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Innovation INTRODUCTION

   

Added on  2021-01-02

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Innovation

Table of ContentsINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................1P1 Innovation and its importance to organisation as compare to invention...............................1P2 The way in which organisational vision, leadership, culture and teamwork can shapeinnovation and commercialisation..............................................................................................2M1 Different sources of innovation used by Airdri Ltd.............................................................3D1 Analysis of the way in which innovation is developed, embedded and measured in theorganisation.................................................................................................................................3TASK 2............................................................................................................................................4P3 4Ps of innovation and the use of innovation funnel to examine and shape ideas..................4P4 Developments in frugal innovation and examples of its uses................................................6M2 Analysis and application of innovation funnel in an organisational context........................6M3 Evaluation of the role of frugal innovation in an organisational context.............................7TASK 3............................................................................................................................................7P5. The importance of the commercial funnel and the application of New ProductDevelopment (NPD) processing for commercialisation of innovation.......................................7P6. An innovation business case for Airdri Ltd..........................................................................9M4. A detailed Innovation Business Case which includes how to measure its overalleffectiveness using appropriate techniques available to test, iterate and improve....................10TASK 4..........................................................................................................................................11P7. Different tools that organisations can use to develop, retain and protect knowledge andintellectual property..................................................................................................................11M5.Evaluation of these different tools in the context of the wider business environment.......11D2 The nature of innovation and the context in which it is developed....................................12CONCLUSION..............................................................................................................................12REFERENCES..............................................................................................................................13

INTRODUCTIONInnovation is the process of finding, developing, analysing and evaluating a new ideawhich is chosen by the organisations in order to achieve predetermined goals. It guides businessentities to make modifications in their existing products according to customer's preferences sothat large market area can be captured. Various types of innovations are launched by companiesin order to attract large number of customers and retain them (Anderson, Potočnik and Zhou,2014). The organisation which is chosen for this project is Airdri Ltd. which is a manufacturingcompany and established in UK. It was founded in year 1974 by Peter Philipps.This assignment aims at the concept of innovation, its importance as compare toinvention, types and 4Ps of innovation with its uses etc. Process required to commercialiseinnovation and evaluation of range of methods for protecting ideas and their advantages anddisadvantages have also been covered under this report.TASK 1P1 Innovation and its importance to organisation as compare to inventionOverview of the organisation: Airdri Ltd. is a manufacturing company which iscurrently operating its business in UK and manufactures hand dryers. The organisation wasestablished in year 1974 by Mr Peter Philipps with a fellow engineer Peter Allen. All theoperational, marketing, supply chain and other activities are appropriately managed by theorganisation.Innovation: It can be defined as an idea that helps the organisations to makemodifications in existing products according to customer's requirements. It is very beneficial forbusiness enterprises because it results in the attraction of large number of individuals who arewilling to buy innovative products.Invention: The process of creating a new idea which have not yet been introduced byany other company is known as invention. It helps the organisations to launch a product in themarket for the first time. Customers will get attracted towards the products that are new and alsocreates an urge for them to try a new item (Bain and Kleinknecht, 2016).Innovation and invention both are very important for the Airdri Ltd. as it can help toachieve organisation goals such as profit maximisation and customer satisfaction. Both of themare also important for the employees. It can be understood from below comparison:1

InnovationInventionThe employees who are able to find ideas thatcan be used to make modification in existingproducts then it can help them to attain growthin the organisation.If worker of Airdri Ltd. have creative mind andthey can give new ideas that have not yet beenused by any other organisation then it will helpto develop the organisation and they will alsoget developed.Innovation will result in increased turnover ofthe company. When the company is havinghigher profits than salaries and compensationfor the employees will also get increased.Invention helps to attract large number ofcustomer by launching a new idea in themarket for the first time. If it results positivelythen the employees who were involved in theproject get rewards as appreciation.P2 The way in which organisational vision, leadership, culture and teamwork can shapeinnovation and commercialisationInnovation is a process that guides organisations to make changes in their currentproducts so that customer's expectations can be met in order to successfully operate the business.While launching innovative products in the market top executives of Airdri Ltd. needs to focusof following points as it can help to shape innovation and commercialisation: Vision: While planning for an innovation the managers needs to communicateorganisation's vision to the employees in order to enhance their work quality by givingimportance to them. Vision of Airdri Ltd. is to offer good products to the customers so that theirsatisfaction level can be enhanced and large market area can be captured. If the work force ishaving appropriate information of future objectives then they will work with more involvementand also contribute in shaping of innovation and commercialisation (DiMasi, Grabowski andHansen, 2016).Leadership: Leaders of Airdri Ltd. are responsible to motivate all the subordinates inorder to enhance their work quality and engagement in job responsibilities. If they take advicefrom the employees, then workers will get motivated and also work more effectively in order toachieve all the goals that are set by the organisation. Democratic leadership style is followed inAirdri Ltd. that helps to increase employee's involvement so that innovation andcommercialisation can be launched successfully.2

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