Critical analysis of innovations with Tidd and Besant’s innovation model

There are many innovation process models available to analyze an innovation but Tidd and Besant’s innovation process model is the best form of innovation model as it is the most simplified model of innovation (Tidd and Bessant,2018). Four innovation stages are needed to be followed by all the organizations that are seeking innovation. These stages are search, select, implement and capture.

Innovation 1: Virtual fittings room

ASOS is one of the leading fashion retail companies in the UK and serves globally. However, they have no physical stores. It has many advantages like they can present a lot of choices to their customers, customers no need to present physically and it is time-saving. While it has some disadvantages also and that is considered its weak points. One of the issues is regarding the trail room. Almost every fashion retail industry has a trial room in their offline stores where customers can see their look with their choices. ASOS has not had this option for a long time. After a long time, they can discover a virtual fitting or trial room. Now their customers can easily take the benefits of this, they just need to upload their full-frame image and need to choose their clothes. They can see them on their preferred choice. This is a really big innovation by the company and it looks like necessary after discovering this. 

The first phase of the model refers to searching. It defines the environment of the organization, both internal and external factors to understand the threats and opportunities of the project. Here a strong team working is required which is the complete route guide (Talukder,2014). There are several threats related to legal issues, technological issues. In this case, the company is going to implement a service that can provide a fitting room-like environment virtually. Therefore, the project team needs to analyze whether any data protection Act is not harmed (Keresztes & Endresz,2020). Companies need to be very sure that there is no chance of misusing the images of their customers. Apart from this, there is another thing related to technology. The project team confirmed that it will launch on a few devices like iPhone 12 etc. Therefore, there is a question of opportunities. The planning team confirmed that a lot of people in the UK, USA, and Germany are using this kind of smartphone. Therefore, it will increase their profit and bring innovation. 

The next phase of the model is select. The selection refers here to what opportunities the company needs to choose to pursue. When the project planning is complete, it can be easily found which opportunities the company will have after the success of the project (Kuratko et al., 2001). But an analysis, evaluation, and decision making are required on which opportunities the company chooses to pursue. Because it is not possible to get all the opportunities. Therefore, ASOS decided to analyze the opportunities and then they select their opportunities that have minimum uncertainty and minimum cost. That is why it is not possible to bring this feature to all kinds of smartphones due to the high cost. Here is another thing, which is the risk assessment (Salah,2017). The company focused on the risk assessment at this stage to avoid uncertainty. 

After generating the concept of the innovation, now it is the most important stage that is implementation. After generating the idea, calculating the risk it is important to develop the idea (Kuratko et al., 2011). Here the company focused on the strong team working again. The company primarily made a couple of departments. The department did its task as per the blueprint developed by the planning department. The leaders need to take decisions as per their risk level and investment. The marketing, IT, engineering, and R&D department worked together to implement the innovation. 

in the role of the last, however important, phase that is described is Capturing of value. This last phase is about identifying the market influences. After this innovation, the company reviewed its market growth, value increase, and brand awareness increase (Beharry & Fai Pun,2020). The results show the project increased its business by more than 26% in the time of COVID-19. 

Innovation 2: Machine learning-based demand forecasting. 

This is another great innovation done by the company and present in the market. The company first introduced this technique to analyze the market demand. However, there are some theories and models to analyze the market demand. But that is not highly accurate. This machine learning-based demand forecasting technology is highly accurate and almost cent percent able to give forecasts about the demand in the market. Companies like Amazon, Tesco are also using this technology invented by this company. 

According to Tidd and Besant’s model, the first phase that is search refers here to an analysis of the internal and external factors of the innovation. The company noticed there is no such impact of external factors except the technology. The main thing is depending on the internal factors (De,2002). The company agreed that they have required a very strong research and development team and further a marketing team. Therefore, they focused on the human resource department more. 

The next phase shows the requirements of project planning as it needs to understand what opportunities are needed to choose. The planning department if the company revealed that the biggest opportunity is that company can avoid unnecessary production. According to a current report, almost 75% of people are buying clothes in the UK to try a new kind of design. Therefore, this market forecasting application can save costs and also helps to keep a balance between supply and demand. 

The next phase of the model analyzes how the company implemented the strategies to develop the idea into reality. First of all, they assess all the possible risks of the project and then decide the budget of the project. After that, leaders made their decisions and the company started to implement the idea. In this stage both risk assessment and team working were important. 

The last phase is the capture where the market growth, revenue increase, and influence in the overall marketplace have been analyzed. Due to the covid-19 situation, almost every company in many sectors has a great loss. In that time, this machine learning-based demand forecasting application helps the company to avoid uncertainty. They manufactured only those quantities and got a good result. They also acquired knowledge of innovation that can be used in future projects. 

Identification and Analysis of internal resources

Analysis of internal resources is a part of internal analysis. Companies need to do such activities. It lets them help to analyze their power, their capabilities, their activities in organizations (Davila et al.,2012). It is very important to have strong internal resources before the innovation process. Without proper resources, innovation could not get success (Cagan,2012). These internal resources include financial resources, human resources, and physical resources.