Innovation and Its Importance to Employees : Assignment

Added on - 21 Jul 2020

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Innovation
Table of ContentsINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................1P1Innovation and its importance to employees with a difference with invention.................1P2 Organisation Vision, leadership, culture and teamwork shape innovation.......................2M1...........................................................................................................................................3D1...........................................................................................................................................3TASK 2............................................................................................................................................4P3 Explain 4P's of innovation and use of funnel innovation..................................................4P4 Development in frugal innovation.....................................................................................5M2...........................................................................................................................................5M3...........................................................................................................................................5TASK 3............................................................................................................................................6P5 Importance of commercial funnel and application of new product development.............6P6 Innovation business case...................................................................................................7TASK 4............................................................................................................................................8P7 Different tools which used to develop, retain and protect intellectual property rights.....8CONCLUSION................................................................................................................................9REFERENCES..............................................................................................................................10
INTRODUCTIONInnovation is a concept in which company modify their existing products and services byadding some ingredients into it. This enable them to gain appropriate market share as well asbecome able to compete at keen competitive world through gaining competitive advantage(Clayton, Feldman and Lowe, 2017). Invention and innovation both are differ from each otherwhich required to understand by business so that working abilities tend to rises as well. Thisproject is signify on Wiser which is one of small business firm in UK and operating in creativemedia as well as recruitment. In this project, discussion will reflected on the innovation practicesof a company so that better and suitable working get done as well as appropriate gains suppose todetermine. For this innovation concept will going to discuss with sufficient evaluation ofinvention and innovation difference. Along with this, types of innovation will also evaluated sothat effective operation get done. Further, it depicts also about the process of commercial funnel.TASK 1P1Innovation and its importance to employees with a difference with inventionIf is must for company to alter their products and services on regular basis as it aids themto enhance its effectiveness and appropriateness. This enables them to attain desired targetswithin limited time span; as a result, they will maintain their position in market for maximumtime. It is required for superior to conduct research as it assists to fulfil requirements of clients asper demands. Hence, they will easily modify items according to their taste and preferences. Thisis like an innovation as they add some additional features into products(Dutta and Hora, 2017).By implementing new ideas into goods, organisation will able to capture attention ofnumerous individuals. This will assist them to compete competitors in marketplace. Along with,they will improve profits and market share effectually. In context of Wiser, it is a recruitmentfirm and they are going to launch an application for persons to improve brand image. There areseveral significance which are associated with innovation to workers are stated as beneath:Development of skills:This is required to improve capabilities as well as skills ofemployees; thus, they will complete work within limited time duration. It aids to enhance theirexperience and learning as well.Efficiency:It is needed for company to apply latest methods or ideas into items as ithelps to increase its appropriateness and effectiveness. It enables them to take benefits fromrivals at marketplace(Gaddy and et. al., 2017).1
Performance productivity:By getting training from an expert, staff members will easilyenhance their working performance. It will assist to improve profits and production of anenterprise in an effective and efficient manner.Creative mindset:It is required for an employer to implement new thoughts into items;hence, they will easily gain attention of numerous individuals towards them. This will assistthem in improvisation of market share.Flexibility:In an association, there will be some employees who doesn't want to acceptalterations. Thus, employer has to tell them about its significance and for this, they will organisesome sessions for them(Goble, Bercovitz and Feldman, 2017).There are some difference amongst innovation and invention which is stated as beneath:InnovationInventionIt portrays that add extra attributes into currentitems and services to increase its effectualness.Person will create products for customerswhich is entirely different from existing one.This is connected with each departmentregardless a particular unit.It is linked with research and developmentdivision.As per this, superior implement latest methodsinto products or modify it as per requirementof consumers.Invention is totally original.This is considered as a process which aidcompany to alter goods so that its effectivenesswill get improved.Manager has to produce new though which isentirely distinguish form others (DifferenceBetween Invention and Innovation, 2018).P2 Organisation Vision, leadership, culture and teamwork shape innovationIt is must for every company to create mission, vision and objectives so that by followingthem they will obtain positive outcome. Management needs to understand leadership, team work,vision and culture effectively; thus, they will apply innovative methods appropriately. There aremany kinds of creative methodologies will be utilized by company; hence, they will makeproducts and services more efficient. They will modify them to enhance its appropriateness aswell. As a result, firm will improve their sales and production which help them in increment ofrevenues(Henttonen and et. al., 2017).2
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