Innovation and Its Importance
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Added on 2020-10-04
Innovation and Its Importance
Added on 2020-10-04
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Innovation
Table of ContentsINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................1P1 Innovation and its importance for enterprise in comparison of invention.............................1P2 Vision, leadership, culture and teamwork can shape innovation...........................................3TASK 2............................................................................................................................................4P3 4Ps of innovation and use of innovation funnel.....................................................................4P4 Developments in frugal innovation and its use in organisation.............................................5TASK 3............................................................................................................................................6P5 Importance of commercial funnel and application of new product development..................6P6 Innovation business case for enterprise.................................................................................6TASK 4............................................................................................................................................8P7 Various tools which can be used by enterprise for protect intellectual property...................8CONCLUSION................................................................................................................................8
INTRODUCTIONInnovation is the process of making or creating something new and offer it to largenumber of customers for increasing their convenience level. In today's business environmentneeds and wants of customers are changing at a fast speed and old or basic products can notsatisfy the needs of customers (Battisti and Stoneman, 2010). Every individual want somethingnew and featured for fulfilling his special kind of requirement. Along with this for achievingsuccess it is very necessary for enterprises for implementing the concept of innovation for bettersatisfying the needed and wants of customers and at the same time to capturing a large marketshare. Quad, firm makes variety of technological products for large number of customers is takenunder this report for study. Present report contain important information regarding theimportance of invention and innovation for whole enterprise. Frugal innovation and commercialfunnel is also described under this report. Along with this 4Ps of innovation and tools forprotecting intellectual property is also detailed under this essay.TASK 1P1 Innovation and its importance for enterprise in comparison of inventionProcess or action of doing or producing something new and deliver to large number ofcustomers is known as innovation. It can be a a new method, product or can be a feature.Innovation is done for finding a better solution to the problem or for making a better product orservice for satisfying the needs and wants of large number of customers. Quad, a company dealsin variety of technological products can apply the concept of innovation for enhancing thefeatures of its products and services (Schubert, Van Langeveld and Donoso, 2014). In today'sbusiness environment when large numb er of changes takes place at a fast speed than it becamenecessary for the firms to apply the concept of innovation as it provide various benefits to firms.Importance of innovation can be understood by the following points:Enhance performance of workers and productivity of organisation: One of the mainadvantage of applying the concept of innovation is that it enhance the productivity ofworkers. New methods and techniques motivate the workers to perform their best whichdirectly increase the productivity of whole enterprise.Increase effectiveness of communication process: Implementation of innovation conceptincrease coordination among the various activities of enterprise, encourage teamwork and1
and increase the morale and satisfaction of workers. Effective communication leads tosolving issues at enterprise and eliminate the confusion form the mind of workers. Optimum utilisation of resources: Innovation encourage optimum utilisation of allresources and funds of firm (Seyfang and Haxeltine, 2012). This reduce the final cost ofthe product and minimise the wastage.Helps in making healthy and risk free environment: New technology and upgradedtechniques reduce the work related risk and encourage healthy working environment.Healthy working environment increase both moral and productivity of workers. Help enterprise in achieving competitive advantage: When enterprise adopt newtechnology for making products than this not only increase the features of product butalso decrease the cost which helps enterprise in offering innovative products to largenumber of customers at lower prices. All this helps organisation in achieving competitiveadvantage in the market.Reduce cost : Improved tools and upgraded technology reduce the overall cost of makingproduct and help firm in achieving efficiency (Tortoriello and Krackhardt, 2010).All these are the main benefits of innovation and Quad can be benefited by all theseadvantages by applying the concept of innovation.Main differences between the concept of innovation and invention can be understood by thefollowing: BasisInnovationInventionMeaningProcess of implementing a new idea,new product and a new process for thefirst time is known as innovation.Invention simply means happening ofa new idea or service that take placenever before.ConceptImplementation in practical.Implementation in theory.ActivitiesActivities are spread to the wholeorganisation.Activities of research anddevelopment department includeunder this.ConcernedIt concerned with making the process ofvarious number of products.Process of making single product isinvolved in this.SkillsStrategic, marketing and technical skillsare required under this.Scientific skills are required underthis.2
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