Innovation and Risk Management - Assignment
Added on -2020-07-22
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INNOVATION AND RISKMANAGEMENT
Table of ContentsINTRODUCTION...........................................................................................................................1TASK...............................................................................................................................................1CONCLUSION................................................................................................................................6REFERENCES................................................................................................................................7
INTRODUCTIONInnovation and inventions are two different terms. Some people use these words withreference to each other sometimes they render different meanings.Hardy oil and gas companytrying to grow the business in a better way by way using innovation and invention. Energy sectorwhich used to be the monopolistic but now because of new entrants in market is facing heavycompetition. Need of innovation is increasing day by day in the power sector as well as in oil &gas industry (Dey, 2010). To make successful implementation of innovation in this industry, it isvery important to get aware of these terms. Innovation is something that ensures guaranteedgrowth of any sector. Introducing new technologies, making efficient use of resources andredesigning products are some of the specifications of innovation.TASKHardy oil and gas is a big brand that is dealing in energy business since 1997. To expand andflourish company uses the concept of bringing changes and modifications in the present workingconditions. Changes are good and increases the total productivity of an enterprise. It is anentirely different concept than that of invention. Difference between invention and innovationand how they relate to make business successful are given below:Innovation:It means to make modification or alteration in an existing product. It is justlike transformation of a thought into actuality (Franks and et,al., 2014). It simply makes valueaddition in a product and inserts ideas and apply them to make existing commodity morerelevant and useful so that it can fulfil the needs of customers. According to the changing trendsand technologies, needs of users are also increasing. These needs can be accomplished ifmodifications are made in the existing products. Invention: To create and design any new product that has never been in existence beforeis called invention. It simply means a new scientific idea that is converted into a tangible form. Ifinventor wants his invention to be protected then he will be required to register the patent. Ithelps to introduce new commodities in the market so that variety of products can be found andneeds of consumers can be satisfied (Creeden and et.al., 2013).Following are the differences between innovation and invention:1.Innovation refers to an idea that can help an existing product to get modified butinvention means to produce a new commodity that has never been in existence.1
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