Innovation is a process involving addition of value to existing products or processes to make them compatible with the needs of customers as well as market. In business world, it has been analysed that innovation plays a crucial role because, in present time customer's demands gets changes on a regular basis. In this report, firm which has been chosen for looking into the application of innovation i.e. Apple Inc. which is basically a multinational organisation that is offering customers a high range of technology based products (electronic gadgets). Apple was found by Steve Jobs in 1976 with two other co-founders, Steve Wozniak and Ronald Wayne.
Away with this, it is being found that Apple basically offers both hardware and the software as well to its consumers in all over the globe. Along with this, Apple has mainly kept its focus on both invention and innovation as well in order to improve its sustainability at marketplace. On the other hand, overall investigation is going to keep its focus on future innovative based opportunities which will stay available for Apple within the electronic industry so that it could grab a good position in market than its existing one. Including this, assignment will put light on Apple's innovational based necessities till 2020 or more than that. Lastly, assessment is also going to be enclosed with future of the electronic industry along with the building of future innovation capabilities of Apple so that it could directly grab a good position in specified time frame.
Future of Industry 2020 and beyond
Consumer electronic industry comprises of companies engaged in production of audio and video devices like television, video games, stereo systems, digital cameras, VCD, mobile phones, computers, paper shredders, DVD, printers, laptops, jukeboxes etc. All of these are essential components of lifestyle of individuals in modern world. These products have the potential to be developed in variety of ways, each time by bringing one or more new innovative features in them. This takes consumer electronic sector on to a whole new level where it has gained significant growth and profitability across the globe.
This industry consists of a large number of firms that are competing with each other on a daily basis to stay ahead of rival companies. For facilitation of this, companies in this sector are introducing new products and services at regular intervals by bringing innovation in existing processes and commodities. Over years, it has been observed that they key players of consumer electronic industry are HP Inc., Panasonic, LG, Samsung Electronics etc. The major emphasis of these organisations is on carrying out research and development activities to know about the current trends and demands of consumers in market. This information is then used by firms to bring out innovation by way of introducing new products and/or services or adding value to existing products.
Consumer electronic market is continuously coming up with new products and features. Some of the major innovations that have been brought up by companies in this sector are self-driven cars, voice controlled equipments, drones etc. Recently, Samsung became the first company to launch a phone, Galaxy A7 containing 3 cameras, all the three made up of varying types of lenses. The upcoming face of consumer electronic industry over next some years will be virtual and augmented reality, 4K and 5K televisions, autonomous vehicles, robots etc. These innovations in terms of products and services will rule the world in next some years. Also, it is evaluated that companies may also come use Artificial Intelligence (AI) and Internet of Things (IOT) to gain an edge in this rapidly evolving world. Bringing such innovations will foster competition within the industry compelling other organisations to come up with a better product or technology. This will change the status of consumer electronic industry in next 2-3 years. Such products are largely aimed at putting the customers at ease and enhancing their overall experience at marketplace.
It can largely be seen that future of this industry is very bright as entities operating in this sector are coming up with remarkable innovations to serve customers well. The most effective and efficient way of satisfying customer's needs and requirements is ascertained by business organisations. This strategy is then worked upon to turn it into reality and enhance the position and reputation of entity in marketplace. Innovation in this industry fosters companies like Apple Inc. to use this as a strategical tool for increasing its sustainability in market.
Organisation's innovation requirements 2020 and Beyond
Apple Inc, is famous because it does continuous and unique innovations that are accepted positively by customers all the time. Apple's efforts of coming up with fast innovations has created expectations to do same in future and therefore, develops need for many Apple's innovation in future run. Apart from this, another reason that influenced organisation to brought up with more innovations in rapid increase of competition within a market place. Demand for innovation of Apple company has be developed by both mentioned reasons. There are some innovations which will brought by Apple in future, that are being mentioned below.
Company has being giving innovations which are increasing customer's expectation. To meet the requirements of this expectation, another new innovation will be brought by company that is Foldable iPhone, that is going to be brought in 2020. This iPhone will be helpful for consumers because along with this it will carry some additional features that will allow to carry phones during that time when there will be insufficient space. This Foldable iPhone will develop a new platform for their rivals and encourage them so that they can manufacture more innovative products in order to maintain their sustainability in same industry for a longer duration. This led to creating an environment which is innovative in the industry which also assist in increasing turnover as well as productivity of same company.
Apple AR smart glass:
Apple Inc., is planning to launch AR smart glasses for consumers that will help users to take data and details through clouds with the use of laser light that is being connected to eyeball. This glass will be beneficial in getting connected with different devices so that user can get information. AR smart glass will assist users since they are convenient to carry and can be managed easily. Thus this can be stated that this innovative glass will give a competitive advantage to other rivals within same industry sector and encourages other companies to also do the same so that they can resist in this competitive market place. This will also result in progressing of consumer electronic industry.
This is another innovative device of Apple. It looks like a mouse and is an electric car. This do not utilise conventional designs of battery but develops batteries independently. Apple iCar is being launched in order to eliminate drivers in order to shuttle its workforce from and to work and this will be launched in 2020. iCar will also reduce consumption of petrol and will create a pollution free environment. This will create a new platform for other competitors within an auto-mobile industry and they will also be motivated to bring more innovations in their cars.
iKeyboard is a creative innovation by Apple. In this they have decided to make a keyboard which virtual in nature and there will be no physical presence for that keyboard. For this they are using AI and software concepts, where a keyboard will appear which is formed by lights. This will read the input by the finger movement of a user and take input to the software operating that and than send it to the software who need that text. For this, Apple will give a light sensors in the system for emitting the light from the device.
Building the future innovation capabilities for the organisation
Innovation is an optimum way used by large scale companies to attract the attention of customers towards the unique features launched by company by way of its products and services. It is an effective tool that influences the behavioural characteristics of individuals in a way that they like to stay connected with company for a long duration of time. Apple Inc. is a company well renowned in marketplace for its innovative and creative approach towards the products. This helps the company in developing such products that meet the increasing needs and requirements of consumers in an innovative way. A useful way of doing so is by launching a new product in marketplace. To ensure its sustainability in industry for a long run, Apple Inc. is emphasizing upon building its future innovation capabilities so that it can meet the needs of consumers and stay ahead of its competitors. This is being done with the help of a road map which provides the structural guidance to implement the required innovation in Apple Inc. This road map assists the company in building such capabilities that will help them to become a leader in industry. With reference to Apple Inc., the road map used to execute the introduction of a unique and innovative product is given below:-
Recommendation and reason:
After the analysis of needs and requirements of customers with reference to products of Apple Inc., it has been assessed that Virtual iKeyboard is the innovation that is most preferable and feasible to be launched in market. Out of the available innovation alternatives, this product has been chosen because this innovation has not been introduced by any company till now.
Impact of change:
To create a Virtual iKeyboard, it is important for Apple Inc., to do some important modifications in their current process to make their output efficient. This modification will not affect a single function only but will straight away impact the entire functions which are human resource department, research and development department, finance department, marketing department and many other department that is being needed by the organisation to manufacture Virtual iKeyboard.
- Research and Development:Research and development department within an organisation plays a vital role in the launching a new product or technology within a market place. In context to innovation of Virtual iKeyboard, Apple needs to create a new team in research and development department who will effectively work in manufacturing a virtual iKeyboard. Under this team there should be skilled and expert people that have desired information related to technology which needs to be implemented in Virtual iKeyboard so that a good product can be made. Some classes must be conducted by Research and development department so that information can be gathered related to programming language as well as technical skills that will help in manufacturing a Virtual iKeyboard. This will lead to successful launch of the product and deliver its best product to consumers.
- Necessary resources: In order to implement Virtual iKeyboard, Apple must determine its current resources so that they can analyse alterations or substitutes which are present for the selected innovation. Road map of innovation also involves data which is regarding resources that are being needed by an organisation so that they can make their innovation concept strong. It is being determined that major resources which are needed for Virtual iKeyboard is financial resources, skilled employees, advance technology, tools and machines and many more in order to execute product effectively within a market place.
- Needed Technical skills: If it is talked about Apple's Virtual i-Keyboard which could be considered as one of essential innovation that is going to be made by Apple. It will be required for the Apple to hire most skilled employees that needs to have skills related to light sensors so that it will directly Apple in building right Virtual i-Keyboard which could be used anywhere while travelling, or anywhere outside. Apart from this, it can be said that hire advance programmer who will conduct some programming session for employees. Apart from this, training can also be given to existing employees based Artificial Intelligence so that maximum benefits could be gained by them in specific time frame.
- Legal aspect: It is necessary for Apple to go through various legal aspects for bringing innovative product that is Foldable iPhone within market. It is mandatory for organization to manage design of product, intellectual property rights must be ensured and other legal terms are kept in mind so that their product become essential in future. All standards are maintained and ensured by Apple which are given by government under their intellectual property rights. So that they may save their product and themselves to get into any kind of conflicts which can have adverse impact on their brand image in future.
- Cost of change: This stage is largely concerned with bringing necessary changes in existing methods and processes of company so that it can significantly introduce the new product in marketplace. The cost structure associated with implementation of innovation within Apple Inc. in terms of Virtual i-Keyboard is as follows:-
Apple Inc. has to spend a huge sum of money to feasibly bring the innovative technology by way of Virtual i-Keyboard in market. On the basis of above table describing the cost structure of innovation, it has been evaluated that Apple Inc. will have to incur $40000 upon Research and Development. Also, it is evaluated that company is going to spend $21000 on Marketing and $207000 upon acquisition of required resources. Besides this, Apple Inc. has to spend $14000 upon advertising the new product, iKeyboard. In addition, $22000 will be spent by enterprise for hiring skilled and competent employees to make the new product.
Feasibility: As per the analysis of impact of changes that implementation of Virtual iKeyboard will have upon company, it is necessary that feasibility of new product is checked before being launched into marketplace. Feasibility is mainly concerned with evaluation of success of plan to execute Virtual iKeyboard. It is essential that company ascertains whether the implementation plan needs changes to effectively launch the innovative product. It is determined that while the company already possess required software and machinery for making the new product, yet it needs to acquire certain new equipments and technology to create Virtual iKeyboard.
Approval process: It is essential that company executives take approval from Board of Directors in meeting. This approval will be regarding introduction of new and innovative product. For this, Apple Inc. will be required to bring certain necessary changes in the existing system to be able to develop the Virtual iKeyboard. Thus, all this can be brought only with prior approval from senior executives of Apple. This is to make them aware of the plan to execute launch of new product amongst people.
Apply the changes: It is one of the most essential step of route map for bringing up the innovative product in market. Under this, the changes are implemented within Apple Inc. to successfully come up with innovation in terms of Virtual iKeyboard. Here, necessary resources like human resources, technology, software are acquired from various sources to be able to develop the new product effectively. For this, Apple will organise training sessions for existing and new software engineers as well as programmers to make them capable of developing Virtual iKeybard. These sessions will help the technical workforce in gaining skills in relation to usage of high-end technology.
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Reviewing the impact of changes: This stage is basically concerned with assessment of success of plan. This is in relation to ascertainment of the extent to which Virtual iKeyboard is successful at marketplace. This step can be conducted by performing a test through prototype model. This is carried out prior to the launch of new product in market to check the feasibility of product in terms of its acceptability and profitability in market.For more about you
From the above report, it has been concluded that innovation is one of the best ways to stay competitive in marketplace. It serves as a strategic tool for gaining an edge over rivals and getting an opportunity to enhance the current market share. This serves as a bridge between people and company and helps in enhancing the loyalty of customers towards the brand. Also, it has been assessed that consumer electronic industry is a wide sector. This corporate sector largely requires bringing about new and innovative features in products. This is essential to gain a strong hold upon that sector and ensure sustainability in market for a long duration of time. By bringing innovation in terms of new products and services at regular intervals, business enterprises strive to gain acceptance from public towards their quality quotient. This leads to generation of more number of opportunities for company in future context.
It has been evaluated that consumer electronic sector has a large scope of introducing new technologies that are in coordination with requirements of existing market scenario. By emphasizing upon gaining knowledge about the needs and requirements of people in market, company strives at increasing its stake in industry. Some impactful innovations that are going to take place within this sector are iKeyboard, iCar, AR smart glass, Foldable iPhone etc. By understanding the need of bringing rapid innovations within and outside organisation, companies can gain the trust of customers. This can take place in a way that demands of consumers are addressed and innovation requirements of organisation are met. Besides this, it has been observed that companies make use of a road map to successfully execute any change and bring innovation within marketplace. This contains a series of steps that assists the company in successfully introducing an innovative product or service in industry.This sample define the best way to satay in competitive market place . this serves bridge between people and employee. For more information get this write-up.