Introduction to Innovation

Added on -2020-12-09

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INNOVATION
INTRODUCTION
Innovation can be define as the translating an idea or invention into goods and services
that create value for customers in which they pay effectiveness. In this regard, company develop
successful operations and functions to satisfy needs and expectations for customer attraction.
Therefore, it generates more effective work to focus on being innovative and perform several
targets as well (Mollick and Robb, 2016). It increases environmental performance to focus on the
better products and services. Present study based on Madgex Ltd. which is small sector business
that deals for IT sector operations and functions in creative manner. There software is utilised by
many of the most successful media brands in the world and provides the full range of tools
required to run a profitable online recruitment business. A range of SaaS technologies are
provided by them that allow their clients to run an outstanding job board platform. For gaining
insight information of the present study, it covers innovation and determines its importance in
the chosen business. Furthermore, it includes 4ps of innovation and use of innovation funnel to
shape innovative ideas. At last, it includes different tools that opt by organisation to develop,
retain and protect knowledge and intellectual property.
LO 1
P1 Innovation and determines its importance to organisation in comparison with invention
Innovation can be defines as the simple way to develop new idea, device and method. It
is often and viewed as the application of better solution to meet with new requirements. In
Madgex Ltd. Mainly it is implemented for unarticulated needs or existing market needs.
Therefore, action and process consider to focus on the desired level of efficiency (Datta,
Mukherjee and Jessup, 2015).
Importance of innovation
Innovation plays vital part at workplace because it provides edge to penetrate the market
faster and create better connection in developing markets. It leads to perform better
opportunities in different areas of the nations.
In Madgex Ltd. Innovation assists to develop original concepts with giving innovator
proactive, confident attitude to take risks and get things done in appropriate manner.
When the organisation has innovative culture, it grows functions and operations easily
and despite fact in creative process. With tried and tested methods, information can be
1

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