Importance of Innovation in Organizational Growth

Innovation

INTRODUCTION:
Innovation is a base for every business for developing product. It is done to sustain in the
market for long time. Innovation can be in business process or methods to make change in
product features. In order to attract new customers it is essential for business to develop new
products by identifying their needs (Laeven, Levine and Michalopoulos, 2015). Also, innovation
helps in generating sales. Making continuous innovation will help business to grow and develop
at slow rate. This assignment will describe the importance of innovation and how its shapes
teamwork, culture within organisation. Moreover, the 4 P's of innovation is discussed. Besides
this, importance of new product development is described. At last how knowledge and
intellectual property can be protected by using different tools is evaluated.
For this assignment organisation selected is Qubic Hotel. The cited firm belongs to retail
sector and operates within UK. The existence of the company on such a small level requires
frequent innovations in business activities to survive. Thus, this report will help in developing a
relevant one for the cited establishment (Wadhwa, Phelps and Kotha, 2016).
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P1 Explain innovation and its importance to organisation
A process that helps business to grow and develop in the industry. It creates opportunities
for business to make change in its operations and process. Through this new products or services
are developed. Also, innovating operations helps in improving productivity and efficiency of
employees (Hsu, Tian and Xu, 2014). It creates a platform by which business can gain better
competitive advantage over its competitors. Modification can be in process
Innovation helps firm in various ways. It helps in creating something unique so that no
one can copy that. It provides new tools and methods to employees so that their efficiency can be
enhanced. Also, it provides a creative environment to complete tasks in effective manner.
Qubic Hotel can follow different strategies to create a better organisational culture. These
are as follows:-
Building a diversified and team work place- Changing process or methods creates new task
and goals. For completing this team with diversified people are build (Brunswicker and
Vanhaverbeke, 2015). They perform tasks in creative way. Also, they share different ideas and
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thoughts and help each other. With this goals are achieved in effective way. Also, this increases
communication between different departments.
Providing modern tools to workers- It is the most important benefit of innovation.
Employees are provided new tools to work with. This helps in enhancing their skills and
abilities that leads to improve their performance. This results in completing task in specific time
period. Also, resources are effectively utilised that leads to reduction in production cost. Qubic
Hotel will be benefited by innovating their operations (De Vries, Bekkers, and Tummers, 2016)
It will help them to compete in the market. Hiring new talent will bring in new ideas and
creative thinking.
Looking to the future- Business gets an insight to look into the future. They know what
further changes can occur in customer taste and preference and accordingly products can be
developed. Also, how innovation will help them to grow and what expectation may arise from
consumers. Moreover, they discover the areas where business can be expanded. Moreover, they
can focus on using technology in operations.
For example- Apple launched Ipod as their new product. This helped them to focus on
future. With this they were able to make changes in products by identifying customer needs. It
helped Apple to grow at very rapidly (Autio, and et..al 2014).
Comparison between innovation and invention
Basis for comparison Invention Innovation
Meaning Invention is the process that
occurrence of an idea for a
process that has never been
made before.
Innovation is the process
which implement of idea for
product that uses for the first
time.
Concept Invention concept adopts
original idea and theories that
relates to new learning.
Innovation adopts practical
implementation of new idea.
Skills required Basically, this process required
scientific skills.
On the contrary, innovation
process adopts technical
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