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Report on Innovation and Its Importance

   

Added on  2020-06-05

17 Pages4894 Words37 Views
INNOVATION

Table of ContentsINTRODUCTION..........................................................................................................................1TASK 1 ...........................................................................................................................................1P1 Explain innovation and determine its importance in comparison with invention.................1P2 Explain how organisational leadership, culture and teamwork can shape innovation andcommercialisation.......................................................................................................................3TASK 2............................................................................................................................................4P3 Explain 4Ps of innovation and use of the innovation funnel................................................4P4 Explain developments in frugal innovation ..........................................................................6TASK 3............................................................................................................................................7P5 Explain the importance of the commercial funnel and the application of New ProductDevelopment...............................................................................................................................7P6 Build an Innovation Business Case for 4COM ....................................................................7TASK 4............................................................................................................................................8P7 Evaluate different tools that the chosen organisation can use to develop, retain and protectknowledge and intellectual property...........................................................................................8CONCLUSION ...............................................................................................................................9REFERENCES .............................................................................................................................10

INTRODUCTIONThe term “Innovation” refers to the outcome and process of generating something newwhich ultimately adds value to the final product or services. It mainly starts from identifyingopportunity, ideation to development and ends with final production of sales & marketing,commercialization and prototyping (Crossan and Apaydin, 2010). It can be defined as anorganizational growth and positive financial that primarily results from the ability ofentrepreneur in order to deliver and develop unique goods, identify business and servicesopportunities and ultimately improving position of business within the industry. This report isbased on 4com company, which is a SME telecommunication company in UK. The main of thecompany is to provide innovative services to its customers. This report will help inunderstanding the innovation and its importance, 4ps of innovation, frugal innovation andvarious tools which are used by an organisation to protect and retain intellectual property . TASK 1 P1 Explain innovation and determine its importance in comparison with inventionInnovation can be defined as translating an invention or idea into final product or servicesthat ultimately creates value for target customer. The innovative idea must satisfy the need anddemands of buyers and recreated at an economical rate. It mainly involves creative and uniqueimagination, derive greater values from company's resources and translate it into useful goods orservices. It is similar to risk-taking and companies that mainly deals in revolutionarytechnologies or products take on higher risk in order to create or capture the share of new market.In order to meet the requirement of customers in an effective way 4COM has created its own“INNOVATION CENTRE” that aims at providing innovative and unique solution to customerservice problem with the Artificial Intelligence framework. They are providing supportiveservices to its potential buyers via Whatsaap, telephone, char or e-mail. This also gives them thebenefit of high competitiveness level over their rivals as none of them are doing this. Followingare the importance of Innovation that has been availed by 4COM: 1.Enhance productivity: It has been believed that if an organisation apply fresh andoriginal concept on their business processes, products or services then they tend to raisemore growth and profit (Dahlander and Gann, 2010). The best way to increase theproductivity is to apply more innovative and efficient method that lead to maximise final1

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