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Innovation Business Case for an Enterprise

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Added on  2020-06-06

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Innovation INTRODUCTION 3 TASK 13 P1 Innovation and its importance for an enterprise 3 P2 Culture, teamwork known, vision and leadership of organisation in shape innovation 5 TASK 26 P3 4Ps of innovation and use of the innovation funnel 6 P4 Explanation of developments in frugal innovation7 TASK 39 P5 Significance of commercial funnel and application of new product development for innovation9 P6 Innovation business case for an enterprise10 TASK 411 P7 Various tools that can

Innovation Business Case for an Enterprise

   Added on 2020-06-06

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Table of ContentsINTRODUCTION...........................................................................................................................3TASK 1............................................................................................................................................3P1 Innovation and its importance for an enterprise................................................................3P2 Culture, teamwork, vision and leadership of organisation in shape innovation...............5TASK 2............................................................................................................................................6P3 4Ps of innovation and use of the innovation funnel..........................................................6P4 Explanation of developments in frugal innovation...........................................................7TASK 3 ...........................................................................................................................................9P5 Significance of commercial funnel and application of new product development forinnovation...............................................................................................................................9P6 Innovation business case for an enterprise......................................................................10TASK 4 .........................................................................................................................................11P7 Various tools that can be used by enterprise to develop and protect intellectual property11CONCLUSION..............................................................................................................................12REFERENCES..............................................................................................................................13
Innovation Business Case for an Enterprise_2
INTRODUCTIONInnovation can be defined as a new device, method and idea. Innovation are often alsoreviewed as the implementation of effective solution which achieve unarticulated requirements,existing requirement of market, new needs etc. It can be accomplished by more effectiveprocesses services, products, technologies, models of business which are readily available to thesociety, state and markets (Díaz-García, González-Moreno and Sáez-Martínez, 2015). Quad , afirm which offer various technological services and products to its customers is taken in thisreport for study. This report will study the difference between invention and innovation alongwith considering the culture teamwork, leadership, vision shapes the commercialisation andinnovation. This process will evaluate the frugal innovation as well as 4P's of innovation mixthat can help in building business case and new product development with enterprise. TASK 1P1 Innovation and its importance for an enterpriseProcess of application of new methods, process and techniques for fulfilling the specificrequirements of an individual is known as innovation. Further, this is a procedure under whichenterprise develop a new feature, product or method. Adopting innovation and implementing thisin an effective manner is significant for a firm as this provide an opportunity to manufacture andoffer unique products and services to its customers. In addition to this, it offer other advantagesto a company as well. Process of innovation is different from invention (De la Mothe and Paquet,2012). With support of innovation, Quad firm can make and offer effective products and servicesto its consumers. Innovation play a significant role for an enterprise and this can be understoodby the given points:Enhance productivity of firm: Innovation support innovative and new ideas andencourage firm to manufacture better and unique products in minimum time. Innovationprovide fresh ways to an entity to complete business process. New and effective processof production increase efficiency of company's activities. Increase effectiveness of communication process: For implementing innovation in aneffective manner and to get all benefits of it, there should be proper communication atworkplace. Communication bring cooperation among various business functions and save3
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time and cost of company. On the other hand, lack of communication create delays anddecrease effectiveness of innovation process. Ensure optimum utilisation of funds and resources: Concept of innovation provide newways and process to complete the work. This support entity in utilise all its funds andresources to an optimum level. With this, company manufacture and offer qualityproducts to its customers which increase profits of firm. Provide competitive advantage to entity: When a company implement the concept ofinnovation then it offer new products, services and more features to it customers. Today,every customer want something new and different and when company offer new productthen it support in attract new customers and provide competitive benefit to firm. Invention: It is the creation and development of innovative services, products and process whichis important for the company to maximise their profitability and productivity in allotted timeperiod. It may be for economic and non-economic motive which assist them to improve theirperformance in marketplace. Difference between innovation and inventionBasis InnovationInvention MeaningImplementation of a newprocess, product or method fora first time is known asinnovation. Under this occurrence of anidea take place for the firsttime for a particular productthat has never been take placebefore is known as invention. ConceptThis is the process of add anew value to a specific productor service which exist already.Development of a new productfor the very first time. Skills requiredThis concept require marketingand technical skills. But concept of inventionrequire technical and scientificskills. ActivitiesActivities of this are spreadacross various various functionof entity. Activities of invention are onlylimited to research anddevelopment department ofcompany. 4
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