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The Meaning and Importance of Innovation

   

Added on  2020-07-22

14 Pages3483 Words378 Views
INNOVATION
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INTRODUCTIONInvention is completely different from innovation. Innovation refers to the creativitywhich is done in the products and services to offer them with the latest techniques. On the otherhand, innovation is bringing improvement in existing goods or services. Invention mainlyconcerned with creation of goods or services In this report, the meaning and importance ofinnovation are being explained. It has also detailed the effectiveness in leadership and teamworkthat is assistive in grasping the employees towards the telecom services of Money-penny ascompared to Apple Inc. Innovation funnel in light to the 4p’s of innovation and frugal innovationthat is opted by the chose organisation at a global level is also detailed over here. It has alsodescribed the formation of new products and ways to develop them innovatively. TASK 1P1 Importance of innovation to employees:Meaning of innovation:Existing products are produced with some extent of modulationis called innovation. This plays a prominent role in achieving the desired results. There arecertain benefits to the employees in Money-penny organisation that are gained throughinnovation. The report is prepared on Money-penny telecom services in the UK. (Drucker,2014.). Following are the benefits gained by employees of Money-penny telecom services.Stimulating innovation: By this way, the employees get a scope of developingthemselves by exploring their thoughts, views and ideas on new things or projects. Providing resources: Resources like people, time and money are provided on timelybasis to support the managers for the purpose of innovation in Money-penny telecom services.The cited company compares the quality of Apple Inc. to innovate own mobiles with change inprice, looks, portability, etc. By this way, the employees also get support from leaders andmanagers which helps in working efficiently, without any disruption. With the help ofinnovation, a potential position in themarket can be achieved that in turn encourages to producea new team for the process of developing a project (Drucker, 2014). Realigning the organisation: To make changes in Moneypenny telecom, it is essentialto implement some variation in the existing products as an idea of innovation, which becomes anew version of product. This also promotes employment opportunities as some new suppliers arerequired to serve the innovative products in the existing market. The new consumers are
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encouraged to buy the productsthat areavailable in their latest version. Development ofemployee’s skills is also expected to take place with the process of innovation.Commercialising the product: Achievement of commercial success is opted when themanagement is performing in an effective manner and is together aware of the efficiency of theirnewly launched product.With innovation in the product done by Money-penny telecom service,they are known to build a relationship between the organisation and its customers. To meetconsumer’s desires, the management should effectively commercialise the products in themarket. On considering the innovations done by Apple Inc. as an impeccable example, thepromotion of product by Money-penny should also meet the excellence innovation. Excellencein innovation helps in building relationship with different type of consumers which alsoencourages the employees to meet their demandsby exploring their talents (Johnston, andMarshall, 2016).P2 Money-penny telecom service vision, leadership, culture and teamwork:Money-penny telecom service vision: Vision of Money-penny telecom service is todiversify the products by achieving the desired objectives. Effective management and teamworkwith little benefit cannot cope up with the objectives. Thus, in an open culture, the viewpointsare expressed to convert the ideas into end products. Developing continuously by being inpartnership with the brands that are operating globally is the vision of Money-penny. Excellenceis bought by serving products with latest technology. Extraordinary team is allotted for theproduction process to gain trust. They are at the top 5 among the best companies worked in 2017and has been ranked on the basis of their best service provisioning to the consumers. They alsowon the award of happy staff and happy customers.Money-penny telecom service leadership: In globally competitive economy, both theSociety’s and business’slife force lies in the deed of creativity and leadership of Money-pennytelecom services. They intend to bring innovation and effectively put it into practise. To achievethe organisational objectives, need of innovation has rapidly increased and it has also encouragedthe staff to solve the problem at every level. (Bain, and Kleinknecht, eds., 2016). The effectiveleadership of Money--penny telecom services has achieved the desired results by knowing theculture and requirements of the consumers. Unpredictable changes may lead to huge loss andorganisation may suffer from it. Money-penny provide trainings to its employees to explore their
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