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Report on Innovation - Talent Plus Plc

   

Added on  2020-06-04

12 Pages3818 Words36 Views
INNOVATION

Table of ContentsINTRODUCTION...........................................................................................................................3TASK 1............................................................................................................................................3P1. Importance of innovation and its comparison with Invention..........................................3P2. Organisational vision, leadership, culture and team work help in shaping innovation andcommercialisation...................................................................................................................5TASK 2............................................................................................................................................6P3. 4P's and use of innovation funnel to shape innovative ideas...........................................6P4. Developments in frugal innovation and its uses in organisational system ......................7TASK 3............................................................................................................................................8P5. Importance of Commercial funnel and application of New product Development incommercialisation of Innovation ...........................................................................................8P6. Innovation Business Case that include ways to access funding ......................................9TASK 4..........................................................................................................................................10P7. Different tools that organisation can use to develop, retain, and protect intellectualproperty.................................................................................................................................10CONCLUSION..............................................................................................................................11REFERENCES..............................................................................................................................11

INTRODUCTIONInnovation refers to process that involve introduction of new and innovative ideas,thoughts so that work process can be conducted effectively and efficiently. Every businessorganisation have to operate in dynamic environment which keeps on changing with time andhas to operate accordingly. Therefore, innovation is a important concept that is adopted by firmsto carry out their operations correctly. There are several advantages associated with it thatinvolve standing apart from competitors in current market place. This report involve Talent Plus,plc that is famous for delivering human resource consulting services situated in United States.Innovation process is very much required in this business firm for regular development.Assignment underlines importance and 4P's of Innovation and the process of developing frugalinnovation system in this organisation. There are number of tools available for retaining,developing and protecting intellectual property. There are several applications of new productdevelopment that offer numerous benefits to the business organisation. TASK 1P1. Importance of innovation and its comparison with InventionEvery business organisational system have to introduce innovative ideas, thoughts so thatthey can able to survive in competitive world. Innovation process increases the productivity andeffectiveness of whole company so that they focus on producing high quality of products andservices in order to meet demands of customers (Ariga, and et. al, 2013). This concept includecoming up with new process, alterations and modifications in some activities so that companyinstitution can be run successfully without any obstacles. As Talent Plus, Plc is a small businessorganisation where innovation is a essential process and thus have to be introduced for regulardevelopment process. There is another term known as Invention, which is different from innovation term inseveral ways on some grounds. It is discussed below: Basis of DifferenceInvention Innovation Meaning It refers to process that involveproduct development conceptand include making changes inInnovation refers to coming upwith advanced and moderntechnology in order to

current system. introduce new things forfulfilment of current marketneeds and wants. Aim Individual or group of peopleprosper current things andprocess which has beenintroduced for first time. Its basic aim is to modify oralter the current products orservices in accordance tocurrent market situation. Skill required Invention can be carried out byindividual consisting ofexcellent scientific andknowledgeable skills. Individual should possessentire knowledge of theirworking field so that processcan be completed inprospective way. Talent Plus, plc is a small scale organisation that work in consultancy firm and have toface lot of competition from large operating organisation. Current market is full of competitorsthat have huge market share and growth. Thus, it is very much necessary to introduce innovativeconcepts and aspects so that they make sustainable growth in their area and lead to continuousdevelopment in their areas (Berrone, and et. Al, 2013). There are numerous benefits associatedwith this process which is mentioned below: For employees Of organisationIntroducing innovation concepts aids in working with innovative ideas and skills thatlead to career development process. It assist in enhancing productivity and working level of employees in conducive manner.It aims in developing scientific and innovative skills. For Business OrganisationIt aids in improving overall company structure so that their vision and mission can beattained with innovation. It is directly linked with gaining high outcomes in form of profit and revenues. It also help in building strong image in customer's mind and retain them for longerperiod of time.

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