Assignment on Innovation Report

Added on - 21 Jul 2020

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Innovation
Table of ContentsINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................1P1 Innovation and its importance in organisation.......................................................................1P2 Role of vision, culture, teamwork and leadership in shaping innovation andcommercialisation.......................................................................................................................3TASK 2............................................................................................................................................4P3 4 Ps of innovation and use of innovation funnel....................................................................4P4 Development in frugal innovation and its uses in an organisation........................................5TASK 3............................................................................................................................................6P5 Importance of commercial funnel and application of new product development..................6P6 Innovation business case for an enterprise.............................................................................7TASK 4............................................................................................................................................8P7 Tools for develop, retain and protect intellectual property and knowledge..........................8CONCLUSION................................................................................................................................9REFERENCES............................................................................................................................10
INTRODUCTIONProcess of make and deliver something new to customers is known as innovation. Thisundertake by organisation to make and offer better products to its clients. This is a value addedprocess which carry out by firms to increase convenience level of individuals (Rogers, 2010).One of the main advantage of innovation is that it help organisation to get competitive advantageby identify and exploit market opportunities exist in business environment. Nowadays innovationbecome necessary for firms because needs and wants of customers are changing at a fast speedand to achieve success it is very necessary for organisation of offer products to customers as pertheir needs. Further this ensure optimum utilisation of firm's resources. Quad, a firm whomanufacture and offer technical products to its customers is taken under this report for study.Importance of innovation for organisation and role of various elements such as culture andleadership in shape innovation is also detailed under this report. Further 4 Ps of innovation andfrugal innovation is also mention in this.TASK 1P1 Innovation and its importance in organisationApplication of better or new methods to fulfil requirements of individuals and needs ofmarket is known as innovation. Basically it is a process of making something new which can benew feature, method or process. Concept of innovation is different from intervention. Concept ofinnovation should be adopt by Quad in order to make necessary changes in its technical productsand to offer more features to it customers. Innovation not only increase convenience level ofcustomers but provide number of benefits to enterprise also. These benefits can be understood bythe following points:Enhanceproductivity of employees and organisation:One of the main benefit ofinnovation is that it increase the productivity of firm (Jamshidi, 2011). New and latesttechnology help organisation to produce better products with minimum time and cost.Further new process of doing work increase performance of individuals.Enhance effectiveness of communication process:Concept of innovation is wide andlarge that's why it require huge amount of effective communication in enterprise. Inabsence of that an firm cannot implement the concept of innovation. That's why conceptof innovation bring coordination, cooperation among all individual and activitiesinvolved in this and reduce confusion from mind of employees.1
Ensure optimum utilisation of resources:Whenever a new technology or technique isintroduce in enterprise than this help to utilise all the available resources of firm. Thisreduce final cost of company's product and at the same time decrease the wastage offirm's resources.Improve work environment: Introduction of new technology in enterprise reduce therisk related with health of employees(Ellis, 2014). This increase their morale andsatisfaction towards their job which enhance their performance.Help enterprise to get competitive advantage: One of the main advantage of innovationis that it help company to get competitive advantage in market. Adoption of newtechnology attract more customers towards the firm's products and better satisfy theirneeds and wants. Further it help company to capture a larger market share than its rivals.Same can be done by Quad to increase sales of its products.Reduce cost of firm's operations:Improve and new methods of making products reduceboth time and cost of firm. In this way it help enterprise to achieve efficiency in itsoperations.All these are the main benefits innovation and by apply this concept Quad can achieve theseadvantages. In this way company can identify and exploit opportunities exist in businessenvironment.Invention:It is a process of adding new features in a product to attract more customers.Sometimes this is also known as a process improvement on a method, process or technique.Large number of people think that innovation and intervention both are same but there is numberof differences between these(Kelly, Lesh and Baek, 2014). This can be understood by thefollowing points:BasisInnovationInterventionMeaningImplementation of a new idea, concept,feature and process for the very firsttime is known as innovation.Introduction of a new idea, that hasnever take place before, fordevelopment of a product or serviceis known as intervention.ConceptIdea implement in practical.Idea implement in theory only.ActivitiescoveredIts activities are spread across everydepartment of organisation.Its activities are covered underresearch and development2
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