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(doc) Assignment on Innovation

   

Added on  2020-07-23

13 Pages4063 Words38 Views
INNOVATION

Table of ContentsINTODUCTION.............................................................................................................................3TASK 1 ...........................................................................................................................................3P1. Innovation and determine its significance to organisations in comparison with invention.3P2. Organizational leadership, vision, teamwork and culture shapes innovation andcommercialization..................................................................................................................5P3. 4Ps of innovation and use of innovation funnel.............................................................6P4 What is frugal innovation ...............................................................................................8P 5. Significance of the commercial funnel and the application of New Product Development................................................................................................................................................9P6 Build an innovation business case for the organisation..................................................11P 7. Different tools used to develop, retain and protect knowledge and intellectual properties..............................................................................................................................................12Conclusion.....................................................................................................................................12REFERENCE ...............................................................................................................................13Books and Journals .............................................................................................................13

INTODUCTIONInnovation refers to some unique ideas, models, techniques or input that are entirely newfor an enterprise and leads to formation of new and improved products and services. In referenceto business,it refers to applying creative imagination, information, methods and implementingthem so as to produce some distinctive product that can help a firm to gain competitive edgeover its customers. This project is based on WorldRemit is an e-commerce based enterprise thatprovides international payment services that enables people to transfer as well as receive moneyto friends, relatives etc. living any where across world simply through smartphones, computersor tablets (Aghion, Van Reenen and Zingales, 2013). It was established in 2010 with itsheadquarters at London. This assignments involves explaining the meaning and importance ofinnovation for an enterprise along with its the effect of vision, leadership , culture and teamworkin shaping innovation. It will also explain about 4p's of it along with innovation funnel and itsimportance an application in New product development cycle. Moreover, management need aprocess of commercialise innovation which further assist in better results. TASK 1 P1. Innovation and determine its significance to organisations in comparison with inventionInnovation is one of the most crucial yet significant issue of an organization as it serves acatalyst in attracting new and potential customers and getting maximum output with higherreturn by making business to adaptive and to grow in the dynamic market environment. Insimplest context, an innovation can be described as something original and more effective ideasto either create an entirely unique product or to enhance the existing product. On the other handInvention is the process of creating and cultivating something unique, distinctive anddistinguishable ideas that has never been made or utilized by any one. In today's era ofcompetitive business environment, Innovation proves to be an important asset for maintainingand improving an edge over business rivals (Anderson , Potočnik and Zhou, 2014). Thus, itultimately leads to an increase in customer's satisfaction as firm becomes efficient in catering thefrequently changing taste and preferences of customers. On of the most important aspect ofinnovation is that it is not simple to build something new but also to make it better for thecustomers as well for the society and environment. WorldRemit is one of the leading firm

providing payment and privacy security services that let people to transfer and accept moneyfrom friends , relatives living any where in world in an convenient and cost effective way. Withits team of around 150 proficient employees, it works on product development, engineering ,providing it solutions etc. providing services in approx 50 countries worldwide. For maintainingand intensify its market position, WorldRemit should focus on adopting effective and efficientstrategies to make innovative products and services in the light of changing market scenarios toboost up company's its productivity by making use of latest technical upgraded technologies intheir business operations. Significance of innovation can be understand from the mentioned below points:- Innovation leads business been adaptive to market changes- Innovation includesdeveloping new features or finding new usage of the existing product. Thus ,it helps business toreadily meet frequently changing taste and preferences of customers according market trends a,fashion etc. Maintaining an edge over competitors- : Innovation lead to not only crating a newproduct but also improving the functionality of existing product making it better in quality. Bymaking use of creative ideas, new methods, models and techniques, it enables a firm todifferentiate its product from that of the competitors and to attract new customers leading togaining competitive advancement over its business rivals (Battistella and Nonino, 2012). Implement best method for organizations: Innovation process involves depth studyabout the present and possible future trends, market surveys about customers buying behaviorand their taste and preferences, needs and wants. This research serves as an useful tool indesigning and developing most suitable methods for manufacturing goods , marketing strategies,policies and procedures. In addition to it is also come useful for other departments as well Helpful in creating brand image:- By introducing latest and most creative andcompetitive products customized as per consumer's requirements, innovation assists business inin building and enhancing brand image of its goods and services in market. Difference between innovation and invention is evaluated as below:InnovationInventionInnovation is the action ofimplementing new ideas and creativeimagination in order to makeInvention is the procedure of creatingsomething totally new that has neverbeen created before by anyone else. It

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