Innovation Process and Tools

The document discusses innovation as a process of adding value to existing products and services. It highlights two tools, the innovation funnel, and frugal innovation, which help reduce complications in the innovation process. These tools are essential for businesses looking to launch new products or services by leveraging the skills of their workers.

INNOVATION

Table of Contents
INTRODUCTION...........................................................................................................................1
TASK 1............................................................................................................................................1
P1 Innovation and its Importance for organisation in comparison with invention.....................1
P2 Vision, leadership, culture and teamwork can shape innovation and commercialism..........2
M1...............................................................................................................................................3
D1................................................................................................................................................4
TASK 2............................................................................................................................................4
P3 Explain 4P's of innovation and use of funnel innovation......................................................4
P4 Development of Frugal innovation........................................................................................5
M2...............................................................................................................................................6
TASK 3............................................................................................................................................6
P5 Importance of commercial funnel and application of NPD...................................................6
P6 Building of innovation business case including ways to access funding...............................7
M4...............................................................................................................................................7
D2................................................................................................................................................8
TASK 4............................................................................................................................................8
P7 Different tools that an organisation can use to develop, retain and protect intellectual
property.......................................................................................................................................8
M5...............................................................................................................................................8
CONCLUSION................................................................................................................................9
REFERENCES..............................................................................................................................10

INTRODUCTION
Innovation is stated as enhancement of current efficiency of various activities like
manufacturing and non-manufacturing tasks in a business organisations. Innovations is also
helpful in keeping present efficiency level of a product or services in order to fascinate or retain
employees with corporation. Innovation is a process that adds some additional benefits in
product or service for bringing and maintaining greater quality so that customer always be in
touch with with items and facilities of company (Aghion, Van Reenen and Zingales, 2013). This
report is based upon Ensoft Ltd. Which is a software company that contains approx 70 engineers
that have specialisation in developing all factors of networking software. Engineers write
cutting-edge software that operates in core of internet in order to keep world connected with each
other. Upgrades in current software and launch of new soft that is helpful in reducing
complexities of current working procedure. Ensoft Ltd. Is founded and located in 1997 and
Harpenden, respectively.
TASK 1
P1 Innovation and its Importance for organisation in comparison with invention
Innovation is a process of putting some extra benefits in existing products and services.
Ensoft Ltd. Is a small business venture which deals in networking software which is a core
internet product. Innovation is best applicable in technologies because techniques are things
which gets obsolete on short term basis and corporation has to analyse all new changes and need
of variation so that prominent updates could be launched in tools and techniques. Firm develops
software in order to keep connected in single touch. In business activities, innovation should be
compulsorily launched in order to enhance quality of products and services. Innovation could not
be introduced in general manner as it needs some specific and important strategies so that
negative impact of applying wrong procedure for innovation could be eliminate. There are some
needs that are responsible for bringing innovation:
 Innovations are useful in providing guidance to workers so that they get full
information about what they have to do in which time frame.
 Creativity is fair option that could be adopted for attracting more number of
customers in marketplace.
 Main objective of launching innovation is to serve best quality products and
services in order to enhance profit margins (Anderson, Potočnik and Zhou, 2014).
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 Innovation also provide help in capturing larger market share than business rivals.
There are some differentiations that make innovation differ from invention:
Innovation Invention
This is a process of enhancing quality of
current products and services which are
serving by Ensoft Ltd.
This is a fresh invention or born of new thing
that is never been launched in market or
industry.
Process of innovation is developed by taking
aid of different sort of strategies and plans in
order to remove negative results.
This is a type of solution of problem. For
example, today's world is a globalisation place
where many person go outside their country
and they want to be in touch their family
members also so to resolve this issue of
population, a prominent messenger is develop
that make able every person that they get in
touch with their family members.
Other than this, Ensoft Ltd corporation is developing unique type of software so that their
business clients do not switch from firm. Market situations are changing very rapidly because
nature of competitors are using new and latest technologies in order to increase their benefits and
Ensoft Ltd has to understand characteristics of competition for defeating business rivals in most
successful manner. So this topic is summarised as innovation is a better option than invention as
it adds benefits in lesser cost and time. Innovation is quite easy than invention as this is a
complex process. For example if Ensoft Ltd company provides solution to a brand-new problem
then it is an invention and if they launch some upgrades in already introduced software in order
to make some improvements in existing products and services. An adequate strategy and policy
should be frame so that innovation could be launch in most effective and successful way (Ariga
and et. al., 2013).
P2 Vision, leadership, culture and teamwork can shape innovation and commercialism
For acquiring a prominent market share then some actions positively to be taken. For
example, company needs to set a vision as a common goal, where corporation wants to see
themselves in a set time duration and these objectives should be divided into small parts that are
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named as mission. These little goals are set for providing directions to employees so that they
should work for their person targets which are linked with organisational aims. This type of
action is helpful in improvising quality of present services and product in order to be in touch
with more number of customers in technology industry. By setting missions, employees can
check their efficiencies by themselves.
Vision: This is a major goal of Ensoft Ltd company which provides direction of business
operations. This is a target which inspires manpower for working hard to achieve all aim so that
customer could get better quality products. Vision could be achieved by keeping skilled and
talented staff in venture because manpower is only element that actually works for attaining all
targets of Ensoft group. Here, 70 engineers of company are workforce who actually works for
maintaining and bringing some newness in current and novel products of association (Bloom,
Draca and Van Reenen, 2016).
Leadership: All targets could be hit when the entire workforce works in same directions
and leader is a person that provides guidance to manpower by assigning them some tasks and
actions according to their capabilities and unique virtue. A chieftain always works for motivating
staff members so that all junior executive could do their task with self-inspiration and
enthusiasm.
Culture: If a hard working culture is develop association then it will lead to strict
working of employees because manpower is toughly bounded to attain all targets in limited
period of time without hampering quality of work. This type of culture is helpful in
accomplishing all individual objectives in certain time duration.
M1
Innovative and different type of thinking of entrepreneur helps him in manufacturing
goods and services in most appropriate manner as this type of idea process adds some additional
benefits in items and services. There are many drivers that are liable for inviting innovation in
business operations (Wolin, 2016). These factors are organisation structure, culture, market
needs and changes in perception of customers etc. Main aim of adding some extra benefits is to
maintain and launch newness in current products so that consumers could not get bore with same
software. Innovation is introduced in industry for meeting some specific need of clients like a
software is developed by Ensoft Ltd company for providing information about legal formalities
for those whom are going to start their new ventures in market and they should need to go
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through with legal forms to get register their company for sponsorship and required investments
(Boons and Lüdeke-Freund, 2013).
D1
Ensoft Ltd corporation is a small size enterprise and have limited set of resources like
lesser financial source and limited manpower. Due to this innovation could not be adopted by
firm in short term basis because creation of new things want some money to put additional
methodologies and to formulate prominent strategies. Sometimes, employees are not ready to
deal with innovations because they think that this newness will reduce their efficiencies and
capabilities. After launching innovation in business functions, it is required from company leader
that impact of this should be assessed in order to find out implication of innovation whether
negative or positive in unfavourable situations.
TASK 2
P3 Explain 4P's of innovation and use of funnel innovation
Innovation is not a single term as it consist some elements and in this because this is a
process which is adopted by firm in order to maintain and bring some novel changes for making
products eye candy in the eyes of clients whether normal or business customer. Rather than this,
major purpose of launching innovation is to bring some newness in business operations so that
interest and zeal along with enthusiasm could be maintain in staff member because of zest a
worker can do his/her task in most effective manner. Ensoft Ltd company is known for providing
customer friendly services and to go far in this same path then it is required from company that it
should launch innovation because due to this reason, association can manufacture good quality
services for meeting particular demands of clients in marketplace. There are some points that
made 4P's of innovation and elaboration of this is described as under:
Product: When additional benefits are added in product itself to serve better quality
products and services to clients do that their retention could be maintain for longer duration of
time. When some additional and positive value is added in item in order to provide maximum
satisfaction to clients so that their zeal and zest could be maintain with Ensoft Ltd company
(Boudreau and Lakhani, 2013).
Paradigm: This is defined as when some additional benefits is introduced in
manufacturing procedure. This action will result as improvisation in products but product is not
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target for make changes according to innovation. For example launch of latest tools and
technologies for making improvements in operation function.
Process: When some add ons are introduced in whole management process in order to
bring efficiencies in all over activities so that whole management could become eye candy in
market place and this type of action make an organisations as a brand and increases goodwill as
well (Díaz-García, González-Moreno and Sáez-Martínez, 2015).
Position: Innovation can be used as promotional tool as it provide some adequate
popularity in marketplace. When a firm works with latest technology then it is to be able in
manufacturing goods and services in lesser period of time and then delivery could be made
before business rivals. This action is helpful in broking competitors customer base by serving
better products and services earlier than rivals.
Innovation Funnel:- This is a procedure that is to be used for reducing complexities
from complete innovation procedure so that all employees could get understand how to deal with
latest creativity within corporation. This action is done for making manpower able in
understanding whole procedure of innovation so that they should produce high quality products
and services in order to retain and attract those customers who are still connected with rival
companies in market. Launching of innovation funnel is a set of steps and very first stage is
collection of information. Reason behind collection of info is to get idea about those steps which
could be reduced for deducting complications from entire innovation procedure. To conduct this
function, some special sort of skills should be possessed by person who is going to accomplish
task of innovation funnel.
Main cause of launching innovation funnel is to make decrements in creativity procedure
so that employees could get understand need of innovation funnel for manufacturing goods and
services to made before the time delivery. This action is helpful in grabbing all market
opportunities along with availing competitive advantages in marketplace in industry. By taking
aid of innovation funnel, Ensoft Ltd company can capture larger market share than its
competitors. In context of small size firms, main reason of applying innovation funnel is to get
rival's benefits as this action is helpful in helpful in bringing business organisation on greater
level in industry (Drucker, 2014).
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P4 Development of Frugal innovation
Frugal innovation is stated as a procedure that is installed in process of innovation so that
unwanted and irrelevant factors could be reduced and process of creativity could be enhanced in
order to produce good quality products and services to make them eye catchy in front of
customers. This action has its impact on value of products and services whether negatively by
make some increments in price or positively by decreasing rate of item.
Every type of corporations whether large of small, have lack of modality and all
appliances should be utilised in most feasible manner so that entire activities should get
completed in limited duration of time. By taking help of this tool, Ensoft Ltd company could
manage appropriate utilisation of modality so that association could get higher return and bigger
market segment in industry. Frugal innovation is fruitful in hitting entire target of company in
allotted duration of time (Edquist, 2013).
It is suggested that organisation uses innovation funnel in order to utilise all modalities in
appropriate manner. To implement this idea in real working of corporation then it is required
from manager that he/she should take assistance of workers because staff members are those
who actually works for attaining all targets in real life. This activity aids management in
grabbing trust of employees towards corporation and in context of workforce, this activity aids
workers in doing hard work to make corporation as a brand. There are some steps that positively
should be followed by management of Ensoft Ltd company:
1. recognition of ideas and paths in which innovation funnel could be execute.
2. Calculation of cost of executing thought.
3. All literature should be take into consideration for making some corrective decisions
regarding this.
4. At last, it must be ensured that good quality products and services could be manufacture.
Frugal innovation is used in subtracting complications from present procedures of
accomplishing business operations. Some business operations are using this technique for
increasing their rate and margin of profit by 25%.
M2
Main objective of frugal innovation is to reduce unwanted and irrelevant factors from
innovation process from products and services and as consequent of this action, cost will get
deducted and profit percentage become high (Freeman, 2013).
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TASK 3
P5 Importance of commercial funnel and application of NPD
Commercial funnel is to be used as bringing domestic products in international market to
avail all market opportunities. Main utilisation of this term is to fascinate more number of buyers
towards corporation. There are some stages that must be involved in process of new product
development:
1. Idea Generation:- This is a basic thought on which layout of product depends which is
still not launched in market.
2. Idea Screening:- This section speaks about checking feasibility idea.
3. Testing Concept:- Management checks number of demands and find out whether it is
prominent or not.
4. Analyse Product and Services:- This phase is an inclusion of future scope available for
products and services.
5. Commercialisation:- If growth of company is high then it can think about new product
development as firm is having good amount of resources to make this idea, reality.
6. Product Launch:- This is a last step in which this company is going to launch new
product in marketplace (Goldberg, 2013).
P6 Building of innovation business case including ways to access funding
An owner of firm should introduce some novel changes in innovative tool for increasing
quality of products and services in order to grab competitive advantages in industry and this
action is useful for management in improving quality of task accomplishment. So it is
comprehended that innovation and commercialisation are not same but they are complementary
to each other.
To launch new items in novel marketplace, most important thing is financial resources
which are responsible for continuation of all task and actions. This section includes some phase
and elaboration of all these steps are as follows:
 Proper recognition of funds that are available with venture for getting tagged in adequate
manner.
 Identification of those places which want money.
 Money is an essential part for an association.
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M4
Innovation is helpful in producing goods and services in most appropriate manner for
bringing more profit and market share in company. This action can be accomplished by taking
assistance of latest tools and techniques (Huberman and Miles, 2013).
D2
Innovative ideas are useful in removing barriers from path of corporation's success. There
are some points which should be consider in innovation. Elaboration of all this factors are
described as under:
Modification: This is a procedure of adding some extra benefits and value in order to
improvise some extra benefits in products and services.
Conduct Improvement Program:- Training and development event should be done in
order to make workforce ready to accept innovation in their working process.
Change in Existing Policies: Policies should be updated on regular basis of time and
main aim of this action is to hit all goals in coveted time duration.
TASK 4
P7 Different tools that an organisation can use to develop, retain and protect intellectual property
There are many assets that are divided into two parts. One is tangible and other is
intangible. Sometimes, there are some assets which have nature of limitability and business
owner always be in fear that competitor could copy them. To protect this type of assets,
government made some rights that are defined as intellectual property rights that sentenced
imprisonment and fines for those who imitate and tries to copy these rights. Elaboration of all
these rights are stated as beneath:
Copyright: This is linked with writers, novelist and authors. These are persons whom
have some passion about their writings and do not want that anybody copy their literature. O, by
taking help of these rights; authors can sue those persons who tries to imitate these writings
(Strayer, 2012).
Trademark: Each type of organisations whether big or small have some logos, symbols,
tag-lines etc. and these things are made to make company brand in the eyes of consumers. To
prevent these from imitating government made these rights.
Patents: This is associated with formulas. When a company's work is based on unique
formulas then they can demand patent rights on them so that their uniqueness could be maintain.
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Design: Every corporation makes some design to become attracting in marketplace. This
should be save so that customer should be retain with firm for longer duration of time.
M5
To solve business problems and issues, getting greater outcomes, conduction of research
program, of taste and preferences then help of professional personnel are mandatory. Major aim
of these investigations are to gathering information related to taste and preferences of clients in
order to make consumer specific products and services (West and Bogers, 2014).
CONCLUSION
This report is summarise as innovation is a process that are done to adding some benefits
and values to existing products and services for maintaining and bringing strong customer base.
Innovation funnel and frugal innovation are two tools that are helpful in reducing complications
of innovation process in order to launch them in business operations by taking help of workers
whom are actual task performer in corporation.
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REFERENCES
Books & Journals
Aghion, P., Van Reenen, J. and Zingales, L., 2013. Innovation and institutional
ownership. American economic review. 103(1). pp.277-304.
Anderson, N., Potočnik, K. and Zhou, J., 2014. Innovation and creativity in organizations: A
state-of-the-science review, prospective commentary, and guiding framework. Journal
of Management. 40(5). pp.1297-1333.
Ariga, K. and et. al., 2013. Layer-by-layer nanoarchitectonics: invention, innovation, and
evolution. Chemistry Letters. 43(1). pp.36-68.
Bloom, N., Draca, M. and Van Reenen, J., 2016. Trade induced technical change? The impact of
Chinese imports on innovation, IT and productivity. The Review of Economic Studies.
83(1). pp.87-117.
Boons, F. and Lüdeke-Freund, F., 2013. Business models for sustainable innovation: state-of-
the-art and steps towards a research agenda. Journal of Cleaner Production. 45. pp.9-
19.
Boudreau, K. J. and Lakhani, K. R., 2013. Using the crowd as an innovation partner. Harvard
business review. 91(4). pp.60-9.
Díaz-García, C., González-Moreno, Á. and Sáez-Martínez, F. J., 2015. Eco-innovation: insights
from a literature review. Innovation. 17(1). pp.6-23.
Drucker, P., 2014. Innovation and entrepreneurship. Routledge.
Edquist, C., 2013. Systems of innovation: technologies, institutions and organizations.
Routledge.
Freeman, C., 2013. Economics of industrial innovation. Routledge.
Goldberg, D. E., 2013. The design of innovation: Lessons from and for competent genetic
algorithms (Vol. 7). Springer Science & Business Media.
Huberman, A. M. and Miles, M.B., 2013. Innovation up close: How school improvement works.
Springer Science & Business Media.ss
Strayer, J. F., 2012. How learning in an inverted classroom influences cooperation, innovation
and task orientation. Learning environments research. 15(2). pp.171-193.
West, J. and Bogers, M., 2014. Leveraging external sources of innovation: a review of research
on open innovation. Journal of Product Innovation Management. 31(4). pp.814-831.
Wolin, S. S., 2016. Politics and vision: Continuity and innovation in Western political thought.
Princeton University Press.
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