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Difference Between Innovation and Invention

   

Added on  2020-06-06

14 Pages4426 Words63 Views
INNOVATION
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Table of ContentsINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................1P1: Difference between innovation and invention and importance of innovation toorganisation.................................................................................................................................1P2: Contribution of organisational vision, leadership, culture, teamwork in innovation andcommercialisation.......................................................................................................................3TASK 2............................................................................................................................................4P3: Analysis of 4P’s of innovation and application of innovation funnel in development ofinnovative ideas...........................................................................................................................4P4: Development of frugal innovation........................................................................................6TASK 3............................................................................................................................................7P5: Use of NPD for innovation and commercialisation and importance of commercial funnel.7TASK 4............................................................................................................................................9P7: Evaluation of the tools which are used by the organisation to develop, retain or protectknowledge and intellectual property rights.................................................................................9CONCLUSION..............................................................................................................................10REFERENCES..............................................................................................................................10
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INTRODUCTIONInnovation is a practice of improving something through adding extra value addedchanges according to the needs and requirements of customers which help an organisation tosustain in market for longer duration. Therefore, innovation should be adopted by everyorganisation, position in competitive market. Innovation can be implemented by differentdepartments in an organisation such as production, marketing, operation and finance. RowlinsonKnitwear, a UK small-sized clothing company which manufactures especially for school andcorporate people is selected for the purpose of preparing this report. The present assignmentreport summarises the role of innovation in achieving success of company and also itsdifferentiation with the concept of invention (Antonelli,2014). Contribution of company’svision, culture, leadership team in implementation of innovation and commercialisation are alsobriefly discussed under this report. The project also covers the benefits of commercial funnel aswell as implementation of NPD. TASK 1P1: Difference between innovation and invention and importance of innovation to organisationInnovation refers to making new and innovative changes in existing products in order tomaximise value or product whereas invention refer to create something which are not yetintroduced in market. Therefore, innovation and invention both are different concept andcontribute maximum to an organisation to achieve competitive advantage in market. RowlinsonKnitwear deals in providing school as well as corporate wear garments thus should requiredmaking suitable changes in their clothing product in terms of pattern, design, colour etc. on thebasis of needs and requirements of customers.Comparison between innovation and inventionInnovationInventionInnovation refers to adding extra value toexisting product so as to maximise thesatisfaction level of customers.It refers to something is newly introduced inmarket in order to gain competitiveadvantage by company.Innovation can be done with a motive ofmaximising the value of existing products.Invention can be developed with new ideasand concept which will bring beneficialoutcome to company in near future.It can be used by every department of anorganisation.It comes under the responsibility of R&Dteam for the betterment of company.1
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Importance of Innovation to organisationInnovation brings company into stronger position in competitive market and allows themto compete with their rivals in an effective and efficient manner. The management of RowlinsonKnitwear are liable to implement an effective strategies regarding adoption in innovation in theirdepartment so as to reduce wastage and increases profitability (Baily and Chakrabarti, 2011).The company can bring innovation in their features of products such as changing pattern, design,colour etc. of clothing product which attracts more professionals. For example, according to theneeds and demands of customers, the production department put certain changes in their existingclothing product in production process through implementing an effective and advancedtechnology. Along with this, there are many other benefit so innovation as well which are asfollows:Application of best method: As there are various departments in Rowlinson Knitwearwho works different business activities to achieve common organisational goals. Suchdepartment includes production, marketing, finance and operation... Therefore in order toprovide quality products to the customers the company must require to communicate with theircustomers about the extra value they attached with their product which makes them differentfrom their rivals. Innovation guaranteed success thus essentially required to be adopted indifferent processes of business activities. For example, Developing new ideas to market theirproduct which attracts lots of customers, the management need to adopt innovative methods suchas giving advertisement on Social media, radio etc. where lots of customers are active. Adoptingsuch channel of marketing forcing customers to pay their attention on company’s products atonce.Competitive advantage: Making improvement in existing product through building newdesign, pattern, colour etc. as per the taste and preferences of customers will help company incompeting with their rivals in more effective and efficient manner. Adoption of cost effectivetechniques in production process and build demanded changes in existing clothing products helpcompany in gaining competitive advantage in market and thus can survive for longer period oftime.2
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