Innovation and Commercialization in Ensoft ltd : Report

Added on - 21 Jul 2020

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INNOVATION
Table of ContentsINTRODUCTION...........................................................................................................................3TASK 1............................................................................................................................................3P 1. Importance of innovation in company and its comparison with invention..........................3P2) Organisational leadership, vision, teamwork and culture shapes innovation andcommercialization.......................................................................................................................5P3. 4Ps of innovation and use of innovation funnel...................................................................6P4 What is frugal innovation.....................................................................................................7P 5. Significance of the commercial funnel and the application of New Product Development8P6 Build an innovation business case for the organisation.......................................................10P 7. Different tools used to develop, retain and protect knowledge and intellectual properties...................................................................................................................................................11CONCLUSION..............................................................................................................................12REFERENCES..............................................................................................................................12
INTRODUCTIONInnovation can be defined as the process of improving the present state byintroducing some new idea, method or theory which brings revolutionary change in the world.Innovation is the ultimate and most promising assets for business that make it differentiate itselffrom the rest of the competitors in market. Innovation serves to be that tool to retain oldcustomers and to capture attention of new consumers so as to achieve success in the lofty peaksof competition (Huberman and Miles, 2013). The current report is based on Ensoft ltd which is asmall software company expertise in networking software. It was established in 1997 with itsbase in Harpenden, UK. currently having a team of around 70 proficient engineers who areexpert in developing all sorts of networking software. This assignment will undertake a briefstudy about innovation and its significance determining about how organizational vision,leadership, culture and teamwork can shape innovation and commercialization. Moreover, it willalso discuss about the 4P's of innovation and about commercial funnel and its application inNew Product Development.TASK 1P 1. Importance of innovation in company and its comparison with inventionInnovation in simple terms refers to introducing something new that has not beenintroduced in the market yet. Innovation in today's competitive time proves to be a key to create,maintain and improve an edge over business rivals. Thus; it ultimately results in increasing theproductivity and profitability of the firm by effectively crating new features in the availableproducts for meeting the frequently changing customers needs and wants. A firm to successfullyimplement new ideas, thoughts and methods into actual reality adopts a variety of tools andtechnologies (Patti, Yanes and Siuzdak, 2012). Ensoft ltd along with its team of specializedengineers keeps on finding new and innovation methods to bring changes in existing services soas to cater even the latest needs and aspirations of its clients. To maintain and enhance itsposition in the market, it is of vital importance for Ensoft ltd had to organized and scientificallystrategically develop company's culture to boost up the productivity by utilizing moderntechniques to work approach as well as in its business operations.Significance of innovation iseventidefrom the mention below points:-
Helpful in meeting fast changing customers needs and wants:Throughinnovation,company can find new ways of existing product use which helps in meeting thefrequently changing taste and preference of the customers. .Create a competitive advantage:It helps in gaining competitive advantage over othercompetitors as upgrading the exiting technology and procedures through new and innovativeideas help a firm to differentiate its advanced products from other that can capture the attentionthe customers .Implement best method for organizations:Innovation involves a deep study of presentand probable future trends of the market. Thus this research helps an enterprise to design andevelop latest and most appropriate methods for manufacturing products.Helpful in creating brand image:-Innovation helps in creating an maintaining brandimage of a company because of the fact that company produces latest, most creative productswhich are superior than from other available products .Difference between innovation and invention is evaluated as below:InnovationInventionInnovation is a process ofimplementation of new and creativeideas for the first time which results inenhancing organisational productivityand performance.It is value addition in existing productor services (Leeuwis, 2013).It includes modifying or finding newfeatures of current products andservices which enhances theireffectiveness.Invention is the process of discoveringsome new technology, method, tool thatare entirely new and has never beenapplied by anyone in their business.It is introduction of new and distinctproducts in the market with advancefeatures for meeting up the latest tasteand preference of customers.A firm recruit specialized team todesign and form new goods andservices .
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