Digital Innovation: Global Wealth Management Assessment Answer

Answer:

Introduction:

Digital Innovation is a trouble-free way which provides the customers all around a quality of accessories which makes their lives more pleasant with the help of upgraded technologies. Digital innovation is the legitimate and leading source of electronic accessories. Digital innovation always tries to assist the buyers by supplying better clarification of their troubles. Digital innovation focuses on the matter of developing latest products and services. It also helps the various organizations to reconstruct their strategies in the field of marketing. In other words, digital innovation is planned to furnish the scholars to support the visualization, guided positively and implement the digital innovation schemes for putting the organization in the top orders. It helps the students to make a glittering future (Starr and Wiseman-Trowse, 2011).

1.     Marks and Spencer:

Marks and Spencer is one of the most renowned garments and food companies in the world. This United Kingdom based international company has gained one of the top positions by establishing almost 1400 stores all over the world. This organization provides services like garments for men, women, lingerie, beauty products, and home products. It has also cast their impression in the field of food production (Ugolini, 2007).

SWOT of Marks and Spencer:

Marks and Spencer seem to be a better company in the area of fashionable garments and food production because of the usage of latest upgraded technologies and quality strategies in the business field (Black Book - Marks & Spencer, 2010).

The SWOT of Marks and Spencer are –


The management of the company has chosen to create different segments of the products available in the organization. For this reason, the consumers need not face the hesitation.

The customers never face the problem about the delivery because the company offers a promising delivery service.

The good relationship with the consumers makes the company more reliable because the workers give a good suggestion to the customers.

The proper handling of website keeps the buyers stress free.

The online billing method remains the purchasers secured.

Almost 85000 employees use to work in the company. So it is easier to provide quality service (Textile outlook international, 2009).

Because of its fame, the company should be aware of the copied products by other businesses.

They should focus on the matter of discount offers which the other companies use to provide.

PESTEL of Marks and Spencer:

Marks and Spencer have made their clear view on the question of relations with the government. The company likes to follow the state based guiding principles and using the regulations they spread their business. The government bears the policies because of its brand value. The two shrewd aspects that shape the organization are diplomatic steadiness and value added tax (Trefler, 2014).

Marks and Spencer requires a full monetary scrutiny. The group should focus on the garment sector because the youth uses to splurge capital on these things.

Marks and Spencer put forward their ways to help others in the socio-economic matters. The company sometimes ties up with other organizations to make their NGO fund stronger.

The body affords a lot in the field of technology. It has a well-maintained storehouse facility and also gives free of charge internet service (Harnessing digital innovation, 2012).

2.     Types of Digital Innovation:

The digital innovation improves the outfit and the internal pros and cons of a company. There are few types of digital innovations found in Marks and Spencer. They are -

A changing landscape:

There are 2.9 billion web links all over the world. The company has fixed their spotlight in the field of technology. The previous web connectivity was not based on smartphones. So Marks and Spencer has decided to introduce the internet facility on the portable devices also so that the consumers can browse their websites and purchase their products with the use of the online service. Marks and Spencer thought that they could bring a revolution by implementing three things into the company (Nikfarjam et al., 2010). These are as follows –

  1. Change in platforms:

A few years earlier Marks and Spencer used to put their products for online sale by using other online shopping portals. But now the company has decided to launch their self-online shopping website. Marks and Spencer took all the scrutiny for the better handling of the portals (Webb, 2011).

The number of customers who use to visit the merchant is 150 million. On the other side, the figure of the online visitors is 300 million per week.

It is kind of interesting that 20% of all the products use to be sold online from the Marks and Spencer website.

  1. Innovative digital attitude:

Marks and Spencer have figured that the usage of digital ideas can bring a vast revolution in the matter of development. So the company has geared to appoint the specialists from all around the world.

Marks and Spencer have initiated their steps to get the customer review. The organization selected some of their employees to look into the matter of inquiry, related to the products they have purchased or they wish to buy. They are also asked not to act as online workers when they are on the duty at the various stores.

  • Distribution:

The distribution hubs of Marks and Spencer exist in different parts of United Kingdom. But the chief issue was the distribution to the other nations. So the corporation has made a decision to establish digital distribution system so that the consumers need not get hesitated.

3.     Impact of digital innovation in the system of Marks and Spencer:

  1. Impact on process and procedures:

Marks and Spencer are known for using latest methodologies for their business purpose. The change in platform makes the company more fluent in its work. The online progression gets a more robust response when the enterprise uses its website portal. The organization requires more electronic gadgets in the billing process. Apart from that, the authority should engage more professionals to make the process swift.

  1. Impact on policies and technologies:

Marks and Spencer is a value of worth in the field of garments world. But the business of the company will be more profitable than its current trend because the enterprise needs to be more strategized. The digital innovation should be applied to the policies of the organization so that the consumers get more attracted by getting eye-catching offers from the company. The older versions of course of actions should be replaced with the fresh ones. Marks and Spencer are utilizing their digital innovation after realizing that the company has to achieve the status of one of the best organizations in the world (Maalem and Zarour, 2016).

Marks and Spencer are looking forward to making their technological system faster than the present time. The company needs more expenditure to buy the domain name, the HTML handling experts and other staffs in the development method. The skilled crews are in the process of improving their website, and their digital innovation is getting a new turn in their business.

4.     Impact of digital innovation on the product and product lifecycle:

Digital innovation is the key to attaining accomplishment in commerce. Marks and Spencer have their particular food production. But the products of Marks and Spencer make the company more reliable than other because the group offers fresh products. But the goods of this faction remain clean because of using latest equipment (Gasmi and Bourahla, 2016). The carbon-di-oxide gas chamber of the warehouse situated in Marks and Spencer always gets fully updated.

Marks and Spencer's process of life product rotation are not a lengthy process. The company gets notified that the new urge of the consumers has been initiated. So the company replaces the new products by producing fashionable garments and also by providing fresh, tasty and healthy food.

Journal 2:

1.     Managerial framework for digital innovation:

Production teams did not think that they possessed their personal funds, accordingly did not inspect their expenses. They were too eager to recognize idea that more sustainable resources and mechanizing course would all the time charge the business more and that a private financial plan would for eternity settle them. It is not possible for an organization to crack all the financial problems inside the company. Marks and Spencer have obtained the Plan-A method. The digital innovation means to adapt new thought for the development of an organization (Weber and Silva, 2011). 

Marks and Spencer have engaged more workers in fact a team to generate the problem of the company. Marks and Spencer can give a tough competition to the other companies because of the active management (Dulaurans, 2014). Their communication with the customers is quite good. The distribution administration of the products is one of the best parts of Marks and Spencer. The company has never neglected to make a use of the most up-to-date information technologies.

Analysis of difficulties:

The digital innovation boosts Marks and Spencer to unravel the innumerable involvedness. The innovative digital attitude pushes the company to resolve the input-output of the enterprise. The organization sometimes applies the computational planning to solve their problems. Marks and Spencer would recognize the plan to accomplish their destiny when the organization has their clear idea about the outcome of their risky steps. The idea of gaining the turnover at a large number gets helped by the bringing the computational process into play. A downside of this model is that it needs a significant amount of time and vast amount of information to work efficiently. It is guaranteed that Marks and Spencer can solve any financial or internal difficulties with the use of digital innovation.

The role of managerial framework in the solution:

The managing authority of the Marks and Spencer plays a vital role in the matter of solving both the internal and external concerns of the company. The management of the organization has implemented different teams according to the segments of the society. The group imposes different skilled professional who use to fix their individual subjects.

There should be a general complement idea about the distribution of the products all over the world. The manager should govern the different sections as if the performance of the staffs should be boosted. The company has engaged few members who use to work in the field of suggesting the consumers a good product. The consumers get interested in that product after trying it without any hesitation. The problems related to the return of the goods are not a big deal to the company (Chen, 2016). It takes place because Marks and Spencer have appointed the online portal customer help which can help a client if he or she finds any of the products unfit or not God as they seemed to be. Apart from that, the retailers have recruited the workers who can help in the same matter in various stores.

Cost benefit, integration, and implementation:

Marks and Spencer is one of the best selling garment retailers in the world. The company has also implemented the Marks and Spencer digital where various types of electronic instrument and equipment are available. The e-commerce of Marks and Spencer has been expanding at a very high scale. The sum of the profit is 11 billion per annum, and the products are available in almost 65 provinces of the world. The company has approximately 35 million buyers per week (Ding, 2010).

The integration of a variety of product has been done in Marks and Spencer with the help of digital innovation. The organization has integrated various products like garments, food, cosmetics, lingerie in the stores according to the products. But the company has united the products in some stores so that the customers need not visit any other stores (West, 2011).

Marks and Spencer have effectuated their views which are seemed to be good for the welfare of the organization (Boyles, 2015). The organization has not walked back forward in the matter of the progress in the business sector. The authority has depicted various ways to get the ultimately aimed spot.

Conclusion:

Digital innovation has proved that any of the companies of the world can attain the success. Digital innovation in Marks and Spencer has given the organization a shape so that the firm can manage their distribution segment, how to deal with the consumers and other qualities also. The role of digital innovation has been elaborated on the above. The processes and segmentation of digital innovations have been shown through the different procedures and management of Marks and Spencer. So in the end, digital innovation can approve the opportunities of improvement of any organization.

References:

Black Book - Marks & Spencer. (2010). [Place of publication not identified]: Bernstein Global Wealth Management.

Boyles, J. (2015). The Isolation of Innovation. Digital Journalism, 4(2), pp.229-246.

Chen, Y. (2016). Franchise Innovation via Netchising in the Digital Economy. International Journal of Innovation in the Digital Economy, 7(3), pp.53-64.

Ding, F. (2010). Several multi-innovation identification methods. Digital Signal Processing, 20(4), pp.1027-1039.

Dulaurans, M. (2014). Digital Social Innovation : The Crowdfunding Model. Vivat Academia, 0(127), p.72.

Gasmi, M. and Bourahla, M. (2016). Reasoning over decomposing fuzzy description logic. Journal of Innovation in Digital Ecosystems.

Harnessing digital innovation. (2012). BDJ, 213(8), pp.420-420.

Maalem, S. and Zarour, N. (2016). Challenge of validation in requirements engineering. Journal of Innovation in Digital Ecosystems.

Nikfarjam, M., Faulx, A., Laughinghouse, M. and Marks, J. (2010). Feasibility of Radiofrequency Ablation for the Treatment of Chronic Radiation Proctitis. Surgical Innovation.

Starr, M. and Wiseman-Trowse, N. (2011). The Magus in Marks and Spencer. Studies in Comics, 2(1), pp.3-5.

Textile outlook international. (2009). Wilmslow, UK: Textiles Intelligence.

Trefler, A. (2014). Build for Change. Hoboken: Wiley.

Ugolini, L. (2007). Fashion for the People: A History of Clothing at Marks and Spencer. Journal of Design History, 20(3), pp.267-268.

Webb, N. (2011). The digital innovation playbook. Hoboken, N.J.: Wiley.

West, D. (2011). The next wave. Washington, D.C.: Brookings Institution Press.

Weber, D. and Silva, B. (2011). From Marks & Spencer to X Holding. Alphen aan den Rijn, the Netherlands: Kluwer Law International.

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