Report on Innovation of Southern Business Technologies

INNOVATION

INTRODUCTION
Innovation can be simply defined as the process of transforming the thought or invention
into a product and services that are creating values or for which consumers may pay. For
innovation, the idea must be re-creatable, at an commercial cost and must fulfil a particular need.
It includes intentional application of data, creativeness and initiative in explaining greater or
antithetical values from resources and includes overall methods by which fresh and creative
ideas are created and converted into useful goods or services (Amit and Zott, 2012). The present
report is based on innovation of Southern Business Technologies whereby their services are
examined that how innovation aids in generating new telecom services. In this project, the
difference between innovation and inventions are explained.
TASK 1
P 1 Describe innovation and its importance in relation to invention
Innovation is simply a new idea, instruction, or processes. It is sometimes viewed as the
utilization of best solutions that fulfil fresh need, inarticulate requirements, or the basic need of
existing market. It can also be defined as turning new idea into solutions that are adding value
from the view point of consumers (Davila and et. al., 2012). Apart from this commercialisation
can be defined as presenting a new and fresh product into commerce and making those
acquirable on the market. It is often confused with sales and marketing. To differentiate this, its
three key aspects must be visualized. They are following:
 The funnel: It is necessary to view all ideas so that few products can be acquired that can
sustain for long-term.
 Commercialization: Ii is nothing but a step wise method and each step has its own aims
and objectives.
 Stakeholders: They are someone who are interested in business like partners, consumers,
etc.
The term invention and innovation are different. The difference between invention and
innovation are listed below:
 Invention is the creation or introducing any process for first time. While the innovation
occurred when someone makes a important attempt to something that has already been
invented or existed.
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 Invention is an primary idea but it is written in theory. Where as innovation are practical
implementation of those newly created ideas.
 The first one involves or requires scientific skills but the latter one needs a collection of
marketing, technical and strategical skills.
 Invention occurs one new idea strikes a scientists while the innovation occurs when there
is a need of improving any product or goods (Drucker, 2014).
 Former one is concerned with a single product or procedure while the latter one is
concerning with combination of various products and processes.
The importance of innovation in Southern Business Technologies are listed below:
 It is easy to copy anything like product of services of others but now-a-days , it is
difficult to create a new one. While if company starts being innovative and giving start-
up by developing new business then the will enjoy their own idea without copying any
one else model.
 The products that are created via innovation attract a large number of people including
the government, consumers, competitors of company, etc. This aids in advertising new
goods or services.
 The corporation becomes an inspiration for others and by this way they earn more profits
in market of telecommunication.
 Newly created service or product may acts or works as per the demand of consumers.
This will increase selling rate of company. For example, Souther business technologies
need to do more inventions as well as innovation in their business so that they can attract
large number of customers towards them. As they can offer innovative services and
goods in the range of bespoke solutions by improving communication techniques.
P 2 How vision, leadership and team work shaping innovation and commercialisation
The vision, leadership, culture and team work influences the innovation and process of
commercialisation. Each of them are described below:
 Vision and innovation: The vision or objectives of Southern Business Technologies
shapes the innovative process . The aim of corporation must be clear as if it is not then
innovation will not occur in the same field and company do not get any profit (Goldberg,
2013). Therefore, the enterprise must have a clear and correct vision so that innovation
may continue as per that.
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