Importance of Innovation in Company : Report
Added on 2020-07-22
12 Pages4098 Words47 Views
INNOVATION
Table of ContentsINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................1P1 Define innovation and determine its importance within an organisation..............................1P2 Organisational vision, leadership, culture and teamwork can shape innovation...................3TASK 2............................................................................................................................................4P3 Explain 4Ps of innovation and use of innovation funnel to analyse and shape innovativeideas.............................................................................................................................................4P4 Describe frugal innovation and how it is used within an enterprise......................................5TASK 3............................................................................................................................................6P5 Significance of commercial funnel and application of New Product Developmentprocessing....................................................................................................................................6P6 Develop innovation business case in an organisation............................................................7TASK 4............................................................................................................................................8P7 Various methods of firm which use for retain, develop and protect intellectual property....8CONCLUSION................................................................................................................................9REFERENCES .............................................................................................................................10
INTRODUCTIONFor a business organisation, it is require to adopt advance technology and innovativeideas in their process to getting desirable outcomes easily. This is a effective procedures thathelps to translate new and creative ideas in operational activities as well as services. Innovationis used to make modification and rectification in existing things to represent them creatively infront of audience (Aarikka, Stenroos and Sandberg, 2012). Innovation is very different toinvention. Through this firm can easily improve quality and services of their organisation beusing new strategies and plans as well. This project report is based on Fordway solution which isa Information technology organisation. This firm was founded in the year of 1991. Fordwaysolution provide cloud services, IT infrastructure optimisation , IT consultancy services and datasecurity software for different organisations. This report includes importance of innovationwithin a company, organisation's vision, cultural values, teamwork planning and 4Ps ofinnovation. At last this project represent frugal innovation, uses of commercial funnel anddifferent methods to develop and protect intellectual property. TASK 1P1 Define innovation and determine its importance within an organisationFor a business organisation, it is required to use innovation in their business process toimprove values of their services in target market easily. These thing include uses of creative andnew ideas in operational and functional activities of firm to develop innovative things. Fordwaysolution is an IT solution organisation that develop various software and consultancy services fordifferent companies. For them it is require to use innovation in their services to develop creativeideas in their products and services. Innovation is a appropriate procedure that use to translate new ideas and creativethoughts in organisation's products and services. Through this Fordway solution can easily adoptappropriate changes in their products and software to provide quality services to customers.Through this firm can easily rebuild their goodwill and competitive advantages in target market.For this, company should have to provide effective training to their employees to enhance theirskills and working ability easily. These kind of ideas helps to getting desired outcomes oforganisational strategy (Bagchi, 2010). 1
Invention is very different to innovation because it is determine to invent something innew and different then others. In this procedure individual person develop and invent newproducts and things in target market. It is uses as scientific skill and creative to invent new ideasand things that never been uses before. Through this firm can easily build their new image andgoodwill in target market by offering new and creative products. Innovation and invention arevery different to each other as - BasisInnovation Invention MeaningThis an appropriate processthat use to adopt creative ideasand thoughts in organisation tomake proper modification inproducts and services. This procedure is verydifferent to innovation becauseit is use to develop and inventnew products to serve themcreatively in front of targetcustomers. Skills requiredInnovation required creativeideas and innovative thoughtsin an individual to make newmodification easily. In thisprocedure a person can usetechnical values as per theirown skills. Invention requires scientific,technological and strategicskill in an individual to inventnew things in target marketeasily. Implementation process To implementing innovation inorganisational process, firmrequire to work in a team orgroup to implement thisprocedure creatively in market.Invention is a different processin which an individual createnew products and services bytheir own skill (Bogers andWest, 2010). Action planFor innovation, organisationtakes action when they wantsto make creative things in theirexisting products and services.Invention is uses as per marketand customers demand for newproducts and objectives. Importance of innovation in Fordway solution - 2
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