Comprehensive Innovation Report: Talent Plus Consultancy

This report provides a comprehensive analysis of innovation strategies for Talent Plus, a UK-based consultancy firm. It begins with an introduction to innovation and its significance, emphasizing the importance of organizational culture, vision, and the distinction between innovation and invention. The report then delves into the application of the 4 P's of innovation (Product, Process, Position, and Paradigm) and the innovation funnel, followed by an exploration of frugal innovation principles. Further, the report examines the commercial funnel, new product development, and a business case study. The report also discusses the crucial aspects of developing, retaining, and protecting intellectual property. The report concludes with a summary of key findings and recommendations for Talent Plus's innovation journey.

INNOVATION

Table of Contents
INTRODUCTION...........................................................................................................................1
TASK 1............................................................................................................................................1
P1. Innovation and its importance..........................................................................................1
P2.Shape of innovation through organisational culture, vision..............................................3
TASK 2............................................................................................................................................4
P3 4P's of Innovation and innovation funnel..........................................................................4
P4 Frugal Innovation..............................................................................................................6
TASK 3............................................................................................................................................7
P5 commercial funnel and application of New Product Development..................................7
P6 Business case of Talent Plus.............................................................................................7
TASK 4............................................................................................................................................8
P7 Developing, Retaining and protecting intellectual property.............................................8
CONCLUSION................................................................................................................................9
REFERENCES..............................................................................................................................10

INTRODUCTION
Innovation reflects improvement in products and other aspect of a business through
which a company can gain higher profitability. When an association creates modifications in
business structure to launch innovative and creative products then it will help in grabbing more
attention of customers (Aarikka-Stenroos and Sandberg, 2012). For this process, business
tycoons are needed to identify trends at marketplace, needs of customers as well as technology
used for it. Therefore, for this assistance, managers need to develop organisational system and
introduce latest techniques in business. In context with an overview of innovation, an assignment
has been made by taking a company of UK i.e. Talent Plus. It is a consultancy firm which
provides candidates in other companies through various recruitment and selection process. This
report has made a discussion on sources of innovation available at marketplace along with
comparing the process of invention against it. In addition to this, techniques used for creating
modifications like marketing mix strategy and frugal innovation along with business case is also
presented.
TASK 1
P1. Innovation and its importance
Innovation is a process of improvement by turning an idea into a product concept. It is
generally created due to demand of customers for variations in commodities or services and
change in trends at marketplace. Therefore, in order to product new services and innovative
products, an organisation needs to get higher talented workforce at workplace and entrepreneurs
who give unique ideas for such creations. With efforts of these persons in enterprises, business
owners can redesign structure and creates high innovation in products (Bogers and West, 2012).
It will help them in grabbing more attention of customers as well as retaining them for long term
value.
In context with Talent Plus, making modification in business structure and other aspects
help in increasing market share, earning more revenue as well as enhancing growth in a higher
and efficient manner. In addition to this, employees play an important role in initiating
alterations therefore, managers are needed to maintain culture of organisation.
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In case of Invention, it creates a new product which is made first time. For this process,
an inventor needs to seek issues at marketplace and generate ideas to resolve the same.
Therefore, by creating invention in business, an enterprise can regain its position at marketplace.
Difference between Innovation and Invention is given as below:-
Innovation Invention
Meaning It is an idea used to generate
high quality products in an
innovative manner (Chun and
et. al., 2015). A company used
to make innovations in
services in order to attract
minds of customers and gain
good position at marketplace.
In this process, inventor used
to invent new product and
technologies which further
used to make innovation
Skills Required For creating innovation,
business entrepreneur needs to
gain marketing and technical
skills.
Under invention, a person
requires to possess scientific
skills.
Importance of Innovation for the employees of Talent Plus:-
 It aid employees in increasing new abilities and knowledges which further help in
improving career also.
 Through innovation, employers can develop creativity skills in employees. It will help in
generating new ideas in minds of them (Cui and 2016).
 Improvement in business can bring higher stability and profitability in efficient manner.
Importance of Innovation in Business organisation:
 Adding value in existing products help in increasing features of them and make more
useful for customers.
 Launching new commodities of high quality helps in grabbing more attention of people at
marketplace which seems always beneficial for increasing growth of business as well.
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P2.Shape of innovation through organisational culture, vision
Due to modernisation, choice of people is changing at rapid rate which assist
organisations to bring innovation in their products or services. It will help in satisfying needs of
customers in a higher order. But for this process, employers of a firm are needed to see all
aspects of business structure which plays an effective role in creating changes in a proper
manner. Under this, the points where they need to concern more on are culture, mission, vision,
leadership and teamwork (Cunningham and Porter, 2011). All these aspects help in designing a
good shape of innovation.
As per present scenario of Talent Plus, this firm has used advertisements and
commercialisation technique to deliver products at marketplace. Along with this, its business
tycoons use special techniques and tools for adding value in existing products. With the help of
Research and Development, its managers determine how services of this company is offered to
customers at marketplace. Through this process, they can identify effectiveness of techniques
and strategies used by them and made changes accordingly. Therefore, for achieving this Talent
Plus needs to develop a clear vision, mission and leadership qualities in following manner:-
Vision- This statement usually reflects long term goals of an enterprise which helps
people who are associated with business in generating and developing new ideas for achieving
success. Implementing these ideas into business helps Talent Plus in creating innovation through
which it get success in attaining a good position at marketplace (Hoque, Chishty and Halloway,
2011). In addition to this, proper and clear vision help managers to motivate employees to work
in higher manner.
Mission- It shows short term goal of a company which is set by employers as per vision.
Through this statement, managers motivate workers to complete short term goals of innovations
which further help in achieving long term goals.
Culture- This part shows its effectiveness in creating innovation. It shows behaviour of
organisation and its employees within workplace. Therefore, Talent Plus needs to introduce
diverse culture, as people having different culture acquire various ideas in their minds. These
ideas help this company in delivering more innovative services to customers.
Leadership – In order to maintain diversities at organisation, managers and leaders of a
company needs to adopt effective leadership styles in them (Drucker, 2014). This would help in
resolving problems like conflicts among workers, resistivity for working on new system and
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more. Along with this, through impressive leadership qualities, leaders can provide clear vision
to employees as well help them in completing task in a more efficient way. They give proper
training to workers which aid in making them able to create modification in products.
Teamwork – Teamwork helps organisations in various ways as when people at
workplace work in group then it will aid in increasing skills and knowledges of all. Along with
this, engaging workers in team assist them in developing good relations through which they can
share ideas with each other. This process help associations in increasing their productivity
through modifications in products can be done in easy manner.
TASK 2
P3 4P's of Innovation and innovation funnel
This technique of marketing mix were formulated John Bessant and Joe Tidd in order to
determine requirement of changes in an organisation (Herath, Cranfield and Henson, 2010).
Under this method, 4 P's are included i.e. Product, Process, Position and Paradigm, all stages are
used to identify needs of customers, trends of marketplace and more. In context with Talent Plus,
these methods can be describes as:-
PRODUCT INNOVATION- In this process, associations are used to provide innovative
and creative products at marketplace in an efficient manner. Therefore, Talent Plus needs to
create modifications in delivering services which would further help in grabbing more attention
of clients. Along with this, marketing managers need to formulate some new strategies in order
to create high product differentiation. It will aid customers to see benefits of services of this
company in a high manner(Drucker, 2014). They should identify techniques also which is used
by competitors like Deliotte and build strategies accordingly.
PROCESS INNOVATION – This phase shows the complete procedure of manufacturing
a product or service till delivering to customers. Therefore, employers are needed to focus on
entire process of production, operation, marketing and selling the commodities. This would
further aid in reducing cost of creating modification as well as minimise the risk of innovation.
POSITIONIONG INNOVATION – By launching new commodities and services at
marketplace, a company gets success in achieving a high position at marketplace. But to hold
this position for long term stability, managers need to make continuous improvement in business
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structure (Eesley, Hsu and Roberts, 2014). In context with Talent Plus, its managers are needed
to learn from competitors in understanding how to marketing and selling services at marketplace.
PARADIGM INNOVATION – This phase help enterprises in making plans for how to
create modifications in business structure and launch new services or products at marketplace. In
this context, employers are needed to properly arrange all activities of innovation in a systematic
manner. Along with consider all aspects which impact on the same and properly analyse whole
procedure which would help in reducing chance of failure.
Illustration 1: 4 P's of Innovation
(Sources:4 P's of Innovation)
Innovating Funnel:
This is also an essential part of making innovation in organisation which helps in refining
all activities of procedure. Innovation funnel gives number of ideas through which managers can
select the most appropriate one among them. In Talent Plus, managers choose ideas which are fit
for business structure and needs less amount of capital for innovation.
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In this process, managers used to grab information from marketplace and generate
various ideas from them. Further, they used to put all these ideas in funnel and selects the best
among them by emphasising on completing desires of customers in more efficient way.
P4 Frugal Innovation
Frugal innovations is generally used by all companies in order to avoid complexity of
innovation and use easy process of modifications (Herath, Cranfield and Henson, 2010). This
would help in making innovation in products in a short period of time as well as reduce the
chance of failure. Through creating alteration in services in an easy way aid managers to reduce
cost of manufacture also. Talent Plus Company used this method to make a proper plan in order
to evaluate what resources are needed to do modifications along with requirement of capital.
This firm is deal in small sector so it always seeks to make innovation on cheaper, faster and
better manner.
Principles of Frugal Innovation are:-
1. Engage and literate: In order to produce innovation in services and products, managers
are needed to engage employees in group task as well as give proper training to them so
that better outcomes can be generated. In context with customers, they need to form an
educated guess, used to know needs of customers and make products accordingly. After
then, take feedback of consumers in order to determine whether products are made
accordingly to their needs or require any more modifications.
2. Flex your assets: Introducing new tools and technologies, along with high technical
approaches, managers of Talent Plus can flex its service and logistics for satisfying
desires of clients along with deliver them products on time (Hoque, Chishty and
Halloway, 2011).
3. Create sustainable solutions: With the help of R&D department, managers develop
abilities like self sustaining solutions which will be helpful in resolving problems comes
at innovation in a precise manner. This would be useful in creating modification easily in
products or services.
4. Shape customer behaviour: Managers of Talent Plus should know the concept of
shaping consumers' behaviour in order to change their wrong perceptions and convince
them to buy new services on affordable rates.
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TASK 3
P5 commercial funnel and application of New Product Development
Commercial funnel is used to identify the best technique use for new product
development (What is innovation?. 2017). For this process, managers of Talent Plus are required
to identify best source through which they can deliver their creative products at marketplace.
Along with they should select the effective channel of distribution also who help in distributing
services in a cheap way.
The steps that are involved in new product development process are:-
Idea generation:- Under this step, managers used to create an idea is generated in the
minds of the employee. It is taken as initial stage in which whole process of new product
development is start. Therefore, Talent Plus Company needs to generate some creative idea for
this procedure.
Idea Screening: In this next step, it is essential for managers to choose best among all
innovative ideas as per business demand (What is innovation?. 2017). This process will aid them
to determine needs of customers in a specific way.
Concept Development and Testing: In this stage, chosen idea will now converted into
product concept and some sample is taken out from them. It will then use for screening process
in order to check quality of product whether it has made according to customer satisfaction.
(Lundvall, 2010).
Commercialisation: It is the last stage of product development, in which innovative
commodities is launched finally in market and make it available for sold.
P6 Business case of Talent Plus
Innovation business case is used by managers of an organisation in order to understand
the process by which they can introduce new services or products at marketplace without any
interruption. Apart from this, associations used a business case for:
 Determining the risk of making innovation,
 Convince people to endorse idea.
Managers of Talent Plus have made several business cases before introducing new
products at marketplace. From various techniques, time gap policy is the best one which is used
to analyse how many customers are using such new services of them and for how much time
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they used the same. For this process, they can take following step that need to be followed by
this enterprise are:-
 Collecting inputs: Under this, marketing department of a company need to analyse
market situation first and gather information in a systematic order (Kutvonen, 2011).
 Analysis: The data gathered by marketing team and R&D department are needed to be
analysed properly. After then formulate strategies and implemented within organisation
accordingly.
 Stating the conclusion: In this stage, managers are required to make a proper plan of
creating innovation as well as present the same in front of seniors and business owners
which helps in taking reviews of them and taken on final decisions as well.
 Understanding the objectives: In order to produce innovation, employers are needed to
understand goals and objectives of business in a proper manner. This will make them able
to generate various ideas and select most appropriate among them as per requirement of
business.
TASK 4
P7 Developing, Retaining and protecting intellectual property
Intellectual property rights are enacted to give rights to persons who make an invention
and innovation in a product or service. It includes copyrights, trademarks, patents and more
which gives rights to use own intangible assets, plans or ideas for specific period of time.
boosting innovation inside companies. In context with organisations, where a business is filled
with various ideas for achievement of growth which employers used partially for converting the
same into products (Jagoda and et. al., 2011). Hence, it arises fear in them to get stolen by
competitors. Therefore, these rights give advantages to firms to prevent their ideas from stolen
by using following tools are:-
Patents:- This type of tool is used by enterprises when they launch a new product at
marketplace. So, this form of intellectual property give them rights to protect their ideas and
prohibited others to use the same without permission but for a limited period of time. Generally,
it gives 20 years but can be extended as per requirement of inventor.
Trademarks: - It includes a special type of sign that differs a company and its products
from others. It can be expressed in the form of logo, unique signs, symbols, characters and more.
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These signs are helpful for customers to identify goods or services of organisations from each
other. Duration of time period given by trademarks is approx 10 years.
Copyrights: - It includes such type of rights which are given to innovator for their
literary and artistic work such as poetry, music and song composition, documentary films,
paintings, sculptures and more (Huizingh, 2011). All these things are included original work of a
person. Therefore, such people are needed to register their names against creation. The average
time of such rights is usually 2 to 6 months.
Trade secret: - It is a formula or type of business legal information which are necessary
to keep private by employers. So, this type of intellectual right help in keeping secret of data so
that no one other company can use it for own purpose. commercially viable ideas cannot be
patented, it is suggested that some ideas should be treated as trade secrets which will be patented
at later stage.
CONCLUSION
From this report, it has concluded that for gaining stability and profitability, a company
needs to create innovation and invention in its business. It has helped in increasing plays growth
and development of organisation too. As studies, usually innovation in production creates as per
demand of customers. Therefore, to satisfy their needs, managers need to introduce latest
technologies and techniques within workplace. Along with this, in order to generate ideas for
turning into product concept, they should consider on various sources of innovation,
commercialisation and management tricks.
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