Innovation Business Case of Ensoft Ltd
Added on 2020-06-06
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Innovation
Table of ContentsINTRODUCTION................................................................................................................................3TASK1..................................................................................................................................................3P1. Significance of Innovation and comparison with invention......................................................3P2. Shaping innovation through organisational culture, vision, mission and teamwork.................5TASK2..................................................................................................................................................6P3. 4P's of innovation and importance of innovation funnel...........................................................6P4. Development of Frugal Innovation:- ........................................................................................7TASK3..................................................................................................................................................8P5. Significance of commercial funnel and the application used in new product development.....8P6. Innovation Business case of Ensoft Ltd....................................................................................9TASK4................................................................................................................................................10P7. Tools and techniques needed for developing, retaining and protecting intellectual property rights..............................................................................................................................................10CONCLUSION..................................................................................................................................10REFRENCES......................................................................................................................................11
INTRODUCTIONInnovation is one of the important factor that should be considered in order to runningbusiness for longer period of time. Basically, it is an process under which idea of individual turninto reality by launching the product into market (Amit and Zott ,2012). In other word, bringingfeatures in existing product and create goods and services which never come in market before that.It allows them to grab market opportunities and remove all the threads through their innovativegoods and services. Apart from it in dynamic environment changes are coming with rapid speed dueto advanced technology and digitalisation. Therefore, it is necessary for every start up to have somecreative or innovative ideas in order to strengthen position in market. Under this assignment thecompany which is preferred I.e. Ensoft Ltd. Which is UK based software company comprises of 70engineers that specialises in developing every aspect of networking software. Further it discussabout significance of innovation, 4P'S of innovation, frugal innovation and tools for developing andprotecting intellectual property. The approaches used for creating innovation culture and legislationof protecting creativity can be studied in reference of Apple and Virgin group.TASK1P1. Significance of Innovation and comparison with inventionMeaning of Innovation:- It can be described as process in which idea of individual coming in formof products in external market according to perception of target audiences. Different application,theories and methods has been used so that idea can be implemented in better manner. In everyorganisation each employees must be innovative and creative so that they think out of the box incase of complex situations so that better outcomes can be obtained in future. Along with thatmanger must understand all the market opportunities coming in business environment and executesome alteration in their organisation structure so that objective can be accomplished in propermanner. Ensoft Ltd. Work on EnQuality development methodology and this approach help increating innovative thinking among engineers and gives proper framework regarding theimportance of team work (Ariga and et. al. ,2013). The main objective is to provide services tocustomer at specified time period. If innovation is present fully in organisation then it help inincreasing profits and ensure better utilisation of resources.Invention:- This can be described as process in which action has been taken for inventing somethingnew in the form of process or device. It require both technical and scientific skill in regard to theirproducts. This step is generally done when company lost their position and want to revitalise it inorder to create strong position in market.
Difference between innovation and invention is discussed below:-BasisInnovationInventionMeaningInnovation refer toimplementation of ideas forproduct and process for veryfirst time.It is basically an idea orcreativity in the form of productor process which never hasbeen made in market.Whole conceptThe concept is fully depend onpractical implementation ofnew and creative ideas.Under this original idea comingwithout any mixture of othersource and working is done ontheory.Skilled required Innovation required allmarketing, technical andstrategic skills for growth anddevelopment.It require technical andscientific skills for creatingsomething new.Activities required Spread across different types oforganisation in order to expandtheir business and profitabilityboth.Limited scope up-to researchand development department because of developing distincttechniques which never camebefore.Importance of innovation from employees of Ensoft Ltd. :-It assist in gathering new skills and ability which improve overall career of individuals.Ensoft Ltd. Is dealing in software development so proper training and guidance is given toworkforce which enhance their creativity. Increasing overall efficiency and effectiveness of employees because they get theopportunities to think out of the box at the time of solving complex market issues.Employees who perform well will be rewarded by incentives and benefits which motivatethem to maintain standard quality of services.Importance of innovation from business perspective:-When overall performance of employees has been increases then it helps in maintainingstandard quality of goods and services with better efficiency.Innovation allow organisation to provide goods and services according to the customer tasteand preferences.For proper revitalisation of company products new features with attractive varieties whichadd the value of existing products in market place.
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