Assignment on Innovation in Business

Added on -2020-06-06

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INTRODUCTIONInnovation is related to generation of new ideas which are used to design or develop aproduct or process. By applying knowledge, information, imagination, a new thing or productcan be developed. This process can be used in organization to increase effectiveness of strategieswhich will ultimately lead to company's success. It helps the firm to design and develop aninnovative product, which attracts customers towards that and encourages sales. Talent Plus isone of the leading talent assessment company. Structured interviews and other assessmentcriteria enhances human potential (Drucker, 2014). They believe in increasing profitability,retention, engagement, job performance, sales performance, etc. Talent plus is a managementconsulting company and also operates in others sectors like health care and hospitality, as retailin automotive and consumer products, education, engineering, financial, etc. This assignmentwill focus on importance of innovation and invention with the context of organization, differentfactors which influences shape of innovation and commercialization. 4P's of innovation andvarious development of frugal innovation are described in this project. It will also describesimportance of commercial funnel, application of new product development and different tools toprotect intellectual right of organization had been covered in this assignment. TASK 1P1As described above, innovation is a process of generating ideas and imagination whichcan be implemented to produce different service. This helps company to formulate innovativestrategies which can maximise their productivity. Talent plus is an enterprise which helpcandidates to assess their talent and improve their job performance and engagement. With thehelp of innovation process, company can design strategies which can enhance skills ofcandidates and they can give more results to their company. Managers identify strengths ofindividual and utilize those strengths to maximise output and manage their work moreefficiently. As Talent plus deal in many industries, they can use innovation in those sectors toimprove their plans and implement by considering all factors like internal and external, whichare necessary for organisation to consider (Manyika and et al, 2011). This process helps tocatalyst the process of growth and success of business organisation.
On the other hand, invention is considered as new ideas which has never been thoughtbefore. Difference between innovation and invention are described below: BAISIS FOR COMPARISONINVENTIONINNOVATIONMeaning-It is the generation of idea fora process that is new toeveryone. Innovation is heimplementation of ideas for aproduct or process for the firsttime.What is it?Something new is created.Changes are done in existingproducts. Concept-It is an original idea orimagination. Innovation is the practicalimplementation of idea.Occur when-When new idea occur in themind of someone.When existing product requiremodification.Activities- Invention activities arerestricted to Research anddevelopment centre. Innovation activities are spreadacross the organisation. Commercialization- It may not be commercialized.It results intocommercialization. Concerned with- It is a single process orproduct.It is combination of variousprocess or products. Below are some importance of innovation and invention related to business organization: Implement best method for organizations: Managers generate differentmethods for completion of tasks. They select best methods for operating aparticular activity. With the help of innovation, managers can develop betterstrategies which can enhance effectiveness of plan an results in extraordinaryoutputs (Stokes, 2011). Through this organization can earn profits and canachieve desired success.Create a competitive advantage: To lead in this global business environment, itis necessary for company to implement new ideas in their functioning so that theycan always stay ahead in the market. Through innovation, company can develop

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