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How Innovation Drives Success

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Added on  2020-10-05

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INNOVATION INTRODUCTION 1 TASK 11 P1 Role of innovation and its comparison with invention 1 P2 How organisational vision, leadership, teamwork and cultural can shape innovation 2 TASK 23 P3 4Ps of innovation and use of innovation funnel 3 P4 Frugal innovation4 TASK 35 P5 Commercial funnel and process of NPD 5 P6 Build an innovation business case 6 TASK 48 P7 Intellectual property 8 CONCLUSION 9 REFERENCES 10 INTRODUCTION Everyone wants to be innovative to

How Innovation Drives Success

   Added on 2020-10-05

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Table of ContentsINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................1P1 Role of innovation and its comparison with invention..........................................................1P2 How organisational vision, leadership, teamwork and cultural can shape innovation..........2TASK 2............................................................................................................................................3P3 4Ps of innovation and use of innovation funnel ....................................................................3P4 Frugal innovation ..................................................................................................................4TASK 3............................................................................................................................................5P5 Commercial funnel and process of NPD...............................................................................5P6 Build an innovation business case ........................................................................................6TASK 4............................................................................................................................................8P7 Intellectual property...............................................................................................................8CONCLUSION................................................................................................................................9REFERENCES..............................................................................................................................10
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INTRODUCTIONEveryone wants to be innovative to gain success and viability. The term innovationmeans to come up with new ideas of doing things. In context of business organisations,innovation helps to save money and time and provide defensible edge to grow and diversify atmarketplace. It creates several opportunities for a company in respect of raising customers'interest, usually innovative or unique products enable to attract many people it resultsenhancement of sales and profitability in short span of time (Aarikka-Stenroos and Sandberg,2012). Ensoft Ltd., is the chosen organisation for completion of this assignment; its a UK basedsoftware company that provides software solutions to routers which runs internet and largecorporate networks. The assignment is going to be described importance of innovation and itscomparison with invention. Readers will also come to know about 4Ps of innovation and use ofinnovation funnel to shape innovative ideas. Furthermore, process of new product developmentand ways to access funding will also defined later. TASK 1P1 Role of innovation and its comparison with inventionGenerally innovation consists with modifying processes or initiating more compellingprocess, ideas and products. For a business association, it means applying new ideas and creatinggenerate products or existing improvise existing once. In other words, innovation can bestimulant for firm's growth and development and aids to attain high market share. Beinginnovative doesn't meant inventing only, whereas innovation means changing the entire structureof a business model and able to adapt environmental changes in order to deliver effectiveproducts and services. So that successful innovation must be a part business strategies which leadto resolve all work based problems and issues (Clayton, Feldman and Lowe, 2017). In context of Ensoft Ltd., managers of the firm conduct an assessment of market trends orenvironment so as to satisfy needs and wants of customers in the best possible manner in contrastwith competitors. Importance of innovation for business organisations: - Innovation enhance the likelihood of business succeeding, as firms which innovates cancreate more efficient more processes and have better performance and productivity. It creates a supportive and friendly atmosphere for employees in which they feel free toshare their opinions and can work without risk of ridicule (Bogers and West, 2012). 1
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Innovation helps companies to ensure that existing process will capture best or suitableideas. It also promotes openness among individuals and teams at workplace; sharing goodknowledge of business with others help in raising efficiency and productivity. INNOVATIONINVENTIONInnovation is a procedure of making changes insome aspects which are being implemented toimproved it. Invention acts to create something uniquewhich had not endured before. It means to determine better ways of doingthings. Innovation can occurs in all behaviourssuch as – profit maximisation, personallifestyle and re-election politics (Dutta andHora, 2017). It means to identify new device. To accomplisha patent an invention should be passed the testof originality. Value of an innovation can be understood orperceived by a relatively wide range ofcustomer segment. Value of an invention is recognised by theinventor only. P2 How organisational vision, leadership, teamwork and cultural can shape innovationEvery firms want to be successful for long run needs proper management of innovationthus to gain high market growth and success. Strong innovation shapes organisational structureand framework potentials can be appropriately determined, ideas generate and then appliedsuccessfully. Ensoft Ltd., set its own mission and vision statement to achieve desired growth andsuccess. Therefore, while making innovation managers are required to consider several factorsthat are stated as under: - Vision and mission – Innovation can be more effective when it involves goals andobjectives of the organisation. While doing innovation it is fundamental for managers to clearlydefine vision and mission statement of the company thus to ensure future growth anddevelopment. Although, reliable goals and timelines will build trust in collaboration; it resultsresolving problems as soon as possible (Ettlie and Rosenthal, 2012). Here, the prime goal ofEnsoft Ltd., is to become one of the largest networking solution provider company in UK bymanaging strong relations with public. 2
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