Importance of Innovation PDF

Added on - 22 Jul 2020

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INNOVATION
Table of ContentsINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................1P1 Innovation and identify its importance to firm in comparison with an invention.............1P2 Organisational vision, culture, leadership and teamwork can shape commercialisation andinnovation...............................................................................................................................3TASK 2............................................................................................................................................4P3 4Ps of innovation and use of the innovation funnel..........................................................4P4 Developments in frugal innovation and how it is used in organisational context.............6TASK 3............................................................................................................................................7P5 Importance of commercial funnel and application of New Product Development (NPD)7P6 Innovation Business Case for an organisation..................................................................8TASK 4..........................................................................................................................................10P7 Various tools that organisations can use to retain, develop and protect intellectual propertyand knowledge......................................................................................................................10CONCLUSION..............................................................................................................................10REFERENCES..............................................................................................................................12.......................................................................................................................................................13
INTRODUCTIONInnovation means to introduce a newidea, ways, products etc. It is a process ofgenerating new thoughtand also finds new methods to do or complete the task. An idea can berelated to products, technology, services etc. 4 com plc is a small-scale organization and itprovides telecom services to people. The main objective of this business firm is to improve thecommunication services in market of United Kingdom (Lundvall, 2010). In this report,mentioned about aninvention and innovationand its importance. The leadership, teamwork,culture and vision can shape the commercialisation and creativity. The innovation is of differenttypes and there are also 4p's of innovation. In this present report it is mentioned that 4 com plccan develop the frugal innovation. There are somesignificanceof Commercial funnel and alsoprocessing the application ofNPDfor commercialisation.TASK 1P1 Innovation and identify its importance to firm in comparison with an inventionInnovation means to apply the idea in to action. It can be defined as a change that addedsome value to services and materials that helps in fulfilling the needs and wants of customers.The innovation can be created by introducing new technology, products and materials, processetc. and also do the changes according to the demand of customers that can satisfy their needs. 4com plc changes the functions of their mobile phones according to tastes and preferences ofpeople. It provides new and attractive service to its customers. Invention means to discovering,creating new things, methods that has not sustain previously (Drucker, 2014). In this, searchingnew things with the help of research. It can be patented and also gives security and safety toinventor for his intellectual property rights. There are some differences among innovation andinvention:Invention refers to generate new ideas in to actions or reality and innovationmeans to find new things by doing research and which does not exist in presenttime.The innovation is affiliated to make change in existing products and services andinvention is accompanying to discovering or creating new services and goods.1
In innovation, there can be many skills used like technical, interpersonal,marketing etc. and in inventions there is a need of only one type of skill and thatis scientific.Under innovation, there is a focus on the different combination of goods andservices and the invention is related to only single type of process and products.Creativity helps in making the business successful. If small business units use designthen, it can helps in grow its business. There is some importance of innovation:To attract customers-For introducing the new products and services and also throughmodification in it according to the needs and wants of people. It will help in attracting the buyerstowards their goods. This will happen with the help of innovation.Productivity and growth-Innovation helps in increasing the growth of businessenterprise. If 4 com business firm makes services and goods which can satisfy the demands of itscustomers (Teece, 2010). Then from this, the sales of company will beenhancedand it will alsoasses in enhancing growth and productivity of business.Risingcommunication-Itis helpful in enhancing interactionamong two departments ortwo people. In this, every employees give their contribution and regarding this, they all areinteract with each other. So, from this the communication gap among department, employees,employers will be reduced.In context to 4 com plc., it provided various effective services to its consumers in order tosatisfying their needs. This firm provides effective services in its mobile phones so that everyone can connected with each other with the helps of applying various and better softwares.An innovation is better for the staff members of an organisation in order to increasingtheir productivity. If they will innovate some thing new then it will be beneficial for them and itwill helps in maximising an effectiveness and also efficiency of communication process. If at thework place employees will work together then they can give their good contribution in contextto innovate some thing new and also creative.Virgin and Apple Inc. company both provides better quality services to their customers.These both company innovate new ideas to make their services better and which can help inattract the customers and also helps in satisfy their demands.Apple company makes someinnovation in its technology like in their mobiles phones this firm built new software whichattracts the people.2
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