1860 and since than the sector is successfully running its business. Various companies such as Aston Martin, Daimler, Morgan, Bentley, Jaguar, Lotus, Rolls Royce are operating their business under this sector in UK. Higher employment is generated by the commercial enterprise in UK and currently it is offering jobs to large number of individuals (Drucker, 2014).

The companies who are a part of automotive industry continuously launching different types of innovation that helps to enhance profitability and productivity of whole sector. One of them is Aston Martin who is planning for electrification in upcoming period. The new car which is going to be launched by Aston martin is RapidE and the directors have decided to launch limited cars. This innovation will take the industry to the next level and increase competition among the companies. The organisation have also announced to re-engineer Lagonda as the first electric SUV luxury car company and from year 2021 all Lagonda are going to be electric (Innovation of Aston Martin,2018).

Rolls Royce company is also willing to launch innovation in upcoming period. The organisation has predicted to create tailor made cars which will target rich and famous personalities. The cars are going to be made according to the specifications of the customers. Directors of this organisation have said that cars will be manufactured in the supervision of our clients. This type of innovation will help the automotive industry to grow faster. The name which is decided for the tailor made car is 103EX which is going to allow to manufacture fully personalised cars (Future innovation of Rolls Royce,2017).

Daimler is also a leading company who is executing its business operations under automotive industry. The organisation have announced to introduce a Mercedes's automated city bus with City Pilot in upcoming period. This concept is taken from the automated trucks that are launched by the organisation in year 2014. The city bus has a City Pilot who is able to recognise traffic lights and drive according to them (Innovation of Daimler,2018).

All the above discussed innovations are going to be launched in future by different automotive companies. It will help the auto mobile sector to grow faster and enhance profits. All of them also spread the business till 2020 and beyond. The new innovations needs to be managed appropriately by the business entities in order to successfully launch their business in the market.

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The Organisation Innovation Requirement 2020 and Beyond

Lotus Cars is a manufacturing company who is dealing in sport cars and was established in UK. The organisation is known for its good quality cars that are provided to different customers all around the world. Currently the business is operated with the help of around 1500 employees. Parent company of Lotus Cars is Zhejiang Geely Holdings Group. The organisation is willing to launch two new sport cars till year 2020. This will help to enhance profitability and market share of the company (Innovation of Lotus Cars, 2017). It has also planned to introduce SUV in the market till year 2022. It is the first time when the Lotus is going to introduce a SUV car. Owner of the business entity has declared that one of the new sport car is going to be replace an old car of Lotus Family. The other sport car will have a new carbon fiber monocoque body. The innovations are described in detail below:

Carbon fiber monocoque body sport cars:These are the new cars that are going to be launched by Lotus Cars till year 2020. The body of new sport cars is made from carbon fiber. It is mainly designed to give the customers a new experience. Main purpose of the company for these new sport cars is to get back the place in the market which was lost due to lack of innovation since last few years. This will result in enhanced profits of th

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