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Report on Innovation and Its Significance : Ensoft Business Firm

   

Added on  2020-06-04

12 Pages3951 Words49 Views
INNOVATION

Table of ContentsINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................1P1 Innovation and its importance to organisations in comparison with invention.....................1P2 Vision, leadership, culture and teamwork can shape innovation...........................................2TASK 2............................................................................................................................................4P3 4Ps of innovation and use of innovation funnel.....................................................................4P4 Developments in frugal innovation........................................................................................5TASK 3............................................................................................................................................6P5 Significance of commercial funnel and application of New Product Development (NPD)..6P6 Innovation Business Case......................................................................................................7TASK 4............................................................................................................................................8P7 Various tools that organisations can use to develop, retain and protect knowledge andintellectual property....................................................................................................................8CONCLUSION................................................................................................................................9REFERENCES..............................................................................................................................10.......................................................................................................................................................10

INTRODUCTIONInnovation is a procedure of converting an invention or idea in to the services or goodswhich develops value for consumers. Innovation applied on new designs, thought and also actionplan which can not developed before. Under this, company makes changes in its particularproducts in order to attract the large number of consumers. Innovation is an action, idea ortechnique which firm used at the time of producing new goods (Wang and Tsai, 2014). Thispresent report is based on Ensoft business firm. It is an integrated based IT service firm. Itprovides Systems Support Services, Network, Network maintenance etc. It is backed throughmanagement with more energy and also its experiencing in IT sector at different levels. In givenreport mention about innovation and its significance in comparison with an invention. Animportance of commercial funnel as well as New Product Development application forcommercialisation will be discussed in given report.TASK 1P1 Innovation and its importance to organisations in comparison with inventionInnovation is that activity which help in enhancing development and productivity of firmin a better manner. With the help of using innovation, company can increase effectiveness ofprocess and making quality of services of goods better (Tschirky and et. al., 2010). It involvesvarious activities like for an instance alteration, changing, develop new design and many others.Ensoft firm was established in year 1985 and provides software application support, on- sitesystem support, web development and designing etc. The main aim of this organisation to createand apply computer- based solutions to the difficult engineering issues. Under this organisation11 to 50 employees are working. Ensoft company uses innovation in its services so that it cansatisfy needs of consumers. Invention is different from innovation. Invention is technical or newscientific idea which are not exist before. It can be improvement upon product, machine and alsonew process in order to developing better outcomes. Difference among innovation and inventionBasisInventionInnovationMeaning Under this, an individualdevelops unique services orIt is an activity under whichcompany provides new size,

goods which are not createdbefore.featured and shape to existingservices as well as goods sothat more people can beattracted. Works Person develops new thoughts,ideas and then manufacture newproduct with unique features.Mainly, firm make change sinexisting products throughadvanced technology.Necessary skills Person conduct technical andscientific skills which candevelop new goods to attractcustomers and retain at marketplace.Under this, an individualshould have technical as wellas merchandising skills whichwill be helpful in increasingdevelopment of anorganisation. There are different organisations which enter in new market and also make investment tobegin new business. Ensoft organisation develops processes and tools which enhances securityand quality, minimise development and manage variation of cyber physical systems and alsocomplex software. It is essential for Ensoft company to use effective innovative approach whichwill be helpful in maximising development in an effective or systematic manner. As per givencase study, Apple firm is a telecommunication firm which adopts more innovation deals in orderto developing various kinds of services or goods. Importance of innovation in comparison with invention:Innovation is necessary for firm in making products as well as services more attractive. Itwill give rapid development in the success of firm and helpful in developing better connectionwith consumers (Talukder, 2014). It will be helpful in developing real theories which providesmore attitudes, knowledge and confidence in order to deal with complex situations and finishactivities in systematic manner. Through innovation firm can attract more consumers andincreasing sales by changes in existing services or products.P2 Vision, leadership, culture and teamwork can shape innovationInnovation require to integrated in the basic procedure of business which will be helpfulin getting the accurate outcomes. Business firm will use the better techniques and methods to

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