Importance of Innovation - Ensoft Ltd

Innovation

Table of Contents
INTRODUCTION...........................................................................................................................3
TASK1 ............................................................................................................................................3
P1. Importance of Innovation and its comparison with invention .............................................3
P2. Shaping innovation through organisational culture, vision, mission and teamwork ...........5
TASK2.............................................................................................................................................7
P3. 4P's of innovation and importance of innovation funnel......................................................7
P4. Development of frugal Innovation........................................................................................8
TASK3.............................................................................................................................................9
P5. Significance of commercial funnel and application which has been used in new product
development ...............................................................................................................................9
P6. Innovation business case of Ensoft Ltd..............................................................................10
TASK4...........................................................................................................................................11
P7. Tools and techniques needed for developing, retaining and protecting intellectual property
rights..........................................................................................................................................11
CONCLUSION ............................................................................................................................11
REFERENCES..............................................................................................................................12

INTRODUCTION
Innovation consider as vital instrument in order to carry out overall operations of
business. Further, in dynamic environment changes are coming in the form of technology,
digitalisation and advancement in working structure that make the whole system more
modernised and help in satisfying the present needs of customers. Apart from it, competitors are
increasing day by day and come in technological improvement in respect of their existing
products and services (Aghion , Van Reenen and Zingales ,2013). Under this assignment the
company which is preferred I.e. Ensoft Ltd. Which is UK based software company comprises of
around 70 engineers that having specialisation in developing all type of networking software and
all the development in respect of their goods and services are done with the technology known as
En-quality development methodology that help in maintaining the quality standard of software
and deliver it on stated time period. Further it discuss about the importance of innovation and its
comparison with invention, 4P'S of innovation, development of commercial funnel and tools
techniques used in order to protect all the intellectual property rights.
Apart from case study of Apple and Virgin Limited has been used in order to describing
innovation term in proper manner.
TASK1
P1. Importance of Innovation and its comparison with invention
Innovation can be described as process in which new ideas has been generated by
individual which came in market in the form of their products and services that help in satisfying
the current demand of customers. Further, various applications, theories and methods has been
used in organisation structure that leads to better and innovative ideas in company operations that
allow them to beat all the challenges of rivalry. In every organisation, employees are require to
update with the external changes and for make it possible proper training development is given
to them so they know about all the latest techniques which they need to be utilised at the time of
performing their daily task and targets in order to accomplish all the objectives of business. In
order to grab all the external opportunities management require to formulate various strategies
and tactics that help them to earn huge profits and become the first choice of customers in
technological world (Baldwin and Von Hippel ,2011).
Ensoft limited engineers currently using En quality development methodology which is
very effective and advanced at the time of delivering software to end customers. Further,

appropriate framework has been used in which whole team has been collaborated that allow them
to listen thought, thinking and perception of customers that allow them to deliver the goods and
services at higher quality with more attractive features which easily influence customer to buy
that products at affordable prices.
Invention:- This term is totally different from innovation under which individual invent that
features or technology which never exist before in market. Under this logical and scientific
methods were used in order to make product more advance and relevant in the form of new
gadgets which change the whole image of technological world and allow to retain their position
for longer period.
Distinguish between innovation and invention stated below:-
Basis Innovation Invention
Meaning This term include product,
service or any type of process
that help in creating better
picture and value for
costumers.
New discovery and creation
which never exist in market
before that provide various
right to individuals.
Driven It primarily driven by all over
desire in order to add the value
of customers through their
products and services.
Basically driven by inventor
oddment and curiosity or
research interest.
Characteristics The main unique feature and
advantage is characterised by
profitable deployment.
It's advantage is defined by
uniqueness.
Specialisation Generally based on proper
strategic planning, marketing
and on the basis technical
operational skills that allow
them to create awareness
among customers regarding
It is based on scientific and
logical skills.