Essay on Innovation - Ensoft Ltd
Added on 2020-06-04
15 Pages4375 Words27 Views
Leadership ManagementProfessional DevelopmentDesign and Creativity
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INNOVATION
Table of ContentsINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................1P1 Innovation and its Importance for organisation in comparison with invention................1P2 Vision, leadership, culture and teamwork can shape innovation and commercialism......3TASK 2............................................................................................................................................4P3 Explain 4P's of innovation and use of funnel innovation..................................................4P4 Development of Frugal innovation...................................................................................6TASK 3............................................................................................................................................7P5 Importance of commercial funnel and application of New product development............7P6 Building of innovation business case including ways to access funding..........................8TASK 4............................................................................................................................................9P7 Different tools that an organisation can use to develop, retain and protect intellectualproperty...................................................................................................................................9CONCLUSION..............................................................................................................................10REFERENCES..............................................................................................................................12
INTRODUCTIONInnovation is defined as process conducted by management to improve effectiveness ofbusiness operations so that creative and unique items are delivered in marketplace.Administration implement modern tools and techniques in system which help firm to utilisefunds, material and manpower efficiently. Along this, modification in existing items is made bymanger which help them to attract large number of customers. Innovation helps superiors tointroduce new concepts and ideas and launch new items in marketplace (Johnston and Marshall,2016). This help them administration to position themselves higher than rival firms. Presentreport is based on Ensoft Ltd. which is software company established in United Kingdom.Company have skilled and competent engineers so standardised software are present in system.Cutting-edge software are provided by administration which help in keeping whole worldconnected. Innovation funnel and frugal innovation concept are used by management to launchnew technologies and reduce difficulties from system. TASK 1P1 Innovation and its Importance for organisation in comparison with inventionInnovation is a process of implementing new and innovative ideas with in a work placethrough this firm are able to achieve goals and objectives in an effective ways in limited timeperiod. It is a modification of existing product which increase their features and usability. It is asmall business venture that are deal with networking software and provide internet solution.Innovation is a best application in applied science because techniques create obsolete in shortperiod of time and management has to analysis all changes which are implementing with in anwork place. Its create variation so that prominent update has launched by using tools andtechniques (Díaz-García, González-Moreno and Sáez-Martínez, 2015). Firm develop software which helps to connect with potential customers. Management ofan organisation has develop strategies and plan in order to execute innovation with in firm.Through this, enterprises are able to produce quality of product and services which enhanceclients satisfaction as well as higher markets as compare to before. If creativity can notintroduced in proper manner with in work place that create negative impact on firm performanceand productivity. There are some needs which are create responsibilities for bringing innovationare explain as follows: 1
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