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Innovation and its significance in enterprise

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Added on  2020-06-06

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The way vision, culture, teamwork and leadership of enterprise shape innovation 3 TASK 24 P3 4Ps of innovation and use of innovation funnel to shape innovative ideas 4 P4 Development in frugal innovation and its use in organisation 5 TASK 36 P5 Significance of commercial funnel and application of new product development for innovation6 P6 Innovation business case for an enterprise8 TASK 49 P7 Various tools that can be used by enterprise to develop and protect intellectual property 9 CONCLUSION 10

Innovation and its significance in enterprise

   Added on 2020-06-06

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Table of ContentsINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................1P1. Innovation and its significance in enterprise....................................................................1P2. The way vision, culture, teamwork and leadership of enterprise shape innovation.........3TASK 2............................................................................................................................................4P3 4Ps of innovation and use of innovation funnel to shape innovative ideas.......................4P4 Development in frugal innovation and its use in organisation..........................................5TASK 3............................................................................................................................................6P5 Significance of commercial funnel and application of new product development forinnovation...............................................................................................................................6P6 Innovation business case for an enterprise........................................................................8TASK 4 ...........................................................................................................................................9P7 Various tools that can be used by enterprise to develop and protect intellectual property9CONCLUSION..............................................................................................................................10REFERENCES..............................................................................................................................11
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INTRODUCTIONInnovation is known as the process of manufacturing or delivering something new tocustomers for fulfilling their requirements or satisfying their needs. Mainly innovation, add valuein the products offered by firm or in the process used by organisation for carrying out itsactivities. All this is done by the enterprise for enhancing convenience of its customers. One ofthe main benefits of innovation is that it helps firm in retaining customers for a long period oftime. In today' business environment, implement innovation is became necessary for businessfirms as without this a firm cannot survive in market (Díaz-García, González-Moreno and Sáez-Martínez, 2015). 4Com plc, a firm based in the United Kingdom which deals intelecommunication sector is selected in present study. Firm manufactures phones, developsoftware and offer internet facilities to its customers. Concept of innovation and its importance inorganisation is all detailed here. Further, 4ps of innovation and use of frugal innovation for acompany is also stated. TASK 1P1. Innovation and its significance in enterpriseMainly, innovation is the process of applying new methods or processes for satisfying theneeds of individuals. Process of developing a new product, feature or method is known asinnovation. In today's business environment, implement the concept of innovation is veryessential for every business enterprise as this helps firm in offer new and better products for fulfiltheir requirements (De la Mothe and Paquet, 2012). Further, this provides various other benefitsto an organisation. Innovation is totally different from invention. With the help of innovation,4Com plc can offer more featured and better products to its customers. Significance ofinnovation for an enterprise can be understood by the following points:Increase enterprise's productivity: This is known as one of the most important benefitsof innovation. New and innovative ideas support organisation in manufacturing betterproducts with minimum cost and time. New process of manufacturing products enhancesproductivity of firm and performance of organisation. Increase effectiveness of communication process: Concept of innovation is broad andcomplex one as well as effective implementation of this requires effectivecommunication at workplace. Lack of communication creates unnecessary obstacles in1
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innovation process and at the same time, it increases cost of innovation process.Implementation of innovation brings cooperation among various business functions andincreases effectiveness of organisational activities. Help in optimum utilisation of resources: When a firm implements the concept ofinnovation at workplace then this facilitates firm by utilising all available resources to anoptimum level (Schaltegger and Wagner, 2011). All this enhances the efficiency ofproduction process and helps firm in offering quality products to its customers ataffordable prices. Provide competitive benefit to firm: New things, products or services always attractcustomers. Whenever a firm offers something new and better to its customers then all thishelps organisation in attracting a large number of customers and at the same time, offerscompetitive benefits to firm. So, with the help of innovation, 4Com plc can better satisfythe needs of its customers and retain them for a long period of time. Difference between innovation and inventionBasisInnovationInvention MeaningInnovation is animplementation of new ideasfor a process or product for thefirst time. With help ofinnovation 4Com plc canincrease the usefulness of itsproducts and can attract largenumber of customers.When occurrence of an ideatakes place for the first timefor a specific product thatnever been made before than itis known as invention. 4Complc require to improve researchand development skills.ConceptThis is adding value to aproduct and process whichalready exists. Development of a new productcomes under this.Required skillsConcept of innovation requiresvarious skills such astechnical, marketing and manymore. Concept on invention requiresscientific skills. 2
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