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Innovation refers to the set of activities that work toward converting the idea into reality for achieving higher sustainability in market place. This process includes collecting information, resources, manpower to develop a innovative product that adds value to customers. This project explains about Apple Incorporation which is an American multinational company. It deals in product categories like consumer electronics, computer hardware & software etc. The founder of Apple is Steve job and Steve Wozniak by launching commercial computer named as apple I in year 1976.
This project includes detail description about the future of technology industry by year 2020 and beyond. Further It explains about requirement of innovation in Apple corporation for dealing with future changes and competition. This section describes about various technologies that Apple Inc. can anticipate in future. In addition to this it explains about the capabilities that are required to be develop by organisation in order to implement innovational approach in future.
Technology industry is a sector which deals in research & development or distribution of technological and innovation based good. This sectors consists of companies that are belongs to manufacturing of consumer electronics, software, computer, mobiles and many more product that are linked with information technology. This sectors offers wide range of product or services to both customers as well as businesses (Brown and Osborne, 2012). Consumer products such as personal computer, mobile, home appliances, television etc. On the other hand business side products are innovations from technological sector for developing enterprise software, logistic systems, database protection which help them in formulating strategic business decisions (The Tech Industry, 2018).
Technological sector is more attractive investment destination in every country's economy which invite many investors to invest in innovative idea for brining a product in a market that provide growth and tough competition to other players of industry. This sector work toward improving the standard of living for making the earth a better place by providing various innovative gadgets (Trimi and Berbegal-Mirabent, 2012). Technology sector is gaining more attention of people around the world and make them depended over the use of instruments. This has developed an environment which provide higher growth to the companies belong to technology sector. Therefore, the future of this industry is very bright.
Technology industry is a rapid growing sector which anticipated with new changes as daily new innovative technology launched by the players of this industry. This sector has experience numerous changes which are continuing and expected for future also. It is expected to provide fundamental shift from human controlling operations to device taking charge of performing actions of human for them (Carayannis, Sindakis and Walter, 2015). Various technologies are expected to launched in future which includes driverless cars, pill bottles will remind to take our medicines, artificial intelligence(AI), virtual reality are some of them. These technologies or innovation are expected to be present around the world in nearby future up-to 2020. Therefore, the technology industry is consider to be one the fastest changing as well as growing sector and is one of the highest revenue generation industry. This provides a clear picture of future growth of industry to 2020 and beyond that.
Apple Incorporation is an American multinational technology company based in California which deals in computer hardware, software, Consumer electronics, digital distribution and corporate venture capital. It is founded by Steve Jobs, Ronald Wayne and Steve Wozniak in year 1976 by launching their first personal computer Apple I. Company is known for its innovative features in their products or services which make it different from others. Apple keep on bringing new or advanced technologies in their offerings to capture higher market share and to give tough competition to other players within industry.
As technology industry is growing faster and companies belong this sector are continuously emphasizing over bringing new innovative products to capture market share. So with the increase in market competition and changing demand among customers to use new gadget, it increases the requirement of innovation for future growth. Following are some innovational approaches that Apple must try to anticipate to achieve higher sustainability in market place:
Apple is known for its innovational products which are highly demand by large amount of population around the world. As company belongs to technology sector which is consider to be the fastest developing and growing industry which experience regular changes. So it is highly competitive sector where companies move faster toward bringing new or innovative products to eat other player's market share and profit. Therefore, to survive in this competitive market place it is very essential for Apple to build up capabilities for dealing with future challenges. This help company in capturing larger market share and in providing higher customer satisfaction. In building capabilities for future innovation factors there are two main factors to be consider:
Organisational knowledge:- Most essential factor that help Apple in building future capabilities is knowledge that a company have about market. It is very essential for Apple to have adequate information about demand of the customers so that they can predict the future practices to keep their customer satisfy (Hall and Wagner, 2012) Organisational knowledge help company in bringing new innovations that are harder to substitute and sustain for longer period of time. This also help in developing strategy that are required to implement innovational plans into practices to achieve desired result.
Cross functional cooperation:- Another major function that help Apple in developing innovational capabilities is cross functional cooperation. As for brining new technologies in future, company must required to develop a team of expertise belongs to different department. This help in implementing innovational plan more effectively and also support in bringing positive outcome. By using cross functional approach company can develop better innovation idea and they can examine the each and every aspect of that plan.
In order to build up future capabilities, Apple is required to formulates strategical planning which help in determining the actions to be performed in this directions. Further it also assists in monitoring the activities so that they can evaluate the feasibility of these practices. This help in ensuring that the activities are performed according to the plan and provide positive outcomes (Holm, Günzel and Ulhøi, 2013). This plan will help in providing the road map which enlist step by step execution of tasks to be performed to achieve desired outcome for building up future capabilities. Following points describe about the road map that can be used by Apple Inc. for building up future capabilities:
Suggest:- In order deal with and achieving sustainability in dynamic environment, it is very essential for Apple to bring new innovation in their operations. As technology industry is fastest developing sectors which daily introduce new technology and innovation that result in early outdating of product or services. It is the biggest challenge for Apple, so it must required to build up future capabilities by bringing new innovations in their offerings. It may bring new technology, for instance they can add new features in their iPhone series which provide a option of charging and transferring data without using wire.
Reason:- Main reason behind bringing innovation in their operations is increasing competition in marketplace. As Apple always tries to offer something new to their customers which is the main reason behind brand recognition and success of company. As it is always the first company to introduce new products or services. But because of this competencies and growth strategy other competitors copying the features of Apple's gadget into their product to achieve higher success (Massa and Tucci, 2013). This situation somewhere cutting down the market share of Apple, as competitors are offering mobile phones with same feature at lower price. So in order to deal with this situation it is very essential for Apple to bring on new innovative products to achieve sustainability in market. By launching its new feature wireless portable mobile, Apple can offer such product to market which is harder to imitate. Therefore, this product help in achieve market sustainability for longer period of time.
Impact of changes:- For bringing this new technologies to market by 2020 or beyond Apple is required to bring changes to its current processes. By anticipating these modification, company will be able to prepare their employees as well as resources to develop and introduce new technologies to market by 2020. Following are the factors which are required to be asses and improve for developing the capabilities related to future changes:
For implementing these innovation various changes are required to be made in R&D operations. As number of expertise are required which have thorough knowledge about innovational practices. This will help in determining the best practices or process to be adopt for implementing the plan more effectively.
Feasibility:- After planning for all the innovational changes to be anticipate next step is to analyse the feasibility of the plan. This help in identifying the facts that whether the formulated plan will work for developing future innovational practices or required some modification to make it reliable for achieving desired outcome. Before implementing plan, Apple is required to assess the feasibility of its project in terms of:
Approval process:- Before implementing any change within an organisation, approval from higher authorities is very essential. So, company can organise board meeting in order to convey their innovation planning in front of directors in order to get approval from them related to implication of these changes (Schiuma, 2012).As no other changes can be implement without taking the permission of key persons of an organisation.
Apply the changes:- After getting the approval from board of directors, company can proceed to implement changes to their organisational practices to develop future capabilities. Proper implication of plan is very essential for achieving success and failure to this may result in sever loss to company. This may also affect the brand image of the Apple, so in order to apply these changes toward building future capabilities leaders plays a major role. As they motivate the employees to perform well and support in developing their capabilities required for implication of future innovations (Seebode, Jeanrenaud and Bessant, 2012). Leaders also tries to encourage team work as coordination will help in implementing changes more effectively.
Review the impact of changes:- This step is very crucial part of a road map as it depict the progress of innovation plan after implementation of changes toward developing future capabilities (Smith, 2014). This process will help in identifying the level of development within employees after implementation of these changes and level of capabilities within employees after working toward this project.
From the above given project it can be summarized that innovation plays a crucial role within an organisational development and its success in marketplace. As by continuous implementation of innovational practices, company can achieve competitive advantage within the marketplace. In order to implement innovational practices, company must required to develop the capabilities for being adoptable to future technologies. For developing this capabilities company is required to have adequate knowledge about its current customer as well as market so that future innovational ideas can be developed. In addition to this leaders also plays an essential role in developing capabilities among employees so that their skills can be fully utilized to achieve desired result. Technological industry is consider to be one of the fastest growing sector as players belongs to this industry continuously bring new and innovative products in order to remain competitive. Further it is also consider to be most developing sector which provide higher success in term of both brand recognition as well as revenue. So, there are number of factors present in this sector which foster Apple to bring innovation in their operation as well as products i.e. demand of customer, competitors etc. Therefore by maintain innovational capabilities Apple can sustain market share for longer duration.
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