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Concept of Innovation and Its Significance to Employees : Assignment

   

Added on  2020-07-23

15 Pages4642 Words30 Views
INNOVATION

TABLE OF CONTENTSINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................1P1 Concept of innovation and its significance to employees ................................................1TASK 2............................................................................................................................................5P3 Analysis of 4P's of innovation and utilization innovation funnel.....................................5P4 Development of frugal innovation....................................................................................7TASK 3............................................................................................................................................8P5 Significance of commercial funnel and application of process for new productdevelopment...........................................................................................................................8P6 Creation of innovation business case................................................................................9TASK 4..........................................................................................................................................10P7 Developing, retaining and protecting knowledge & intellectual property through variousinstrument.............................................................................................................................10CONCLUSION..............................................................................................................................10REFERENCES..............................................................................................................................12Illustration IndexIllustration 1: Innovation funnel......................................................................................................6

INTRODUCTIONInnovation is considered as most complex that requires appropriate market research andanalysis of customers demands to make necessary Amendments in products and services. It isalso considered as significant for achievement of sustainable growth in market. In this context,analysis of softwire is done which is software engineering firms that develops various productsin the field of IT. With the continuous rising competition they have to create innovation tosustain in market. Apart from this analysis various skills is considered in this report which giveunderstanding about various skills required to implement innovation and commercialize businessoperations. TASK 1P1 Concept of innovation and its significance to employees Innovation is considered as a process of implementation of new ideas or invention andadding value for the accomplishment of specific task. It is also defined as a process that includesapplication creative concepts to enhance the capabilities of products and services (Edquist,2010). It mainly involves generation of new ideas and methods with continuous research andassumption. With the continuous rise in competition it has extremely important for the firms tomake changes in their existing goods with the use of resources. In order to achieve sustainablegrowth and development firms have to face various challenges and for resolving those problemsthey have to apply various innovations. In this context, as an CEO of Softwire which is softwaredeveloping firm in UK analysis various changes is done to determine the growth of firms inmarket (Chesbrough, 2010). Analysis of firm has determined that firm has achieved a sustainablegrowth by creative various innovations and developing software solutions for other firms.Apart from this, innovation is also considered as highly beneficial for every company andnot just for commercialization but building a brand reputation among the customers. It is alsoconsidered that employees in the organization must creative and innovative skills to generatenew ideas that benefits the firm in introducing new products and services in market. In presentscenario, employees in Softwire has also provided a great support in implementation variouschanges in the software that has resulted in continuous rise in market share. For the furtheranalysis, significance of innovation among employees is described below:Providing competitive advantage: In the organization, there is great significance ofemployees within the firms as they are considered as stakeholders which provide a strong1

competitive advantage by analysing the strategies of competitors (Sosna and et.al., 2010).Firms have provided a strong independence to employees to participate in decisionsmaking by providing various ideas. Development of skills: Innovations has great significance as it develops of employees inthe organization. Through continuous research practices employees will enhance theirskills and thinking to provide effective solutions for problems (Casadesus‐Masanell andZhu, 2013.). It will develop a strong identity of individuals and make them morecompetent to face challenges at workplace. From the case study, it has been analysed that apple computer has made a stronginnovation by introducing a small I pad in the market In 2001. It was considered as stronginnovation as there was only simple music players were in market which were not so reliable. Bymaking specific changes in structures and technologies apple has developed a small Ipad whichis suitable for customers and contains specific features like more storage space than other musicplayer, easily to use etc. With this innovation, they have achieved a wide response from customers. It wasdetermined by there CEO this a strong innovation which has provided them a great breakthrough and increased the reputation of brand in the market (Schaffers and et.al., 2011). From theanother case study, virgin group has analysed that employees plays significant role in providinggrowth to the firms. Virgin group is a famous group of companies in UK which is engaged invarious business services like travel, entertainment, finance and life style etc. they have alsoachieved a continuous success in their business operations as they have provided freedom toemployees to participate in decision making functions. Firm has adopted innovative ideas whichare provided employees and resulted in development of new services for customers. Moreover,it can be said that participation of workers is considered as significant for firms to makeinnovation in their existing products and services.Along with this, their also major difference between innovation and invention which determinedbelow:Invention InnovationDevelopment or creation new things,technologies, products and services which arenot currently in existence. Generation of new ideas and implementation ofinvention to develop existing products andservices.2

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