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Innovation Assignment - O2 organisation

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Added on  2020-10-04

Innovation Assignment - O2 organisation

   Added on 2020-10-04

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INNOVATION
Innovation Assignment - O2 organisation_1
TABLE OF CONTENTSINTRODUCTION................................................................................................................................3TASK 1.................................................................................................................................................3P1. Innovation and its importance in comparison to invention...................................................3P2. Organisational factors shaping commercialisation and innovation......................................4TASK 2.................................................................................................................................................5P3. 4P's of innovation and use of innovation funnel...................................................................5P4. Development in Frugal Innovation.......................................................................................6TASK 3.................................................................................................................................................8P5. Commercial funnel and application of new product development process..........................8P6. Innovation business case of O2..........................................................................................10TASK 4...............................................................................................................................................11P7. Organisational tools............................................................................................................11CONCLUSION..................................................................................................................................12REFERENCES...................................................................................................................................13
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INTRODUCTIONInnovation means bringing something new or unique in market. It refers to providing bettersolutions to the problems and meeting new requirements in the existing markets. Whereas,commercialisation is a process of introducing new products or new production method in themarket. Here, more focus is given to mass market rather than niche. The organisation referred hereis O2, also known as Telefonica UK limited. It is headquartered in Slough. O2 is the second largestmobile telecommunication provider in UK after EE Ltd. (Aarikka-Stenroos and Sandberg, 2012).O2 successfully launched its 4G connection using LTE in 2009 itself which was very early ascompared to other companies. This report will include the detailed knowledge about innovation andits comparison with invention, how organisational factors like their vision, leader, culture andteamwork can help in shaping innovation and commercialisation. It also includes detailedknowledge about 4P's of innovation and the use of innovation funnel to shape ideas, developmentsin frugal innovation, importance of commercial funnel and also different tools that an organisationcan use to develop, retain or protect the intellectual property. TASK 1P1. Innovation and its importance in comparison to inventionInnovation can be defined as a process of translating new ideas into product or service thatadds more value to the organisation. It is used by the entrepreneurs as a specific tool for bringingsome change in the organisation (Zhou and Wu, 2010). An entrepreneur see innovation as abusiness opportunity which they can use to do something better. Entrepreneurs acts as innovators inthe organisation by preparing new combinations through different factors of production and thenpresented in the market for the consumers. Commercialisation can be defined as a procedure ofdriving idea into the market. It is the process of converting the idea into money. The processfollowing here is never straight or simple because it acts a good support system in developing thenew products. O2 acted as an innovator in its field of marketing by introducing the products early thantheir competitors and because of this, they became the 2nd largest telecommunication company inUK. Similarly, Apple is an innovator in their field and so is Virgin. Apple introduced it’s I phoneseries which made crazy about them because they were the 1st one to introduce I pod device inmarket. Likewise, Virgin group started virgin mobiles as a start-up company which later on becamea global brand. Therefore, these innovative ideas plays an important role in establishing bigbusinesses in the market and achieving success (Abou-Ras, Dbogers and West, 2012). Invention is often compared with innovation but both are very different. Invention meanscreating something that has never been made before. It is the action of making something new.
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Inventions can be patented but innovations cannot. The comparison between invention andinnovation is described as below:- S. no.InventionInnovation1Here then idea s evolved about theproduct or service for the 1st time.Here, the idea which is evolved isimplemented to create new products andservices.2Scientific skills are required hereSkills which are required here are marketing,technical and management skills also.3It happens when a new idea strikes thescientist (Chun and et. al., 2015).It happens when a need is created in themarket about the goods or services in themarket 4This is taken care in research anddevelopment department of theorganisation. This is conducted in whole organisation andhas access everywhere. P2. Organisational factors shaping commercialisation and innovationWhenever an innovation happens in the organisation, it is not confirmed that it will be asuccess because in general innovations have a high failure rate. Some of the reasons for failure forfailure are:-Poor leadershipPoor CommunicationPoor knowledge management Poor Organisation structure and many more. It can be assumed from the points discuss above that management of innovation is veryimportant in an organisation otherwise it ca lead to failure. An organisation plays an important rolein shaping the innovative ideas inside the organisation. They help innovators in implementing theidea where innovation is required. The organisation's vision helps in providing the way where theorganisation has to reach finally. When the innovator know where the company has to reach, he tryto create the products which will help the company to achieve its goal slowly and slowly. Theygives a direction to the company (Cunningham and Porter, 2011). The leadership qualities in a person or in an organisation also helps in shaping innovativeideas in the organisation through implementing the ideas of the innovators which they think arebeneficial for the organisation. They lead the organisation and therefore they know that what isgood for the organ and what is not so they are in a position to provide help to the innovators increating the ideas that are good for the company. They provide good guidance to the people whodevelop ideas for the company (Rivera, Johnson III and Ward, 2010). Culture which is running inside the organisation has a strong impact in shaping new and
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