The importance of Innovation to Employees

Added on - 11 Jan 2021

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TABLE OF CONTENTSINTRODUCTION..........................................................................................................................3TASK 1............................................................................................................................................3P1. Explaning of innovations and its importance to employees............................................3P2. Presenting how vision, culture, leadership and teamwork help in shape up the organisation................................................................................................................................................5TASK 2............................................................................................................................................6P3. Explanation of different innovation of P's and use of frugal innovation........................6P4. Frugal innovation in an organization..............................................................................7P5. Importance of Commercial Funnel and Application Of New Product Development......8P6 Innovation Business Case for an organisation, including ways to access funding.........10P7 Different tools that organisations can use to develop, retain and protect knowledge andintellectual property:.............................................................................................................11CONCLUSION..............................................................................................................................13REFERENCES..............................................................................................................................14
INTRODUCTIONInnovation and commercialization is the activity by which the organization can changethem. Innovation is presenting the ideas with practical knowledge and help to creating innovationin their existing ones. This report represents the actual meaning of innovation and shows howinnovation changes the process of business and fruitful in our daily income source. Studer Groupis a small company who sells gifts and birthday cards, earlier they do not use the advancetechnology but as they feel the need of innovation in their existing product they create so manychanges. This report shows the different stages of innovation and commercialization funnelwhich help to get more information regarding the product. This report is entirely based that howinnovation effect small as well as big companies. It also shows how a good leadership qualityhelps the employees to motivate and clears the vision as well.TASK 1P1. Explaning of innovations and its importance to employeesInnovation is the basic need of every firm as to stick in this world one has to go with theflow of time. Innovation is presenting your views, your ideas in creation of that existing productinto new ones. Innovation is not about only presenting new ideas it’s all about executing them inmarket. It is the comparison between your past and present product.Illustration1: INNOVATION
As Studer Group, who is leading the business of cards, gifts items creates many innovation intheir business just to exploit themselves in the field of business. It has been noticed by theresearchers that innovation leads to an increment in wealth and health too. Innovation help inmaking good decision power which leads the business to take it in further level (van Hemert,Nijkamp, and Masurel, 2013). As innovation help to enhance the ability power of the man touse their mind in presenting and reforming into the new product from their existing product.Innovationis the first step of learning. Innovation helps in increment of money andgoodwill. By innovation only one must can accept the challenges and help to get rid from those.By innovations only, a person can change the ability and take risk in life. Studer group help inmaking innovation in their business and they also take help to their employees, this is the bestexample of communication and coordination. Over 90 percent of the people take risk in theirbusiness and believe that innovation is the foremost priority. People need new and differentthings from the market and if the business man can sell old product then no one will go topurchase them because need and demand of the people is vast and change according to theclimate and environment. Today everyone needs innovators rather than employees. To improvethe quality of work and increase the base of employee, innovation helps in every point of view.The importance of creating ideas and presenting them in market are the key point of yourinnovations (vYu, Y., Wang, C., and et.al., 2016). Innovations techniques proves in consumingtime as well as money and give the path to show your views in market which can lead to gainother better opportunities. Only innovation will take the world in better place for nextgenerations.In context with invention, innovation and inventions are two different poles and these twohave their own importance like for innovation it is practical use and for invention its isscientifically skills are used. Invention is presenting ideas to form new product whereasinnovation is implementing ideas into existing product to renovate it and add more sell to earnthe profit. Both innovation and inventions are related to each other as they are using the presenttechnology to reform their product. Being innovative is a part of our business and with newcreative mind; new thinking problems are solved with different methods. As invention ispresenting or designing the ideas to form new product while innovation is a process which turnthe ideas to reform their existing product.
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