Report on Innovation Procedure of Softwire Company
Added on 2020-06-04
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UNIT 8 INNOVATION
Table of ContentsINTRODUCTION...........................................................................................................................1TASK 1............................................................................................................................................1P1 Innovation and its importance and comparison with invention.............................................1P2 Effect of organization vision, leadership, culture and teamwork on innovation andcommercialism ...........................................................................................................................2P3 4Ps of innovation and use of innovation funnel in shaping innovative ideas.......................3P 4 Development of frugal innovation for chosen organization.................................................5TASK 3............................................................................................................................................6P 5 Importance of commercial funnel and application of new product development.................6P 6 Innovation business case for the chosen organization including ways for funding.............7P 7 Tools used for retaining and protecting knowledge and intellectual property......................8CONCLUSION................................................................................................................................9REFERENCES .............................................................................................................................10
INTRODUCTIONInnovation is a process of translating an inventory idea into a product in order to improvemarketing value. An idea of innovation should be real and have ability to be implemented. Itincludes intended use of information and initiatives to derive distinct values form it. Innovationinvolves all the procedures through which inventory ideas can be generated. Present reportdescribe about innovation procedure of choose company Softwire. The company providessolutions to digital design and software engineering. Present report contains two case studies oforganisations namely Virgin group and Apple Inc. which involves significance of innovationand its comparison with invention. Further more, impact of leadership and vision on innovationhas been described in the report. 4Ps of innovation and innovation funnel has been illustrated inthe report. Different tools that can be used by companies to retain and protect innovative ideasha been explained. TASK 1P1 Innovation and its importance and comparison with inventionInnovation is very significant for any organization as it helps in creating new productsand inspiring employees (Bryson and Daniels, eds., 2015). innovation supports in increasingproductivity of the organisation. It is important for Virgin group and Apple Inc as well.Innovation in companies means execution of new ideas and thoughts which can help inenhancing process of business and workplace of organisation. In the process of innovationcompanies changes their management strategies, mergers and learning. Its helps in increasingwealth and revenue of the organisations. Comparison of innovation with invention is as follows: Innovation is the implementation of inventory idea. It adds value to the existing things. Itis real implementation of any new idea (Aghion and et.al , 2013). Skill required for innovationare marketing skills, technical competencies and skills for strategy. Whereas invention is definedas occurrence of a thought for making a product which has never been implemented before. Itfocuses on creating new products. Concept of invention is original idea which has some scope tobe implemented. Skills for innovation are creative thinking. Chosen SME Softwire relies on it employees so that they can provide innovative ideaswhich can be used to enhance business processes. The Softwire organization and it developerhas specific ideas for product by which workers of the firm cab give creative ideas by keepingintellectual property. The company provides flexibility to its employees so that they can share1
their creative ideas openly. Innovation in products of Softwire has been increasing its revenueand profit. It is helping organisation in providing high quality services to its consumers.According to (Hariri and Roberts, 2014.) innovation process supports in building employeesskills and gives motivation to them. Similarly innovation has significance for Apple Inc andVirgin group which is as follows: Innovation has helped Apple Inc in making new phones which are called I pods. This hasincreased it revenue by 90% (Hariri and Roberts, 2014).Company has used strategicplanning which has supported them in implementation of new ideas and thoughts into itexisting products. Innovation has also helped Apple Inc in increasing their product value and market share.On the other hand Virgin group is growing continuously by implementing simpleinnovation in its ventures which involves Virgin express, Virgin rails and Virginmobiles. Company ash take inputs from it employees in the process of innovation.P2 Effect of organisation vision, leadership, culture and teamwork on innovation andcommercialism Vision of the organization explain what it wants top accomplish and what are its goals.Vision of the company supports in making clear idea for making innovation in products. It alsogives idea for selecting particular course if action (Chesbrough, Vanhaverbeke and West,eds.,2014). In case of Softwire consultancy the company has 3 important visions which can help it inaccomplishing the innovation process. These visions can also help company in giving highquality service to its consumers. All these visions have high impact on innovation andcommercialism of its product and services. It is supporting company in improving it businessoperations. Visions support in deciding objectives and targets of the company. Employeesmotivation also get impacted by vision of the organisation (Yeow, Uyarra and Gee, 2015). Leadership also impact innovation as it supports in making decision making process ofinvention. Leadership assist in making decision for particular innovation procedure in thecompany. Proper guidance from leaders and manges has helped Softwire in making innovationprocess successful. Effective leadership in the company has supported in encouraging itsemployees due to which they are able to give creative ideas. It is also helping staff in learningnew technologies by innovation in products can be done successfully. Leadership also motivatesworkers in developing new thoughts and and inventory ideas. This supports in increasing2
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