Innovation And Commercialization Assignment: 4Com Plc

INNOVATION-AND-
COMMERCIALIZATION

INTRODUCTION
The term innovation is that successful process by which business enterprise can identify
new trends, needs and demands of market. It influence substantial impact on goods, services,
procedures and technical forces of organization. With the help of innovative knowledge and
ideas every enterprise can improve its products, services, infrastructure and way of working.
Also, innovation helps company in surviving in market place for long time period. It involves
technical aspects that is why this function is operated by engineering department. By brining
innovative ideas, managers can improve their existing goods/services and also can attract a huge
number of customers (Styhre and Remneland-Wikhamn, 2016). In present time, innovation is
playing significant role in all business industries as its helps them in leading and existing in
marketplace for last long. This project report is based on 4Com Plc which is located in England,
United Kingdom. It is a telecommunication supplier company. In this project, meaning and types
of innovation and its differentiation with invention has been explained. Along with this, well
defined procedure has discussed to commercialise innovation within organisation. At last,
various techniques has been evaluated for protecting knowledge and ideas.
TASK 1
P1 Meaning of innovation, its significance in workplace and how it is different from invention
Innovation provides various solutions which can help in determining different
requirements, present and future needs of market place. With the help of this, innovative ideas
and knowledge business enterprise can achieve competitive advantage as well. In modern world,
only those companies are surviving in market place which are taking help of innovation as, it
helps them in making their products and services more effective. Also, it helps organizations in
meeting with their customer's needs and demands. Innovative ideas always results in positive
modifications such as high profitability and productivity. Innovation plays a complementary role
in organisational culture because its helps company in translating its innovative ideas into tactile
performance improvements. According to some expert persons, it is most important function of
business managers, public companies and any new established enterprise (Drucker, 2014). Its
helps executives and entrepreneurs to break traditional way of working and also force them to
adopt some new changes to enhance their competitive advantage. In other words, innovation
provides lower cost solutions for work related problems so that company can operate its business
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in most effective and systematic manner. In simple words, by creating innovative working
environment within work place, enterprise can operate business activities and practices in
appropriate manner. Due to changes in market needs, organisation structure, customer's
preferences and international demographics, managers gets attracted towards innovation and
commercialisation. To covert innovative ideas into action, enterprise needs to change its existing
organizational procedures and also need help of information technology department. Innovation
is highly significant for organization which can be understood by below mentioned points:
Helps in achieving competitive advantage: By taking help of innovation, 4Com plc can discover
and apply innovative management function within work place. With the help of this, enterprise
can bring new and fresh ideas which can help in operating organizational functions in most
effective manner. If company will run business activities in appropriate manner then it become
able to provide better products and services to customers which can company in increasing its
competitive advantage (Noble, 2013).
Respond quickly: With the help of innovation, business enterprise can change the direction of its
most important human and technology resources. In simple words, it helps company in quickly
responding market needs and demands. It creates appropriate changes in work place so that
company can cope up with environmental modifications.
Moreover, by determined above mentioned points it can be said that innovation have a
significant role in business enterprise. Although, it is related with invention but still both are
different concept which can be evaluated by below mentioned table:
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