Innovation in Business Assignment

Added on - 06 Jun 2020

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INNOVATION
Table of ContentsINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................1P1: Various importance of innovation in relation to different organisation..........................1P2: Organisational vision, culture, teamwork can provide shape to innovation...................2TASK 2............................................................................................................................................4P3: 4ps of innovations............................................................................................................4P4: Fugal innovation development........................................................................................7TASK 3............................................................................................................................................8P5: Importance of commercial funnel and NDP process......................................................8P6: Business case innovation...............................................................................................10TASK 4..........................................................................................................................................11P7: Evaluate Various tools to protect, retain and develop organisation...............................11CONCLUSION..............................................................................................................................12REFERENCES..............................................................................................................................13
INTRODUCTIONInnovation is said to be imagination of new ideas and creativity that is required in anybusiness to increase its capabilities and performance. It is the most important prospect in mediumand small size organisation to improvise their business in such a way that they can stand in frontof other companies. The main objectives of this project is to know that how companies are usinginnovation in their business to achieve its goals (Drucker, 2014). Attractive product and servicescan help them to attain maximum competitive advantage from the market.The small scaleenterprises is 4com which associated in producing telephones and broadband services. It wasestablished in 1999 with the motive of deliver best communication services of SMS market.Under this project report various aspects those are related with innovation are explained.Like its importance, leadership, culture, vision and relation among other employees. 4Ps ofinnovation are helpful in context to innovations funnel. Other things are commercial funnel andNDP process and various tools those are used to protect IPR. All information are collected fromdifferent sources and on that basis certain evaluation is also provided to the company.TASK 1P1: Various importance of innovation in relation to different organisationInnovation refers to “ new concept, technology, or method”. However, innovation alsoconsidered as the implement of better solutions that can reach unarticulated needs, market needsand requirements. It is an exercise through better products, services, technologies, ideas productsand models that are available in the society, government and markets. In other words somethingmore innovative, new and just 'bring into' society and market. It is the term which is manifestedby engineering process.Invention:It is said to be that action of inventing thing basically, it is a process or device whichis use as important set of social culture and behaviour. It is most done in order to make newexperimentation.An idea will be defined as innovation when it will come to the basic and social andeconomical life very often. Innovation thus is generally is the sum of various ideas and creationswhich has affected and bring change in the society (Stokes, 2011).Difference between innovation and invention-1
Invention is very different from innovation. Invention in the purest word can be definedas creation, production or introduction of new product services or idea whereas, innovationoccurs to cater change and contribution in specific idea, services or product.Considering the example, when Thomas Edison invented Bulb, he invented a devicewhich can spread light through it. But after upgrade and amendment we have reach throughproducing light device with various ways which is called innovation.Importance of innovation in organisation:Innovation caters changes creatively in 4COM and quality and value into the exercisingservices. An invention may give an organisation a new concept to work on but it is needed toinnovation that with time in order to refrain from crises (Tebbe,2011).Strategic importance of innovationsChange and Innovation is closely related to each other. Weather they are not the same,both have dynamic change. If the organisation services and ideas will not be innovated with thetime, this can get the company, employees and the whole organisation into trouble.While a technology is invented in the organisation, it refers to the new idea which has nevercome before like telecom service offered various plan those are being started free 4G Wi-Fisystem in all countries which was great invention but the innovation in the policy was made.Innovation help in diffusion in innovation of an idea technology or services among theemployees which help 4COM company in catering change. It help in bringing the evaluation inthe technologies and administrative changes. First the Idea is invented the productiondevelopment and testing of program is made. Then the evaluation process is done thus theinnovation is brought up in the organization.In case of Apple company invention of new iPadhad made huge change in people those are listener of high column music. While virgin group hascontinuously engaged in expansion of there business that make them more curios to make newinnovation in their businesses.P2: Organisational vision, culture, teamwork can provide shape to innovationOne of the company(4COM) in telecom sector which is engaged in producing businessphone, broadband services are big example that is presented in relation to innovation. There arevarious prospective that are being carried by the company like vision, culture, teamwork andleadership etc. All these aspects are use in appropriate manner to develop and invent newproducts in coming future. Company is targetting to be at top most company in telecom sector.2
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