Innovation Management In A Digital Age Assignment Sample

Introduction Of Innovation Management In A Digital Age

Digitization is a continuously growing process that is expanding its branches in every sector of human life. Due to the digitisation process, several new ways are coming out in the business sector. People use digitisation not only for the betterment of a job but also can develop the sustainability of the platform. This report also analyses the problem by doing primary research on the customers of this market. A primary research instrument has been created for collecting the data regarding the problems. A brief secondary research has also been done to do the background analysis of the problem. This report also defines the innovation and the process to develop the application and the digital and electronic tool that is capable of scanning and finding out the authenticity of jewellery or a gemstone. This report defines the present marketing strategies and the business model that is going to be followed by the company to market the product. Here, a large company looks to implement an advanced electronic tool to ensure the authencity of a jewellery or gemstone. In addition, all the small market operators of jewellery sector will be allowed to apply such services. The report highlights the social problem that may be created by the innovation and the solution for the problem.

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About the problem

Gemmology is a science that helps people identifies gemstones and jewellery. It is helpful for finding out the accuracy of jewellery. Gemmologists identify the gemstone by different characteristics of the stone such as its properties got its clarity it's quality and colour (gov. uk, 2023). In order to find out the accuracy of gemstones business organizations or jewellery shops need to hire different experts in gemmology such as Jewellers, Goldsmiths, appraisers, lapidaries and so on. Apart from all the precautions the Customers sometimes got cheated and cannot sell their pieces of jewellery for not getting fair prices from the jewellery shops. Therefore the jewellers require a long process with scientific instruments for being sure about the accuracy of a gemstone's legitimacy (Jeff Dyer, 2019). This report is going to talk about an innovative application which can measure the accuracy and legitimacy of gemstones by scanning them from outside. Also, it can be used to measure the cuts and accuracy of the colour of jewellery.

Description of Innovation

The perspective of this research is to innovate and developed an idea regarding making an application consisting of a scanner that can calculate and scan the originality of the gems and the jewellery the company also developed a scanning tool that can capable of telling the exact measurement and the originality ratio of the gemstones. On the other hand, the tool is capable of finding out the physical measurements of the gems and the jewellery. The tool and the application both are created using unique and complex coding that cooperates with the camera incorporated into the tool or the Smartphone. This application measures the impurities and the originalities with the coding and the AI developed for the technology by measuring the cuts, colour, weights, and chemical components of the gemstones that can be caught on camera.This innovation can be an incremental innovation that comes with great sustainability and it also helps people cautious about the quality and the originality of the gemstones and the jewellery. The application and the tool both are capable of multitasking that including identifying between the original and the fake jewellery, to measure the quality and the character of a costly gemstone and jewellery. The tool can also be the future of the jewellery market and can substitute the workforce behind this work and the lengthy and costly process of identifying jewellery is consist of laboratory and chemical components.

Data collection

In this report, the researcher is going to follow a mixed approach to collect data from different sources that can make the research data-rich and more potential for finding a solution regarding the problem. For the primary research, the researcher is going to create a customer persona canvas for three potential customers that are related to the business paid. And the researcher also developed a customer journey map for one customer to show the steps of their experience and what are the possible services given by the implementation of the digital application to the customer. This customer persona canvas is a basic way of making a survey or conducting an interview for getting information regarding the problem faced by him or her.

Apart from the primary data collection researcher also collect information through secondary data collection. In that case he or she needs to study the works of previous authors about the problem and make similar solutions for this type of problem. These research papers can be from similar or related fields of business (Keith, 2017). The research then compare-contrast the information collected from authentic research paper journals and government data. The researcher collected the data from journals and other authentic resources from the last five years.

Creating Persona Canvas

Customers are the key factors within an innovation as they are the people who decide the worth of the implementation. Innovation management within a digital age is a crucial factor for further development of a business. This report includes an innovation through the application of an advanced digital and electronic tool that is beneficial for scanning and discovering out the authenticity of jewellery or a gemstone. In this case, the targeted customer must be the individuals or group of people involved within the jewellery market and the suppliers who will provide the required material. The advancements of technologies and digital engagement are the foothold of this implementation. This implementation will increase the faith of the consumers as well as the profitability of the suppliers.

The customer persona canvas is a primary data collection tool that is used to gather information from the customers and find out the legitimacy of using a product of our service in a similar field to the customer (Esther Cameron, 2019).

In this report, the researcher creates persona canvases for three different customers who can get a good effect from using the service created as a solution o0f their problems.

Customer Persona 1:

Customer Persona Canvas – NAME – Rachel TITLE-Green

Attitudes and Background She is a housewife and faced a difficult situation with fake jewellery

JTBD Functional-She will need aware of getting cheated and can difference between legit and fake jewellery. Social or Emotional - buying and collecting jewellery is a very passionate practice for women therefore they always have an emotional connection with their jewellery and it will be much helpful for them if the application can tell them about the accuracy of the gems or the jewellery they are buying

What they say: "I got cheated by a fraud jewellery shop and that cost me a huge amount of money. That did not only affect me financially but I was also humiliated in front of my friends as one of them know much about jewellery and found out that I was wearing fake jewellery. Therefore it might be a big help if this application can tell whether the jewellery is legit or not. "

Customer Persona 2:

Customer Persona Canvas – NAME – Richard TITLE – Morningstar

Attitudes and Background A bank loan conduct officer with a history of cheating

JTBD Functional-this applications service can help him to measure the accuracy of gemstones and jewellery Social or Emotional - It is a loan conduct officer's duty to grunt a loan after measuring the accuracy of the jewellery it can be confusing and sometimes that can cost the loan conduct officer a penalty. '

What they say: "I was working in the bank and got confused by fake jewellery that I mistaken for legit jewellery and that cost me a big amount of money therefore this is a helpful initiative for the people like us."

Customer Persona 3:

Customer Persona Canvas – NAME – Brandon TITLE – Cooper

Attitudes and Background Businessman with a passion for jewellery

JTBD Functional-Tried to sell jewellery in a jewellery shop and informed that the jewellery Social or Emotional - As a businessman Brandon needed money in an urgent need but after the rejection by the jewellery shop he has no way to sell the gem in other jewellery shops and got cheated.

What they say: "I was facing a problem at that time with my business and wanted to sell some of my gems collection to a renowned jewellery hose but they rejected two of the Gems I wanted to sell in a manner I got cheated and cannot sell them in other places."

Customer Journey Map

1	2	3	4	5	6	7
Step	Searching?	Selecting?	Buying?	Using?	Complimentary Goods or Services?	Disposing of? Returning?	Other?
Pain Points/ Challenges/ Delights	The customer has been delighted after finding out the presence of this kind of application can be used, as she has gone through an undesirable situation regarding legit jewellery use.	He choose the subscriber mode of using the application and was interested in buying the jewellery testing tool from the company and as per the response it seemed to be a good decision.	She agreed to buy the tool and took the subscription which has been helpful in knowing the potential usefulness of the tool and the application	After her first use, she seemed confident and happy about the process and with her buying experience.	Product servicing and compulsory subscription for 6 months	As per the first customer, it is not a disappointing experience and is not returnable.	The product might face challenges in scaling in a bigger market as it has a particular buyer section.

Show your Solutions Canvas with at least 3 possible solutions for the key customer’s JTBD

Key Customer’s JTBD: Ø Seeking authenticity and accuracy Ø Evaluating and determining the value of gems and jewellery Ø Seeking quality of the gems and pieces of jewellery for accessing the value of the amount spent.	Business Solution Chosen: There could be an introduction to an online marketing platform whereby the customers will be able to have access to the jewellery and its prices digitally. This app and the tool can scale the business by targeting the customers suitable for assessing them. This can be the future of a long and costly procedure that is restricted to a fistful people that work in the jewellery sector. The app can scale by incorporating with different app stores of iPhones and the play Store in Android Smartphones.
POTENTIAL SOLUTIONS: Ø Gemological testing: It is a testing of gems that involves the use of special and unique equipment and techniques for having access to the characteristics and properties of the gem. This will help in measuring the authenticity and accuracy of the jewellery. Ø Certifications and grading reports: There are many gemstones that have their own certifications. This is helpful in identifying the value of the gem and determining its cost. Ø Knowledge and expertise: Knowledge and expertise buyers can help them in identifying the accuracy of the jewellery by declaring in the open that the gemstone is not authentic. This helps in investing the money in the right place incurring the right choice.	Business Model Chosen: Ø The model chosen for innovation is the Business Model Canvas that has been represented in Appendix 1, highlighting the key aspects of an innovative jewellery business focusing on high-quality designs maintaining transparency and authenticity with verification. Ø The company can apply both B2B and B2C business strategies to scale the market. Ø The application can scale in the B2B market and the electronic device can have the opportunity to scale in the B2C market. Ø The app directly contact to the customers as a primary tool and the hard electronic device can be introduced to the customers directly and the jewellery companies and showrooms that can use the tool as a substitute to the manpower. Ø In case of the application that is delivered to the customers with three moth free usage and after that for regular use customers need a monthly or yearly subscription. Ø In case of marketing the company have to follow a Omni-channel marketing strategy that help the company to get a bigger perspective of the marketing platform (Berman and Thelen, 2018) Ø Company can use advertising models, jewellery bloggers, and influencers to market the product. Ø There are different websites, online marketing platforms, social media platforms, and mailing or messaging service to market the product (Olson et al, 2021).
ASSUMPTIONS: Ø Availability of raw materials Ø Difficulty in measuring the accuracy of product Ø Lack of data to certify the product as per its authenticity	Ranking of assumptions: UNCERTAINTY Ø High Ø High Ø High	Ranking of assumptions: IMPORTANCE Ø Medium Ø High Ø High
The assumption to be tested: Write here the most critical assumption to test
Hypothesis Experiment Target Metric	Experiment 1 Difficulty in measuring the accuracy of product There is no present platform or technology that can measure the accuracy of the originality and the measurement of the jewellery or the gemstones currently in the market (Hall, 2020). It can give the authority to the company to market the product in the B2B and B2C platforms. To ensure customer satisfaction and market acquisition by implementing the digital application and the electronic tool.	Experiment 1 Adoption of online marketplace platforms for purchasing jewellery This can be experimented with by running a pilot program whereby a limited number of products will be offered. This will help in identifying the preference and tastes of the customers. This will also help in determining the feasibility in order to scale the business model using an online marketplace. Conversion rate, customer satisfaction, customer retention, net promoter score.

Identify assumptions for the solution chosen and outline 2 experiments to test the most critical assumption.

The assumptions for the solutions that are being chosen are increasing demand, availability of raw materials and regularity issues. These have been chosen as these challenges tend to be faced by every organisation despite of jewellery business. Several large firms fail to implement disruptive innovation; as such, innovations might not satisfy their recent consumers. The focus is only on the mainstream customers’ demands. In case the consumer requires better items, they will maintain product evolvement. Assessing the preference of the customers is the key aspect here. Failing to do it, the firms fail to do such innovation as well. Several firms count their patents, and it is particularly single beneficial innovation measure. Measuring the results, process, duration and expenses of the implementation, the established companies measure such new ideas or innovation.

The customer demand for high-quality and authentic gems and jewellery can be tested by the experiment of organizing online surveys (Zahidet al. 2022). The survey will be conducted in order to have access to the jewellery preferences of the customers and their purchasing behaviours (Lavuri, 2023). The company also need to cooperate with the government and need to acquire the right to issue authenticity certificate to the jewelleries and the gemstones that can pass the scanning procedure (Gov.uk, 2023).

Describe the change management approach that would be most appropriate for this type of change.

In order to have effective supply chain management in the jewellery business, there is a need to implement a vertically integrated approach as it has the ability to control all aspects of the production and distribution process (Bulturbayevich, 2021). This approach is suitable in this context as it helps in enabling the business to have greater control over the quality measures and authenticity of the jewellery. These advancements sometimes incur huge costs but there should be proper handling of these resources in order to reduce the cost of depreciation and run the pieces of equipment for a long-term go. This device and the application can demand a high change in the business perspective and it is capable of changing the future of jewellery authenticity measurement. The device can cause a huge sustainability to the jewellery companies, showrooms, and jewellery shops. This device gave an opportunity to the company and the different organisations to lower the cost in jewellery making charges. That will be a huge transformation in society.

Explain why you chose that approach and for whom the change is being managed.

The approach has been chosen for reducing the excess investment that takes place due to paying off the middlemen. This will help in maintaining reserve and surplus for future innovation and adoption of technological advancement depending upon the market demand. This approach has been chosen and managed for improving efficiency in order to meet the customer demand on time by reducing the chances of delay in delivery and all.

John Kotter was among the effective thought leaders who gave a huge impact on change after the author’s publication of “Leading Change”. The expert established two main aspects for the established companies such as for managing efficiency along with favouring the strategic agility. Kotter has mainly established eight staged approach for change management within established firms (Abateet al. 2021). The eight steps of Kotter’s change model are established below.

• Make urgency
• Structure a strong coalition
• Create a change vision
• Remove hurdles
• Create wins or target for short term period
• Builds on the shift
• In addition, anchor the shifts within the corporate culture

There are several potential jewellery companies within the United Kingdom such as otiumberg, tada & toy, sondr London, moushe, Jessie Thomas and others. They can apply the change models for their further development within the jewellery market. The steps suggested by Kotter hold great potential for enhancing the products and service life cycle of the sector. These changes have been implemented in order to specifically aware the customers of the quality of the products and services and their pricing structure along with their certifications.

Affected people

However, apart from all the positive sides of the technical innovation there are still some negative impacts on society. This application can cause several lay off of goldsmiths, gemmologists and appraisers that can raise a community against the use of this tool or the application (Campaignlive.co.uk, 2023). Apart from that, there are some other people that nurture a malpractice of making false jewellery and cheating people will be harmed by these digitised tools. These will be the main victim of the innovation of this digital device and the application.

References

• Abate, G.T., Bernard, T., de Janvry, A., Sadoulet, E. and Trachtman, C., 2021. Introducing quality certification in staple food markets in Sub-Saharan Africa: Four conditions for successful implementation. Food Policy, 105, p.102173.
• Bulturbayevich, M.B., 2021. Development Of Innovative Activities Of Enterprises On The Basis Of Vertical Integration Processes. Turkish Journal of Computer and Mathematics Education (TURCOMAT), 12(10), pp.5020-5031.
• Esther Cameron MG. Making Sense of Change Management: A Complete Guide to the Models, Tools and Techniques of Organizational Change. 5th edition. Kogan Page; 2019
• gov.uk (2023). Hallmarking in the UK: consumer protection. [online] GOV.UK. Available at: https://www.gov.uk/guidance/hallmarking-in-the-uk-consumer-protection.
• Jeff Dyer HG. Innovator’s DNA: Mastering the Five Skills of Disruptive Innovators. Harvard Business Review Press; 2019. https://perlego.com/book/836793/innovators-dna-updated-with-a-new-introduction-mastering-the-five-skills-of-disruptive-innovators-pdf/?utm_medium=share&utm_source=perlego&utm_campaign=share-book
• Keith Goffin author. Innovation Management . 3rd ed. 2017. (Rick Mitchell author, ed.). MEUK; 2017. https://perlego.com/book/2996335/innovation-management-effective-strategy-and-implementation-pdf/?utm_medium=share&utm_source=perlego&utm_campaign=share-book
• Lavuri, R., 2023. Intrinsic factors affecting online impulsive shopping during the COVID-19 in emerging markets. International Journal of Emerging Markets, 18(4), pp.958-977.
• Zahid, R., Jaleel, J., Mehmood, M.A. and Janjua, Q.R., 2022. Factors Influencing Purchase Intentions towards Fashion Jewellery: An Exploratory Study. Pakistan Journal of Humanities and Social Sciences, 10(1), pp.135-148.
• Campaignlive.co.uk (2023). Lawsuit at Tiffany’s as jeweller sues eBay over fake sales. [online] www.campaignlive.co.uk. Available at: https://www.campaignlive.co.uk/article/lawsuit-tiffanys-jeweller-sues-ebay-fake-sales/214436 [Accessed 5 May 2023].
• Gov.uk (2023), Hallmarking in the UK: consumer protection, Available at:
  https://www.gov.uk/guidance/hallmarking-in-the-uk-consumer-protection[Accessed 5May 2023]
• Berman, B. and Thelen, S., 2018. Planning and implementing an effective omnichannel marketing program.International Journal of Retail & Distribution Management,46(7), pp.598-614.
• Olson, E.M., Olson, K.M., Czaplewski, A.J. and Key, T.M., 2021. Business strategy and the management of digital marketing.Business horizons,64(2), pp.285-293.
• Hall, S., 2020.B2B digital marketing strategy: how to use new frameworks and models to achieve growth. Kogan Page Publishers.