This presentation discusses the importance of innovation and commercialisation for organisations, with a focus on the commercial funnel and protecting intellectual property rights. It uses the case of Amazon Go, a grocery store that uses computer vision and sensor fusion for automatic purchase and payment.
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Innovation and Commercialisation
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Table of Cover Content •Introduction •Importance of Commercial Funnel •Business Case •Tools used for retaining and protecting Intellectual Property Rights •Conclusion •References
Introduction Innovation and commercialisation is very important for every organisation. As it helps in providing innovative and new products in market. Innovation is a process or action to identify new solution of problems. Commercialisation is introduction of new goods and services or new process for production in market and making it available to the target consumers. Present report is based on Amazon Go, it is grocery store which is a subsidiary company of Amazon and founded in 2016. It provide services by using computer vision, deep learning algorithms and sensor fusion for making the purchase and payment automatic
Importance of the commercial funnel Commercial funnel refers to the marketing focused on consumers. It explains the journey of customer from identification and research about brand and final purchasing of products and services.It helps in promoting products and services through marketing which attracts customers, encourage them to buy their products. This is essential for Amazon Go, whether they operate their business online or offline. It bringspotential or target customers to their stores by promotion activities which is very important for company. It is very beneficial for companies in the following ways:
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Cont.…. Ithelpscompanytoidentifytheneedsanddemandoftheirpotential customers. So that they can develop new strategies for attracting new customers. With the help of commercial funnel company can increases profitability by increasing sales. Company can project their long term and short term goals and objective of sales department. This will assist company to focus on right customer and to nurture their leads.
New product development Every company wants to be ahead in competitive market for this they need to have successful and innovative products •Idea generation •Idea screening •Concept developing and testing •Marketing strategy and development
Con…. •Business analysis •Product development •Test marketing •Commercialisation
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Innovation Business Case A business plan is a formal written document that defines a new business idea, itsproductsandservices,thewaysbywhichitwillearnmoney, recruitmentofstaff,ascertainmentofleadership,procurementand management of funds. It also includes the model for operations of business organisation, processes, methods and techniques adopted by entity for accomplishment of organisational goals
Executive SummaryAmazonGo isachainof grocerystores operatedbyonline retailer Amazon,currentlyhavingstoresinthreelocations in Seattle, Washington,twoin Chicago,Illinois andonein San Francisco, California. This enterprise aims at changing retail industry by bringing innovation through eliminating check-out lines during shopping. NeedInnovation is imperative in retail industry as it emphasizes upon faster response to customer's needs and demands. The development and innovation introduced by company helped in achieving exceptional results for the entity.
SolutionTo eliminate the problem faced by customers of waiting in long queues, the companyintroducedseveraltechnologiesinthestoreslikecomputer vision and sensor fusion to automate the process of purchase, payment and checkout. Consumer AnalysisIt can be saidthat customers of this enterprise were highly satisfied with the innovation brought in by company as the development in shopping experience helped them in saving time of waiting in queues for check out and payment. Creationand Improvement The idea that has been brought in by the company can be viewed as a revolutioninretailindustrywhichisdependantonsmartphones and geofencing technology to ease the experience of customers and supply chain and inventory management.
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Acquisition of fundsBeing a well known enterprise with high brand position in market, enterprise can consider borrowing funds from banks or any other financial institution. Another source that can kept in consideration by entity is potential investors who possess interest and trust in business entity and its operations. Benefits availedThis innovation and development brought in by the enterprise resulted in gaining attention of wide base of customers who disliked waiting in queues for checkout and thus, it resulted in generation of high revenue and profits for the company.
Knowledge and Intellectual property. Now a days organisations are focusing towards innovation in products and services offered by them. This provides them competitive advantage over other companies. Companies should use different ways for protecting their innovativeideastobecompetitiveinmarket.Ithelpscompanyin achieving high profitability and success. It avoids situation of theft related to the innovative product concept, designs and ideas. It reduces unfair competition as it protect the use and of knowledge and ideas developed by others
Cont.… Patent Trademark Copyrights
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Conclusion From the above report it is concluded that innovation and commercialisation are needed for every organisation to be competitive and get advantage in market. Innovation and invention are two different aspects as innovation is provides processed and reformed processes and products, Invention is creating new products from the ground. Vision, leadership and culture influence the level of innovation to achieve goals and objectives of company in an effective and efficient way. Commercial funnel is a process which starts from attracting buyers and ends when customer buys those products and services.
References Lesso, W.G and et. al.,2011, January. Testing the Combination of HighFrequencySurfaceandDownholeDrillingMechanicsand Dynamics Data Under a Variety of Drilling Conditions. InSPE/IADC Drilling Conference and Exhibition. Society of Petroleum Engineers. Cheah, P.H and et. al., 2012, December. Consumer energy portal and home energy management system for smart grid applications. InIPEC, 2012 Conference on Power & Energy(pp. 407-411). IEEE. http://orb-events.co.uk/