Innovation and Enterprise: Business Impacts, Practices, and Skills

This report delves into the multifaceted aspects of innovation and its impact on business and enterprise. It begins by defining innovation and outlining the innovation process, encompassing idea generation, mobilization, advocacy, screening, experimentation, commercialization, diffusion, and implementation. The report then examines the significant impacts of innovation on business, such as providing sustainable competitive advantages, enabling fast reactions to changing conditions, enhancing efficiency, reducing costs, and developing new markets. Furthermore, it explores the Gibbs reflective cycle model as a learning and reflection tool, detailing its various phases including description, feelings, evaluation, analysis, conclusion, and action plan. The report also highlights innovation practices adopted by companies like DPD group, including setting aims, building teams, seeking external ideas, generating new concepts, and testing innovations on a small scale. Finally, it emphasizes the importance of enhancing personal innovation skills and knowledge for employees. The report concludes that innovation is crucial for organizational performance, profitability, and gaining competitive advantages. Desklib provides access to similar solved assignments and past papers to aid student learning.