Woolworths Group Business Case Study Assignment

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Executive summary -

The importance of innovation is significant for any company to survive and to sustain in the competitive market. Innovation in the modern world is rather a necessity than an option. Considering such a case, the company Woolworths Group in Australia needs to divulge its operational units in the development of the firm through timely innovation. The improvement of the business lies in the implementation of innovation. The CEO of the firm along with the Board of Directors are important stakeholders of the firm who needs to release the need and utilize the innovation opportunity that is being provided. The paper focuses on that very aspect.

Part 1 - Problem

For asset proposals this Part should revisit and confirm the currency of the analysis of the problem in the earlier strategic business case.

Innovation plays a vital role in the economic growth of a company. It is the process through which new ideas and thoughts are created and then transformed to take the shape of a new process, new product or services, which is required in the potential market. Woolworths Group in Australia does retail business in New Zealand and Australia and is a major firm in the country. It is the second largest in terms of revenue in Australia after Wesfarmers.However, there has been a pressure that has been increasing in the past few years on the strong growth in sales of the company (Greul, West& Bock, 2018). Consumer cycle is slow along with increased pressure of competition. The quality of the product has become an impending issue along with the fight with ACCC. There are strong financial risks such as the interest rates, risks of foreign currency and liquidity of assets.

The decreased return on equity without any de-rating has been an issue as well. The value of the shares of the company is faltering and falling due to the consumerrequirements being subdued by the firm.The crystal clear notions and strategies of ALDI have also resulted in the disruption of the status quo of the firm. While there has been an improvement in the second quarter of the last financial year, earnings from the liquor business have been low. The share of the company fell by about 5% to $ 28.72. In the third quarter of the year, the food, as well as liquor sales, was increased by only 0.2% followed by 0.7% in the fourth quarter. The products of the company were deemed cheap at a far greater price and the competition made the situation worse (Greul et al., 2018). Technology can play an important role as an advanced innovative step for the growth of the lost revenues.

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Part 2 - Benefits

For asset proposals this Part should revisit and confirm the currency of the analysis of the benefits in the earlier strategic business case.

The development of the products can be brought about by the improvement in technology in the company. Digital testing of high-speed along with the involvement of Artificial Intelligence can help a retailing company such as Woolworths Group to increase the rate of success of the products and the gross or total profit gains (Moner-Colonques& Rubio, 2016).Involvement of e-commerce saves transportation cost, which is a benefit for the company as well as for the consumers who go out to shop in the shopping malls of Woolworths. The complex operations of the retail company can be managed well by the use of Information technology. Operating systems can be used around stores to use all the available stocks effectively and the whole process of the business can be improved in time. There are a number of benefits brought about by the involvement of technology within the firm. In the sales department and in stores the tools that have high tech can balance the inventory assortments, track the picking and manage the orders (Moner-Colonques& Rubio, 2016). This can help in the increase of customer satisfaction, which the company lacks.

There are a number of technological advancements that can be introduced within the firm that has been adopted by various competitors worldwide for the purpose of sustenance (Ardito, Petruzzelli,Panniello&Garavelli,2019). Different companies have opted for different technological advancements to not only increase their sales and revenues but to also function in a proper and strategic manner. Various technological aspects provide better quality products, better consumer feedback, an improved shopping experience, and adherence to the standards stated by the laws and the government (Nambisan, Lyytinen, Majchrzak& Song, 2017). All these aspects are vital for the company in question as they have been faltering in keeping up with these basic notions for some time now. The technological and scientific aspects used by firms in the retail industry are:

1. Artificial Intelligence

2. Augmented Reality

3. Blockchain

4. Facial Recognition

5. Contactless Shopping

The use of Information Technology can help the company gain the benefits of the value proposition as well. There are a number of ways in which the use of Blockchain can help the firm to regain its lost profits too. The aspect of blockchain is that it is a digital record that has been distributed and is decentralized too (Nambisan et al., 2017). It provides innovative opportunities for the managing of the product safety, ethical standards expected by the government and the authenticity of the quality as well.

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Part 3 - Strategic response

For asset proposals this Part should revisit and confirm the currency of the analysis in the earlier strategic business case.

There are a number of choices to be made to form a strategic development of the innovative ideas before they are implemented within the company. The company and its stakeholders have to select from these choices and options before they decide on the level of impact through which innovation will be introduced into the firm (Pantano, Priporas, Sorace& Iazzolino, 2017). These choices are as follows:

• The purpose or the guiding aspiration of the firm that will inspire the consumers to buy their products.
• The right field or the target market where the inspiration will play. This step has to consider demographics, geography, segments, categories, etc.
• The specific and unique way that will help the company win (Pantano et al., 2017). The competitive advantage and the value proposition needs to be considered too.
• The type of abilities and capabilities to be placed in order to win over the market such as advanced quality goods or better consumer experience that will produce better feedback, which will ultimately help the firm to understand the target consumers of food, liquor, garments(Petit,Velasco&Spence,2019).
• The support system needed to manage the whole deal (Evanschitzky et al., 2015).

The use of blockchain will help the shoppers have an understanding of the fabric used for the garments and the company in return will learn about their experience and their thoughts. With the advancement of the scientific and technological aspects, the implementation of these improved features is not as financially over budget as it was earlier. A companysuch as Woolworths Group will not only be able to sustain it but it will finally add to the benefit of the firm (Evanschitzky et al., 2015). The value proposition in such a case will be effective to attract the consumers towards the company. It will also save the company a lot of unnecessary time as well as resources to produce products or services that will ultimately be rejected by the consumers of Australia and New Zealand.

The business canvas model further adds to the analysis of the options available to the company (Reisman, 2019).

Value Propositions

The Woolworths consisted near about 140,000 retail business with a less number of in the supermarket industry. As the retailing industry of Australia has the largest employees worldwide, therefore, disputing the less profit potential and intense competition of Woolworth have got a rapid growing of approx 10.7%. This rapid growth clearly shows a superior business model that has been unde4rstood by the Woolworths by methods and expanded outlines that includes suppliers and consumers. According to the researchers, the products that are considered to deliver generally made by in order to accordance with the government's standard. It has been noticed that, there are numerous price segments of the product's range that the organization maintains generally by the collaboration among the maximum available products. In Woolworths the value proposition identifies the strengths that add the value to multiple activities such as hospitality, garments, and clothing along with its capabilities for enhancing the flexibility of operational through integrated and coordinated of individual activities.

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Part 4 - Project options analysis

Accuracy of data used to compare project options should be sufficient to robustly compare options. Analysis of project options requires a level of accuracy consistent with 'concept estimates' (at a minimum) of capital costs, cash flows and ongoing output or operating costs.

The application of the model and the identification of the benefits of value proposition have led to the establishment of the idea that the company is going to improve and earn a lot of profit by the implementation of the innovative strategies (Hristov& Reynolds, 2015). The stakeholders of the firm from the CEO to the board of directors, from the suppliers to the vendors, from the distributors to the employees and consumers, every unit will be affected in a positive way with the application of the innovative ideas. However, the new technologies might be harder for the employees to adapt to that estimated. There is also the issue of the budget going over what was decided with the involvement of a costly technology tool. The social impact will be improved as the company will be able to focus on the needs of the consumers in a better way if they get specific feedback from them (Hristov& Reynolds, 2015). The company will also be able to keep up with the changing demands of the consumers swiftly (Diez-Martin,Blanco-Gonzale&Prado-Roman,2019).

The impact on the environment can be improved with the legal aspects being related to the technology as any faltering in the elected environmental and governmental standards in the quality of the production or the wastes formed will be recorded (Pantano, 2016). The company faced a loss of $1.235 billion in the financial year 2016 that has to be changed. The involvement of the technology tools will require economy investment but will also save the firm from the cost of market research or wasteful and rejected products. Risks associated with the utilization of the technology tools are medium to high as there are chances of the system crashing, possible hacking of the financial accounts, misunderstand, and more but they give far more benefits that are necessary (Pantano, 2016).

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Part 5 - Deliverability of recommended solution

The full business case is the first time departments are asked to address the information required in Part 5 and speaks to the question: 'Can the solution really be delivered?'

The proposed solution to the problem of revenue and profit loss and the decrease in sales can be rectified with the utilization of the technology tools. The management is responsible to initiate the process of orientation of the new ways of operations within the workplace and the sales, finance and research and development departments are directly linked to the aspect for further success (Balaji& Roy, 2017). Technology will provide positive market research, will help keep up with the competition, increase the attractiveness of the business font and will also provide the employees with job satisfaction (Huesig&Endres,2019).

Part 6 Conclusion

The utilization of innovative measures like the involvement of various technological measures throughout the operational units of the company Woolworths Group can help the firm to have a strong hold on the market or a long time. The implementation of the innovative measures when both strong and financially sustainable can help the firm to improve its annual revenue collection and improve the sales of the products as well. The research has properly stated how the steps are to be taken and what innovation is logical for the firm in the competitive market in a detailed manner for the stakeholders to consider and evaluate accordingly.

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