The Role of Innovation in Organizational Effectiveness
Added on 2020-10-05
13 Pages3871 Words471 Views
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INNOVATION AND COMMERCIALISATION
Table of ContentsTASK 1............................................................................................................................................1P1. Innovation and its importance to organisations in comparison with invention....................1P2. The way organisational vision, leadership, culture and teamwork can shape innovationand commercialisation................................................................................................................2TASK 2............................................................................................................................................4P3 4Ps of innovation and use of the innovation funnel...............................................................4P4 Developments in frugal innovation........................................................................................5TASK 3............................................................................................................................................7P5.Importance of commercial funnel and its applicability on NDP for commercialisinginnovation....................................................................................................................................7P6 Innovation business case for XLN company.........................................................................8TASK 4............................................................................................................................................9P7 Tools used by an organisation to develop, retain and protect intellectual property andknowledge...................................................................................................................................9CONCLUSION ...............................................................................................................................9REFERENCES..............................................................................................................................10
INTRODUCTION Innovation plays an important role to produce products by organisation. These newextent of products are produced by implementation of new technology by company (Su and et.al., 2013). This helps to inculcate with the future challenges and maintain strong position in themarketplace, management needs to implement new and advance technologies in organisation.This aids to attain large number of customer in the market. It helps to increase skills andknowledge of different employee working in the organisation. Xln is the small organisationwhich deals with telecommunication sector which provide internet service to various companyin UK. This report explains about significance of innovation, difference between invention andinnovation,4 p's of innovation,frugal innovation and innovation funnel by which the managementof organisation expand their business in proper manner. This helps to attain goals and objectivesof company. Various approaches of leadership ascertain by organisation to implement newthoughts and its commercialisation. TASK 1P1. Innovation and its importance to organisations in comparison with inventionInnovation: This is the process by which company implement new and advancetechnology in order to produce new range of products which aid to satisfy the demand anddesire of customer. It is the way by which the management modify the organisation at differentlevel in order to maintain strong position in marketplace ( Keohane, 2013). XLN is small scale organisation which provide different types of telecommunicationservice like Internet service and Wifi service and many others. This aid to increase level ofprofit of company. The management of organisation able to capture large number of shares inmarketplace. Importance of innovation in compare to invention Innovation plays important role in order to invent new range of products which helps tomaximise level of profit of company. The management take help of different approaches ofinnovative theories which aids to perform different types of operations and functions which areprovided by company. This leads to maintain effectiveness in performing different activities oforganisation. Innovation plays an important role in order to tackle risk and reduce the chance offailure of different operations which are perform in organisation. 1
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