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Importance of Innovation Essay - Hakim Group

   

Added on  2020-07-23

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Innovation
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Table of ContentsINTRODUCTION...........................................................................................................................1LO 1.................................................................................................................................................1P1 Explain innovation its importance along with comparison with invention.......................1P2 Role of organisation vision, leadership, culture and teamwork in shaping innovation andcommercialisation...................................................................................................................2LO 2.................................................................................................................................................3P3 4P's of innovation and use of innovation funnel...............................................................3P4 Developments of frugal innovation and its use in organisational context........................5LO 3.................................................................................................................................................6P5 Importance of commercial funnel and application of new product development.............6LO 4.................................................................................................................................................8P6 Innovation business case along with ways to access funding...........................................8P7 Evaluation of different tools which assist in developing, retaining and protectingknowledge and intellectual property......................................................................................8CONCLUSION................................................................................................................................9REFERENCES..............................................................................................................................11
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INTRODUCTIONInnovation is referred to an approach of changing process and activities so that betterresults could be availed. In business organisations, it aims to implement creative ideas andstrategies which leads to creation of dynamic products and along-with improving existingproduct line up of an enterprise. Thought this approach an enterprise will be able to attain agrowth in the market and also assist in adapting to changing circumstances of operatingenvironment (Adner and Kapoor, 2010). This assignment takes into consideration the working ofHakim Group. This small organisation was formed in the year 2001 and caters specialised focusin the optical industry. This report will focus on the importance of innovation and manner inwhich it differentiates from invention. The various types and methods which relates toinnovation will be discussed briefly in this report.LO 1P1 Explain innovation its importance along with comparison with inventionInnovation approach of an organisation helps in identifying opportunities of the marketand acting upon the same so that sustainability in operations could be developed. It is referred toonly measure to survival in this current uncertain and volatile market(Why are innovation andstrategy most important factors of success, 2015). It is essential to develop a culture ofinnovation within organisation so that creative confidence amongst employees could bedeveloped. Innovation can be utilised as an strategy, systematic and technological measure whichcan assist in achieving pre-determined goals of an enterprise. The major benefits which could beachieved through practising innovation are as follows:Problem solving: An enterprise is encountered with numerous problems which are to beresolved if a business wishes to retain its operations in the market. The practised planning andconvention problem solving problem will be insufficient and there will be an need for innovativethinking so that problem could be resolved. It aims to perceive and resolve problems of businessin an unprecedented manner. Adapting to market dynamics: It is known fact that market circumstances of a businesscontinuously fluctuates. Therefore, there is an healthy need for adoption of innovative strategiesso that staff could be engaged, empowered and an improved financial situation could be attainedby an business enterprise (Dahlander and Gann, 2010). 1
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Responding to consumer demands and expectations: Customers are the prime factorwhich help a business in sustaining their operations in the market for longer period. Throughinnovation a business can offer value to consumers and become more customer centric. This willdirectly impact the experience they avail after using products and services of the company. Effective competing: There are numerous organisation competing in the market offeringsimilar products and services. Such circumstances makes it extremely important to adopt tocreative manner through which products and services are perceived differently so that a superiorbusiness position could be availed. It is very important to different between innovation and invention so that majordifferences could be identified. Difference between innovation and inventionInnovationInventionInnovation confines to making changes inexisting line-up of products and services so fortheir improvement (Teece, 2010). Invention is referred to creating a product orservices which fulfils demands of people in thebest possible manner. There is a needs of ideal implementation ofideas which are considered by the managementwhich are again combined with set of strategicand marketing tools. This is an scientific approach in which ideasare discovered through R&D and final outputis formed. The ideas which has been formed isnot related to existing products and services.This approach is mostly emphasized in smallenterprises as it is time and cost convenient.Inventions is generally a costly process whichis mostly practised by mega corporations. P2 Role of organisation vision, leadership, culture and teamwork in shaping innovation andcommercialisationIt is an undeniable fact that innovation is a major factors which helps a businessorganisation in competing effectively in the market. It defines the level of success and failurewhich has been attained by an organisation (Davila, Epstein and Shelton, 2012). Although thereare numerous factors involved which are helpful in forming and uplifting state of innovation inan enterprise such as leadership, vision, culture and teamwork. A brief description of mentionedfactors in an organisation are as follows:2
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