Innovation in Business Assignment: Periscopix
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Added on 2020-06-06
Innovation in Business Assignment: Periscopix
Added on 2020-06-06
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INNOVATION
Table of ContentsINTRODUCTION...........................................................................................................................1TASK 1 ...........................................................................................................................................1P1. Innovation and its significance to organisations in comparison to invention.......................1P2. Way in which organisational leadership, vision and teamwork can shape innovation andcommercialisation.......................................................................................................................2TASK 2 ...........................................................................................................................................4P3 Evaluating 4 P'S of innovation...............................................................................................4P4 Frugal Innovation's development...........................................................................................6TASK 3 ...........................................................................................................................................6P5 Importance of commercial funnel and NDP in an business firm...........................................6P6 Valuation of Innovation Business Case.................................................................................8TASK 4 .........................................................................................................................................9P7 Different tools used by organisation......................................................................................9CONCLUSION..............................................................................................................................10REFERENCES..............................................................................................................................11
INTRODUCTIONIn the modern scenario, when a business process turns its vision into reality byimplementation of various tools and techniques so that organisation can have better future is saidto be innovation process. There are several things which comes under this kind of process isopportunities, prototyping, sales, marketing and production. Different kinds of innovative ideasand thoughts which can be utilised in order to manufacture and sell products and services to thecustomers in marketplace (Ariga and et. al., 2013). Invention and innovation are two differentaspects but they have a common goal which is providing betterment to social and economicfactors. Company chosen for this report is Periscopix which is consultancy services working inUK. There are various things which will be discussed in this report like major difference betweeninvention and innovation and apart from that, various effective functioning of innovation andinvention will be discussed in an effective manner. TASK 1 P1. Innovation and its significance to organisations in comparison to inventionINNOVATION:This f approach can be said as a process in which thoughts and ideasare converted into products and services and for the same, consumer exchanges in monetaryterms. An idea can only be called innovative when it reduces the economic cost and thus, fulfilsthe demands. Apart from that, innovation is a process in which the vital data is being exchangedand optimum utilisation of resources are being done so that products and services can bemodified and developed for satisfying customers in an effectual manner. Innovation can also bedone in providing services to the customers. Innovation is basically divided into two parts andthey are described as below: Evolutionary Innovation: In this kind of approach, evolution occurs when thetechnological modifications are being done on a product again and again. This whole process canbe said as an evolutionary innovation on single product (Boons and Lüdeke-Freund, 2013). Revolutionary Innovation: This kind of approach states that reason behind innovation isnot modification on single product but it occurs from new ideas. Importance of Innovation
Growth of an organisation totally depends on the ways by which innovation and othertechniques are being adopted so that effective outcomes can be obtained. Innovation is the majorcause behind the growth and success of firm right from start. New innovative techniques mainlyfocus on providing advantages to an organisation like competitive advantage and other paths bywhich the development can take place. For implying creative and innovative ideas into reality,organisation adopts innovation and the latest technologies. Moreover, people have positiveperception towards the innovation in products and services and this can help organisation toattract a large number of customers and enhancement can be done on image of brand. There arevarious other benefits which are being provided to the organisation as well as employees byinnovation like it can improve productivity and profitability of firm (Drucker, 2014). Along withthat, it can enhance the performance level of staff members. There are some other benefits whichare being adopted like new tools and techniques as well as other benefitsThere are certain differences between innovation and invention and they are as follows: BasisInnovationInventionDefinition Process in which new thoughtsand ideas are being formulatedfor attainment of objectives. Formulating a new and freshidea for completion ofobjectives as well. Base Idea can be applied forimplementation. Unspoiled and genuinethought. Activities It endeavour in entireinstitution. Limitations are being createdup-to R&D sector. Reason of occurrenceEnhancement of products andservices for maximumsatisfaction of customers. Sudden spark of new thoughtand ideas. Allocated withSeveral processesSingle process P2. Way in which organisational leadership, vision and teamwork can shape innovation andcommercialisationEach and every organisation focuses on earning revenues by manufacturing products andservices so that more number of customers can be acquired for achieving the set targets(Goldberg, 2013). Citied firm exercises commercialisation for innovating new products andservices for high amount of sales. For example: Apple and Virgin group mainly focuses on
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