Assignment on Innovation - 4com
Added on 2020-07-22
15 Pages4447 Words28 Views
INNOVATION
Table of ContentsINTRODUCTION...........................................................................................................................3TASK 1 ...........................................................................................................................................3P1 Describe innovation and invention along with its importance for employees.......................3P2 How organisational vision, leadership, culture and teamwork can shape innovation...........4M1 Different sources of innovation............................................................................................5D1 How innovation is developed, embedded and developed in an organization.......................5TASK 2 ...........................................................................................................................................6P3 Explain 4Ps of innovation and the use of innovation funnel.................................................6P4 Developments in frugal innovation in an organization..........................................................7M2 Analyse and apply innovation funnel in an organization.....................................................8M3 Role of frugal innovation......................................................................................................9TASK 3............................................................................................................................................9P5 Importance of commercial funnel in the context of an organization.....................................9P6 Innovation business case and ways of funding....................................................................10M 4 Detailed business case for an organization........................................................................10TASK 4..........................................................................................................................................10P7 Different tools used by an organization for innovation.......................................................10M5 Evaluation of different tools used in context of organization...........................................11CONCLUSION..............................................................................................................................12REFERENCES..............................................................................................................................13
INTRODUCTIONIn this present scenario, the companies are looking for various techniques which results inthe development of their operations. The company that is being considered for the report is4com, it offers services and software for telecommunication solutions. It looks forwards toinnovate and launch data cards for its users or customers. The basic fact is that the businessorganizations sustain in the market area through the effective and reasonable competition in themarket area. In this aspect the management of the companies involve innovation andcommercialisation in the production and sale of their goods and services (Aarikka-Stenroos andSandberg, 20121). In this present assignment, importance of innovation and commercialisation isexplained in the context of business organizations. The company namely 4com plc is a small andmedium enterprise which is engaged in the business of telecommunication across UK.Moreover, importance of innovation and commercialisation is elaborated. Also, mission andobjectives of the company can also lead the company to success. In addition to this, variousforms of innovation has been described. Reference to the case of Apple Inc. and Virgin Group istaken.TASK 1 P1 Describe innovation and invention along with its importance for employeesInnovation is the concept in which new ideas, methods and ways are developed. It can beunderstood as a term which is related to application of better ideas and concepts for thebetterment of the products or services (Abou-Ras, Kirchartz and Rau, 2011). In the context of thecompany namely 4com plc , innovation refers to the evolvement of new ideas and techniques inthe telecommunication services which are offered by organization. The management of the citedorganization realises the importance of innovation for following reasons:Innovation in the services will lead to the engagement and connection of 4com plc withits customers. It can be achieved by rendering outstanding performance in different areasof operations. Innovation leads to prosperity of company across the world, as it attracts consumers at awide range. For an instance, I pod launched by Apple Inc. can be considered as a greatsuccess as it enable playing of 1000 songs in a single digital music player. From thisinstance, it can be clarified that innovation always leads to the success of company.
Innovation also leads to the increased ROI to stakeholders of the company as profitabilityof the company is increased (Bogers and West, 2010). Moreover, due to innovation in the services of company, 4com plc can compete with itscompetitors which hikes market share and product cycle.Furthermore, conception of new ideas will lead to the growth and development objectivesof the cited organization. In case of Virgin Group, it can be ascertained that team workalong with innovation and invention can lead to the increased profits. There is an another term namely invention related to the innovation. It means the processand method which evolve development of product and services (Bogers and West, 2012). It canalso relate to the development of machine or any new service. Invention can be in terms of socialand cultural aspects. The management of the 4com plc always desires to execute innovation andinvention of new products and services so as to increase its customers. P2 How organisational vision, leadership, culture and teamwork can shape innovationOrganizational vision refers to the objective for which the company has been formed.This includes the main aim which the company wants to fulfil through its operations. On theother hand, the organization culture is the term which denotes the prevailing organizationalcustoms and culture. It can be analysed that the companies can shape and structure theirinnovation of products and services (DAtta, Jessup and Reed, 2011). In this aspect the companynamely 4com plc can ascertain their organizational goals through effective innovation andinvention. It means that for achieving the organizational goals and aim, the company generatesnew ideas and concepts in their existing products and services. It can be further stated that theteam work is also considered as an important factor in bringing innovation andcommercialisation of the products and services. From reference to the given case study, Virgin Group is a company registered in UKhaving different areas of operations. The management of the cited company is of opinion thatthere should be a clear vision and mission which initiates creativity in production of goods andservices. The manager of the Virgin Group is of opinion that for improved results there should bean effective and efficient team, which work together to achieve desired results. In addition tothis, it is considered that for obtaining better and improvised results the team mates should strivefor effective performance of the company (Datta, Mukherjee and Jessup, 2015). Also thereshould be a cultural environment which is a prerequisite for innovation of goods and services.
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