Report on Importance of Innovation and Culture in Organization

Added on -2020-06-06

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INTRODUCTIONIn today's changing world, every organisation needs innovation in business process ormethods to survive in the market. Business continuously develops new products or make changesin existing products to attract new customers. It helps in increasing sales and profits. Innovationalso helps in transforming the entire business operations (Johnston and Marshall 2016).Moreover, it brings changes in leadership style, vision, goals and objectives, etc. of enterprise. Itis beneficial for organisation as it creates opportunities for growth. This report will showimportance of innovation and how its shapes teamwork, culture within organisation. Moreover,the 4 P's of innovation is discussed. Besides this, importance of new product development isdescribed. At last how knowledge and intellectual property can be protected by using differenttools is evaluated. For this assignment organisation selected is Unicorn Retail Limited. The cited firmbelongs to retail sector and operates within UK (Christensen, Raynor and McDonald, 2016).The existence of the company on such a small level requires frequent innovations in businessactivities to survive. Thus, this report will help in developing a relevant one for the citedestablishment.LO 1P1 Explain innovation and its importance to organisation Innovation is a process through which an organisation is able to grow and develop. Itcreates a platform to become successful. Through innovation opportunities are created bybusiness to bring changes in products or services. It is useful for sustaining in the market.Innovation can occur in several ways such as in process, methods, products, etc. There are many benefits of innovation in organisation. It does not bring changes but alsohelps in business to develop something new and unique (Amabile and Pratt 2016). Besides this,innovation helps employees to increase their efficiency and creating a creative environment.Also, There are several strategies that can be followed by Unicorn to build better organisationculture. These are as follows:- 1
Building a diversified and team work place- It means creating teams of diversified people topromote creative working. Different people will contribute by giving various ideas. Also,innovation will bring these people together. This will allow people to communicate and helpeach other in completing their task. Providing modern tools to workers- Innovation brings in new equipments and tools to workwith. Employees are given training on how to use these tools. This increases their ability andcapability to work that leads to improving their performance (Lee, Kao and Yang 2014).Business is benefited from this as task is completed on time. It creates an environment thatmotivates employees to think outside the box. New methods and processes are implemented inUnicorn enabling employees to use that. Looking to the future- Innovation helps business to look forward into the future. It means thatbusiness can prepare itself for future demands and needs of consumers. Besides this, innovatingproducts helps in determining what people demands can be in the future. It also provides shapeto business to focus on innovation so that they can compete in the market. By utilization of advancement in the item and administrations of organization, it canbuild up a successful and unmistakable brand picture in the market. Administrator who advancean inventive domain can see an incentive through expanded representative inspiration,inventiveness and self-governance. Then again workers are to a great extent useful by utilizationof advancement in the firm since they have chance to discover some new information and buildup their demonstrable skill and identity particle the business field. InnovationInvention It refers to the implementation of process oridea for the first time. Also, it means addingvalue to a thing that already exists. Forexample- implementing idea to improvequality of service.It refers to idea or product that has neverbeen made before. It means completecreation of new product. For example –developing of new products for differentcustomers in Unicorn Retail Limited2

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