Report on Innovation - EE Ltd

   

Added on  2020-06-05

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INNOVATION
Report on Innovation - EE Ltd_1
Table of ContentsINNOVATION................................................................................................................................1INTRODUTION..............................................................................................................................3TASK 1............................................................................................................................................3P1 Innovation and invention.......................................................................................................3P 2 How innovation shape organisation......................................................................................5TASK 2............................................................................................................................................5P3 Innovation 4ps and use of funnel in order to examine and shape the new ideas...................5P4 Explain developments in frugal innovation...........................................................................7TASK 3............................................................................................................................................7P5 Importance of commercial funnel and its application as NDP..............................................7P6 Innovation Business Case......................................................................................................9TASK 4.......................................................................................................................................9P7 Tools that organisations can use to develop, retain and protect knowledge.........................9CONCLUSION..............................................................................................................................10REFERENCES .............................................................................................................................11.......................................................................................................................................................12
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INTRODUTIONThe word ‘innovation’ means change, alteration and revolution. Creativity in enterprise ismust because external environment is dynamic in nature. It is completely a different term fromthe word ‘invention’ which means new. Hence, it is necessary that everyone in the business aremade aware about the changes that take place. This report is all about EE ltd. Which is one ofnetwork provider company (Aarikka-Stenroos and Sandberg, 2012). In this assignment, theconcept is all reviled around the designing and its importance to an organisation. Differencebetween innovation and invention is given below which shows they are a two distinct concepts.Moreover, the 4ps of innovation are also discussed in this file through which company can get aperfect shape for their activities. Various other concepts that are related with change are given inthe following report which will show how it helps in the development of business.(Wonglimpiyarat2010).TASK 1P1 Innovation and inventionInnovation is process through which the existing code of conduct is changed in order toexperience growth and expansion. Invention is done so that the same resources can give betterand effective results to the business (Bagchi-Sen, 2007). In order to achieve the desired results itis necessary that the changes made in the existing procedures are practically possible to beimplemented. If they fail to do so than efforts taken to implement the change will go in vain. Toensure that innovation is practised, modifications has to be done in the current system the sameshould be capable of giving maximum satisfaction to user.Generally, people get confused between innovation and invention but actually they aredifferent concepts. Various difference between both the terms which can be better understood inthe following manner:InnovationInvention This results into development of newproduct or service.It is not necessary that it is commercialisedby the user. Innovation is often done in order toachieve the economic advantage.It can be practised for both economic ornon-economic purpose.Innovation comes into existence onceInvention helps in implementing
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invention is done.innovation. Innovation results into better resultsof an existing commodity or service. Invention results into a new product orservice.It is done to meet the requirements ofthe existing market.This is practice in order to create a newplace for a new product service.Example – changes made by I phonecompany in their existing products.Examples – printing machinery launchedfor the first time.Importance of innovation to the business organisation:Helps in expansion – EE limited is dealing in product that needs to be developed oncontinuous basis it is beneficial for the company to adopt innovation so that theirproducts can be more effective and capable of giving the desired results to the business(Bogers and West, 2010). In order to compete with the external environment it isimportant that the existing system is modified and more innovations are done so thatcompany can give a good competition to other organisation.Assist in resolving problems – EE limited operates in the surroundings which aredynamic in nature. Therefore, by adopting change company can reach to new ideas whichare capable of solving the problems with more efficiency. Reacting to the various issuesis an important need for organisation to avoid uncertainty effect therefore through makinginnovations problem solving becomes easy.Employee development – Whenever a new technique is adopted workers arecommunicated about the change. Therefore employees are made aware trained so thatthey can apply the new code of conduct. Training programmes are conducted whichfurther contributes in the personnel development as through using the advancetechnology employees become capable of giving more effective results than before. Alsothrough this system the skills of personnel get raised which motivates them to performwell (Ettlie and Rosenthal, 2012).Achievements of desired goals – in this uncertain environment it is very important thatthe existing working staff is ready to adapt the changes so that they can respond toinnovation which provide the business competency so that they can achieve the objective.
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