Innovation and Its Importance in E.E limited

Added on - 06 Jun 2020

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INNOVATION
Table of ContentsINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................1P1Explain innovation and its importance in comparison to invention.......................................1P2 Innovation and organisational vision, leadership, culture and teamwork..............................3TASK 2............................................................................................................................................3P3 Innovation 4Ps and use of the innovation funnel to examine and shape innovative ideas....3P4 Developments in frugal innovation and how it is used..........................................................6TASK 3............................................................................................................................................7P 5 Importance of the commercial funnel and the application of (NPD)....................................7P 6 An Innovation Business Case for EE limited and ways to access funding...........................8TASK 4............................................................................................................................................9P7. Tools to develop, retain and protect knowledge and intellectual property...........................9CONCLUSION................................................................................................................................9REFERENCES.............................................................................................................................10
INTRODUCTIONInnovation can be defined as a process through which management adoptsbetter solutions for performing various tasks. Through adopting new techniquesmanagement can increase their total productivity and ensure development. E.E.Limited is a company providing networking facilities to the distinct customers.Following report is prepared in order to enhance the knowledge of user about thevarious advantages of having innovation in the business as through this toughcompetition can be faced effectively by the cited organisation (Aarikka-Stenroos andSandberg, 2012). Different concepts of change are given below like innovationfunnel and frugal development which gives the details of how theses can beutilised to bring changes in the existing products.TASK 1P1Explain innovation and its importance in comparison to inventionE.E limited is a private networking company having a big brand name which was startedin 2010 . It is known for the excellent outputs as services provided by this institution are capableof providing satisfaction to all its users. It is a mobile operating organization and also givesvarious services of internet to the customers. Success achieved by the cited company waspossible as it took major efforts to ensure innovation in the organisation so that it can experiencecontinuous growth. Creativity is a major factor that has been now considered as a heart of anybusiness entity. Through adopting the culture of accepting change company becomes morecapable of facing the external environment competition and enjoy expansion. Importance ofinnovation can be better under stood under different heads:Problems are solved in a better manner– As different organisations operate ion the dynamicsurroundings it come across various challenges on daily basis. Therefore in order to overcomethose hurdles it is very important that management is capable of adopting to new techniques asthis way the institution can respond to the problem more effectively (Wonglimpiyarat, 2010).Adapting to black swan events– There are various events which are not certain. They canoccur anytime and in order to respond the same management needs to take the corrective actions1
at the same moment according to the demand of situation. If employees are willing to accept thechange that may be required to take place can help in reducing the risk of uncertainty and thisway the whole business can continue to operate effectively (Bagchi-Sen, 2007).Advantage of global entrepreneurshipWith the expansion in market where operations areincreasing their scale alternation in the existing code of conduct help the business in empoweringand enabling personnel so that they can be motivated to manifest goals.Smooth coordination with developed technology– With the increase in competition andnumber of firms in same industry continuous advancement is done in the existing resources. Thisis due to increase in demand in the market that organisation faces the pressure of producing morein less time. This encouraged need of better technology so that productivity and efficiency can beincreased. Therefore, only if cited company has the capabilities to switch to new methods byensuring innovation in organisation it can achieve the desired goals (Bogers and West, 2010).Above discussion shows how through excepting change EE limited can enjoy the variousadvantages. It is observed that mostly people get confused between invention and innovation andconsider both as same which is not actually true. Difference between both can be betterunderstood in the following manner:InnovationInventionIt ensure that something new is added to theexisting code of conductIt is a process through which entirely new formof product or service is producedInnovation results into developmentIt is not necessary that commercialization takeplace in this case.It is generally induced.To ensure change it can be done using both themethods independently or induced.It is done in order to increase the market sothat economic development can be done.It is not necessary that invention is done inorder to achieve the growth in economy.P2 Innovation and organisational vision, leadership, culture and teamworkIn order to achieve the desired goal cited company needs to have clear objectives whichthey want to achieve so that accordingly planning can be done. Different strategies need to beadopted by the management regarding change and marketing so that organisation can develop2
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