Innovation and Its Significance on Talent Plus Inc : Assignment
Added on -2020-07-22
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INNOVATION ANDCOMMERCIALISATION
TableofContentsINTRODUCTION...............................................................................................................................3TASK 1.................................................................................................................................................3P1 Innovation and its importance......................................................................................................3P2 Organizational vision, leadership and team work shape innovation and commercialization........5TASK 2.................................................................................................................................................6P3 4 P’s of innovation and use of innovation funnel.........................................................................6P4 Development of frugal innovation................................................................................................7TASK 3.................................................................................................................................................8P5 Importance of commercial funnel and application of new product development..........................8P6 Build an innovation business case................................................................................................9TASK 4...............................................................................................................................................10P7 Different tools to develop, retain and protect intellectual property.............................................10CONCLUSION..................................................................................................................................10REFERENCES..................................................................................................................................12
INTRODUCTION Innovation can be described as to create something new for implementing in anorganization to for attaining better productivity as well as profitability. It is important toprepare innovative or creative strategies or policies to improve process of production to getdesired result from it. Innovation is essential to be applied in various kinds of businesses toincrease effectiveness or efficiency of products and services manufactured by company togain better profits (Adner and Kapoor, 2010). This report is based on Talent Plus Inc. whichdeals into render training for human resource of an organization to maintain an effective aswell as efficient culture. This will facilitate to staff members to know about their strengthsand ways to utilize them properly to generate better productivity on regular basis. Thisassignment will discuss about innovation with its significance through organizational vision,leadership and team work to gain desired outcomes. 4 P’s and funnel of innovation can beused to implement creative or fresh strategies or policies to attain desirable benefits on dailybasis are described below.TASK 1 P1 Innovation and its importanceInnovation refers to invent new or creative ideas, thoughts and techniques to makemore effective criteria for carrying out various tasks or activities to create desired outcomesof business. There are different types of procedures which are required to be conducted inTalent Plus Inc. to provide an appropriate learning to build more skilled and capableemployees for attaining desired results. Innovation is all about to achieve development in anenterprise to facilitate growth of business in future through expanding it in changing scenarioof market. Various kinds of significances can be gained through applying innovativestrategies into business for enhancing profitability (Dahlander and Gann, 2010). Some ofimportance which may attained through innovation Talent Plus Inc. are given below. Manufacture creative products: - This can be described as to manufacture moreinnovative products or services to fulfil different desires of various kinds of customers. Asper changing trends of market, people also modify their needs or wants and they demand fornew product framing that into minds. Talent Plus Inc. have to implement innovativetechniques to trained employees according to current situation of competition to performappropriately to generate regular outcomes.
Increase ROI to Stakeholders: - Stake holders can be defined as those people whoinvests their precious amount of money into a particular business as per profitability of thatorganization. Implementing innovations at correct time render support to improve profits ofbusiness which facilitates to provide better rate of return (ROI) to stake holders in Talent PlusInc. This helps organization to attract more effective investors and retain current stakeholders for future investment in company. Achieving business growth: - An Innovative technique helps in improving severalqualities of products or services by applying certain creative features (Davila, Epstein andShelton, 2012). Such implementation should be done as per changing trends of market tofulfill needs, wants demands, tastes, preferences and desires in appropriate manner to gainclient satisfaction. This will facilitate to attract fresh customers and retaining the current onesto grab more market share through expanding growth in career of business in Talent Plus Inc.Improve productivity and profitability: - In current scenario of technology,enterprises are utilizing various types of software or techniques to improve their regularoutcomes on daily basis. Apart from this, innovative products help in attracting newcustomers along with retaining the present ones. This will facilitate to improve productivityas well as profitability of Talent Plus Inc. through innovative techniques of buildingemployee skill efficiently.Respond easily to change: - Implementation of innovative strategies or policiesprovide support to response against changing trends of market and reduce negative impactson growth of business of Talent Plus Inc.The above mentioned factors should be improved with the help of applying variousinnovative techniques into organization and attain better growth in business. Difference between innovation and inventionInnovationInventionThe innovation can be described as to createexact new concepts which is not familiar tocurrent idea. Invention refers to generate something freshfrom present techniques to create betterproduct or service. This concept is generally utilised by small andmedium firms. Inventions are usually implemented in largeorganisations.
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