Managing and Measuring Innovation Performance

Abstract

The report mainly focuses on innovation and its significance in business operations. The
report demonstrates a contextual overview of Apple which is the largest technological
company in the UK. It highlights the innovation framework and concepts in the organization.
The report demonstrates the impact of innovation on business performance. Further, the
report has described how firms can measure their innovation performance. Apart from this,
the report has provided suitable recommendations to retailers for maximizing sales
collection. The report has also provided a critical analysis of the above findings. It is
essential to manage innovation for long term growth of the business. The report has
evaluated the impact of innovation. The report has also discussed significant outcomes of
the investigation. The report has provided suitable suggestions for becoming more profitable
and attain success in the market. Organizations must focus on innovation to gain competitive
advantage and deliver better services to potential customers and clients.
Table of Contents
Introduction.............................................................................................................................. 4

Literature Review..................................................................................................................... 5

Methodology............................................................................................................................ 8

Findings and Analysis............................................................................................................ 10

Conclusion............................................................................................................................. 12

Recommendation................................................................................................................... 13

Reference List........................................................................................................................ 14
Introduction
Innovation is defined as a process of exploring innovative ways and implementing innovative
ways to attain customer satisfaction and increase sales collections. By measuring
innovation, the Organization may provide clear direction to workers and enforced them to put
the best efforts for improving business performance. For example, Apple is the leading
technology-based company that finds unique ways to enhance customer experience and
boosts sales collections. The report highlights suitable strategies through which business
can improve their performance and attract large customers. Organizations can manage
innovation by maintaining absolute control over business activities and setting deadlines for
suitable targets.

It is essential to measure innovation for achieving a possible outcome. By managing

innovation, firms can differentiate themselves from other companies and adopt a suitable
business model. The primary goal of this report is to describe innovation and its implications
on business performance. The report also provides appropriate business examples for
managing innovation. The report demonstrates the major benefits of measuring innovation
performance. At last, the report has described suitable strategies to increase profit margins
and dominate the entire market. These strategies may help firms to create innovative
products or services to customers. Innovation management may enable firms to find
appropriate solutions for a specific problem. Innovation is ultimately responsible for the
company's success.
Literature Review
Theme: Managing Innovation Performance

Innovation is defined as the introduction of new ideas and ways to upgrade customer
experience and improve brand image. Innovation may create extra value in the company's
products and services. It is defined as the ability to implement novel ideas in business
operations. Innovation management is very much essential to pursue new projects and
receive better investment return[ CITATION Asl20 \l 1033 ]. The main component of innovation
management is to gather key metrics and collect positive feedback from potential customers.
Firms can eliminate potential issues by managing innovation performance. It may help
businesses to reduce uncertainty and create suitable adjustments for future projects. Some
companies manage innovation by developing unique products for their potential buyers. At
present, organizations measure innovation by adopting efficient technology to improve
customer service.

Methodology
Organization used several methods to collect primary or secondary data. These methods are
simple and enable firms to gather large information regarding business operations. These
methods are considered as sophisticated ways to analyze data. There are several methods
to collect large information which are described below:
Interview: Under this procedure, anyone may come up with list of questions to analyze
participant opinions and perceptions. Efficient interviews may helps organization to
understand employees opinions regarding business operations. Interviewing may be
considered as most expensive methods. Individuals can conduct interviews through phone
or live chat. Interviewer often ask open ended questions from the participant.
Observation: It mainly involves collecting information without asking any questions.
Observation is regarded as more subjective as researcher has to add their judgment towards
collected data. Through observation, researcher can identify potential problems and collect
large information regarding specific topic.

Focus Groups: It is mainly defined as combination of surveys, observation and interviews.

Focus groups mainly involves several individuals having similar interests and opinions. The
main purpose of focus group is to introduce collective element for collecting large
information. A focus group study may ask participant to watch presentation. Focus group
often used open ended question while interacting with participant.

Questionnaire and Surveys: Under this procedure, an individual may asks close ended
questions to others. Data collected from surveyed may be interpreted and examined in
several ways. Individuals may also assign numeric value to these data. These methods are
quite useful in analyzing quick response from large number of people.

Documents and Records: It is defined as systematic process where firms examine their
past records to track significant changes over certain time period. Records can be examined
through email, database, meetings and staffing reports. For example, If an organization
wants to know why there is so much negative reviews, then they needs to examine records
of particular product or services.

The three main pillars of innovation

Innovation is like a small word. It can be broken down into three areas of activity which are
defined below:
Competency: Every firm has its own set of capabilities and history that helps in determining
the competency of innovation. Every firm must make some improvements daily with the
changes in the requirements of buyers[ CITATION Sjo20 \l 1033 ]. The research has made
of the innovation that builds a powerful framework that is based on the competence that will
help the organization.
Strategy: The resource allocation is vital to strategy as a manager knows and therefore it
must be the best part of aligning innovation to the strategic aims.
Management: The innovation needs to be managing efficiently even the most competent
firm that deploys wisely the resources. It is the primary focus of the business.
Conclusion
The report concludes that innovation is essential for expanding the potential customer base
and achieving success in the market. The report has evaluated that firms get can manage
innovation by maintaining their budget and expanding large product portfolio. The report has
analyzed Apple's innovation strategy for achieving customer satisfaction. The findings
indicate that innovation management plays a crucial role in achieving business objectives.
The report has identified different theories and models related to innovation. Apart from this,
Firms can measure innovation performance by gaining competitive advantage and
developing innovative products for customers. Businesses can achieve a competitive
advantage by conducting extensive market research and establishing a unique value
proposition.