Innovation In Business Assignment: Granite Properties

Added on - 06 Jun 2020

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INNOVATION
Table of ContentsINTRODUCTION...........................................................................................................................3TASK 1............................................................................................................................................3P1. Innovation and its importance and difference between invention.......................................3P2. Organisational vision, leadership, culture and teamwork needed to shape innovation andcommercialisation......................................................................................................................5TASK 2............................................................................................................................................6P3. 4P's of Innovation and use of innovation funnel to examine and shape innovative ideas....6P4. Developments in Frugal Innovation and its use in organisational system............................7TASK 3............................................................................................................................................7P5. Importance of Commercial funnel and application of new Product Developmentprocessing....................................................................................................................................7P6. Innovation Business Case and ways to access funding requirement...................................7TASK 4............................................................................................................................................7P7. Different tools that organisation use to develop, retain and protect intellectual property....7CONCLUSION................................................................................................................................8REFERENCES................................................................................................................................8
INTRODUCTIONInnovation is an important process that is executed in organisational system that aims incarrying out the process in an effective manner. Its basic motive is to attract large number ofcustomers that are present in the market place. It helps company to produce such products andservices that help in gaining the final goals and objectives in set time period. The companychosen for this report is Granite Properties, which is a real estate development sector that offerbest quality services to prospective customers by satisfying their needs and wants. This reporthighlights the importance of innovation and application of new product development processingfor commercialisation of innovation. Apart from it, there are some uses of innovation funnel thatis introduced in company institution. There are different tools that is adopted by organisationsystem to protect, retain their intellectual property rights. Innovation process assists any businesssystem to gain competitive advantage in current market area.TASK 1P1. Innovation and its importance and comparison between inventionInnovation is an essential method that helps in introducing new process, product, ideasand thoughts in order to achieve set targets effectively (Birkeland, 2012). There are number ofopportunities and process that are available in market area that can able to provide successfulcompetitive edge. Employees of Granite Properties play important role in introducing innovationconcepts and aspects that assists them to execute their functions effectively and efficiently. Itbecome necessary for Granite Properties to implement their overall working process ininnovative way so that they can able to beat their competitors in effective way. It is the duty ofcompany to develop such working environment that continuously promote innovation processthat focus on rendering best services to their consumers so that they can retain for longer periodof time. Today's world in full of modern terminologies and techniques and hence it becomenecessary to adopt innovation process in their organisational system.Importance of Innovation for workers employed in Granite Properties:Innovation aids in increasing productivity and efficiency of employees so that they cancontribute to produce maximum outputs.It also encourage to increase their overall working effectiveness so that they cancontribute to best of their efforts.
It promotes working creatively so that final outcomes can be in accordance to setstandards (Larkins, 2011).Importance of Innovation in Business system:It aids business organisation to conduct their work process in such a way so that they leadto achieve their final goals and objectives.It helps in increasing value of products and services so that they succeed in maintainingtheir well established image and goodwill for longer period of time.It motivates to produce new and fresh products in accordance to current prevailingmarket conditions.Difference between invention and Innovation that is illustrated below:Basis of DifferenceInventionInnovationMeaningThought and idea of inventingsomething is emerged for thefirst time in mind of inventor.It refers to the process ofproducing any particularproducts and services in ainnovative and new method.Impact on organisationalsystemIt may lead to introducechanges and sometime not.It results in introducing somechanges in wholeorganisational system.Skills NeededThe main skills needed ininvention process is scientificin nature.The major skills that isrequired in conductinginnovation process comprisesof marketing, management andresearch.Actions InvolvedIn this main actions areperformed by research anddevelopment section.The set of activities are locatedin overall company institution.
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