(solved) Innovation Assignment Report

Added on - 21 Jul 2020

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Innovation
Table of ContentsINTRODUCTION...........................................................................................................................3TASK 1............................................................................................................................................3P1 Importance of innovation and its comparison with invention...............................................3P2 Explain organisational vision, leadership, culture and teamwork can shape innovation.......5TASK 2............................................................................................................................................6P3 4Ps innovation and use of innovation funnel to analyse as well as shape their ideas............6P4 Explain development of frugal innovation............................................................................7TASK 3............................................................................................................................................9P5 Importance of commercial funnel and its application of NPD..............................................9P6 Innovation Business case.....................................................................................................10TASK 4..........................................................................................................................................11P7 Tools used to develop, retain and protect intellectual property and knowledge..................11CONCLUSION..............................................................................................................................12REFERENCES..............................................................................................................................13
INTRODUCTIONInnovation is a process of modification in product and services which helps to providecompetitive advantage as compare to their competitors at market place. Through this, companyare able to enhance customer's satisfaction as well as high market share. Innovation is a action ofinnovating something new according to clients needs and wants. It is a process of translation ofideas into reality(Adner and Kapoor, 2010). It is a management responsibility to developstrategies for implementing innovation at work place. Its helps to increase quality of goods thatenhance buyers gratification in long period of time. In this assignment Softwire firm are selectedto analysis impact of innovation on performance as well as productivity. It is a type of networktunnelling protocol. Softwire established in the year of 2000. they produce software and providebest digital solution to their potential clients. In this report covers importance of innovation within an organisation as well as company vision, culture, leadership, teamwork that can shapeinnovation and commercialisation.TASK 1P1 Importance of innovation and its comparison with inventionInnovation is a process of converting idea into reality which affect profitability as well assustainability in long period of time at market place. It is a management responsibility to makeinnovative product and services which helps to attract large numbers of clients. It is veryimportant for the company to execute creativity among all employees which improve quality ofgoods and services. Human resources manager conducting training program in order to enhanceworkers skills and knowledge of all staff members. Through this, implementation of innovationmay easy and all employees are able to manage changes which are arise due to creativity inwork process. Some importance of innovation are explain as follows:With in an work place various kind of issues may arise which affect performance of thecompany. So that, innovation in working process may reduce problem and helps to runwhole business activities in an effective manner(Dahlander and Gann, 2010).Through creativity, management of the company may take advantage of globalisation aswell as global entrepreneurship movement that helps to gain high profits.
Advance and latest technology may provide competitive benefits as compare to theircompetitors in same industry. Through this, Softwire are capable to rise brand value itincrease market position.Innovation can helps to maximize global connectivity or reachability, through this, firmare able to attract large number of client at international market.Invention is a process of developing completely new product and services which are notintroduced at market place. With in an organisation, research and development departmentconducting research and make new goods or differential product. Invention is a unique or novelworking process in order to produce services as well as commodity. It increase sustainability ofthe company at market place. Comparison between invention and innovation are discus below:Basis ofdifferenceInnovationInventionSignificanceIt is a process of changes in existingproduct and services in order to addsome additional value to gaincompetitive advantageous at marketplace(Davila, Epstein and Shelton,2012).Management of the company conductingresearch and analysis needs and wants ofthe clients and accordingly developcompletely new goods in order to full filltheir demand in an effective manner.ObjectiveThe main objectives of innovation isa add some value which increasefeature as well as productivity ofgoods.Management of an organisationmanufacturing some thing new that makeclients life easy.AbilityFirm want technical and conceptualcapabilities or skills in their workers.Science and professional knowledgerequired to produce creative product andservices.ConceptWhen management or individualsthinks some thing new thenintroduced innovation at work place.Firstly, an organisation analysis needsand wants of the potential customers andaccordingly produce goods.CreatorsAll staff members of Softwire arework together to modify existingproduce and services.Research and development division of anorganisation make new commodity.
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