UNIT 8 Innovation : Report

Added on - 06 Jun 2020

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UNIT 8 INNOVATION
Table of ContentsINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................1P1 Innovation and its compare with invention............................................................................1P2 Organisational vision, leadership, teamwork and culture for shaping innovation...............3M1 Sources of innovation for development of environment and culture of innovation.............3D1 Development of innovation, embedded and measure in organisation.................................4TASK 2............................................................................................................................................4P3 4Ps of innovation and innovation funnel.............................................................................4P4 Development of frugal innovation........................................................................................6M2 Innovative funnel in an organisation...................................................................................7M3 Role of frugal innovation....................................................................................................7D1 Innovation and development in organisation.......................................................................7TASK 3............................................................................................................................................8P5 importance of commercial funnel and New Product Development......................................8P6 Innovative business case and access to funding.................................................................9M4 business case for Softwire................................................................................................10TASK 4..........................................................................................................................................10P7 Tools organisation use for developing, retaining, protecting knowledge and property.....10M5 Evaluation of tools and their uses.......................................................................................10D3 Nature of innovation of organisation.................................................................................10CONCLUSION..............................................................................................................................11REFERENCES.............................................................................................................................12ONLINE.........................................................................................................................................12
INTRODUCTIONInnovation is termed as translating ideas, views and imagination into finished goods andproducts. An innovative ideas should be replicable and must be at economical cost and havespecific need. In current scenario Brexit is playing a bigger role in business environment of UK.Government is trying to support to support small scale organisation to grow as bigger unit. It hasgives changes company in service sector to grow their business effectively (Aarikka-Stenroosand Sandberg, 2012). Softwire is an software based company founded in year 2000 givesoftware assistance to different business in all over UK. This assessment will discuss aboutorganisational visions, objectives with implementation of innovative marketing tools as well ashow can they develop their new products to grow and sustain in business market.TASK 1P1Explain innovation and determine its importance to organisations in comparison withinvention.Every enterprise want to develop in market place they wish to gain competitiveadvantage with their product (Bagchi-Sen, 2010). In small scale market different organisationintroduce different features and concept in their business activity to make it creative and uniqueso that they give more values to their products and increase more profit in market.Innovation– It is about translational of of innovative ideas, views, thoughts inproduction of goods and services. The product must satisfy need of people and be economical.In business organisation generated ideas and thoughts must be implemented in a away so that itsatisfy expectations and need of customers and make make profit respectively.Importance of innovation to organisation:Innovation is important to organisation because it helps organisation to explore more andincrease their range to existing and new business market. Some of the importance are givenbelowIt inspire people to create, develop, new products, services and processes to increaseattainability of their businessContribute in enhancement of product and services according to need and want opcustomers.1
Innovative ideas helps organisation to have core competence in business market. It willincrease their production and manufacturingProviding advanced features to customers will help organisation to generate faith ansgoodwill among customers.It reduces cost of production of business, by implementing ideas in business companycan reduce wastages, increase their revenue and manufacturing.Softwire used to give software assistance to other company (Bogers and West, 2010 ). Inshort prior of time with their innovative ideas they are able to increase their business in largerareas. They have add on features to hair software which allow smooth functioning of businesses.Difference between inversion and innovation:A company must understand basic difference between innovation and inversion beforeinvesting in their business.FactorsInnovationInversionMeaningIt is implementation of newidea on a certain product thathas never being experimentedbefore.It means generation andoccurrence of ides which isnew to marketWhat exactly is it?Add values and features to aproduct which has existedbefore.It is about creating newproducts.ConceptIt is practical implementationof new and innovative ideasIt is about putting pure andoriginal idea into a newproductsSkills and knowledge requiredIt include technological,market, development andstrategy skill.It includes scientific skills onlyOccurrenceThis is generated when there isan improvement in businessproducts.It is about striking andprocessing new ideas in mindActivitiesIt is being spread and acceptedacross different organisation.It is limited to explorers andresearch and development2
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