Importance of Innovation in Organizations

INNOVATION

Table of Contents
INTRODUCTION...........................................................................................................................1
TASK 1............................................................................................................................................1
P1 Define innovation and its importance to organisation in relation with invention..................1
P2 Organisation vision, leadership, culture and teamwork can form innovation.......................3
TASK 2............................................................................................................................................4
P3: 4P's of innovation and use of innovation funnel to develop innovative ideas......................4
P4: Developments in frugal innovation.......................................................................................5
TASK 3............................................................................................................................................6
P5 Significance of commercial funnel and usage of new product development........................6
P6 Innovation business case........................................................................................................8
TASK 4............................................................................................................................................9
P7 Different tools which are used to protect knowledge or intellectual property.......................9
CONCLUSION................................................................................................................................9
REFERENCES..............................................................................................................................11
.......................................................................................................................................................12

INTRODUCTION
Innovation is an essential process requirements and needs for all enterprises in order to
attain long term goals and objectives within given time period. It covers the application of
innovative plan and proper resources to satisfy wants and needs of customers in a proper manner.
Innovation is very essential and important concept which is apply by each and every enterprises
to maximise their sales and revenues (Aarikka-Stenroos and Sandberg, 2012). With the assist of
this tool an organisation easily attract large number of customers and increase profits in allotted
time period. In present assignment, chosen firm is Rowlinson Knitwear which deals in clothing
products for corporate purpose. This report classified into different tasks which includes
importance of invention and innovation. Organisational leadership, culture, teamwork and vision
can form innovation which is also determined in this project. Concept of frugal innovation and
importance of commercial funnel which is also described in this project. Innovation business
case and new development process also determined in this study. There are various tools which
are used to protect knowledge or intellectual property.
TASK 1
P1 Define innovation and its importance to organisation in relation with invention
Innovation: It is an effective process of translating a creativity and ides into a services
and goods that develop essential value. It is one of the main and best element which is apply by
all organisation with purpose to maximise their profit in limited time period.
Invention: It is a novel and unique method, device, process and composition (Abou-Ras,
Kirchartz and Rau, 2011). It is also essential and important for the each and every business to
invent new products and methodology which attract million number of clients. With the use of
this concept Rowlinson Knitwear easily introduced their cloths variety and brand in marketplace
and to the customers in systematically.
Therefore both are different from each other in terms of meaning, methods, concepts and
so on. There are some difference between innovation and invention which are determine as
below:
Innovation Invention
It is an application and process of innovative It is a new and specific approach, device,
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plan and method in an enterprises to maximum
profitability in given time period.
procedure and composition which increase
sales and revenue of enterprises.
It may be use for only economic motive. It may be for apply with economic and non-
economic motive.
Innovation is mainly introduced in marketplace
and to the client.
Invention can be define in both term such as
induced and autonomous.
It is a concept of innovative services, process
and product into marketplace.
It is the creation of an innovative service,
process and products.
Example: Rowlinson Knitwear is a
multinational organisation which deals in
clothing goods foe corporate and school
purpose thus, they implementing design,
variation in price, process, quality etc. in goods
will assist in attracting maximum number of
audience.
Example: Innovating new quality of clothes as
per the needs of clients that will support in
capturing higher market share.
Importance of innovation: There are significance of innovation which help Rowlinson
Knitwear to maximise their sales and reduce employee turnover (Bogers and West, 2012). Some
importance are determined as below:
Competitive advantage or benefits: Innovation is one of the best and essential method
which assist business entity in order to add new innovative features to their services and clothing
products. This also covers the utilisation of advanced technology which result is higher
competitive advantages and benefits in given time period. With the use of this tool an
organisation easily decrease their transaction cost and maximise profits.
Saving time and money: With the help of innovative plan and ides in business
operations, company easily save their money and time (Capozzi, Gregg and Howe, 2010). For
example: Rowlinson Knitwear use advanced technology which reduce time and require some
employees, thus they pay salary to few employees so that money is automaticity saved in proper
manner.
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