Innovation Process and Tools
Added on 2020-07-22
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INNOVATION
Table of ContentsINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................1P1 Innovation and its Importance for organisation in comparison with invention.....................1P2 Vision, leadership, culture and teamwork can shape innovation and commercialism..........2M1...............................................................................................................................................3D1................................................................................................................................................4TASK 2............................................................................................................................................4P3 Explain 4P's of innovation and use of funnel innovation......................................................4P4 Development of Frugal innovation........................................................................................5M2...............................................................................................................................................6TASK 3............................................................................................................................................6P5 Importance of commercial funnel and application of NPD...................................................6P6 Building of innovation business case including ways to access funding...............................7M4...............................................................................................................................................7D2................................................................................................................................................8TASK 4............................................................................................................................................8P7 Different tools that an organisation can use to develop, retain and protect intellectualproperty.......................................................................................................................................8M5...............................................................................................................................................8CONCLUSION................................................................................................................................9REFERENCES..............................................................................................................................10
INTRODUCTIONInnovation is stated as enhancement of current efficiency of various activities likemanufacturing and non-manufacturing tasks in a business organisations. Innovations is alsohelpful in keeping present efficiency level of a product or services in order to fascinate or retainemployees with corporation. Innovation is a process that adds some additional benefits inproduct or service for bringing and maintaining greater quality so that customer always be intouch with with items and facilities of company (Aghion, Van Reenen and Zingales, 2013). Thisreport is based upon Ensoft Ltd. Which is a software company that contains approx 70 engineersthat have specialisation in developing all factors of networking software. Engineers writecutting-edge software that operates in core of internet in order to keep world connected with eachother. Upgrades in current software and launch of new soft that is helpful in reducingcomplexities of current working procedure. Ensoft Ltd. Is founded and located in 1997 andHarpenden, respectively. TASK 1P1 Innovation and its Importance for organisation in comparison with inventionInnovation 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 coreinternet product. Innovation is best applicable in technologies because techniques are thingswhich gets obsolete on short term basis and corporation has to analyse all new changes and needof variation so that prominent updates could be launched in tools and techniques. Firm developssoftware in order to keep connected in single touch. In business activities, innovation should becompulsorily launched in order to enhance quality of products and services. Innovation could notbe introduced in general manner as it needs some specific and important strategies so thatnegative impact of applying wrong procedure for innovation could be eliminate. There are someneeds that are responsible for bringing innovation:Innovations are useful in providing guidance to workers so that they get fullinformation about what they have to do in which time frame. Creativity is fair option that could be adopted for attracting more number ofcustomers in marketplace.Main objective of launching innovation is to serve best quality products andservices in order to enhance profit margins (Anderson, Potočnik and Zhou, 2014).1
Innovation also provide help in capturing larger market share than business rivals.There are some differentiations that make innovation differ from invention: InnovationInventionThis is a process of enhancing quality ofcurrent products and services which areserving by Ensoft Ltd. This is a fresh invention or born of new thingthat is never been launched in market orindustry. Process of innovation is developed by takingaid of different sort of strategies and plans inorder to remove negative results. This is a type of solution of problem. Forexample, today's world is a globalisation placewhere many person go outside their countryand they want to be in touch their familymembers also so to resolve this issue ofpopulation, a prominent messenger is developthat make able every person that they get intouch with their family members. Other than this, Ensoft Ltd corporation is developing unique type of software so that theirbusiness clients do not switch from firm. Market situations are changing very rapidly becausenature of competitors are using new and latest technologies in order to increase their benefits andEnsoft Ltd has to understand characteristics of competition for defeating business rivals in mostsuccessful manner. So this topic is summarised as innovation is a better option than invention asit adds benefits in lesser cost and time. Innovation is quite easy than invention as this is acomplex process. For example if Ensoft Ltd company provides solution to a brand-new problemthen it is an invention and if they launch some upgrades in already introduced software in orderto make some improvements in existing products and services. An adequate strategy and policyshould be frame so that innovation could be launch in most effective and successful way (Arigaand et. al., 2013). P2 Vision, leadership, culture and teamwork can shape innovation and commercialismFor acquiring a prominent market share then some actions positively to be taken. Forexample, company needs to set a vision as a common goal, where corporation wants to seethemselves in a set time duration and these objectives should be divided into small parts that arenamed as mission. These little goals are set for providing directions to employees so that they2
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